<SEC-DOCUMENT>0001171843-19-002644.txt : 20190425
<SEC-HEADER>0001171843-19-002644.hdr.sgml : 20190425
<ACCEPTANCE-DATETIME>20190425163018
ACCESSION NUMBER:		0001171843-19-002644
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190425
FILED AS OF DATE:		20190425
DATE AS OF CHANGE:		20190425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Colliers International Group Inc.
		CENTRAL INDEX KEY:			0000913353
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36898
		FILM NUMBER:		19767840

	BUSINESS ADDRESS:	
		STREET 1:		1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4
		BUSINESS PHONE:		(416) 960-9500

	MAIL ADDRESS:	
		STREET 1:		1140 BAY STREET
		STREET 2:		SUITE 4000
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5S 2B4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRSTSERVICE CORP
		DATE OF NAME CHANGE:	19931013
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_042519.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">UNITED
STATES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 6-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>THE SECURITIES
EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">For the month
of: April 2019</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">Commission
file number 001-36898</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -4.5pt">COLLIERS INTERNATIONAL
GROUP INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>1140 Bay
Street, Suite 4000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Toronto,
Ontario, Canada</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>M5S 2B4</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%">Form 20-F [ ]</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: left">Form 40-F [X]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether by furnishing the information
contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%">Yes [ ]</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: left">No [X]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate the file number assigned
to the Registrant in connection with Rule 12g3-2(b): N/A</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">SIGNATURE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font-weight: bold; text-indent: 1.5in; padding-left: 1in">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 49%; font-weight: bold; text-align: left">COLLIERS INTERNATIONAL GROUP INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">Date: April 25, 2019</TD><TD STYLE="font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt"><U>/s/ John B. Friedrichsen</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 2.5in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Name: John B. Friedrichsen</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 2.5in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Financial Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0"><B>&nbsp;</B></TD>
    <TD STYLE="width: 1in"><B>Exhibit</B></TD>
    <TD STYLE="text-align: justify"><B>Description of Exhibit</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_991.htm">99.1</A></TD><TD STYLE="text-align: justify"><A HREF="exh_991.htm">Transfer and Administration Agreement dated as of April 12, 2019.</A></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><A HREF="exh_992.htm">99.2</A></TD><TD STYLE="text-align: justify"><A HREF="exh_992.htm">Canadian Transfer and Administration Agreement dated as of April 12, 2019.</A></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

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<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TRANSFER AND ADMINISTRATION
AGREEMENT</B></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">Dated
as of April 12, 2019</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">by
and among</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COLLIERS RECEIVABLES FUNDING
LLC,</B></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COLLIERS INTERNATIONAL WA,
LLC,</B><BR>
<FONT STYLE="font-variant: normal">as initial Servicer,</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COLLIERS INTERNATIONAL USA,
LLC,</B><BR>
<FONT STYLE="font-variant: normal">and each other entity from time to time party hereto</FONT><BR>
<FONT STYLE="font-variant: normal">as Originators,</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MIZUHO BANK, LTD.</B>,<BR>
<FONT STYLE="font-variant: normal">as Agent, a Managing Agent and a Committed Investor and as agent under the CF Facility,</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">and</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE VARIOUS INVESTOR GROUPS
AND MANAGING AGENTS</B><BR>
<B>FROM TIME TO TIME PARTIES HERETO</B></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Page</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;I&nbsp;&nbsp;&nbsp;DEFINITIONS</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 14pt; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.1&nbsp;&nbsp;&nbsp;Certain Defined Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 1.2&nbsp;&nbsp;&nbsp;Other Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.3&nbsp;&nbsp;&nbsp;Computation of Time Periods</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.4&nbsp;&nbsp;&nbsp;Times of Day</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;II&nbsp;&nbsp;&nbsp;PURCHASES AND SETTLEMENTS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;2.1&nbsp;&nbsp;&nbsp;Transfer of Affected Assets; Intended Characterization</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.2&nbsp;&nbsp;&nbsp;Purchase Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.3&nbsp;&nbsp;&nbsp;Investment Procedures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.4&nbsp;&nbsp;&nbsp;Determination of Yield and Rate Periods</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.5&nbsp;&nbsp;&nbsp;Yield, Fees and Other Costs and Expenses</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.6&nbsp;&nbsp;&nbsp;Deemed Collections</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.7&nbsp;&nbsp;&nbsp;Payments and Computations, Etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.8&nbsp;&nbsp;&nbsp;Reports</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.9&nbsp;&nbsp;&nbsp;[Reserved].</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.10&nbsp;&nbsp;&nbsp;Sharing of Payments, Etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.11&nbsp;&nbsp;&nbsp;Right of Setoff</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.12&nbsp;&nbsp;&nbsp;Settlement Procedures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">41</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.13&nbsp;&nbsp;&nbsp;Optional Reduction of Net Investment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.14&nbsp;&nbsp;&nbsp;Application of Collections Distributable to SPV</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.15&nbsp;&nbsp;&nbsp;Collections Held in Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.16&nbsp;&nbsp;&nbsp;Reduction of Facility Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.17&nbsp;&nbsp;&nbsp;Increase of Commitments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.18&nbsp;&nbsp;&nbsp;Extension of Commitment Expiration Date/Non-Renewing Committed Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;III&nbsp;&nbsp;&nbsp;ADDITIONAL COMMITTED INVESTOR PROVISIONS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 3.1&nbsp;&nbsp;&nbsp;Assignment to Committed Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;IV&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 4.1&nbsp;&nbsp;&nbsp;Representations and Warranties of the SPV and the Initial Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;V&nbsp;&nbsp;&nbsp;CONDITIONS PRECEDENT</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.1&nbsp;&nbsp;&nbsp;Conditions Precedent to Closing</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">56</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.2&nbsp;&nbsp;&nbsp;Conditions Precedent to Initial Investment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.3&nbsp;&nbsp;&nbsp;Conditions Precedent to All Investments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.4&nbsp;&nbsp;&nbsp;Reinvestments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;VI&nbsp;&nbsp;&nbsp;COVENANTS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">60</TD></TR>
</TABLE>

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    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in; width: 90%">Section 6.1&nbsp;&nbsp;&nbsp;Affirmative Covenants of the SPV and Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">60</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;6.2&nbsp;&nbsp;&nbsp;Negative Covenants of the SPV and Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">66</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;VII&nbsp;&nbsp;&nbsp;ADMINISTRATION AND COLLECTIONS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">68</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.1&nbsp;&nbsp;&nbsp;Appointment of Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">68</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.2&nbsp;&nbsp;&nbsp;Duties of Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">69</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.3&nbsp;&nbsp;&nbsp;Blocked Account Arrangements</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.4&nbsp;&nbsp;&nbsp;Enforcement Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">71</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.5&nbsp;&nbsp;&nbsp;Servicer Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">72</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.6&nbsp;&nbsp;&nbsp;Servicing Fee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">73</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.7&nbsp;&nbsp;&nbsp;Protection of Ownership Interest of the Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">73</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;VIII&nbsp;&nbsp;&nbsp;TERMINATION EVENTS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">74</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;8.1&nbsp;&nbsp;&nbsp;Termination Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">74</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;8.2&nbsp;&nbsp;&nbsp;Termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">77</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;IX&nbsp;&nbsp;&nbsp;INDEMNIFICATION; EXPENSES; RELATED MATTERS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">78</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;9.1&nbsp;&nbsp;&nbsp;Indemnities by the SPV</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">78</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;9.2&nbsp;&nbsp;&nbsp;Indemnities by the Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">80</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;9.3&nbsp;&nbsp;&nbsp;Indemnity for Taxes, Reserves and Expenses</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">81</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.4&nbsp;&nbsp;&nbsp;Taxes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">83</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.5&nbsp;&nbsp;&nbsp;Status of Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">85</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.6&nbsp;&nbsp;&nbsp;Other Costs and Expenses; Breakage Costs</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">87</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.7&nbsp;&nbsp;&nbsp;Mitigation Obligations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">87</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE X&nbsp;&nbsp;&nbsp;THE AGENT</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.1&nbsp;&nbsp;&nbsp;Appointment and Authorization of Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.2&nbsp;&nbsp;&nbsp;Delegation of Duties</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;10.3&nbsp;&nbsp;&nbsp;Liability of Agents and Managing Agents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.4&nbsp;&nbsp;&nbsp;Reliance by Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.5&nbsp;&nbsp;&nbsp;Notice of Termination Event, Potential Termination Event or Servicer Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;10.6&nbsp;&nbsp;&nbsp;Credit Decision; Disclosure of Information by the Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.7&nbsp;&nbsp;&nbsp;Indemnification of the Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.8&nbsp;&nbsp;&nbsp;Agent in Individual Capacity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.9&nbsp;&nbsp;&nbsp;Resignation of Agents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.10&nbsp;&nbsp;&nbsp;Payments by the Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;XI&nbsp;&nbsp;&nbsp;MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.1&nbsp;&nbsp;&nbsp;Term of Agreement.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.2&nbsp;&nbsp;&nbsp;Waivers; Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.3&nbsp;&nbsp;&nbsp;Notices; Payment Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.4&nbsp;&nbsp;&nbsp;Governing Law; Submission to Jurisdiction; Appointment of Service Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in; width: 90%">Section 11.5&nbsp;&nbsp;&nbsp;Integration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.6&nbsp;&nbsp;&nbsp;Severability of Provisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.7&nbsp;&nbsp;&nbsp;Counterparts; Facsimile Delivery</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">94</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.8&nbsp;&nbsp;&nbsp;Successors and Assigns; Binding Effect</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">94</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.9&nbsp;&nbsp;&nbsp;Waiver of Confidentiality</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">97</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.10&nbsp;&nbsp;&nbsp;Confidentiality Agreement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">97</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.11&nbsp;&nbsp;&nbsp;No Bankruptcy Petition Against any Conduit Investor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">98</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.12&nbsp;&nbsp;&nbsp;No Recourse</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">98</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.13&nbsp;&nbsp;&nbsp;Originator Dispositions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.14&nbsp;&nbsp;&nbsp;USA PATRIOT Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.15&nbsp;&nbsp;&nbsp;Currency Equivalence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Schedules</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-indent: -1.25in; padding-left: 1.25in">Schedule&nbsp;1.1</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 79%; text-align: left">Originating Subsidiaries</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -1.25in; padding-left: 1.25in">Schedule&nbsp;4.1(d)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Perfection Representations, Warranties and Covenants</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -1.25in; padding-left: 1.25in">Schedule&nbsp;4.1(i)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Location of Certain Offices and Records</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -1.25in; padding-left: 1.25in">Schedule&nbsp;4.1(j)</TD><TD>&nbsp;</TD>
    <TD>FEIN</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -1.25in; padding-left: 1.25in">Schedule&nbsp;4.1(s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">List of Blocked Account Banks and Blocked Accounts</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -1.25in; padding-left: 1.25in">Schedule&nbsp;11.3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Address and Payment Information</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 79%; text-align: left">Form of Assignment and Assumption Agreement</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Credit and Collection Policies and Practices</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of Investment Request</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of Servicer Report</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;E</TD><TD>&nbsp;</TD>
    <TD>[Reserved]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;F</TD><TD>&nbsp;</TD>
    <TD>[Reserved]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;G</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Form of Originator Joinder Agreement</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -1.25in; padding-left: 1.25in">Exhibit&nbsp;H</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">UCC Financing Statements</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <B>TRANSFER AND
ADMINISTRATION AGREEMENT</B> (this &ldquo;<U>Agreement</U>&rdquo;), dated as of April 12, 2019, is by and among:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&#9;<B>COLLIERS RECEIVABLES FUNDING
LLC, </B>a Delaware limited liability company (the &ldquo;<U>SPV</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&#9;<B>COLLIERS INTERNATIONAL USA,
LLC,</B> a Delaware limited liability company (&ldquo;<U>Initial Originator</U>&rdquo;), in its capacity as an originator or aggregator
of Receivables, and any other entities that become &ldquo;<U>Originators</U>&rdquo; pursuant to the terms of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&#9;<B>COLLIERS INTERNATIONAL WA,
LLC</B>, a Delaware limited liability company, as initial Servicer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(4)&#9;<B>MIZUHO BANK, LTD.</B>, a
Japanese banking corporation (&ldquo;<U>Mizuho</U>&rdquo;), as the Agent, a Managing Agent, a Committed Investor and as agent under
the CF Facility; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(5)&#9;the various Investor Groups
and Managing Agents from time to time parties hereto.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;I<BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.1&#9;<U>Certain
Defined Terms</U>. As used in this Agreement, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjusted
LIBOR Rate</U>&rdquo; means, for any Rate Period, a rate per annum determined by the applicable Managing Agent pursuant to the
following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="width: 36%; font-size: 10pt; text-align: right">Adjusted LIBOR Rate</TD>
    <TD ROWSPAN="2" STYLE="width: 5%; font-size: 10pt; text-align: center">=</TD>
    <TD STYLE="vertical-align: top; width: 59%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">LIBOR Rate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">1.00 &ndash; Eurodollar Reserve Percentage</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adverse Claim</U>&rdquo;
means a Lien on any Person&rsquo;s assets or properties in favor of any other Person, other than any Permitted Adverse Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affected
Assets</U>&rdquo; means, collectively, (a)&nbsp;the Receivables sold to the SPV pursuant to the First Tier Agreement, (b)&nbsp;the
Related Security, (c)&nbsp;all rights and remedies of the SPV under the First Tier Agreement, together with all financing statements
filed by the SPV against the Originators in connection therewith, (d)&nbsp;all Blocked Accounts and all funds and investments therein
and all of the SPV&rsquo;s rights in the Blocked Account Agreements and (e)&nbsp;all proceeds of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means, as to any specified Person, any other Person which, directly or indirectly, through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent</U>&rdquo;
means Mizuho, in its capacity as agent for the Secured Parties, and any successor thereto appointed pursuant to <U>Article&nbsp;X</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent-Related
Persons</U>&rdquo; means, with respect to any Managing Agent or the Agent, such Person together with its Affiliates, and the officers,
directors, employees, agents and attorneys-in-fact of such Persons and their respective Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agents</U>&rdquo;
means, collectively, the Managing Agents and the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Commitment</U>&rdquo; means, with respect to each Committed Investor, an amount equal to the product of (i) 50%, and (ii) the sum
of the Commitment of such Committed Investor and the CF Commitment of such Committed Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
DPP</U>&rdquo; is defined in <U>Section&nbsp;2.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Net Investment</U>&rdquo; means the sum of Net Investment and the U.S. Dollar Equivalent of the CF Net Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Unpaid Balance</U>&rdquo; means, as of any date of determination, the sum of (i) the sum of the U.S. Dollar Equivalent of the Unpaid
Balances of all Receivables that constitute Eligible Receivables as of such date of determination, and (ii) the sum of the U.S.
Dollar Equivalent of the Unpaid Balances of all CF Receivables that constitute CF Eligible Receivables as of such date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Unpaids</U>&rdquo; means, at any time, an amount equal to the sum of (a)&nbsp;the aggregate accrued but unpaid Yield, (b)&nbsp;the
Net Investment at such time and (c)&nbsp;all other amounts owed (whether or not then due and payable) hereunder and under the other
Transaction Documents by the SPV, the Servicer, Colliers and each Originator to the Agent, the Managing Agents, the Investors and
the Indemnified Parties at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
is defined in the <U>Preamble</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Alternate
Rate</U>&rdquo; means, for any day, an interest rate <U>per annum</U> equal to the Adjusted LIBOR Rate in effect during the Rate
Period which includes such day; <I><U>provided that</U></I> in the case of any Rate Period that commences on a date prior to the
applicable Managing Agent receiving at least two&nbsp;(2) Business Days&rsquo; written notice thereof, the &ldquo;<U>Alternate
Rate</U>&rdquo; for any day included in such Rate Period shall be an interest rate <U>per annum</U> equal to the Base Rate in effect
on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment
Amount</U>&rdquo; means, with respect to a Committed Investor at the time of any assignment pursuant to <U>Section&nbsp;3.1</U>,
an amount equal to the lesser of (a)&nbsp;such Committed Investor&rsquo;s Pro Rata Share of the Net Investment requested by the
Conduit Investor in its Investor Group to be assigned at such time and (b)&nbsp;such Committed Investor&rsquo;s unused Commitment
(minus the unrecovered principal amount of such Committed Investor&rsquo;s investments in the Portfolio pursuant to the Program
Support Agreement to which it is a party).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment
and Assumption Agreement</U>&rdquo; means an Assignment and Assumption Agreement substantially in the form of <U>Exhibit&nbsp;A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment
Date</U>&rdquo; is defined in <U>Section&nbsp;3.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bankruptcy
Code</U>&rdquo; means the Bankruptcy Reform Act of 1978, 11 U.S.C. &sect;&sect;&nbsp;101 et&nbsp;seq. as now in effect or hereafter
amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Base Rate</U>&rdquo;
means an interest rate per annum equal to the greater of: (i)&nbsp;the Federal Funds Rate plus 0.50%; and (ii)&nbsp;the rate of
interest in effect as publicly announced from time to time by the Agent as its &ldquo;prime rate&rdquo; for U.S. dollar loans.
The &ldquo;prime rate&rdquo; is a rate set by the Agent based upon various factors including the Agent&rsquo;s costs and desired
return, general economic conditions and other factors, and is used as a reference point for pricing some loans, that may be priced
at, above, or below such announced rate. Any change in a prime rate announced by the Agent shall take effect at the opening of
business on the day specified in the public announcement of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Blocked Account</U>&rdquo;
means an account and any associated lock-box owned by the SPV at a Blocked Account Bank for the purpose of receiving Collections
or concentrating Collections received, set forth in <U>Schedule&nbsp;4.1(s)</U>, or any account added as a Blocked Account pursuant
to and in accordance with <U>Section&nbsp;4.1(s)</U> and that, if not maintained at and in the name of the Agent, is subject to
a Blocked Account Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Blocked Account
Agreement</U>&rdquo; means a deposit account control agreement among the SPV, the Agent and a Blocked Account Bank, in form and
substance reasonably acceptable to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Blocked Account
Bank</U>&rdquo; means each of the banks set forth in <U>Schedule&nbsp;4.1(s)</U>, as such <U>Schedule&nbsp;4.1(s)</U> may be modified
pursuant to <U>Section&nbsp;4.1(s)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day excluding Saturday, Sunday and any day on which commercial banks in New&nbsp;York, New&nbsp;York and
Toronto, Ontario, Canada are authorized or required by law to close, and, when used with respect to the determination of any Adjusted
LIBOR Rate or any notice with respect thereto, any such day that is also a day for trading by and between banks in United States
dollar deposits in the London interbank market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Calculation
Period</U>&rdquo; means a calendar month; <I><U>provided that</U></I>, solely for the purpose of determining Yield payable on the
first Settlement Date, Calculation Period shall mean the period from and including the Initial Investment Date to and including
April&nbsp;30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Calculation
Period End Date</U>&rdquo; means the last day of a Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Canadian
Dollar</U>&rdquo; means the lawful currency of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capitalized
Lease</U>&rdquo; means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition
of an asset and the incurrence of a liability in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Cash Purchase
Price</U>&rdquo; means the cash amounts paid to the SPV by the Investors in connection with any Investment pursuant to <U>Sections&nbsp;2.2(a)</U>
and <U>(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Agent</U>&rdquo;
has the meaning assigned to the term &ldquo;Agent&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Aggregate
Unpaids</U>&rdquo; has the meaning assigned to the term &ldquo;Aggregate Unpaids&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Charged-Off
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Charged-Off Receivable&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Commitment</U>&rdquo;
has the meaning assigned to the term &ldquo;Commitment&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Defaulted
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Defaulted Receivable&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Delinquent
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Delinquent Receivable&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Dilution
</U>has the meaning assigned to the term &ldquo;Dilution&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Eligible
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Eligible Receivable&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Facility</U>&rdquo;
means the transaction contemplated by the CF Facility Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Facility
Documents</U>&rdquo; has the meaning assigned to the term &ldquo;Transaction Documents&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Investment</U>&rdquo;
has the meaning assigned to the term &ldquo;Investment&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Net Investment</U>&rdquo;
has the meaning assigned to the term &ldquo;Net Investment&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Obligor</U>&rdquo;
has the meaning assigned to the term &ldquo;Obligor&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Originating
Subsidiaries</U>&rdquo; has the meaning assigned to the term &ldquo;Originating Subsidiaries&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Originators</U>&rdquo;
has the meaning assigned to the term &ldquo;Originators&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Receivables</U>&rdquo;
has the meaning assigned to the term &ldquo;Receivables&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Secured
Parties&rdquo;</U> has the meaning assigned to the term &ldquo;Secured Parties&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Servicer</U>&rdquo;
has the meaning assigned to the term &ldquo;Servicer&rdquo; in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF SPV</U>&rdquo;
means Colliers Receivables Funding LP, a Canadian limited partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CF Transfer
Agreement</U>&rdquo; means the Canadian Transfer and Administration Agreement dated as of the date hereof, by and among the CF
SPV, Colliers Macaulay Nicolls Inc., Colliers International (Quebec) Inc., CMN Calgary Inc. and Colliers International Realty Advisors
Inc., each as initial originators or aggregators, any entities that subsequently become originators or aggregators thereunder,
Colliers Macaulay Nicolls Inc., as Servicer, Mizuho, as the CF Agent, a managing agent, a committed investor and as agent under
the U.S. Facility, and the various investor groups and managing agents from time to time party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change in
Law</U>&rdquo; means the occurrence, after the Closing Date (or with respect to any Investor, if later, the date on which such
Investor becomes an Investor), of any of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or
treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or
application thereof by any Official Body or (c)&nbsp;the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Official Body; <I><U>provided</U></I><U> that</U> notwithstanding anything herein to the
contrary, (i)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
or foreign regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision
in &ldquo;Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems&rdquo; (as amended, supplemented
or otherwise modified or replaced from time to time), shall in each case be deemed to be a &ldquo;Change in Law,&rdquo; regardless
of the date enacted, adopted or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change of
Control</U>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;the failure
of Colliers to own, directly or indirectly, and on a fully-diluted basis, 100% of the Equity Interests of the SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;the failure
of Colliers to own, directly or indirectly, and on a fully-diluted basis, (1) 100% of the outstanding shares of Voting Stock or
other Equity Interests of any Originator other than Colliers and (2) more than 50% or more of the outstanding shares of Voting
Stock or other Equity Interests of any Originating Subsidiary; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;with respect
to Colliers, any change of ownership of Colliers that results in any Equity Interest holders other than (i)&nbsp;Jay&nbsp;S. Hennick,
(ii)&nbsp;the Hennick Family, (iii)&nbsp;a trust, the sole beneficiaries of which are any of the Hennick Family, and (iv)&nbsp;any
and all entities that are directly or indirectly controlled by any of the Hennick Family owning Equity Interests in Colliers having
voting rights that carry greater than 30% of the voting rights attributed to all outstanding Equity Interests of Colliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Charged-Off
Receivable</U>&rdquo; means a Receivable (a)&nbsp;as to which the Obligor thereof has become the subject of any Event of Bankruptcy,
(b)&nbsp;that has been identified by the SPV, the Originator, any Originating Subsidiary or the Servicer as uncollectible, or (c)&nbsp;that,
consistent with the Credit and Collection Policy, should be written off as uncollectible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
means April 12, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collections</U>&rdquo;
means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable, including (i)&nbsp;all
scheduled interest and principal payments, and any applicable late fees, in any such case, received and collected on such Receivable,
(ii)&nbsp;all proceeds received by virtue of the liquidation of such Receivable, net of expenses incurred in connection with such
liquidation, (iii)&nbsp;all proceeds received (net of any such proceeds which are required by law to be paid to the applicable
Obligor) under any damage, casualty or other insurance policy with respect to such Receivable, (iv)&nbsp;all cash proceeds of the
Related Security related to or otherwise attributable to such Receivable, (v)&nbsp;any repurchase payment received with respect
to such Receivable pursuant to any applicable recourse obligation of the Servicer or any Originator under this Agreement or any
other Transaction Document and (vi)&nbsp;all Deemed Collections actually received or deemed received with respect to such Receivable
pursuant to <U>Section&nbsp;2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Colliers</U>&rdquo;
means Colliers International Group Inc., a Canadian corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Colliers
Guaranty</U>&rdquo; means the Performance Guaranty dated as of the date hereof delivered by Colliers to and for the benefit of
the Secured Parties in relation to the obligations of the Originators, the CF Originators, the CF Servicer and the Servicer under
the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commercial
Paper</U>&rdquo; means the promissory notes issued or to be issued by a Conduit Investor (or its related commercial paper issuer
if such Conduit Investor does not itself issue commercial paper) in the commercial paper market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commitment</U>&rdquo;
means, with respect to each Committed Investor, the dollar amount set forth opposite such Committed Investor&rsquo;s signature
on the signature pages hereof under the heading &ldquo;<U>Commitment</U>&rdquo; (or, in the case of a Committed Investor which
becomes a party hereto pursuant to an assignment subject to <U>Section&nbsp;11.8(b)</U> and <U>(c)</U>, as set forth in the related
Assignment and Assumption Agreement), <U>minus</U> the dollar amount of any Commitment or portion thereof assigned by such Committed
Investor pursuant to <U>Section&nbsp;11.8(b)</U> and <U>(c)</U>, <U>plus</U> the dollar amount of any increase to such Committed
Investor&rsquo;s Commitment pursuant to <U>Section&nbsp;2.17</U>; <I><U>provided</U></I><U> that</U> if the Facility Limit is reduced,
the aggregate of the Commitments of all the Committed Investors shall be reduced in a like amount and the Commitment of each Committed
Investor shall be reduced in proportion to such reduction. For the avoidance of doubt, each Commitment under this Agreement and
under the CF Transfer Agreement is a single shared Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commitment
Expiration Date</U>&rdquo; means April 27, 2020, as such date may be extended from time to time pursuant to <U>Section&nbsp;2.18</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Committed
Investors</U>&rdquo; means (a)&nbsp;for the Mizuho Investor Group, Mizuho Bank, Ltd. and (b)&nbsp;for any other Investor Group,
each of the Persons executing this Agreement in the capacity of a &ldquo;Committed Investor&rdquo; for such Investor Group in accordance
with the terms of this Agreement, and, in each case, successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Conduit Assignee</U>&rdquo;
means, with respect to any Conduit Investor, any special purpose entity that finances its activities directly or indirectly through
asset-backed commercial paper and is administered by a Managing Agent or any of its Affiliates and designated by such Conduit Investor&rsquo;s
Managing Agent from time to time to accept an assignment from such Conduit Investor of all or a portion of the Net Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Conduit Investor</U>&rdquo;
means any Person executing this Agreement in the capacity of a &ldquo;Conduit Investor&rdquo; for an Investor Group in accordance
with this Agreement, and successors or permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Consolidated
Total Assets</U>&rdquo; means, for any period, the consolidated total assets of Colliers and its Subsidiaries for such period,
excluding Unrestricted Entities but otherwise determined in accordance with GAAP, as set forth on the consolidated balance sheet
of Colliers for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Contract</U>&rdquo;
means, in relation to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes, or other writings
pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to
make payment in respect of such Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Control</U>&rdquo;
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. &ldquo;<U>Controlling</U>&rdquo; and &ldquo;<U>Controlled</U>&rdquo;
have meanings correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CP Rate</U>&rdquo;
means, for any Rate Tranche and a particular Conduit Investor, the <U>per annum</U> rate equivalent to the sum of (a)&nbsp;the
Dealer Fee and (b)&nbsp;the weighted average cost (as determined by the related Managing Agent and which shall include incremental
carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received
by such Conduit Investor, other borrowings by such Conduit Investor (other than under any Program Support Agreement) and any other
reasonable and necessary costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper
that are allocated, in whole or in part, by the Conduit Investor or its Managing Agent to fund or maintain such Rate Tranche (and
which may be also allocated in part to the funding of other assets of the Conduit Investor); <I><U>provided</U></I><U> that</U>
if any component of such rate is a discount rate, in calculating the &ldquo;<U>CP Rate</U>&rdquo; for such Rate Tranche, such Conduit
Investor shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate
<U>per annum</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Credit and
Collection Policy</U>&rdquo; means, with respect to any Originator or Originating Subsidiary, such Originator&rsquo;s and Originating
Subsidiary&rsquo;s credit and collection policy or policies and practices relating to the applicable Receivables as in effect on
the Closing Date and set forth in <U>Exhibit&nbsp;B</U>, as modified, from time to time, in compliance with <U>Sections 6.1(a)(vii)</U>
and <U>6.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Days Sales
Outstanding</U>&rdquo; means, for any Calculation Period, the product, obtained by multiplying (a)&nbsp;91 <U>by</U> (b)&nbsp;the
quotient obtained <U>by</U> dividing (i)&nbsp;the aggregate U.S. Dollar Equivalent of the Unpaid Balance of Receivables and CF
Receivables as of the Calculation Period End Date of such Calculation Period by (ii)&nbsp;the U.S. Dollar Equivalent of the Unpaid
Balances of all Receivables and CF Receivables (as of the date of the origination thereof) that became Receivables or CF Receivables
during the three&nbsp;(3) most recent Calculation Periods, including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dealer Fee</U>&rdquo;
means, on any date of determination, the commissions and fees of placement agents and dealers of Commercial Paper, on the weighted
average face amount of the Commercial Paper issued to maintain or fund any Rate Tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debtor Relief
Laws</U>&rdquo; means any applicable liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, fraudulent conveyance, reorganization, or similar Laws affecting the rights, remedies,
or recourse of creditors generally, including the Bankruptcy Code and all amendments thereto, as are in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deemed Collections</U>&rdquo;
is defined in <U>Section&nbsp;2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Rate</U>&rdquo;
means a per annum rate equal to the sum of (a)&nbsp;the Base Rate <U>plus</U> (b)&nbsp;2.00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Ratio</U>&rdquo;
means, for any Calculation Period, the ratio (expressed as a percentage) of (a)&nbsp; the sum of (i)&nbsp;the aggregate U.S. Dollar
Equivalent of the Unpaid Balance of all Defaulted Receivables and CF Defaulted Receivables, as of the Calculation Period End Date
of such Calculation Period and (ii)&nbsp;the aggregate U.S. Dollar Equivalent of the Unpaid Balance of all Receivables and CF Receivables
that were not Delinquent Receivables or CF Delinquent Receivables and that became Charged-off Receivables or CF Charged-Off Receivables
during such Calculation Period, <U>divided by</U> (b)&nbsp;the U.S. Dollar Equivalent of the Unpaid Balances of all Receivables
and CF Receivables (as of the date of the origination thereof) originated during the fourth Calculation Period prior to the Calculation
Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Spike</U>&rdquo;
means, for any Calculation Period, the highest Three-Month Default Ratio during the twelve (12) most recent Calculation Periods
including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Defaulted
Receivable</U>&rdquo; means, as of any date of determination, each Receivable as to which any payment, or part thereof, remains
unpaid for 91-120<B>&nbsp;</B>days or more from the Due Date for such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deferred
Purchase Price</U>&rdquo; is defined in <U>Section&nbsp;2.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Delinquent
Receivable</U>&rdquo; means, as of any date of determination, each Receivable as to which any payment, or part thereof, remains
unpaid for 91&nbsp;days or more from the Due Date for such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Designated
Jurisdiction</U>&rdquo; means any country, region or territory to the extent that such country or territory itself is the subject
of any Sanction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution</U>&rdquo;
means, on any date, an amount equal to the sum, without duplication, of (i)&nbsp;the aggregate reduction effected on such day in
the Unpaid Balances of the Receivables attributable to any non-cash items including credits, rebates, billing errors, sales or
similar taxes, cash discounts, volume discounts, allowances, disputes (it being understood that a Receivable is &ldquo;subject
to dispute&rdquo; only if and to the extent that, in the reasonable good faith judgment of the applicable Originator or Originating
Subsidiary (that shall be exercised in the ordinary course of business) such Obligor&rsquo;s obligation in respect of such Receivable
is reduced on account of any performance failure on the part of such Originator or Originating Subsidiary), set offs, counterclaims,
chargebacks, returned or repossessed goods, sales and marketing discounts, warranties, any unapplied credit memos and other adjustments
that are made in respect of Obligors (other than as a result of any Collections), (ii)&nbsp;the amount of any reduction in the
Unpaid Balance of all Receivables that have been compromised, adjusted or modified, (iii)&nbsp;the amount of the Unpaid Balance
of all Receivables for which the Original Due Date has been extended, other than a one-time extension of the Original Due Date
of any Receivable by up to ten (10) Business Days, and (iv) the amount of the Unpaid Balance (or portion thereof) of all Receivables
that remain unpaid on the Due Date thereof as a result of a breach or default by a third party that is not an Obligor of such Receivables,
including any event in which a tenant does not move in on the scheduled move-in date, or any other direct or implied contingency
not being met, including any dispute between any third party and the Obligor of such Receivables, the existence of which dispute
the Obligor is using to delay or seek to reduce its payment obligation of such Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Horizon Ratio</U>&rdquo; means, for any Calculation Period, the ratio (expressed as a percentage) of (x)&nbsp;the U.S. Dollar Equivalent
of the Unpaid Balances of all Receivables and CF Receivables (as of the date of the origination thereof) originated by the Originators,
the CF Originators, the Originating Subsidiaries and the CF Originating Subsidiaries, during the Calculation Period immediately
prior to such Calculation Period, <U>divided by</U> (y)&nbsp;the Net Pool Balance as of the Calculation Period End Date of such
Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Ratio</U>&rdquo; means, for any Calculation Period, the ratio (expressed as a percentage) of (a)&nbsp;the aggregate U.S. Dollar
Equivalent of the Dilution and CF Dilution incurred during such Calculation Period, <U>divided by</U> (b)&nbsp;the U.S. Dollar
Equivalent of the Unpaid Balances of all Receivables and CF Receivables (as of the date of the origination thereof) originated
by the Originators, the CF Originators, the Originating Subsidiaries and the CF Originating Subsidiaries, respectively, giving
rise to Receivables and CF Receivables in the Calculation Period immediately prior to such Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Reserve Percentage</U>&rdquo; means, at any time, a percentage equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="width: 34%; text-align: right"><FONT STYLE="font-size: 18pt">(</FONT>(<I>SF </I>x <I>EDR</I>)</TD>
    <TD ROWSPAN="2" STYLE="width: 5%; text-align: right">+</TD>
    <TD ROWSPAN="2" STYLE="width: 19%; text-align: center">(<I>DS </I>- <I>EDR</I>)</TD>
    <TD ROWSPAN="2" STYLE="width: 5%; text-align: center">x</TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: Black 1pt solid; text-align: center"><I>DS</I></TD>
    <TD ROWSPAN="2" STYLE="width: 4%; text-align: justify"><FONT STYLE="font-size: 18pt">)</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%; text-align: center">x</TD>
    <TD ROWSPAN="2" STYLE="width: 17%"><I>DHR</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><I>EDR</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 12%">SF</TD>
    <TD STYLE="width: 9%">=</TD>
    <TD STYLE="width: 49%">the Stress Factor;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>EDR</TD>
    <TD>=</TD>
    <TD>the Expected Dilution Ratio as determined for the most recently ended Calculation Period;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>DS</TD>
    <TD>=</TD>
    <TD>the Dilution Spike as determined for the most recently ended Calculation Period; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>DHR</TD>
    <TD>=</TD>
    <TD>the Dilution Horizon Ratio as determined for the most recently ended Calculation Period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Spike</U>&rdquo; means, for any Calculation Period, the highest Dilution Ratio during the twelve&nbsp;(12) most recent Calculation
Periods, including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disposition</U>&rdquo;
means the sale, transfer or other disposition (including any sale and leaseback transaction) of any property by any Person, including
any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Due Date</U>&rdquo;
means, with respect to any Receivable, the date that is 60 days after the Original Due Date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>EDGAR</U>&rdquo;
means the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval system, or any successor SEC electronic filing system for
such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Business</U>&rdquo; means any business to be acquired by Colliers or any of its Subsidiaries which is consistent with the nature
of the overall business focus of Colliers and its Subsidiaries as a diversified services business group which services may include
the sale, installation, or fabrication of products that are ancillary to the services being provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Investments</U>&rdquo; means any of the following investments denominated and payable solely in Dollars: (a)&nbsp;readily marketable
debt securities issued by, or the full and timely payment of which is guaranteed by the full faith and credit of, the federal government
of the United States, (b)&nbsp;insured demand deposits, time deposits and certificates of deposit of any commercial bank rated
&ldquo;A-1+&rdquo; by S&amp;P, &ldquo;P-1&rdquo; by Moody&rsquo;s and &ldquo;A-1+&rdquo; by Fitch (if rated by Fitch), (c)&nbsp;no
load money market funds rated in the highest ratings category by each of the rating agencies (without the &ldquo;r&rdquo; symbol
attached to any such rating by S&amp;P), and (d)&nbsp;commercial paper of any corporation incorporated under the laws of the United
States, <I><U>provided</U></I><U> that</U> such commercial paper is rated &ldquo;A-1+&rdquo; by S&amp;P, &ldquo;P-1&rdquo; by Moody&rsquo;s
and &ldquo;A-1+&rdquo; by Fitch (if rated by Fitch) (without the &ldquo;r&rdquo; symbol attached to any such rating by S&amp;P).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Obligor</U>&rdquo; means, as of any date of determination, any Obligor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;that is
not an Affiliate, employee or independent contractor broker of any of the Originators, an Originating Subsidiary, the SPV, Colliers
or the Servicer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;that is
a resident in the United States or Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;that is
not an Official Body other than the government of the United States or Canada or any political subdivision thereof (a &ldquo;<U>U.S.
or Canadian Official Body</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;with respect
to which not more than 50% of Receivables owed by such Obligor are Delinquent Receivables or CF Delinquent Receivables, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;with respect
to which no Event of Bankruptcy has occurred and is continuing with respect to such Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Receivable</U>&rdquo; means, as of any date of determination, any Receivable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;that was
originated by an Originator or by an Originating Subsidiary and sold to an Originator in the ordinary course of its business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)(i)&#9;with
respect to which the applicable Originator or Originating Subsidiary and the SPV has performed in all material respects all obligations
required to be performed by it thereunder or under any related Contract, including shipment of the merchandise and/or the performance
of the services purchased thereunder; and (ii)&nbsp;that either (A)(x)&nbsp;has been billed to the relevant Obligor, and (y)&nbsp;which,
according to the Contract related thereto, is due and required to be paid in full within 60 days of the original billing date therefor
or (B)(x)&nbsp;if unbilled, is contractually due and required to be paid on a specific date stated in the related Contract giving
rise to such Receivable which is within two years from the date of determination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;that was
originated in accordance with and satisfies in all material respects all applicable requirements of the applicable Credit and Collection
Policy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;that has
been sold or contributed to the SPV pursuant to (and in accordance with) the First Tier Agreement and to which the SPV has good
and marketable title, free and clear of all Adverse Claims, other than any Permitted Adverse Claim;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;the Obligor
of which has been directed to make all payments to a Blocked Account;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;subject
to Section 9-406 and Section 9-408 of the UCC, that is assignable without the consent of, or notice to, the related Obligor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;that, together
with the related Contract, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor
to pay a specified amount in cash, enforceable against such Obligor in accordance with its terms and is not subject to any asserted
litigation, dispute, offset, holdback, counterclaim or other defense, except to the extent that such enforcement may be limited
by applicable liquidation, conservatorship, bankruptcy, insolvency, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, reorganization, fraudulent transfer, fraudulent conveyance or other similar laws affecting the rights of creditors
generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in
equity); <I><U>provided that</U></I>, (1) if such litigation, dispute, offset, holdback, counterclaim or defense affects only a
portion of the Unpaid Balance of such Receivable, then such Receivable may be deemed an Eligible Receivable to the extent of the
portion of such Unpaid Balance which is not so affected (i.e., the amount of the outstanding claim or the amount the Obligor is
entitled to offset against the applicable Originator or Originating Subsidiary based on the amount which such Originator or Originating
Subsidiary owes the applicable Obligor would be netted against the applicable Receivable, but the excess of the Receivable over
such outstanding claim or offset would be included as an Eligible Receivable) and (2) Receivables of any Obligor which have any
accounts payable from the applicable Originator or Originating Subsidiary (thus giving rise to a potential offset against such
Obligor&rsquo;s Receivables) may be treated as Eligible Receivables to the extent that such Obligor has agreed, pursuant to a written
agreement in form and substance reasonably satisfactory to the Agent, that such Receivable shall not be subject to such offset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;that is
denominated and payable only in U.S. Dollars or Canadian Dollars in the United States or Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;that is
not a Delinquent Receivable or a Defaulted Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(j)&#9;[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(k)&#9;[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(l)&#9;that is
an &ldquo;account&rdquo; within the meaning of Article&nbsp;9 of the UCC of all applicable jurisdictions and is not evidenced by
instruments or chattel paper;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(m)&#9;that, together
with the Contract related thereto, does not contravene in any material respect any Laws applicable thereto (including Laws relating
to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(n)&#9;the assignment
of which by an Originating Subsidiary to an Originator, under the First Tier Agreement by the applicable Originator to the SPV
and hereunder by the SPV to the Agent does not violate, conflict or contravene any applicable Law or any enforceable contractual
or other restriction, limitation or encumbrance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(o)&#9;that is
not a Receivable that arose as a result of the sale of consigned inventory owned by a third party or a sale in which the Originator
or an Originating Subsidiary acted as agent of any other Person or otherwise not as principal or otherwise in respect of deferred
or unearned revenues;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(p)&#9;that is
not a Receivable that is subject to a Dilution (it being understood that only the portion of the Receivable subject to Dilution
is restricted from being an &ldquo;Eligible Receivable&rdquo; hereunder);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(q)&#9;that (together
with the Related Security related thereto) has been the subject of either a valid transfer and assignment from, or the grant of
a first priority perfected security interest therein (subject to any Permitted Adverse Claims) by, the SPV to the Agent, on behalf
of the Investors, of all of the SPV&rsquo;s right, title and interest therein, effective until the Final Payout Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(r)&#9;that does
not contain a confidentiality provision that purports to restrict the ability of the applicable Originator or Originating Subsidiary
or the SPV or their assignees to receive or review a copy of the related Contract or exercise their rights thereunder or under
the First Tier Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(s)&#9;the Obligor
of which is an Eligible Obligor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(t)&#9;with respect
to which all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Official Body
required to be obtained, effected or given in connection with the creation of such Receivable have been duly obtained, effected
or given and are in full force and effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(u)<B>&#9;</B>[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(v)&#9;with respect
to which, to the best knowledge of the applicable Originator or the SPV, no proceedings or investigations are pending or threatened
before any Official Body;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(w)&#9;that does
not represent &ldquo;billed but not yet shipped&rdquo; goods or merchandise, partially performed or underperformed services, and
does not arise from a transaction for which any additional performance by the applicable Originator or Originating Subsidiary remains
to be performed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(x)&#9;that is
not a Quebec Receivable (as defined in the First Tier Agreement (as defined in the CF Transfer Agreement)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Interests</U>&rdquo;
means, with respect to any Person, all of the shares of capital stock of (or other ownership interests in) such Person, all of
the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or
other ownership interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests), and all of the other ownership interests in such Person (including partnership, member or trust
interests therein), whether voting or nonvoting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA</U>&rdquo;
means the U.S.&nbsp;Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA Affiliate</U>&rdquo;
means, with respect to any Person, any corporation, partnership, trust, sole proprietorship or trade or business which, together
with such Person, is treated as a single employer under Section&nbsp;414(b) or (c) of the Code or, solely with respect to any liability
for contributions under Section&nbsp;302(c) of ERISA, Section&nbsp;414(m) or (o) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eurodollar
Reserve Percentage</U>&rdquo; means, for any day during any Rate Period, the reserve percentage (expressed as a decimal, rounded
upward to the next 1/100th of 1%) in effect on such day, whether or not applicable to any Investor, under regulations issued from
time to time by the Board of Governors of the Federal Reserve System for determining the maximum reserve requirement (including
any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to
as &ldquo;eurocurrency liabilities&rdquo;). The Adjusted LIBOR Rate shall be adjusted automatically as of the effective date of
any change in the Eurodollar Reserve Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Event of
Bankruptcy</U>&rdquo; means, with respect to any Person, (a)&nbsp;that such Person institutes or consents to the institution of
any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors, or applies for or consents to
the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all
or any material part of its property; or (b)&nbsp;that any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or
unstayed for sixty&nbsp;(60) calendar days; or (c)&nbsp;that any proceeding under any Debtor Relief Law relating to any such Person
or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed
for sixty&nbsp;(60) calendar days, or an order for relief is entered in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excess Concentration
Amount</U>&rdquo; means, on any day, without duplication, the sum of (x)&nbsp;the sum of all amounts determined as follows: for
each Obligor and CF Obligor, the amount (if any) by which (i)&nbsp;the U.S. Dollar Equivalent of the aggregate Unpaid Balance of
the Eligible Receivables and CF Eligible Receivables of such Obligor or CF Obligor and its Affiliates (if any), exceeds (ii)&nbsp;the
product on such day of (A)&nbsp;the applicable Obligor Concentration Limit for such Obligor or CF Obligor and (B)&nbsp;the Aggregate
Unpaid Balance on such day; plus (y)&nbsp;the amount by which (i)&nbsp;the aggregate Unpaid Balance of all Receivables and CF Receivables
owed by any U.S. or Canadian Official Body, exceeds (ii)&nbsp;the product on such day of (A)&nbsp;5.0% and (B)&nbsp;the Aggregate
Unpaid Balance on such day; plus (z) the amount by which (a)&nbsp;the aggregate Unpaid Balance of all Receivables and CF Receivables
that are unbilled and have an Original Due Date that occurs more than six months but less than two years from such day, exceeds
(b)&nbsp;the product on any such day of (A)<B>&nbsp;</B>20.0% and (B)&nbsp;the Aggregate Unpaid Balance on such day; plus (aa)&nbsp;the
amount by which (i) the aggregate Unpaid Balance of all Receivables and CF Receivables that are unbilled and have an Original Due
Date that occurs more than one year but less than two years from such day, exceeds (ii) the product on any such day of (A)&nbsp;5.0%
and (B)&nbsp;the Aggregate Unpaid Balance on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded
Taxes</U>&rdquo; means any of the following taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a)&nbsp;taxes imposed on or measured by net income (however denominated), franchise taxes, and
branch profits taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof) under the Laws of which
such recipient is organized or in which its principal office is located or, in the case of any Investor, in which its applicable
Funding Office is located or (ii) that are Other Connection Taxes, (b)&nbsp; in the case of an Investor, any withholding tax that
is imposed on amounts payable to or for the account of such Investor at the time (i) such Investor becomes a party hereto or (ii)
designates a new Funding Office), except to the extent that such Investor (or its assignor, if any) was entitled, at the time of
designation of a new Funding Office (or assignment), to receive additional amounts from the payor with respect to such withholding
tax pursuant to <U>Section&nbsp;9.4, (c) </U>any taxes attributable to such Recipient&rsquo;s failure or inability to comply with
<U>Section&nbsp;9.5</U>) or (d) any U.S. federal withholding Taxes imposed under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Expected
Dilution Ratio</U>&rdquo; means, for any Calculation Period, the average of the Dilution Ratios for the twelve (12) most recent
Calculation Periods, including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Extended
Term Amount</U>&rdquo; means, at any time, the lesser of (a) the Aggregate Unpaid Balance of all unbilled Receivables that are
Eligible Receivables and unbilled CF Receivables that are Eligible Receivables (as defined in the CF Transfer Agreement), in each
case, with remaining payment terms of over one year, and (b) the product at such time of (1)&nbsp;5.0% and (2)&nbsp;the Aggregate
Unpaid Balance on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Facility
Limit</U>&rdquo; means initially $125,000,000, as such amount may be increased from time to time in accordance with <U>Section&nbsp;2.17</U>,
and as such amount may be reduced in accordance with <U>Section&nbsp;2.16</U>; <I><U>provided</U></I><U> that</U> the Facility
Limit may not at any time exceed the Maximum Commitment then in effect. For the avoidance of doubt, the Facility Limit under this
Agreement and under the CF Transfer Agreement is a single shared Facility Limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FATCA</U>&rdquo;
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection
with the implementation of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Federal Funds
Rate</U>&rdquo; means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)&nbsp;equal to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers on such day, as published by the Federal Reserve Bank of New&nbsp;York on the Business Day next succeeding
such day; <I><U>provided</U></I><U> that</U> (a)&nbsp;if such day is not a Business Day, the Federal Funds Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b)&nbsp;if
no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate
charged to the applicable Managing Agent on such day on such transactions as determined by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fee Letters</U>&rdquo;
means the confidential letter agreements dated the date hereof (i)&nbsp;among the SPV, the CF SPV, the Agent, the applicable Managing
Agent for each Investor Group, the CF Agent and the applicable Managing Agent (as defined in the CF Transfer Agreement) for each
Investor Group (as defined in the CF Transfer Agreement) and (ii)&nbsp;between the Agent, the arranger, and the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Final Payout
Date</U>&rdquo; means the date, after the Termination Date, on which the Aggregate Net Investment has been reduced to zero, all
accrued Servicing Fees have been paid in full and all other Aggregate Unpaids have been paid in full in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>First Tier
Agreement</U>&rdquo; means the Sale Agreement, dated as of the Closing Date, between the Originator and the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fitch</U>&rdquo;
means Fitch, Inc. or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Foreign Recipient</U>&rdquo;
means any Recipient that is not a &ldquo;United States person&rdquo; within the meaning of Section 7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Funding Office</U>&rdquo;
of an Investor means the office from which such Investor funds its Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such accounting profession that are applicable to the circumstances as of the date
of determination, consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Guarantee</U>&rdquo;
means, with respect to any Person, (a)&nbsp;any obligation, contingent or otherwise, of such Person guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the &ldquo;<U>primary
obligor</U>&rdquo;) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation,
(ii)&nbsp;to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness
or other obligation of the payment or performance of such Indebtedness or other obligation, (iii)&nbsp;to maintain working capital,
equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so
as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv)&nbsp;entered into for the purpose of assuring
in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b)&nbsp;any Lien on any assets of such Person securing
any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such
Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof,
in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term &ldquo;<U>Guarantee</U>&rdquo; as a verb has a corresponding
meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Hedge Agreements</U>&rdquo;
means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency
future or option contracts and other similar agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Hennick Family</U>&rdquo;
means the spouse, children or estate of Jay&nbsp;S. Hennick.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Incremental
Commitment</U>&rdquo; is defined in <U>Section&nbsp;2.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
means, without duplication, with respect to any Person, such Person&rsquo;s (a)&nbsp;obligations for borrowed money, (b)&nbsp;obligations
representing the deferred purchase price of property other than accounts payable arising in the ordinary course of such Person&rsquo;s
business on terms customary in the trade, holdbacks, earnouts and similar contingent payments and accruals for payroll or similar
items, (c)&nbsp;obligations (excluding prepaid interest thereon), whether or not assumed, secured by liens or payable out of the
proceeds or products of property now or hereafter owned or acquired by such Person; <I><U>provided that</U></I>, if such Person
has not assumed such obligations, then the amount of Indebtedness of such Person for purposes of this clause (c) shall be equal
to the lesser of the amount of the obligations of the holder of such obligations and the fair market value of the assets of such
Person which secure such obligations, (d)&nbsp;obligations which are evidenced by notes, bonds, debentures, acceptances (including
bankers acceptances), or other instruments, (e)&nbsp;Capitalized Lease obligations, (f)&nbsp;obligations for which such Person
is obligated pursuant to a Guarantee, (g)&nbsp;reimbursement obligations with respect to any letters of credit, (h)&nbsp;all indebtedness
of such Person in respect of Hedge Agreements and (i)&nbsp;any other liabilities which would be treated as indebtedness in accordance
with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified
Amounts</U>&rdquo; is defined in <U>Section&nbsp;9.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified
Parties</U>&rdquo; is defined in <U>Section&nbsp;9.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Investment
Date</U>&rdquo; means the date of the initial Investment under this Agreement, which for the avoidance of doubt, shall be April
29, 2019 (or such later date as may be agreed to by the Agent in its reasonable discretion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Originator</U>&rdquo;
is defined in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interpolated
Rate</U>&rdquo; means, at any time, the rate per annum determined by the applicable Managing Agent (which determination shall be
conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:
(a)&nbsp;the rate as displayed on the applicable Bloomberg page (or on any successor or substitute page or servicing providing
quotations of interest rates applicable to dollar deposits in the London interbank market comparable to those currently provided
on such page, as determined by the Agent from time to time; in each case the &ldquo;<U>Screen Rate</U>&rdquo;) for the longest
period (for which that Screen Rate is available) that is shorter than the Rate Period and (b)&nbsp;the Screen Rate for the shortest
Period (for which that Screen Rate is available) that exceeds the Rate period, in each case, at approximately 11:00&nbsp;a.m.,
London time, two Business Days prior to the commencement of such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment</U>&rdquo;
is defined in <U>Section&nbsp;2.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment
Date</U>&rdquo; is defined in <U>Section&nbsp;2.3(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment
Request</U>&rdquo; means each request substantially in the form of <U>Exhibit&nbsp;C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investor(s)</U>&rdquo;
means the Conduit Investors and/or the Committed Investors, as the context may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investor
Group</U>&rdquo; means each of the following groups of Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;Mizuho,
as Managing Agent, and Committed Investor hereunder (the &ldquo;<U>Mizuho Investor Group</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;any Conduit
Investor, its Managing Agent and its Related Committed Investors from time to time party hereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;for any
group of Investors that does not include a Conduit Investor, its Managing Agent and Committed Investors from time to time party
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investor
Group Percentage</U>&rdquo; means, for any Investor Group, the percentage equivalent (carried out to five decimal places) of a
fraction the numerator of which is the aggregate amount of the Commitments of all Committed Investors in that Investor Group and
the denominator of which is the sum of such numerators for each of the Investor Groups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Law</U>&rdquo;
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree,
judgment or award of any Official Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LIBOR Rate</U>&rdquo;
means, for any Rate Period, the greater of (a)<B>&nbsp;</B>the rate appearing on the applicable Bloomberg page (or on any successor
or substitute page or servicing providing quotations of interest rates applicable to dollar deposits in the London interbank market
comparable to those currently provided on such page, as determined by the Agent from time to time) at approximately 11:00&nbsp;a.m.,
London time, two Business Days prior to the commencement of such Rate Period, as the rate for dollar deposits with a maturity comparable
to such Rate Period; <I><U>provided</U></I><U> that</U> (i)&nbsp;if such rate is not available at such time for any reason, then
the &ldquo;LIBOR Rate&rdquo; for such Rate Period shall be the Interpolated Rate, and (ii)&nbsp;if the Interpolated Rate is not
available, the &ldquo;LIBOR Rate&rdquo; for such Rate Period shall be the offered quotation rate to first class banks in the London
interbank market by the Person that is the Agent for deposits (for delivery on the first day of the relevant period) in U.S. Dollars
of amounts in same day funds comparable to the amount of the applicable Investment of such Person, in its capacity as an Investor
for which the LIBOR Rate is then being determined, with maturities comparable to such Rate Period at approximately 11:00&nbsp;a.m.,
London time, two Business Days prior to the commencement of such Rate Period and (b)&nbsp;0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien (statutory or other), charge, or similar preference, priority
or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including
any conditional sale or other title retention agreement and any financing lease having substantially the same economic effect as
any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loss Horizon
Ratio</U>&rdquo; means, for any Calculation Period, the quotient, expressed as a percentage, of (a)&nbsp;the U.S. Dollar Equivalent
of the Unpaid Balances of all Receivables and CF Receivables (as of the date of the origination thereof) originated, during the
four most recent Calculation Periods, including the Calculation Period of determination, <U>divided</U> by (b)&nbsp;the Net Pool
Balance as of the Calculation Period End Date for such Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loss Reserve
Ratio</U>&rdquo; means, at any time, the product of (a)&nbsp;the Stress Factor, (b)&nbsp;the Default Spike as determined for the
most recently ended Calculation Period and (c)&nbsp;the Loss Horizon Ratio as determined for the most recently ended Calculation
Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Majority
Investors</U>&rdquo; means, (i) at any time when three (3) or more Investor Groups are party to this Agreement, those Managing
Agents whose Investor Groups hold Commitments aggregating in excess of 662/3% of the Facility Limit as of such date (or, if the
Commitments shall have been terminated, those Managing Agents whose Investor Groups aggregate <U>pro</U>&nbsp;<U>rata</U> shares
of the Net Investment exceed 662/3% of the Net Investment) and (ii) at all other times, all Managing Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Managing
Agent</U>&rdquo; means, (i) with respect to the Mizuho Investor Group, Mizuho, or (ii) with respect to any other Investor Group,
the Person acting as Managing Agent for such Investor Group and designated as such on the signature pages hereto or in any Assignment
and Assumption Agreement for such Investor Group under this Agreement, and each of its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material
Adverse Effect</U>&rdquo; means any change, effect, event, occurrence that materially and adversely affects (a)&nbsp;the collectibility
of any material portion of the Receivables, (b)&nbsp;the operations, business, properties, liabilities (actual or contingent),
or financial condition of the SPV, individually, or Colliers and its consolidated Subsidiaries, taken as a whole, (c)&nbsp;the
ability of the SPV, the Servicer, Colliers or the Originators to perform their respective obligations under the Transaction Documents,
taken as a whole, to which they are party, or (d)&nbsp;the material rights of or benefits available to the Agent, the Managing
Agents or the Investors under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material
Credit Facility</U>&rdquo; means,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;the Second
Amended and Restated Credit Agreement Dated as of April&nbsp;19, 2018 by and among Colliers, Colliers International Holdings (USA),
Inc., Globestar Limited, Colliers International EMEA Holdings Limited, Colliers International Holdings (Australia) Limited, and
the Toronto-Dominion Bank, among others (the &ldquo;<U>Revolving Credit Agreement</U>&rdquo;), including any renewals, extensions,
amendments, supplements, restatements, replacements or refinancing thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;any other
agreement(s) creating or evidencing indebtedness for borrowed money entered into on or after the date of Closing by Colliers or
any Subsidiary (other than any Unrestricted Entities), or in respect of which Colliers or any Subsidiary (other than any Unrestricted
Entity) is an obligor or otherwise provides a guarantee or other credit support (&ldquo;<U>Credit Facility</U>&rdquo;), in a principal
amount outstanding or available for borrowing equal to or greater than the greater of (x)&nbsp;3.0% of Consolidated Total Assets
and (y)&nbsp;$50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the
closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal
or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maximum Commitment</U>&rdquo;
means, as of any date of determination, the sum of the Commitments of all Committed Investors hereunder. For the avoidance of doubt,
the Maximum Commitment under this Agreement and under the CF Transfer Agreement is a single shared Maximum Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maximum Incremental
Facility Amount</U>&rdquo; means $75,000,000. For the avoidance of doubt, the Maximum Incremental Facility Amount under this Agreement
and under the CF Transfer Agreement is a single shared Maximum Incremental Facility Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Minimum Reserve
Percentage</U>&rdquo; means, at any time, the sum of (a)&nbsp;15% <U>plus </U>(b)&nbsp;the product of (i)&nbsp;the Expected Dilution
Ratio as determined for the most recently ended Calculation Period, and (ii)&nbsp;the Dilution Horizon Ratio as determined for
the most recently ended Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mizuho</U>&rdquo;
is defined in the <U>Preamble</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mizuho Investor
Group</U>&rdquo; is defined in the definition of Investor Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Moody&rsquo;s</U>&rdquo;
means Moody&rsquo;s Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Multiemployer
Plan</U>&rdquo; is defined in Section&nbsp;4001(a)(3) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Investment</U>&rdquo;
means, at any time, (a) the aggregate Cash Purchase Price paid by the Investors in connection with each Investment less (b) the
aggregate amount of Collections theretofore actually received by the Investors and not reinvested as a Reinvestment and applied
by the Agent to reduce such Net Investment pursuant to Section 2.12; provided that the Net Investment shall be restored and reinstated
in the amount of any Collections so received and applied if at any time the distribution of such Collections is rescinded or must
otherwise be returned for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Pool
Balance</U>&rdquo; means, at any time, (a)&nbsp;the Aggregate Unpaid Balance at such time, <U>minus</U> (b)&nbsp;the Excess Concentration
Amount at such time, <U>minus</U> (c) the product of (A)&nbsp;two, (B)&nbsp;1.5, (C)&nbsp;the sum of the Adjusted LIBOR Rate and
the Program Fee Rate and (D)&nbsp;the Extended Term Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Non-U.S.
Plan</U>&rdquo; means any plan, fund or other similar program that (a) is established or maintained outside the U.S. by Colliers
or any Subsidiary primarily for the benefit of employees of Colliers or one or more Subsidiaries residing outside the U.S., which
plan, fund or other similar program provides retirement income or a deferral of income in contemplation of retirement, and (b)
is not subject to ERISA or the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligor</U>&rdquo;
means, with respect to any Receivable, the Person obligated to make payments in respect of such Receivable pursuant to a Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligor Concentration
Limit</U>&rdquo; means, at any time, with respect to the aggregate Unpaid Balance of all Receivables and CF Receivables owed by
any single Obligor or CF Obligor (together with its Affiliates), the percentage specified under the heading &ldquo;Concentration
Limit&rdquo; in the grid immediately below determined according to such Obligor&rsquo;s or CF Obligor&rsquo;s public unsecured
short-term debt rating (or absence thereof)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" align="center" CELLPADDING="3" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: black 1pt solid; text-align: center">Obligor&rsquo;s or CF Obligor&rsquo;s Public Unsecured
    <BR>
    Short-Term Debt Rating<BR>
    (S&amp;P/Moody&rsquo;s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Concentration Limit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A-1/P-1 or better</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">15.0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A-2/P-2 or better (but less than A-1/P-1)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">7.5%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A-3/P-3 or better (but less than A-2/P-2)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">5.0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Below A-3/P-3 or without a short-term rating from S&amp;P or Moody&rsquo;s</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">3.0%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">_________________</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<SUP>1</SUP></FONT></TD><TD STYLE="text-align: justify">The rating of an Obligor or CF Obligor will be the lowest of any short-term public unsecured debt
rating of such Obligor as issued by S&amp;P or Moody&rsquo;s.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">; <I><U>provided</U></I><U>
that</U><I>, </I>for any single Obligor or CF Obligor that does not have short-term public unsecured debt ratings from either of
S&amp;P or Moody&rsquo;s but has long-term unsecured debt ratings currently assigned to it by S&amp;P or Moody&rsquo;s, as applicable,
the applicable Concentration Limit in <U>clause&nbsp;(a)</U> above shall be determined by reference to the short-term rating equivalent
of the applicable long-term rating specified in the table below</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: black 1pt solid; text-align: center">S&amp;P Long-Term Rating</TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">S&amp;P Short-Term<BR>
Rating Equivalent</TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Moody&rsquo;s Long-Term Rating</TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">Moody&rsquo;s Short-Term</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">Rating Equivalent</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A- or higher</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A-1</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A3 or higher</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">P-1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">BBB+</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A-2</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Baa1</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">P-2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">BBB or BBB-</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A-3</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Baa2 or Baa3</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">P-3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">BB+ or below</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Below A-3 or not rated</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Ba1 or below</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Below P-3 or not rated</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">; <I><U>provided further</U>, <U>however</U>,
</I>that if any such Obligor or CF Obligor has a short-term public unsecured debt rating from only one such rating agency and the
other ratings are taken from the short-term equivalent of such Obligor&rsquo;s or CF Obligor&rsquo;s long-term unsecured debt ratings,
then the applicable rating for the purpose of determining the Concentration Limit for such Obligor or CF Obligor shall be (i)&nbsp;if
the difference between the two ratings is only one notch (e.g., A-1+ and A-1), the lower of the two applicable ratings, and (ii)&nbsp;if
the difference between such ratings is more than one notch, the average of the two applicable ratings. If an Obligor or CF Obligor
is not rated by Moody&rsquo;s or S&amp;P but is rated by Fitch, then the Fitch rating shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;</I><U>OFAC</U><I>&rdquo;</I>
means the U.S.&nbsp;Department of Treasury&rsquo;s Office of Foreign Assets Control or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Official
Body</U>&rdquo; means any government or political subdivision or any agency, authority, bureau, central bank, commission, department
or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, or any accounting
board or authority (whether or not a part of government) that is responsible for the establishment or interpretation of national
or international accounting principles, in each case whether foreign or domestic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Optional
Reduction Date</U>&rdquo; is defined in <U>Section&nbsp;2.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Original
Due Date</U>&rdquo; means, with respect to any Receivable, determined at the time of origination of such Receivable, the date on
which such Receivable is due and required to be paid by the related Obligor under the related Contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Originating
Subsidiaries</U>&rdquo; means each of the entities listed on <U>Schedule&nbsp;1.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Originator</U>&rdquo;
means the Initial Originator and any other Affiliate of the Initial Originator that becomes an Originator hereunder following (a)&nbsp;the
written consent of the Agent and each Managing Agent, (b)&nbsp;the execution and delivery of a Joinder Agreement in the form of
<U>Exhibit&nbsp;G</U>, and (c)&nbsp;the execution and delivery by Colliers of a Colliers Guaranty with respect to such Originator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Originator
Disposition</U>&rdquo; is defined in <U>Section&nbsp;11.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Other Connection
Taxes</U>&rdquo; means, with respect to the Agents, any Investor, any other Secured Party, or any other recipient of any payment
to be made by or on account of any obligation of a payor hereunder, Taxes imposed as a result of a present or former connection
between such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Investment or
Transaction Document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>PBGC</U>&rdquo;
means the Pension Benefit Guarantee Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pension Plan</U>&rdquo;
means an employee pension benefit plan as defined in Section&nbsp;3(2) of ERISA, that is subject to Title&nbsp;IV of ERISA (other
than a Multiemployer Plan) and that is maintained by, or is contributed to by, or within the previous five&nbsp;(5) years has been
maintained by or contributed to by, the Originator, Colliers, the SPV or an ERISA Affiliate of any of them with respect to which
they would reasonably be expected to have any liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Adverse Claims</U>&rdquo; means (a) Adverse Claims in favor of the SPV created pursuant to the First Tier Agreement, (b) Liens
in favor of the Agent, as agent for the Secured Parties created pursuant to this Agreement or any other Transaction Document, (c)
Liens for taxes and assessments not yet due or for taxes Colliers or an Affiliate is contesting the validity, applicability or
amount thereof in good faith and by appropriate legal proceedings and such contest does not materially endanger any right or interest
of the Secured Parties under the Transaction Documents and as to which appropriate reserves are being maintained in accordance
with GAAP, (d) Liens arising in the ordinary course of business by virtue of any contractual, statutory or common law provision
relating to banker&rsquo;s Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including
funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary, and
(e)&nbsp;Liens securing judgments, awards, attachments and/or decrees and notices of lis pendens and associated rights relating
to litigation being contested in good faith and not constituting a Servicer Default under <U>Section&nbsp;7.5(d)</U> or a Termination
Event under <U>Sections&nbsp;8.1(q)</U> or <U>(r)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual, partnership, limited liability company, corporation, joint stock company, trust (including a business trust),
unincorporated association, joint venture, firm, enterprise, Official Body or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Portfolio</U>&rdquo;
is defined in <U>Section&nbsp;2.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Potential
Termination Event</U>&rdquo; means an event which, with the passage of any applicable cure period or the giving of notice, or both,
would constitute a Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pro Rata
Share</U>&rdquo; means, with respect to a Committed Investor and a particular Investor Group at any time, the Commitment of such
Committed Investor, <U>divided by</U> the sum of the Commitments of all Committed Investors in such Investor Group (or, if the
Commitments shall have been terminated, such Committed Investor&rsquo;s <U>pro</U>&nbsp;<U>rata</U> share of the Net Investment
funded by such Investor Group).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Fee</U>&rdquo;
has the meaning assigned to the term &ldquo;U.S. Program Fee&rdquo; in the applicable Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Fee
Rate</U>&rdquo; has the meaning assigned to the term &ldquo;U.S. Program Fee Rate&rdquo; in the applicable Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Support
Agreement</U>&rdquo; means and includes, with respect to any Conduit Investor, any agreement entered into by any Program Support
Provider providing for the issuance of one or more letters of credit for the account of the Conduit Investor (or any related commercial
paper issuer that finances the Conduit Investor), the issuance of one or more surety bonds for which the Conduit Investor (or such
related issuer) is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the funding of a
reserve account by such Program Support Provider, the sale by the Conduit Investor (or such related issuer) to any Program Support
Provider of the Portfolio (or portions thereof or participations therein) and/or the making of loans and/or other extensions of
credit to the Conduit Investor (or such related issuer) in connection with its commercial paper program, together with any letter
of credit, surety bond or other instrument issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Support
Provider</U>&rdquo; means and includes, with respect to any Conduit Investor, any Person now or hereafter extending credit or having
a commitment to extend credit to or for the account of, or to make purchases from, or fund a reserve account for the benefit of,
the Conduit Investor (or any related commercial paper issuer that finances the Conduit Investor) or issuing a letter of credit,
surety bond or other instrument to support any obligations arising under or in connection with the Conduit Investor&rsquo;s (or
such related issuer&rsquo;s) commercial paper program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate Period</U>&rdquo;
means with respect to any Rate Tranche funded other than through the issuance of Commercial Paper, (i)&nbsp;initially the period
commencing on (and including) the date of the initial purchase or funding of such Rate Tranche and ending on (and including) the
day immediately before the next succeeding Settlement Date, and (ii)&nbsp;thereafter, each period commencing on (and including)
the first day after the last day of the immediately preceding Rate Period for such Rate Tranche and ending on (and including) the
day immediately before the next succeeding Settlement Date; <I><U>provided</U></I><U> that</U> in the case of any Rate Period for
any Rate Tranche that commences before the Termination Date and would otherwise end on a date occurring after the Termination Date,
such Rate Period shall end on such Termination Date and the duration of each Rate Period which commences on or after the Termination
Date shall be of such duration as shall be selected by such Managing Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate Tranche</U>&rdquo;
is defined in <U>Section&nbsp;2.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate Type</U>&rdquo;
means with respect to any Rate Tranche funded through the issuance of Commercial Paper, the CP Rate, and otherwise the Alternate
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Receivable</U>&rdquo;
means any right to payment owed by any Obligor or evidenced by a Contract arising in connection with the sale of goods or the rendering
of services by an Originator or Originating Subsidiary in connection therewith, in either case, in the ordinary course of business
or any right of an Originator or Originating Subsidiary or the SPV to payment from or on behalf of an Obligor, in respect of any
scheduled payment of interest, principal or otherwise under any such Contract, or any right to reimbursement for funds paid or
advanced by an Originator or Originating Subsidiary or the SPV on behalf of an Obligor under such Contract, whether constituting
an account, chattel paper, instrument, payment intangible, or general intangible (whether or not earned by performance), together
with all supplemental or additional payments required by the terms of such Contract with respect to insurance, maintenance, ancillary
products and services and any other specific charges (including the obligation to pay any finance charges, fees and other charges
with respect thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Recipient</U>&rdquo;
is defined in <U>Section&nbsp;9.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Records</U>&rdquo;
means all Contracts and other documents, purchase orders, invoices, agreements, books, records and any other media, materials or
devices for the storage of information (including tapes, disks, punch cards, computer programs and databases and related property)
maintained by the SPV, any Originator, any Originating Subsidiary, Colliers or the Servicer with respect to the Receivables, any
other Affected Assets or the Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Register</U>&rdquo;
is defined in <U>Section&nbsp;11.8(g)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reinvestment</U>&rdquo;
is defined in <U>Section&nbsp;2.2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reinvestment
Period</U>&rdquo; means the period commencing on the Initial Investment Date and ending on the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Related Committed
Investor</U>&rdquo; means, with respect to any Conduit Investor, the Committed Investors in such Conduit Investor&rsquo;s Investor
Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Related Security</U>&rdquo;
means, with respect to any Receivable, all of the applicable Originator&rsquo;s and Originating Subsidiary&rsquo;s (without giving
effect to any transfer under the First Tier Agreement) or the SPV&rsquo;s rights, title and interest in, to and under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;any goods
(including returned or repossessed goods) and documentation or title evidencing the shipment or storage of any goods relating to
any sale giving rise to such Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;all other
Liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant
to the related Contract or otherwise, together with all financing statements and other filings authorized by an Obligor relating
thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;all guarantees,
indemnities, warranties, letters of credit, insurance policies and proceeds and premium refunds thereof and other agreements or
arrangements of any kind from time to time supporting or securing payment of such Receivable, whether pursuant to the Contract
related to such Receivable or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;all records,
instruments, documents and other agreements (including any Contract with respect thereto) related to such Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;all Collections
with respect to such Receivable and all of the SPV&rsquo;s or the applicable Originator&rsquo;s right, title and interest in and
to any deposit or other account (including the Blocked Accounts) into which such Collections may be deposited or received; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;all proceeds
of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reportable
Event</U>&rdquo; means any event, transaction or circumstance which is required to be reported with respect to any Pension Plan
under Section&nbsp;4043 of ERISA and the applicable regulations thereunder, specifically excluding any events for which the thirty
(30) day notice period has been waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reporting
Date</U>&rdquo; is defined in <U>Section&nbsp;2.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Repurchased
Receivable</U>&rdquo; is defined in <U>Section&nbsp;11.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Required
Reserves</U>&rdquo; means, at any time, the sum of (a)&nbsp;the product of (i)&nbsp;the Net Pool Balance as of the most recent
Calculation Period End Date and (ii)&nbsp;the greater of (x)&nbsp;the sum of the Loss Reserve Ratio and the Dilution Reserve Percentage
and (y)&nbsp;the Minimum Reserve Percentage, each as in effect at such time, plus (b)&nbsp;the Yield Reserve plus (c)&nbsp;the
Servicing Fee Reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Responsible
Officer</U>&rdquo; means,&nbsp;in the case of the SPV, any Originator, the Servicer or Colliers, the chairman, chief executive
officer, president, chief operating officer, chief financial officer, executive vice president, treasurer, assistant treasurer,
controller or senior vice president of such Person, and, in any case where two Responsible Officers are acting on behalf of such
Person, the second such Responsible Officer may be a secretary or assistant secretary or, if such Person is member managed, of
the manager, managing member or sole member of such Person, acting on behalf of such manager, managing member or sole member in
its capacity as manager, managing member or sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Restricted
Payments</U>&rdquo; is defined in <U>Section&nbsp;6.2(l)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>S&amp;P</U>&rdquo;
means Standard &amp; Poor&rsquo;s Global Ratings, a division of The McGraw-Hill Companies, Inc., or any successor that is a nationally
recognized statistical rating organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sanctions</U>&rdquo;
means any trade or financial sanctions administered or enforced by (a) OFAC and the U.S. Department of State or (b) the United
Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury of the United Kingdom, or any other relevant sanctions
authority, but in the case of this <U>clause (b)</U>, solely as to the SPV, the Servicer, any Originator or Colliers or any Subsidiary
thereof, to the extent that the SPV, the Servicer, such Originator or Colliers or any such Subsidiary thereof is subject to the
jurisdiction of the applicable Official Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo;
means the Securities and Exchange Commission, or any Official Body succeeding to any of its principal functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Secured Parties</U>&rdquo;
means the Investors, the Agent, each Managing Agent, the Program Support Providers, the CF Secured Parties, and the Indemnified
Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEDAR</U>&rdquo;
means the Canadian Securities Administrator&rsquo;s System for Electronic Document Analysis and Retrieval, or any successor electronic
filing system for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer</U>&rdquo;
is defined in <U>Section&nbsp;7.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Default</U>&rdquo; is defined in <U>Section&nbsp;7.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Indemnified Amounts</U>&rdquo; is defined in <U>Section&nbsp;9.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Indemnified Parties</U>&rdquo; is defined in <U>Section&nbsp;9.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Report</U>&rdquo; means a report, in substantially the form attached hereto as <U>Exhibit&nbsp;D</U> or in such other form as is
mutually agreed to by the SPV, the Servicer and the Agent, furnished by the Servicer pursuant to <U>Section&nbsp;2.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicing
Fee</U>&rdquo; means the fees payable to the Servicer from Collections, in an amount equal to either (i)&nbsp;at any time when
the Servicer is Colliers or an Affiliate of Colliers, 0.50% <U>per annum</U> on the weighted daily average of the aggregate Unpaid
Balances of the Receivables for the preceding calendar month, or (ii)&nbsp;at any time when the Servicer is not Colliers or an
Affiliate of Colliers, the amount determined upon the agreement of such successor Servicer and the Agent, in either case, payable
in arrears on each Settlement Date from Collections pursuant to, and subject to the priority of payments set forth in, <U>Section&nbsp;2.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicing
Fee Reserve</U>&rdquo; means, at any time, an amount equal to (a)&nbsp;the product of (i)&nbsp;0.50% <U>times</U> (ii)&nbsp;1.5&nbsp;<U>times</U>
(iii) the highest Days Sales Outstanding for any of the twelve&nbsp;(12) most recently ended Calculation Periods, <U>times</U>
(iv) the Net Pool Balance as of the most recent Calculation Period End Date, <U>divided</U> by (b)&nbsp;360, <U>plus</U> (c) the
amount of any past due unpaid Servicing Fee outstanding at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Settlement
Date</U>&rdquo; means (a)&nbsp;prior to the Termination Date, May 30, 2019, and thereafter the Business Day immediately preceding
the last Business Day of each calendar month or such other day as agreed upon in writing by the SPV and the Agent, after consultation
with the Managing Agents, and (b)&nbsp;on and after the Termination Date, each day selected from time to time by the Agent, after
consultation with the Managing Agents (it being understood that the Agent may select such Settlement Date to occur as frequently
as daily) or, in the absence of any such selection, each date that would be a Settlement Date pursuant to <U>clause&nbsp;(a)</U>
of this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Spot Rate</U>&rdquo;
means, on any day, (i) for the purpose of exchanging U.S. Dollars to Canadian Dollars or Canadian Dollars to U.S. Dollars, the
actual rate used by the Agent&rsquo;s principal foreign exchange trading office for the purchase by the Agent of the applicable
currency with the other currency through its principal foreign exchange trading office, and (ii) for the purpose of making any
other calculation hereunder that does not require the actual exchange of U.S. Dollars for Canadian Dollars or Canadian Dollars
for U.S. Dollars to make a payment of Investment or, (a) with respect to the determination of the U.S. Dollar Equivalent of any
amount denominated in Canadian Dollars, the exchange rate at which Canadian Dollars may be exchanged into U.S. Dollars as set forth
at approximately 11:00&nbsp;a.m. New York City time, on the immediately preceding Calculation Period End Date (or if such date
is not a Business Day, then the immediately preceding Business Day) as published on the Bloomberg Key Cross-Currency Rates Page
for Canadian Dollars and (b) with respect to the determination of the Canadian Dollar equivalent of any amount denominated in U.S.
Dollars, the exchange rate at which U.S. Dollars may be exchanged into Canadian Dollars as set forth at approximately 11:00&nbsp;a.m.
New York City time, on the immediately preceding Calculation Period End Date (or if such date is not a Business Day, then the immediately
preceding Business Day) as published on the Bloomberg Key Cross-Currency Rates Page for U.S. Dollars. In the event that such rate
does not appear on any Bloomberg Key Cross Currency Rates Page, the Spot Rate shall be determined by reference to such other publicly
available service for displaying exchange rates as may be selected by the Agent and is reasonably satisfactory to the SPV, or,
in the absence of such an agreement, such Spot Rate shall instead be the arithmetic average of the spot rates of exchange of the
Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or
about 11:00&nbsp;a.m. New York time, on such date for the purchase of U.S. Dollars with the Canadian Dollars for delivery two (2)
Business Days later; <I>provided</I> that if at the time of any such determination, for any reason, no such spot rate is being
quoted, the Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive
absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SPV</U>&rdquo;
is defined in the <U>Preamble</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Stress Factor</U>&rdquo;
means 2.25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sub-Servicer</U>&rdquo;
is defined in <U>Section&nbsp;7.1(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo;
means, with respect to any Person, any corporation or other Person (a)&nbsp;of which securities or other ownership interests having
ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time
directly or indirectly owned by such Person or (b)&nbsp;that is directly or indirectly controlled by such Person within the meaning
of control under Section&nbsp;15 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swap Contract</U>&rdquo;
means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement; and (b)&nbsp;any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with
any related schedules, a &ldquo;<U>Master Swap Agreement</U>&rdquo;), including any such obligations or liabilities under any Master
Swap Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swap Termination
Value</U>&rdquo; means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a)&nbsp;for any date on or after the date such Swap Contracts have been closed
out and termination value(s) determined in accordance therewith, such termination value(s), and (b)&nbsp;for any date prior to
the date referenced in <U>clause (a)</U>, the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts
(which may include an Investor or any Affiliate of an Investor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Taxes</U>&rdquo;
is defined in <U>Section&nbsp;9.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Termination
Date</U>&rdquo; means the earliest of (a)&nbsp;the Business Day designated by the SPV to the Agent and the Managing Agents as the
Termination Date at any time following not less than ten&nbsp;(10) Business Days&rsquo; written notice to the Agent and the Managing
Agents, (b)&nbsp;the day upon which the Termination Date is declared or automatically occurs pursuant to <U>Section&nbsp;8.2</U>
and (c)&nbsp;the Commitment Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Termination
Event</U>&rdquo; is defined in <U>Section&nbsp;8.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Three-Month
Default Ratio</U>&rdquo; means, for any Calculation Period, the average of the Default Ratios for such Calculation Period and each
of the two immediately preceding Calculation Periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Threshold
Amount</U>&rdquo; means the U.S. Dollar Equivalent of $50,000,000, provided that, with respect to the SPV only, Threshold Amount
shall mean $10,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transaction
Documents</U>&rdquo; means, collectively, this Agreement, the First Tier Agreement, the Fee Letters, the Blocked Account Agreements,
the Colliers Guaranty, the CF Facility Documents, if applicable, each Assignment and Assumption Agreement and all of the other
instruments, documents and other agreements executed and delivered by the Servicer, any Originator, Colliers or the SPV, in connection
with any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trigger Event</U>&rdquo;
means the delivery of any notice of termination of any Blocked Account Agreement for any reason other than the breach of any obligation
by the Agent thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>UCC</U>&rdquo;
means the Uniform Commercial Code as in effect in the applicable jurisdiction or jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unpaid Balance</U>&rdquo;
of any Receivable or CF Receivable means at any time the unpaid principal balance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unrestricted
Entities</U>&rdquo; means Eligible Businesses in which Colliers or any Subsidiary has invested (whether or not such entity is controlled
by Colliers or any Subsidiary) having an aggregate initial investment value to Colliers and its Subsidiaries (determined at the
time of each such investment, including at the time of any subsequent investments in any particular entity in which Colliers or
any of its Subsidiaries already has an interest) not exceeding the greater of (x) $100,000,000 and (y) 5.0% of Consolidated Total
Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unused Fee</U>&rdquo;
is defined in the applicable Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S.</U>&rdquo;
or &ldquo;<U>United States</U>&rdquo; means the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Dollar</U>&rdquo;
or &ldquo;<U>$</U>&rdquo; means the lawful currency of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Dollar
Equivalent</U>&rdquo; means, on any date on which a determination thereof is to be made, with respect to (a) any amount denominated
in U.S. Dollars, such amount and (b) any amount denominated in Canadian Dollars, the U.S. Dollar equivalent of such amount of such
Canadian Dollars determined by referenced to the Spot Rate determined as of such determination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. or Canadian
Official Body</U>&rdquo; is defined in the definition of Eligible Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Share</U>&rdquo;
means, as of any date of determination, the quotient (expressed as a percentage) of the sum of the U.S. Dollar Equivalent of the
Unpaid Balances of all Receivables that constitute Eligible Receivables as of such date of determination, over the Aggregate Unpaid
Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Voting Stock</U>&rdquo;
means, with respect to any Person, capital stock issued by such Person the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right
so to vote has been suspended by the happening of such a contingency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Yield</U>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(i)&#9;for each day for any
Rate Tranche to the extent a Conduit Investor funds such Rate Tranche through the issuance of Commercial Paper (directly or indirectly
through a related commercial paper issuer),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center">CPR x I</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">360</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 76.5pt">CPR</TD><TD STYLE="text-align: justify">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the CP Rate determined by the applicable Managing Agent for such day, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 76.5pt">I</TD><TD STYLE="text-align: justify">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the dollar amount of such Rate Tranche for such day,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">(ii)&#9;for each day for any
Rate Tranche funded by a Committed Investor and for any Rate Tranche funded by a Conduit Investor to the extent such Rate Tranche
is not funded through the issuance of Commercial Paper (directly or indirectly through a related commercial paper issuer),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center">AR x I</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">360</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>AR</TD><TD STYLE="text-align: justify">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Alternate Rate
for such day and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 76.5pt">I</TD><TD STYLE="text-align: justify">=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the dollar amount of such Rate Tranche for such day;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I><U>provided that</U></I>
no provision of this Agreement shall require the payment or permit the collection of Yield in excess of the maximum permitted by
applicable law; and <I><U>provided further</U></I><U> that</U> at all times after the declaration or automatic occurrence of the
Termination Date pursuant to <U>Section&nbsp;8.2</U>, Yield for all Rate Tranches shall be determined as provided in <U>clause&nbsp;(ii)</U>
of this definition; and <I><U>provided further</U></I> that notwithstanding the forgoing, all computations of Yield based on the
Base Rate shall be based on a year of 365 or 366 days, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Yield Reserve</U>&rdquo;
means, at any time, an amount equal to (a)&nbsp;the product of (i)&nbsp;1.5&nbsp;<U>times</U> (ii)&nbsp;the highest Days Sales
Outstanding for any of the twelve&nbsp;(12) most recently ended Calculation Periods, <U>times</U> (iii)&nbsp;the sum of the Adjusted
LIBOR Rate in effect at such time (as determined by the Agent) plus the Program Fee Rate, times (iv) the Net Pool Balance as of
the most recent Calculation Period End Date, <U>divided by</U> (b)&nbsp;360.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 1.2&#9;<U>Other
Terms</U>. All terms defined directly or by incorporation herein shall have the defined meanings when used in any certificate or
other document delivered pursuant thereto unless otherwise defined therein. For purposes of this Agreement and all such certificates
and other documents, unless the context otherwise requires: (a)&nbsp;accounting terms not otherwise defined herein, and accounting
terms partly defined herein to the extent not defined, shall have the respective meanings given to them under, and shall be construed
in accordance with, GAAP; (b)&nbsp;terms used in Article&nbsp;9 of the UCC in the State of New&nbsp;York, and not specifically
defined herein, are used herein as defined in such Article&nbsp;9; (c)&nbsp;references to any amount as on deposit or outstanding
on any particular date means such amount at the close of business on such day; (d)&nbsp;the words &ldquo;hereof,&rdquo; &ldquo;herein&rdquo;
and &ldquo;hereunder&rdquo; and words of similar import refer to this Agreement (or the certificate or other document in which
they are used) as a whole and not to any particular provision of this Agreement (or such certificate or document); (e)&nbsp;references
to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to this Agreement (or the certificate
or other document in which the reference is made) and references to any paragraph, subsection, clause or other subdivision within
any Section&nbsp;or definition refer to such paragraph, subsection, clause or other subdivision of such Section&nbsp;or definition;
(f)&nbsp;the term &ldquo;including&rdquo; means &ldquo;including without limitation&rdquo;; (g)&nbsp;references to any Law refer
to that Law as amended from time to time and include any successor Law; (h)&nbsp;references to any agreement refer to that agreement
as from time to time amended or supplemented or as the terms of such agreement are waived or modified in accordance with its terms;
(i)&nbsp;references to any Person include that Person&rsquo;s successors and permitted assigns; and (j)&nbsp;headings are for purposes
of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.3&#9;<U>Computation
of Time Periods</U>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to
a later specified date, the word &ldquo;from&rdquo; means &ldquo;from and including&rdquo;, the words &ldquo;to&rdquo; and &ldquo;until&rdquo;
each means &ldquo;to but excluding&rdquo;, and the word &ldquo;within&rdquo; means &ldquo;from and excluding a specified date and
to and including a later specified date&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.4&#9;<U>Times
of Day</U>. Unless otherwise specified in this Agreement, time references are to time in New&nbsp;York, New&nbsp;York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.5&#9;<U>Historical
Data</U>. When necessary to calculate any ratios or other amounts under this Agreement with reference to periods prior to the date
hereof, historical data provided by the SPV and Servicer will be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">ARTICLE</FONT>&nbsp;II<BR>
<BR>
PURCHASES AND SETTLEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.1&#9;<U>Transfer
of Affected Assets; Intended Characterization</U>. (a)&nbsp;<U>Sale of Portfolio</U>. In consideration of the payment by each Managing
Agent (on behalf of the applicable Investors in the related Investor Group as determined pursuant to <U>Section&nbsp;2.3</U>) of
the amount of the applicable Investor Group Percentage of the initial Investment on the Initial Investment Date and each Managing
Agent&rsquo;s agreement (on behalf of the applicable Investors as determined below) to make payments to the SPV from time to time
in accordance with <U>Section&nbsp;2.2</U>, effective upon the SPV&rsquo;s (or its designee&rsquo;s) receipt of payment for such
Investment on the Initial Investment Date, the SPV hereby sells, conveys, transfers and assigns to the Agent, on behalf of the
Investors, all of the SPV&rsquo;s right, title and interest in and to (i)&nbsp;all Receivables existing on the date of the initial
Investment hereunder and thereafter arising and acquired by the SPV from time to time prior to the Final Payout Date under the
First Tier Agreement, and (ii)&nbsp;all other Affected Assets, whether existing on the Initial Investment Date or thereafter arising
at any time and acquired by the SPV under the First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Purchase
of Portfolio</U>.&#9;Subject to the terms and conditions hereof, the Agent (on behalf of the Investors) hereby purchases and accepts
from the SPV the Receivables and all other Affected Assets sold, assigned and transferred pursuant to <U>Section&nbsp;2.1(a</U>)
(in the aggregate, the &ldquo;<U>Portfolio</U>&rdquo;). Each Investment hereunder shall be made by the Investor Groups <U>pro</U>&nbsp;<U>rata
</U>according to their respective Investor Group Percentages. The Agent shall hold the Portfolio on behalf of the Investors in
each Investor Group in accordance with the respective portions of the Net Investment funded by that Investor Group from time to
time. Within each Investor Group, except as otherwise provided in <U>Section&nbsp;3.1(b)</U>, each Managing Agent shall hold the
applicable Investor Group Percentage of the Portfolio on behalf of the Investors in that Investor Group in accordance with the
respective outstanding portions of the Net Investment funded by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;<U>Obligations
Not Assumed</U>. The foregoing sale, assignment and transfer does not constitute and is not intended to result in the creation,
or an assumption by the Agent, the Managing Agents or any Investor, of any obligation of the SPV, any Originator, any Originating
Subsidiary, the Servicer, Colliers or any other Person under or in connection with the Receivables or any other Affected Asset,
all of which shall remain the obligations and liabilities of the SPV, the Servicer, Colliers, the Originating Subsidiaries and/or
the Originators, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;<U>Intended
Characterization; Grant of Security Interest</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;The SPV, the Agent,
the Managing Agents and the Investors intend that the sale, assignment and transfer of the Affected Assets to the Agent (on behalf
of the Investors) hereunder shall be treated as a sale for all purposes, other than U.S.&nbsp;federal and state income tax purposes
(for which purposes such Persons intend that the sale, assignment and transfer shall be treated as a secured financing rather than
a sale). If notwithstanding the intent of the parties, such sale, assignment and transfer of the Affected Assets to the Agent (on
behalf of the Investors) is not treated as a sale for all purposes, other than U.S.&nbsp;federal and state income tax purposes,
such sale, assignment and transfer of the Affected Assets shall be treated as the grant of, and the SPV hereby does grant, a security
interest in the Affected Assets, whether now owned or hereafter arising or acquired, to secure the payment and performance of the
SPV&rsquo;s obligations to the Agent (on behalf of the Secured Parties) hereunder and under the other Transaction Documents or
as may be determined in connection therewith by applicable Law. The SPV and Agent agree, and each Investor by acquiring an Investment
or other interest in the Affected Assets agrees, to treat and report such Investment or other interests in the Affected Assets
as indebtedness for U.S. federal and state income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;The SPV hereby grants
to the Agent (on behalf of the Secured Parties) a security interest in all of its right, title and interest in the Blocked Accounts
as additional collateral to secure the payment and performance of the SPV&rsquo;s obligations to the Agent (on behalf of the Secured
Parties) hereunder and under the other Transaction Documents or as may be determined in connection therewith by applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;Each of the parties
hereto further expressly acknowledges and agrees that the Commitments of the Committed Investors hereunder, regardless of the intended
true sale nature of the overall transaction, are financial accommodations (within the meaning of Section&nbsp;365(c)(2) of the
Bankruptcy Code) to or for the benefit of SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.2&#9;<U>Purchase
Price</U>. Subject to the terms and conditions hereof, including <U>Article&nbsp;V</U>, in consideration for the sale, assignment
and transfer of the Affected Assets by the SPV to the Agent (on behalf of the Investors) hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;<U>Investments</U>.
On the Initial Investment Date, and thereafter from time to time prior to the Termination Date, on request of the SPV in accordance
with <U>Section&nbsp;2.3</U>, each Managing Agent (on behalf of the applicable Investors as determined pursuant to <U>Section&nbsp;2.3</U>)
shall pay to the SPV the applicable Investor Group Percentage of an amount equal in each instance to the lesser of (i)&nbsp;the
amount requested by the SPV under <U>Section&nbsp;2.3(a)</U>, and (ii) the largest amount that will not cause (A) the Aggregate
Net Investment to exceed the Facility Limit, (B) the sum of the Aggregate Net Investment and the Required Reserves to exceed the
Net Pool Balance or (C)&nbsp;the sum of the Net Investment and the product of the U.S. Share and the Required Reserves to exceed
the product of the U.S. Share and the Net Pool Balance. Each such payment is herein called an &ldquo;<U>Investment</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Reinvestments</U>.
On each Business Day selected by the SPV during the Reinvestment Period, the Servicer, on behalf of the Agent (on behalf of the
Managing Agents and the Investors), shall pay to the SPV, out of Collections, the amount available for Reinvestment in accordance
with <U>Section&nbsp;2.12(a)(iv)(A)</U>. Each such payment is hereinafter called a &ldquo;<U>Reinvestment</U>&rdquo;. All Reinvestments
with respect to the applicable Investor Group Percentage of the Portfolio shall be made ratably on behalf of the Investors in the
relevant Investor Group in accordance with the respective outstanding portions of the Net Investment funded by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;<U>Deferred
Purchase Price</U>. Provided that no Termination Event is continuing, on each Business Day selected by the SPV, the Servicer, on
behalf of the Agent, may pay to the SPV out of Collections, for each Investment or Reinvestment an amount available thereafter
in accordance with <U>Section&nbsp;2.12(a)(iv)(B)</U> (the &ldquo;<U>Deferred Purchase Price</U>&rdquo;), equal to the excess of
(x) the aggregate market value of the Receivables and Affected Assets purchased by the Agent hereunder as part of such Investment
or Reinvestment (as determined by the Servicer at the time of such Investment or Reinvestment, and reduced by anticipated Servicing
Fees related to such Receivables and Affected Assets) over (y)&nbsp;the amount of the Cash Purchase Price paid by the Agent in
connection with such Investment or Reinvestment. The aggregate Deferred Purchase Price for all Investments and Reinvestments hereunder
at any time shall be referred to herein as the &ldquo;Aggregate DPP&rdquo; and shall be payable solely from Collections available
therefor at the times and in the manner provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;<U>SPV Payments
Limited to Collections</U>. Notwithstanding any provision contained in this Agreement to the contrary, no Investor shall be obligated,
to pay any amount to the SPV as the purchase price of Receivables pursuant to <U>subsections (b)</U> and <U>(c)</U> above except
to the extent of Collections on Receivables available for distribution to the SPV in accordance with this Agreement (but without
otherwise limiting any obligations under <U>Section&nbsp;2.3</U>). Any amount that any Investor does not pay pursuant to the preceding
sentence shall not constitute a claim (as defined in &sect; 101 of the Bankruptcy Code) against or corporate obligation of such
Investor for any such insufficiency unless and until such amount becomes available for distribution to the SPV under <U>Section&nbsp;2.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.3&#9;<U>Investment
Procedures</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;<U>Notice</U>.
The SPV shall request an Investment hereunder, by request to the Agent (which shall promptly provide a copy to each Managing Agent)
given electronically by facsimile or email in the form of an Investment Request at least two&nbsp;(2) Business Days prior to the
proposed date of any Investment (other than the initial Investment). Each such Investment Request shall specify (i)&nbsp; the desired
amount of such Investment (which shall be at least $1,000,000 in the aggregate for all Investor Groups or an integral aggregate
multiple of $500,000 in excess thereof) or, to the extent that the then available unused portion of the Facility Limit is less
than such amount, such lesser amount equal to such available unused portion of the Facility Limit), and (iii) the desired date
of such Investment (including, for the avoidance of doubt, the Initial Investment Date, the &ldquo;<U>Investment Date</U>&rdquo;)
which shall be a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Conduit
Investor Acceptance or Rejection; Investment Request Irrevocable</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;Each Managing Agent
will promptly notify any Conduit Investors in its Investor Group of the Managing Agent&rsquo;s receipt of any Investment Request.
Each Conduit Investor shall cause its Managing Agent to accept or reject such Investment Request by notice given to the SPV, its
Managing Agent and the Agent by telephone, facsimile or electronic mail by no later than the close of its business on the Business
Day following its receipt of any such Investment Request. Any rejection by a Conduit Investor shall not relieve or terminate the
obligations of any Committed Investor hereunder to fund any Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;Each Investment Request
shall be irrevocable and binding on the SPV, and the SPV shall indemnify each Investor against any loss or expense incurred by
such Investor, either directly or indirectly (including, in the case of any Conduit Investor, through a Program Support Agreement)
as a result of any failure by the SPV to complete such Investment, including any loss or expense incurred by the Agent, any Managing
Agent or any Investor, either directly or indirectly (including, in the case of any Conduit Investor, pursuant to a Program Support
Agreement) by reason of the liquidation or reemployment of funds acquired by such Investor (or the applicable Program Support Provider(s))
(including funds obtained by issuing commercial paper or promissory notes or obtaining deposits or loans from third parties) in
order to fund such Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;<U>Committed
Investor&rsquo;s Commitment</U>. Subject to the satisfaction of the conditions precedent set forth in <U>Sections 5.1</U>, <U>5.2</U>
and <U>5.3</U> and the other terms and conditions hereof, each Committed Investor hereby agrees to make Investments during the
period from and including the Initial Investment Date to but not including the Termination Date in an aggregate amount up to but
not exceeding the Commitment of such Committed Investor as in effect from time to time less the CF Net Investment funded by such
Committed Investor at such time. At no time will any Conduit Investor have any obligation to fund an Investment. At any time when
any Conduit Investor has rejected a request to fund its Investor Group Percentage of an Investment, its Managing Agent shall so
notify the Related Committed Investors and such Related Committed Investors shall fund their respective share of such Investment,
on a <U>pro rata</U> basis, in accordance with their respective Pro Rata Shares. Notwithstanding anything contained in this <U>Section&nbsp;2.3(c)</U>
or elsewhere in this Agreement to the contrary, no Committed Investor shall be obligated to provide its Managing Agent or the SPV
with funds in connection with an Investment in an amount that would result in the portion of the Aggregate Net Investment then
funded by it exceeding its Aggregate Commitment then in effect (inclusive of any amounts funded by such Committed Investor under
the Program Support Agreement to which it is a party). The obligation of the Committed Investors in each Investor Group to remit
the applicable Investor Group Percentage of any Investment shall be several from that of the other Committed Investors in the other
Investor Groups and within each Investor Group each Committed Investor&rsquo;s obligation to fund its portion of the Investments
shall be several from the obligations of the other Investors. The failure of any Committed Investor to so make such amount available
to its Managing Agent shall not relieve any other Committed Investor of its obligation hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;<U>Payment
of Investment</U>. On any Investment Date, each Conduit Investor or each Committed Investor, as the case may be, shall remit its
share of the aggregate amount of such Investment (determined pursuant to <U>Section&nbsp;2.2(a)</U>) to the account of the Managing
Agent specified therefor from time to time by the Managing Agent by notice to such Persons by wire transfer of same day funds.
Following the Managing Agent&rsquo;s receipt of funds from the Investors as aforesaid, the Managing Agent shall remit such funds
received to the SPV&rsquo;s account at the location indicated in <U>Schedule 11.3</U>, or to such other account as the SPV may,
from time to time, indicate on the related Investment Request, by wire transfer of same day funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;<U>Managing
Agent May Advance Funds</U>. Unless a Managing Agent shall have received notice from any Investor in its Investor Group that such
Person will not make its share of any Investment available on the applicable Investment Date therefor, a Managing Agent may (but
shall have no obligation to) make any such Investor&rsquo;s share of any such Investment available to the SPV in anticipation of
the receipt by the Managing Agent of such amount from the applicable Investor. Subject to <U>Section&nbsp;2.3(c)</U>, to the extent
any such Investor fails to remit any such amount to its Managing Agent after any such advance by such Managing Agent on such Investment
Date, such Investor, and if such Investor (or its Related Committed Investor) does not, upon the request of the applicable Managing
Agent, the SPV, shall be required to pay such amount to the Agent for payment to such Managing Agent for its own account within
two&nbsp;(2) Business Days of request, together with interest thereon at a <U>per annum</U> rate equal to the Federal Funds Rate,
in the case of such Investor, or the Base Rate, in the case of the SPV, to the Agent for payment to such Managing Agent (<I><U>provided
that</U></I> a Conduit Investor shall have no obligation to pay such interest amounts except to the extent that it shall have sufficient
funds to pay the face amount of its Commercial Paper in full). Until such amount shall be repaid, such amount shall be deemed to
be Net Investment paid by the applicable Managing Agent and such Managing Agent shall be deemed to be the owner of an interest
in the Portfolio hereunder to the extent of such Investment. Upon the payment of such amount to the Agent for payment to the applicable
Managing Agent (i)&nbsp;by the SPV, the amount of the aggregate Net Investment shall be reduced by such amount or (ii)&nbsp;by
such Investor, such payment shall constitute such Person&rsquo;s payment of its share of the applicable Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.4&#9;<U>Determination
of Yield</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;On or prior
to the second Business Day of each month, the Managing Agent of each Investor Group shall provide an invoice to the Servicer and
the SPV (with a copy to the Agent) setting forth the aggregate amount of Yield, Program Fee and Unused Fee accrued during the most
recently ended Calculation Period, which shall be due and payable to each Managing Agent of each Investor Group on the next succeeding
Settlement Date (together with any other amounts then due and payable). From time to time, for purposes of funding the Net Investment
and for calculating Yield with respect thereto, each Managing Agent shall allocate the Net Investment allocable to its Investor
Group to one or more tranches (each a &ldquo;<U>Rate Tranche</U>&rdquo;). At any time, each Rate Tranche shall have only one Rate
Type, and the aggregate amount of all Rate Tranches of each Investor Group shall equal the Net Investment of such Investor Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Rate
Protection; Illegality</U>. (i) If any Managing Agent is unable to obtain on a timely basis the information necessary to determine
the Adjusted LIBOR Rate for any proposed Rate Period, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(A)&#9;such Managing Agent
shall forthwith notify its Conduit Investor or Committed Investors, as applicable, and the SPV that the Adjusted LIBOR Rate cannot
be determined for such Rate Period, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(B)&#9;while such circumstances
exist, none of such Conduit Investor, such Committed Investors or such Managing Agent shall allocate any Rate Tranche with respect
to Investments made during such period or reallocate any Rate Tranche allocated to any then existing Rate Period ending during
such period, to a Rate Period with respect to which Yield is calculated by reference to the Adjusted LIBOR Rate, but shall instead
calculate Yield based on the Base Rate for such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;If, with respect to
any outstanding Rate Period, a Conduit Investor or any Committed Investor on behalf of which a Managing Agent holds any Rate Tranche
notifies such Managing Agent that it is unable to obtain matching deposits in the London interbank market to fund its purchase
or maintenance of such Rate Tranche or that the Adjusted LIBOR Rate applicable to such Rate Tranche will not adequately reflect
the cost to the Person of funding or maintaining such Rate Tranche for such Rate Period, then (A) such Managing Agent shall forthwith
so notify the SPV and (B) upon such notice and thereafter while such circumstances exist none of such Managing Agent, such Conduit
Investor or such Committed Investor, as applicable, shall allocate any other Rate Tranche with respect to Investments made during
such period or reallocate any Rate Tranche allocated to any Rate Period ending during such period, to a Rate Period with respect
to which Yield is calculated by reference to the Adjusted LIBOR Rate, but shall instead calculate Yield based on the Base Rate
for such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;[Reserved].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iv)&#9;Notwithstanding any
other provision of this Agreement, if a Conduit Investor or any of the Committed Investors, as applicable, shall notify their respective
Managing Agent that such Person has determined (or has been notified by any Program Support Provider) that the introduction after
the Closing Date of or any change in or in the interpretation of any Law makes it unlawful (either for such Conduit Investor, such
Committed Investor or such Program Support Provider, as applicable), or any central bank or other Official Body asserts that it
is unlawful for such Conduit Investor, such Committed Investor or such Program Support Provider, as applicable, to fund the purchases
or maintenance of any Rate Tranche accruing Yield calculated by reference to the Adjusted LIBOR Rate, then (A) as of the effective
date of such notice from such Person to its Managing Agent, the obligation or ability of such Conduit Investor or such Committed
Investor, as applicable, to fund the making or maintenance of any Rate Tranche accruing Yield calculated by reference to the Adjusted
LIBOR Rate, shall be suspended until such Person notifies its Managing Agent that the circumstances causing such suspension no
longer exist and (B) each Rate Tranche made or maintained by such Person shall either (1) if such Person may lawfully continue
to maintain such Rate Tranche accruing Yield calculated by reference to the Adjusted LIBOR Rate, until the last day of the applicable
Rate Period, be reallocated on the last day of such Rate Period to another Rate Period and shall accrue Yield calculated by reference
to the next highest applicable rate in the definition of Base Rate or (2) if such Person shall determine that it may not lawfully
continue to maintain such Rate Tranche accruing Yield calculated by reference to the Adjusted LIBOR Rate, until the end of the
applicable Rate Period, such Person&rsquo;s share of such Rate Tranche allocated to such Rate Period shall be deemed to accrue
Yield at the next highest applicable rate in the definition of Base Rate from the effective date of such notice until the end of
such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.5&#9;<U>Yield,
Fees and Other Costs and Expenses</U>. The SPV shall pay:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;as and when
due in accordance with this Agreement, to the Agent and each Managing Agent, all fees hereunder and under each Fee Letter, all
amounts payable pursuant to <U>Article&nbsp;IX</U>, if any, and the Servicing Fees, if required pursuant to <U>Section&nbsp;2.12(b)</U>;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;on each
Settlement Date, to the extent not paid pursuant to <U>Section&nbsp;2.12</U> for any reason, to the Agent, on behalf of the Conduit
Investor or the Committed Investors, as applicable, an amount equal to the accrued and unpaid Yield for the most recently ended
Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement
shall limit in any way the obligations of the SPV to pay the amounts set forth in this <U>Section&nbsp;2.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.6&#9;<U>Deemed
Collections</U>. (a) <U>Dilutions</U>. If on any day the Unpaid Balance of an Eligible Receivable is reduced (but not cancelled)
as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection of such Receivable in the amount
of such reduction. If on any day an Eligible Receivable is canceled as a result of any Dilution, or remains unpaid because of any
Dilution as defined in clauses&nbsp;(ii), (iii) or (iv) of the definition thereof, the SPV shall be deemed to have received on
such day a Collection of such Eligible Receivable in the amount of the Unpaid Balance (as determined immediately prior to such
Dilution) of such Eligible Receivable. Any amount deemed to have been received under this <U>Section&nbsp;2.6(a)</U> shall constitute
a &ldquo;<U>Deemed Collection</U>.&rdquo; Upon any such Deemed Collection, the SPV shall, on the Settlement Date following the
delivery of the next required Servicer Report, pay to the Agent an amount equal to such Deemed Collection and such amount shall
be applied by the Agent as a Collection in accordance with <U>Section&nbsp;2.12</U>. Notwithstanding any of the foregoing to the
contrary, prior to the Termination Date, no amounts shall be payable under this <U>Section&nbsp;2.6(a) </U>unless, as of the date
of the next required Servicer Report, the sum of the Aggregate Net Investment and the Required Reserves exceeds the Net Pool Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Breach
of Representation or Warranty</U>. If on any day any representation or warranty in <U>Sections 4.1(d)</U>, <U>(e)</U>, <U>(k)</U>,
<U>(l)</U>, <U>(n)</U>, <U>(t)</U>, <U>(u)</U> or <U>(v)</U> with respect to any Receivable (whether on or after the date of transfer
thereof to the Agent, for the benefit of the Investors, as contemplated hereunder) is determined to have been incorrect at the
time such representation or warranty was made or deemed made, the SPV shall be deemed to have received on such day a Collection
of such Receivable equal to its Unpaid Balance. Any amount deemed to have been received under this <U>Section&nbsp;2.6(b)</U> shall
constitute a &ldquo;D<U>eemed Collection</U>&rdquo;. Upon any such Deemed Collection, the SPV shall, on the Settlement Date following
the delivery of the next required Servicer Report, pay to the Agent an amount equal to such Deemed Collection and such amount shall
be applied by the Agent as a Collection in accordance with <U>Section&nbsp;2.12</U>. Notwithstanding any of the foregoing to the
contrary, prior to the Termination Date, no amounts shall be payable under this <U>Section&nbsp;2.6(b)</U> unless, as of the date
of the next required Servicer Report, the sum of the Aggregate Net Investment and the Required Reserves exceeds the Net Pool Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.7&#9;<U>Payments
and Computations, Etc.</U> All amounts to be paid or deposited by the SPV or the Servicer hereunder shall be paid or deposited
in accordance with the terms hereof no later than 1:00 p.m. on the day when due in immediately available funds; if such amounts
are payable to the Agent or any Managing Agent (whether on behalf of any Investor or otherwise) they shall be paid or deposited
in the account indicated under the heading &ldquo;Payment Information&rdquo; in <U>Section&nbsp;11.3</U>, until otherwise notified
by the Agent or any Managing Agent. The SPV shall, to the extent permitted by Law, pay to the Agent or the applicable Managing
Agent, for the benefit of the Investors, upon demand, interest on all amounts not paid or deposited when due hereunder (subject
to any applicable grace period) at the Default Rate. All computations of <U>per annum</U> fees hereunder shall be made on the basis
of a year of 360 days (or, in the context of any amounts based on the Base Rate, a year of 365 or 366 days, as applicable) for
the actual number of days (including the first but excluding the last day) elapsed. Any computations made by the Agent or any Managing
Agent of amounts payable by the SPV or the Servicer hereunder shall be binding upon the SPV absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.8&#9;<U>Reports</U>.
By no later than the third Business Day prior to each Settlement Date (each, a &ldquo;<U>Reporting Date</U>&rdquo;), the Servicer
shall prepare and forward to the Agent and each Managing Agent a Servicer Report, certified by the Servicer, as of the close of
business on the last day of the immediately preceding Calculation Period. If a Termination Event has occurred and is continuing,
the Servicer shall prepare and forward to the Agent and each Managing Agent a Servicer Report, certified by the Servicer, on and
as of each successive day following such Termination Event, by no later than 4:00&nbsp;p.m. on such day; <I><U>provided</U></I><U>
that</U> if such day is not a Business Day, such Servicer Report shall be delivered on the next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.9 <U>[Reserved].</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.10 <U>Sharing
of Payments, Etc.</U> If any Investor shall obtain any payment (whether voluntary, involuntary, through the exercise of any right
of setoff, or otherwise) on account of the portion of the Portfolio owned by it (other than pursuant to the Fee Letters, <U>Section&nbsp;3.1(b)</U>
or <U>Article&nbsp;IX</U> and other than as a result of the differences in the timing of the applications of Collections pursuant
to <U>Section&nbsp;2.12</U> and other than a result of the different methods for calculating Yield) in excess of its ratable share
of payments on account of the Portfolio obtained by the Investors entitled thereto, such Investor shall forthwith purchase from
the Investors entitled to a share of such amount participations in the portions of the Portfolio owned by such Persons as shall
be necessary to cause such Investor to share the excess payment ratably with each such other Person entitled thereto; <I><U>provided</U></I><U>
that</U> if all or any portion of such excess payment is thereafter recovered from such Investor, such purchase from each such
other Person shall be rescinded and each such other Person shall repay to the Investor the purchase price paid by such Investor
for such participation to the extent of such recovery, together with an amount equal to such other Person&rsquo;s ratable share
(according to the proportion of (a) the amount of such other Person&rsquo;s required payment to (b) the total amount so recovered
from the Investor) of any interest or other amount paid or payable by the Investor in respect of the total amount so recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.11 <U>Right
of Setoff</U>. Without in any way limiting the provisions of <U>Section&nbsp;2.10</U>, each of the Agent, each Managing Agent and
each Investor is hereby authorized (in addition to any other rights it may have) at any time after the occurrence of the Termination
Date due to the occurrence and continuation of a Termination Event, upon prior written notice to the SPV, to set off, appropriate
and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness
held or owing by the Agent, the Managing Agent or such Investor to, or for the account of, the SPV against the amount of the Aggregate
Unpaids owing by the SPV to such Person or to the Agent or the Managing Agent on behalf of such Person (even if contingent or unmatured).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.12 <U>Settlement
Procedures</U>. (a) <U>Daily Procedure</U>. On each day, for settlement on the next Settlement Date and Optional Reduction Date,
as applicable, the Servicer shall, out of the Collections and any other amounts received with respect to the Receivables, received
or deemed received by the Agent or the Servicer, any of the Originators, any of the Originating Subsidiaries, Colliers, the SPV
or the Servicer (including in any Blocked Account) on such day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;hold in trust for the
benefit of the Managing Agents (on behalf of such Managing Agents&rsquo; Investor Groups) an amount equal to the aggregate of the
unpaid Yield (which, in the case of Yield computed by reference to the CP Rate, shall be determined for such purpose using the
CP Rate most recently determined by the applicable Managing Agent) and the Program Fee, in each case accrued through such day for
all the Rate Tranches, the Unused Fee and the Servicing Fee accrued through such day, and any other Aggregate Unpaids (other than
Net Investment not then due and owing) accrued through such day and not previously held in trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;hold in trust for the
benefit of the Managing Agents (on behalf of such Managing Agents&rsquo; Investor Groups) an amount equal to the excess, if any,
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(A)&#9;the greatest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 31.5pt">(1)</TD><TD STYLE="text-align: justify">if the SPV shall have elected to reduce the Net Investment under <U>Section&nbsp;2.13</U>, the
amount of the proposed reduction,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 31.5pt">(2)</TD><TD STYLE="text-align: justify">without duplication of any amount held in trust pursuant to Section 2.12(a)(ii)(A)(2) of the CF
Transfer Agreement, the amount, if any, by which the sum of the Aggregate Net Investment and Required Reserves shall exceed the
Net Pool Balance, together with the amount, if any, by which the sum of the Net Investment and the product to the U.S. Share and
the Required Reserves shall exceed the product of the U.S. Share and the Net Pool Balance on such day; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 31.5pt">(3)</TD><TD STYLE="text-align: justify">if such day is on or after the Termination Date, the Net Investment; <U>over</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(B)&#9;the aggregate of the
amounts theretofore set aside and then so held for the benefit of the Managing Agents (on behalf of such Managing Agents&rsquo;
Investor Groups) pursuant to this <U>clause (ii)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;hold in trust for
the CF Agent on behalf of the CF Secured Parties (other than the Agent), amounts which the CF Servicer is required to hold in trust
under Section 2.12(a) of the CF Transfer Agreement which are not otherwise being held in trust thereunder: and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iv)&#9;pay the remainder,
if any, of such Collections to the SPV for (A) first, application to Reinvestment, for the benefit of the Agent (for the benefit
of the Investors), in the Receivables and other Affected Assets in accordance with <U>Section&nbsp;2.2(b)</U>, and (B) second,
application to reduction of the Aggregate DPP, for the benefit of the Agent (for the benefit of the Investors), in accordance with
<U>Section&nbsp;2.2(c)</U>, in each case as directed by the SPV. To the extent and for so long as such Collections may not be reinvested
pursuant to <U>Section&nbsp;2.2(b)</U> or applied to the repayment of the Aggregate DPP, the Servicer shall hold such Collections
in trust for the benefit of the Agent (for the benefit of the Investors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Settlement
Date, Distribution of Shortfall Amounts, and Optional Reduction Date Procedures</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;The Servicer shall transfer
to the Agent, (A)&nbsp;on each Optional Reduction Date under <U>Section&nbsp;2.13</U> the amount of Collections held for each Managing
Agent pursuant to <U>Section&nbsp;2.12(a)(ii)(A)(1)</U>, and (B)&nbsp;on each day following the Termination Date, the amount of
Collections held for each Managing Agent pursuant to <U>Section&nbsp;2.12(a)(ii)(A)(3)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;Without duplication
of any amount transferred pursuant to Section 2.12(b)(ii) of the CF Transfer Agreement, on any date on or prior to the Termination
Date, if the sum of the Aggregate Net Investment and Required Reserves exceeds the Net Pool Balance or the sum of the Net Investment
and the product to the U.S. Share and the Required Reserves shall exceed the product of the U.S. Share and the Net Pool Balance,
the Servicer shall immediately transfer to the Agent from amounts held in trust pursuant to <U>Section&nbsp;2.12(a)(ii)(A)(2)</U>
an amount equal to such excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;On each Settlement
Date, the Servicer shall transfer to the CF Agent out of the amount held in trust pursuant to <U>Section&nbsp;2.12(a)(i)</U> and
(to the extent not theretofore reinvested) and not theretofore deposited to the Agent pursuant to this <U>Section&nbsp;2.12(b)</U>,
an amount equal to the lesser of such amount and the Aggregate Unpaids;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iv)&#9;On each Settlement
Date, the Servicer shall transfer to the Agent out of the amount held in trust pursuant to <U>Section&nbsp;2.12(a)(iii)</U> and
(to the extent not theretofore reinvested) and not theretofore deposited to the Agent pursuant to this <U>Section&nbsp;2.12(b)</U>,
an amount equal to the lesser of such amount to the extent not transferred pursuant to Section 2.12 (b)(i) or (iii) of the CF Transfer
Agreement and the CF Aggregate Unpaids;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I><U>provided, </U></I><U>that</U>
if the Agent gives its consent, which consent is hereby granted (which consent may be revoked at any time during the continuation
of a Termination Event or a Potential Termination Event), the Servicer may retain amounts which would otherwise be deposited in
respect of the accrued and unpaid Servicing Fee, in which case no distribution shall be made in respect of such Servicing Fee under
<U>clause (c)</U> below. Any amounts set aside pursuant to <U>Section&nbsp;2.12(a)</U> in excess of the amount required to be paid
to the Agent pursuant to this <U>subsection (b)</U> shall continue to be set aside and held in trust by the Servicer for application
on the next succeeding Settlement Date, and <I><U>provided</U></I>, <I><U>further</U></I>, <I><U>that</U></I> if (i) the Servicer
transfers an amount to the Agent in respect of a Collection of a Receivable and such Collection was received by the Servicer in
the form of a check that is not honored for any reason, (ii) the Servicer makes a mistake with respect to the amount of any Collection
and deposits an amount that is less than or more than the actual amount of such Collection or (iii) the deposit was made in error,
the Servicer shall appropriately adjust the amount subsequently transferred to the Agent to reflect such dishonored check or mistake.
Any payment in respect of which a dishonored check is received shall be deemed not to have been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;<U>Order
of Application</U>. Upon receipt by the Agent of funds transferred by the Servicer pursuant to <U>Section&nbsp;2.12(b)</U>, the
Agent shall distribute them to the Persons, for the purposes and in the order of priority set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;to the Servicer, in
payment of the accrued and unpaid Servicing Fee then due and owing on such Settlement Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;to each Managing Agent,
<U>pro rata </U>based on the amount of accrued and unpaid Yield owing to such Managing Agent&rsquo;s Investor Group, in payment
of the accrued and unpaid Yield and Program Fee on all Rate Tranches and for the related Rate Period and the Unused Fee then due
and owing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;to each Managing Agent
(A) prior to the Termination Date, <U>pro rata</U> based upon the Net Investment attributable to such Managing Agent&rsquo;s Investor
Group in reduction of the outstanding Net Investment of such Managing Agent&rsquo;s Investor Group, an amount equal to the sum
of (x) the positive difference (if any) of (I) the sum of the Aggregate Net Investment <U>plus</U> the Required Reserves minus
(II) the Net Pool Balance, (y)&nbsp;the amount of any optional reduction of the Net Investment specified by the SPV in accordance
with <U>Section&nbsp;2.13</U> and (z)&nbsp;the positive difference (if any) of (I)&nbsp;the sum of the Net Investment plus the
product of the U.S. Share and the Required Reserves minus (II)&nbsp;the product of the U.S. Share and the Net Pool Balance, and
(B) on or after the Termination Date, <U>pro rata</U> based upon the Net Investment attributable to such Managing Agent&rsquo;s
Investor Group in reduction of the outstanding Net Investment, an amount equal to the outstanding Net Investment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iv)&#9;to the Agent and each
other Secured Party as may be entitled to such payment, <U>pro rata</U> based on the amounts then due and owing to each of them,
in payment of any other Aggregate Unpaids (other than Net Investment not then due and owing) then due and owing by the SPV hereunder
to such Person (in each case, without duplication);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(v)&#9;to the CF Agent any
amounts then due and owing the CF Secured Parties (other than the Agent) that have not otherwise been paid pursuant to Section
2.12(c) of the CF Transfer Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(vi)&#9;to the SPV, any remaining
amounts in reduction of the Aggregate DPP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)(i)&nbsp;All
Investments shall be repaid in U.S. Dollars, (ii)&nbsp;all payments of amounts due and owing in Canadian Dollars shall be made
from Collections in Canadian Dollars to the extent there are sufficient Collections in Canadian Dollars to make all such payments,
and (iii)&nbsp;all payments of amounts due and owing in U.S. Dollars shall be made from Collections in U.S. Dollars to the extent
there are sufficient Collections in U.S. Dollars to make all such payments. If Collections in U.S. Dollars are insufficient to
pay any amounts due and payable in U.S. Dollars, then the SPV shall exchange available Collections in Canadian Dollars from Canadian
Dollars to U.S. Dollars at the applicable Spot Rate on such day for application in accordance with this <U>Section 2.12</U> and
the terms hereof. If Collections in Canadian Dollars are insufficient to pay any amounts due and payable in Canadian Dollars, then
the SPV shall exchange available Collections in U.S. Dollars to Canadian Dollars at the applicable Spot Rate on such day for application
in accordance with this <U>Section&nbsp;2.12</U> and the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.13 <U>Optional
Reduction of Net Investment</U>. The SPV may at any time elect to cause the reduction of the Net Investment as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;the SPV
shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on
behalf of such Managing Agents&rsquo; Investor Groups) under <U>Section&nbsp;2.12(a)(iii)(A)(1)</U> until the amount so set aside
shall equal the desired amount of reduction, which amount of reduction shall not be less than $1,000,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;the SPV
shall give the Agent and the Managing Agents at least three&nbsp;(3) Business Days&rsquo; prior written notice of the amount of
such reduction and the date on which such reduction will occur, which shall be a Business Day (the &ldquo;<U>Optional Reduction
Date</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;the SPV
shall indemnify each Investor against any loss or expense incurred by such Investor, either directly or indirectly (including,
in the case of any Conduit Investor, through a Program Support Agreement) as a result of any failure by the SPV to complete such
optional reduction, including any loss or expense incurred by the Agent, any Managing Agent or any Investor, either directly or
indirectly (including, in the case of any Conduit Investor, pursuant to a Program Support Agreement) by reason of maintaining or
refinancing such Investment not so reduced on the related Optional Reduction Date as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.14 <U>Application
of Collections Distributable to SPV</U>. The Servicer shall allocate and apply, on behalf of the Agent, Collections distributable
to the SPV hereunder pursuant to <U>Section&nbsp;2.12(c)(vi)</U>, in accordance with the instructions of the SPV, <I><U>provided</U></I><U>
that</U> the SPV shall instruct the Servicer to allocate and apply such Collections so that the operating expenses and other contractual
obligations of the SPV (including under the First Tier Agreement) are timely paid when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.15 <U>Collections
Held in Trust</U>. So long as the SPV or the Servicer shall hold any Collections or Deemed Collections then or thereafter required
to be paid by the SPV to the Servicer or by the SPV or the Servicer to the Agent, it shall hold such Collections in trust, and
shall deposit such Collections into a Blocked Account at such times otherwise required by this Agreement. For so long as no Termination
Event or Trigger Event has occurred and is continuing and unless specifically required to do otherwise in this Agreement, the Servicer
may retain and apply in accordance with the terms of this Agreement any Collections until required to be deposited into a Blocked
Account or paid to the Agent hereunder. The Net Investment shall not be deemed reduced by any amount held in trust pursuant to
<U>Sections 2.12 </U>or <U>2.13</U> unless and until, and then only to the extent that, such amount is finally paid to and received
by the Agent or the applicable Managing Agent in accordance with <U>Sections 2.12</U> or <U>2.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.16 <U>Reduction
of Facility Limit</U>. The SPV may, upon at least five&nbsp;(5) Business Days&rsquo; written notice to the Agent and each Managing
Agent, from time to time, irrevocably reduce in part the unused portion of the Facility Limit; <I><U>provided</U></I><U> that</U>
(x) each partial reduction shall be in the amount of at least $1,000,000, or an integral multiple of $500,000 in excess thereof,
and that, unless reduced in whole, the Facility Limit shall in no event be reduced below $50,000,000 and (y) any such reduction
shall be accompanied by an equal and corresponding reduction of the Facility Limit under the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.17 <U>Increase
of Commitments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;From time
to time prior to the Termination Date and in accordance with this <U>Section&nbsp;2.17</U>, the SPV may, upon at least thirty (30)
days&rsquo; prior written notice to the Agent (who shall promptly provide a copy of such notice to each Managing Agent), propose
to increase the Facility Limit (each such increase, an &ldquo;<U>Incremental Commitment</U>&rdquo;); <I><U>provided</U>, <U>that</U></I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;the aggregate amount
of all Incremental Commitments shall not exceed the Maximum Incremental Facility Amount;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;any Incremental Commitment
shall be in a minimum principal amount of $10,000,000 and in integral multiples of $10,000,000 in excess thereof and shall be offered
to each Committed Investor on a pro-rata basis in proportion to the Commitment amount of such Committed Investor and shall be for
a time period agreed to by all Committed Investors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;no Termination Event
or Potential Termination Event shall exist and be continuing at the time of the establishment of any Incremental Commitment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iv)&#9;the conditions set
forth in <U>Section&nbsp;5.3</U> shall be satisfied as of the date of the establishment of any Incremental Commitment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(v)&#9;the SPV shall have provided
to the Agent a certificate, in form a detail reasonably acceptable to the Agent, demonstrating compliance with the terms of this
Agreement taking into account such Incremental Commitment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(vi)&#9;the Agent shall have
received all documents (including resolutions of the board of directors of the SPV, the Servicer, Colliers and any other Originator
and opinions of counsel to the such Persons) it may reasonably request relating to such Incremental Commitments, all in form and
substance reasonably satisfactory to the Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(vii)&#9;any Incremental Commitments
shall have terms identical to those for the initial Commitments under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(viii)&#9;no Investor shall
have any obligation to provide any Incremental Commitment, and any decision by an Investor to provide any Incremental Commitment
shall be made in its sole discretion independently from any other Investor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ix)&#9;any Incremental Commitments
shall be pursuant to a commitment agreement, joinder agreement or other document in form and substance reasonably acceptable to
the Agent, and upon the effectiveness of such commitment agreement, joinder agreement or other document pursuant to the terms thereof,
the Commitments, as applicable, shall automatically be increased by the amount of the Commitments added through such commitment
agreement, joinder agreement or other document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(x)&#9;the SPV shall pay any
applicable upfront or arrangement fees in connection with such Incremental Commitments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xi)&#9;all other terms and
conditions with respect to any such Incremental Commitments shall be reasonably satisfactory to the Agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xii)&#9;any such Incremental
Commitment shall be accompanied by an equal and corresponding Incremental Commitment under the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Upon the
effectiveness of any such Incremental Commitment the Commitments each Investor will be adjusted to give effect to the Incremental
Commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.18 <U>Extension
of Commitment Expiration Date/Non-Renewing Committed Investors</U>. Not more than ninety (90) days or less than forty-five (45)
days prior to the then current Commitment Expiration Date, the SPV may request an extension thereof for an additional period not
to exceed 364 days. Each Committed Investor will inform the SPV at least thirty (30) days prior to the then current Commitment
Expiration Date whether it consents to such extension (which election is in the sole discretion of each Committed Investor, and
no response from any such Committed Investor will be deemed to be a denial). If at any time the SPV requests that the Committed
Investors renew their Commitments hereunder and some but less than all the Committed Investors consent to such renewal, the SPV
may arrange for an assignment, and such non-consenting Committed Investors shall agree to assign, to one or more financial institutions
acceptable to the related Conduit Investor and the SPV of all the rights and obligations hereunder of each such non-consenting
Committed Investor in accordance with <U>Section&nbsp;11.8</U>. Any such assignment shall become effective on the then-current
Commitment Expiration Date. Each Committed Investor which does not so consent to any renewal shall cooperate fully with the SPV
in effectuating any such assignment. If none or less than all the Commitments of the non-renewing Committed Investors are so assigned
as provided above, then the Commitment Expiration Date shall not be renewed. Any such extension of the Commitment Expiration Date
must be accompanied by an equal and corresponding extension of the Commitment Expiration Date under the CF Transfer Agreement.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;III</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADDITIONAL COMMITTED INVESTOR
PROVISIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 3.1&#9;<U>Assignment
to Committed Investors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;<U>Assignment
Amounts</U>. At any time, if the related Managing Agent on behalf of such Conduit Investor in such Investor Group so elects, by
written notice to the Agent, the SPV hereby irrevocably requests and directs that such Conduit Investor assign, and such Conduit
Investor does hereby assign effective on the Assignment Date referred to below all or such portions as may be elected by the Conduit
Investor of its interest in the Net Investment and the Portfolio at such time to the Committed Investors in its Investor Group
pursuant to this <U>Section&nbsp;3.1</U> and the SPV hereby agrees to pay the amounts described in <U>Section&nbsp;3.1(b)</U>;
<I><U>provided that</U></I> unless such assignment is an assignment of all of such Conduit Investor&rsquo;s interest in the Net
Investment and the Portfolio in whole, no such assignment shall take place pursuant to this <U>Section&nbsp;3.1</U> if a Termination
Event described in <U>Section&nbsp;8.1(g)</U> shall then exist. No further documentation or action on the part of such Conduit
Investor or the SPV shall be required to exercise the rights set forth in the immediately preceding sentence, other than the giving
of the notice by the related Managing Agent on behalf of such Conduit Investor referred to in such sentence and the delivery by
the related Managing Agent of a copy of such notice to each Committed Investor in its Investor Group (the date of the receipt by
such Managing Agent of any such notice being the &ldquo;<U>Assignment Date</U>&rdquo;). Each Committed Investor hereby agrees,
unconditionally and irrevocably and under all circumstances, without setoff, counterclaim or defense of any kind, to pay the full
amount of its Assignment Amount on such Assignment Date to the applicable Conduit Investor in immediately available funds to an
account designated by the related Managing Agent. Upon payment of its Assignment Amount, each Related Committed Investor shall
acquire an interest in the Portfolio and the Net Investment equal to its <U>pro rata</U> share (based on the outstanding portions
of the Net Investment funded by it) of the assigned portion of the Net Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>SPV&rsquo;s
Obligation to Pay Certain Amounts; Additional Assignment Amount</U>. The SPV may in its sole discretion pay to the applicable Managing
Agent, for the account of the applicable Conduit Investor, in connection with any assignment by such Conduit Investor to the Committed
Investors in its Investor Group pursuant to this <U>Section&nbsp;3.1</U>, an aggregate amount equal to all accrued but unpaid Yield
to the extent attributable to the portion of the Net Investment so assigned to the Committed Investors (which Yield shall be determined
for such purpose using the CP Rate most recently determined by the applicable Managing Agent) (as determined immediately prior
to giving effect to such assignment), <U>plus</U> all other Aggregate Unpaids then owing to such Conduit Investor (other than the
Net Investment and other than any Yield not described above) related to the portion of the Net Investment so assigned to the Committed
Investors in its Investor Group. If the SPV fails to make payment of such amounts at or prior to the time of assignment by the
Conduit Investor to the Committed Investors, such amount shall be paid by the Committed Investors (in accordance with their respective
Pro Rata Shares) to the Conduit Investor as additional consideration for the interests assigned to the Committed Investors and
the amount of the &ldquo;Net Investment&rdquo; hereunder held by the Committed Investors shall be increased by an amount equal
to the additional amount so paid by the Committed Investors.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IV</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4.1&#9;<U>Representations
and Warranties of the SPV and the initial Servicer</U>. Each of the SPV and the initial Servicer represents and warrants to the
Agent, each Managing Agent, the Investors and the other Secured Parties, as to itself only, that, on the Closing Date, on each
Investment Date and on each date of Reinvestment (except as expressly indicated otherwise):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;<U>Existence
and Power</U>. It (i) is validly existing and in good standing under the laws of its jurisdiction of formation (except where the
failure to be in good standing would not reasonably be expected to have a Material Adverse Effect), (ii) was duly incorporated
or organized, as applicable, (iii) has all organizational power and all licenses, authorizations, consents and approvals of all
Official Bodies required to carry on its business in each jurisdiction in which its business is now and proposed to be conducted
(except where the failure to have any such licenses, authorizations, consents and approvals would not individually or in the aggregate
reasonably be expected to have a Material Adverse Effect) and (iv) is duly qualified to do business and is in good standing in
every other jurisdiction in which the nature of its business requires it to be so qualified, except where the failure to be so
qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Authorization;
No Contravention</U>. The execution, delivery and performance by it of this Agreement and the other Transaction Documents to which
it is a party (i) are within its organizational powers, (ii) have been duly authorized by all necessary organizational action,
(iii) require no action by or in respect of, or filing with, any Official Body or official thereof (except as contemplated by this
Agreement, all of which have been (or as of the Closing Date will have been) duly made and in full force and effect), (iv)&nbsp;do
not contravene or constitute a default under (A) its organizational documents, (B) any Law applicable to it, (C) any material contractual
restriction binding on or affecting it or its property, including any other material Indebtedness of Colliers or any of its Subsidiaries
or Affiliates or (D) any order, writ, judgment, award, injunction, decree or other instrument binding on or affecting it or its
property <U>except</U>, with respect to <U>clauses&nbsp;(B)</U>, <U>(C)</U> and <U>(D)</U> above, to the extent the contravention
or default under such Law, contractual restriction, order, writ, judgment, award, injunction, decree or other instrument would
not reasonably be expected to have a Material Adverse Effect or (v) result in the creation or imposition of any Adverse Claim upon
or with respect to its property other than those contemplated by the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;<U>Binding
Effect</U>. Each of this Agreement and the other Transaction Documents to which it is a party, when delivered, will have been duly
executed and delivered and will constitute its legal, valid and binding obligation, enforceable against it in accordance with its
terms, subject to applicable liquidation, conservatorship, bankruptcy, insolvency, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, reorganization, fraudulent transfer, fraudulent conveyance or other similar laws affecting the rights
of creditors generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding
at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;<U>Perfection
Representations, Warranties and Covenants</U>. In the case of the SPV, the representations and warranties set forth on <U>Schedule
4.1(d)</U> hereto are true and correct as of the Initial Investment Date, each other Investment Date and each date of Reinvestment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;<U>Accuracy
of Information</U>. All factual information heretofore or contemporaneously furnished by or on behalf of the SPV or the Servicer
or any of their Subsidiaries or Affiliates in writing to any Investor, Managing Agent or the Agent (including, without limitation,
all information contained in the Transaction Documents) for purposes of or in connection with this Agreement or any transaction
contemplated herein is, and all other such factual information hereafter furnished by or on behalf of the SPV, the Servicer, or
any of their Subsidiaries or Affiliates in writing to any Investor, Managing Agent or the Agent for purposes of or in connection
with this Agreement or any transaction contemplated herein, do not contain as of the date furnished any untrue statement of material
fact or omit to state a material fact necessary in order to make the statements contained herein or therein, in light of the circumstances
under which they were made, not misleading in any material respect, when taken as a whole. The SPV, the Servicer and any of their
Subsidiaries or Affiliates have disclosed to each Investor, each Managing Agent and the Agent (a) all agreements, instruments and
corporate or other restrictions to which the SPV, the Servicer, each such Originator or Colliers or any of their Subsidiaries or
Affiliates is subject, and (b) all other matters known to any of them, that individually or in the aggregate with respect to (a)
and (b) above, would reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;<U>Tax Status</U>.
It has (i) timely filed all material tax returns (federal, state and local) required to be filed and (ii) paid or made adequate
provision for the payment of all taxes, assessments and other governmental charges levied or imposed upon it or its properties,
income or assets otherwise due and payable and before they have become delinquent, except (a) taxes, assessments and other governmental
charges that are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside on
the books and records, or (b) to the extent that the failure to do so would not reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;<U>Action,
Suits</U>. It is not in violation of any order of any Official Body. There are no actions, suits or proceedings pending or, to
the best knowledge of the SPV, threatened in writing, at law, in equity, in arbitration or before any Official Body (i) against
the SPV, the Servicer, any Originator or Colliers or any of their Subsidiaries or Affiliates challenging the validity or enforceability
of any material provision of any Transaction Document, or (ii) that, if adversely determined, would reasonably be expected to have
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;<U>Margin
Stock; Use of Proceeds</U>. The SPV is not engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock (within the meaning of Regulations T, U and X, as issued by the Board of Governors of the Federal Reserve System),
and in the case of the SPV, (i) no proceeds of any Investment or Reinvestment will be used by it (i)&nbsp;to acquire any security
in any transaction which is subject to Section&nbsp;13 or 14 of the Securities Exchange Act of 1934, (ii) to acquire any equity
security of a class which is registered pursuant to Section&nbsp;12 of such act or (iii) for any other purpose that violates applicable
Law, including Regulation U of the Board of Governors of the Federal Reserve System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;<U>Principal
Place of Business; Chief Executive Office; Location of Records</U>. Its principal place of business, chief executive office and
the offices where it keeps all its Records, are located at the address(es) described on <U>Schedule 4.1(i)</U> or such other locations
notified to the Agent in accordance with <U>Section 6.2(g)</U> and <U>Section&nbsp;7.7</U> in jurisdictions where all action required
by <U>Section 6.2(g)</U> and <U>Section&nbsp;7.7</U> has been taken and completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(j)&#9;<U>Subsidiaries;
Tradenames, Etc.</U> In the case of the SPV, as of the Closing Date: (i) it has no Subsidiaries; and (ii) it has not, within the
last five (5) years, operated under any tradename other than its legal name, and, within the last five (5) years, it has not changed
its name, merged with or into or consolidated with any other Person or been the subject of any proceeding under the Bankruptcy
Code. <U>Schedule 4.1(j)</U> lists the correct Federal Employer Identification Number of the SPV and such number has not changed
within the last twelve (12) months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(k)&#9;<U>Perfected
Security Interest</U>. In the case of the SPV, upon each Investment and Reinvestment, the Agent shall acquire a valid and enforceable
perfected first priority ownership interest or a first priority perfected security interest in each Receivable and all other Affected
Assets that exist on the date of such Investment or Reinvestment, with respect thereto, free and clear of any Adverse Claim (other
than any Permitted Adverse Claim).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(l)&#9;<U>Nature
of Receivables</U>. Each Receivable (i) represented by it to be an Eligible Receivable in any Servicer Report or (ii) included
in the calculation of the Net Pool Balance in such Servicer Report in fact satisfies at the time of such calculation the definition
of &ldquo;Eligible Receivable&rdquo; set forth herein. On the Initial Investment Date, each other Investment Date and each date
of Reinvestment, it has no knowledge of any fact (including any defaults by the Obligor thereunder on any other Receivable) that
would cause it or should have caused it to expect any payments on such Eligible Receivable not to be paid in full when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(m)&#9;<U>Coverage
Requirement</U>. In the case of the SPV, (i)&nbsp;the sum of the Net Investment and the product of the U.S. Share and the Required
Reserves shall not exceed the product of the U.S. Share and the Net Pool Balance and (ii)&nbsp;the sum of the Aggregate Net Investment
and Required Reserves shall not exceed the Net Pool Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(n)&#9;<U>Credit
and Collection Policy</U>. It has at all times complied in all material respects with the Credit and Collection Policy with regard
to each Eligible Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(o)&#9;<U>Material
Adverse Effect</U>. On and since the Closing Date, there has been no Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(p)&#9;<U>No Termination
Event or Potential Termination Event</U>. No event has occurred and is continuing and no condition exists which constitutes a Termination
Event or a Potential Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(q)&#9;<U>Not an
Investment Company</U>. It is not required to register as an &ldquo;investment company&rdquo; or a company controlled by an &ldquo;investment
company&rdquo; within the meaning of the Investment Company Act of 1940, as amended. In the case of the SPV, it is not a <I>&ldquo;covered
fund&rdquo;</I> as defined under Section&nbsp;13 of the Bank Holding Company Act of 1956, as amended (together with the implementing
regulations thereunder, commonly referred to as the&nbsp;<I>&ldquo;Volcker Rule&rdquo;</I>). In determining that the SPV is not
a <I>&ldquo;covered fund,&rdquo;</I> the SPV is entitled to rely on the exception to the definition of <I>&ldquo;investment company&rdquo;</I>
set forth in Section&nbsp;3(c)(5) of the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(r)&#9;<U>Pension
Plans</U>. (i)&nbsp;Except as, in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (a) no steps
have been taken by the Originator, Colliers, the SPV or an ERISA Affiliate of any of them or the PBGC under Section 4041 or Section
4042 of ERISA to terminate any Pension Plan the assets of which are not sufficient to satisfy all of its benefit liabilities (as
determined under Title IV of ERISA), (b) no contribution failure has occurred or is expected to occur with respect to any Pension
Plan sufficient to give rise to a lien under Section&nbsp;303(k) of ERISA, or Section&nbsp;430(k) of the Code and (c) each Pension
Plan has been administered in all material respects in compliance with its terms and applicable provision of ERISA and the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders
applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums,
contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by
Colliers and their Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably
expected to have a Material Adverse Effect. Colliers and its ERISA Affiliates have not incurred any obligation in connection with
the termination of or withdrawal from any Non-U.S. Plan that individually or in the aggregate are material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(s)&#9;<U>Blocked
Accounts</U>. The account numbers of the Blocked Accounts and the names and addresses of the related Blocked Account Banks where
such Blocked Accounts are held as of the Initial Investment Date, each other Investment Date and each date of Reinvestment are
specified in <U>Schedule 4.1(s)</U> (as such <U>Schedule&nbsp;4.1(s)</U> shall be updated by adding any Blocked Account and the
related Blocked Account Bank for which a Blocked Account Agreement has been executed in accordance with <U>Section&nbsp;7.3</U>,
upon notice to each Managing Agent and delivery of such agreement to the Servicer and the Agent). As of the Initial Investment
Date and on each Investment Date and each date of Reinvestment thereafter, all Blocked Accounts are subject to Blocked Account
Agreements. All Obligors have been instructed to make payment to a Blocked Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(t)&#9;<U>Bulk
Sales</U>. In the case of the SPV, no transaction contemplated hereby or by the First Tier Agreement requires compliance with any
bulk sales act or similar law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(u)&#9;<U>Transfers
under First Tier Agreement</U>. In the case of the SPV, each Receivable has been purchased or otherwise acquired by it from the
applicable Originator pursuant to, and in accordance with, the terms of the First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(v)&#9;<U>Preference;
Voidability</U>. In the case of the SPV, it shall have given reasonably equivalent value to the applicable Originator in consideration
for the transfer to it of the Affected Assets from such Originator, and each such transfer shall not have been made for or on account
of an antecedent debt owed by such Originator to it and no such transfer is or may be voidable under any section of the Bankruptcy
Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(w)&#9;<U>Compliance
with Applicable Laws; Licenses, Etc.</U> (i) Each of the SPV and Servicer is in compliance with the requirements of all applicable
Laws, rules, regulations, and orders of all Official Bodies applicable to it or its properties (including the Federal Consumer
Credit Protection Act, as amended, Regulation Z of the Board of Governors of the Federal Reserve System, as amended, Laws, rules
and regulations relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair
debt collection practices and privacy and all other consumer laws, rules and regulations applicable to the Receivables), except
in such instances in which (a) such requirement of Law, rule, regulation or order is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not be
reasonably likely to have a Material Adverse Effect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;it has not failed to
obtain any licenses, permits, franchises or other governmental authorizations necessary to the ownership of its properties or to
the conduct of its business (including any registration requirements or other actions as may be necessary in any applicable jurisdiction
in connection with the ownership of the Contracts or the Receivables and other related assets), which violation or failure to obtain
would be reasonably likely to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(x)&#9;<U>Nonconsolidation</U>.
The SPV is operated in such a manner that the separate legal existence of the SPV, on the one hand, and the Servicer, Colliers
and each Originator or any Affiliate thereof, on the other hand, would not be disregarded in the event of the bankruptcy or insolvency
of the Servicer, Colliers, such Originator or any Affiliate thereof and, without limiting the generality of the foregoing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;the SPV is a limited
purpose entity whose activities are restricted in its organizational documents to activities related to purchasing or otherwise
acquiring receivables (including the Receivables) and related assets and rights and conducting any related or incidental business
or activities it deems necessary or appropriate to carry out its primary purpose, including entering into the Transaction Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;the SPV has not engaged,
and does not presently engage, in any activity other than those activities expressly permitted hereunder and under the other Transaction
Documents, nor will the SPV be party to any agreement other than this Agreement, the other Transaction Documents to which it is
a party and a services agreement with its independent manager, and incidental thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)(A) the SPV maintains
its own deposit account or accounts, separate from those of any of its Affiliates, with commercial banking institutions, (B) the
funds of the SPV are not and have not been diverted to any other Person or for any purpose other than the purpose of the SPV and
activities incidental thereto and (C) except as may be expressly permitted by this Agreement, the funds of the SPV are not and
have not been commingled with those of any of its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iv)&#9;to the extent that
the SPV contracts or does business with vendors or service providers where the goods and services provided are partially for the
benefit of any other Person, the costs incurred in so doing are fairly allocated to or among the SPV and such entities for whose
benefit the goods and services are provided, and each of the SPV and each such entity bears its fair share of such costs; and except
as permitted by the Transaction Documents, all material transactions between the SPV and any of its Affiliates shall be on an arm&rsquo;s-length
basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(v)&#9;the SPV maintains a
principal executive and administrative office through which its business is conducted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(vi)&#9;the SPV conducts its
affairs strictly in accordance with its organizational documents and observes all necessary, appropriate and customary limited
liability company formalities, including (A) holding all regular and special managers&rsquo; meetings appropriate to authorize
all limited liability company action, (B) keeping separate and accurate minutes of such meetings, (C)&nbsp;passing all resolutions
or consents necessary to authorize actions taken or to be taken, and (D) maintaining accurate and separate books, records and accounts,
including intercompany transaction accounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(vii)&#9;all decisions with
respect to its business and daily operations are independently made by the SPV (although the officer making any particular decision
may also be an employee, officer or director of an Affiliate of the SPV) and are not dictated by any Affiliate of the SPV (other
than Colliers, in its capacity as the &ldquo;Member&rdquo; of the SPV, in accordance with the SPV&rsquo;s organizational documents)
(it being understood that the Servicer, which is an Affiliate of the SPV, will undertake and perform all of the operations, functions
and obligations of it set forth herein and it may appoint Sub-Servicers, which may be Affiliates of the SPV, to perform certain
of such operations, functions and obligations);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(viii)&#9;the SPV acts solely
in its own name and through its own authorized officers, managers, members and agents, and no Affiliate of the SPV shall be appointed
to act as its agent, except as expressly contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ix)&#9;other than the CF SPV,
no Affiliate of the SPV advances funds to the SPV, other than as is otherwise provided herein or in the other Transaction Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(x)&#9;other than the SPV,
no Affiliate of the SPV otherwise supplies funds to, or guaranties debts of, the SPV; <I><U>provided that</U></I> an Affiliate
of the SPV may provide funds to the SPV in connection with the capitalization of the SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xi)&#9;other than organizational
expenses and as expressly provided herein, the SPV pays all expenses, Indebtedness and other obligations incurred by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xii)&#9;except as permitted
by the Transaction Documents, the SPV does not guarantee, and is not otherwise liable, with respect to any obligation of any of
its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xiii)&#9;any financial reports
required of the SPV comply with GAAP and are issued separately from, but may be consolidated with, any reports prepared for any
of its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xiv)&#9;at all times the SPV
is adequately capitalized to engage in the transactions contemplated in its organizational documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xv)&#9;the financial statements
and books and records of the SPV, Colliers and the Originators reflect the separate limited liability company existence of the
SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xvi)&#9;the SPV does not act
as agent for any of the Originators or any Affiliate thereof, but instead presents itself to the public as an entity separate from
each such Person and independently engaged in the business of purchasing and financing receivables (including the Receivables);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xvii)&#9;the SPV maintains
a 3-person board of managers, including at least one independent manager, who has not been at any time during the preceding five
(5) years, and shall at no time, as long as such person is a manager of the SPV, be an equity owner, director, officer, employee
or associate, or any relative of the foregoing, of any Originator or any Affiliate thereof (other than the SPV and any other bankruptcy-remote
special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of
any Originator or any Affiliate thereof), all as provided in its organizational documents, and is otherwise reasonably acceptable
to the Agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xviii)&#9;the organizational
documents of the SPV require the unanimous vote of the managers before a voluntary petition under Section&nbsp;301 of the Bankruptcy
Code may be filed by the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(y)&#9;<U>Other
Debt</U>. Except as provided herein, the SPV has not created, incurred, assumed or suffered to exist any Indebtedness other than
(i) indebtedness of the SPV arising hereunder or under the First Tier Agreement, (ii) indebtedness due to accountants, auditors
and other advisors in connection with the requirements of this Agreement and (iii) any obligations in respect of unpaid amounts
under the CF Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(z)&#9;<U>Representations
and Warranties in Other Related Documents</U>. Each of the representations and warranties made by it contained in the Transaction
Documents is true, complete and correct in all material respects (except any representation or warranty qualified by materiality
or by reference to a material adverse effect, which is true, complete and correct in all respects) and it hereby makes each such
representation and warranty to, and for the benefit of, the Agent, each Managing Agent, the Investors and the other Secured Parties
as if the same were set forth in full herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(aa)&#9;<U>No Servicer
Default</U>. No event has occurred and is continuing and no condition exists which constitutes or may reasonably be expected to
constitute a Servicer Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(bb)&#9;<U>Necessary
Consents</U>. The Originators and Colliers have obtained all necessary consents to enter into the Transaction Documents, including
any consents required under any material Indebtedness of Colliers or any of its Subsidiaries or Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(cc)&#9;<U>Anti-Money
Laundering/International Trade Law Compliance</U><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;Neither the SPV, the
Servicer nor any of their Subsidiaries, nor, to the knowledge of the either the SPV or the Servicer or, any director, officer,
employee, agent, affiliate or representative thereof (in its capacity as such), is an individual or entity that is, or is owned
or controlled by any individual or entity that is (a) currently the subject or target of any Sanctions or (b) principally located,
organized or resident in a Designated Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;The SPV, the Servicer
and their Subsidiaries have conducted their businesses in compliance, in all material respects, with the United States Foreign
Corrupt Practices Act of 1977, and other similar anti-corruption legislation in other jurisdictions, in each case to the extent
applicable to such Persons, and have instituted and maintained policies and procedures designed to promote and achieve compliance
with such laws.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;V</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONDITIONS PRECEDENT</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.1&#9;<U>Conditions
Precedent to Closing</U>. The occurrence of the Closing Date shall be subject to the conditions precedent that (i)&nbsp;the SPV
or the Originators shall have paid in full (A) all amounts required to be paid by each of them on or prior to the Closing Date
pursuant to the Fee Letters and (B) the fees and expenses described in <U>clause&nbsp;(i)</U> of <U>Section&nbsp;9.4</U> and invoiced
prior to the Closing Date, (ii) satisfactory completion by the Agent of its due diligence process, and (iii) each Managing Agent
shall have received, for itself and each of the Investors in its Investor Group, an original (unless otherwise indicated) of each
of the following documents, each in form and substance reasonably satisfactory to each Managing Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;A duly executed
counterpart of this Agreement, the First Tier Agreement, the applicable Fee Letter and each of the other Transaction Documents
executed by the Originators, the SPV, Colliers or the Servicer, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Acknowledgment
copies or other evidence of filing acceptable to the Agent of proper financing statements (Form UCC-1) naming the SPV, as debtor,
in favor of the Agent, as secured party, for the benefit of the Secured Parties or other similar instruments or documents as may
be necessary or in the reasonable opinion of the Agent desirable under the UCC of all appropriate jurisdictions or any comparable
law to perfect the Agent&rsquo;s ownership or security interest in all assets (including, for the avoidance of doubt, in all Receivables
and the other Affected Assets), and the SPV hereby authorizes the Agent to file the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;Acknowledgment
copies or other evidence of filing acceptable to the Agent of proper financing statements (Form UCC-1), naming the Initial Originator,
as the debtor, in favor of the SPV, as assignor secured party, and the Agent, for the benefit of the Secured Parties, as assignee
secured party, or other similar instruments or documents as may be necessary or in the reasonable opinion of the Agent desirable
under the UCC of all appropriate jurisdictions or any comparable law to perfect the SPV&rsquo;s ownership interest in all Receivables
and the other Affected Assets, and the Initial Originator and the SPV hereby authorize the Agent to file the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;Copies (or
binding authorization to file same) of proper financing statements (Form UCC-3) necessary to terminate all security interests and
other rights of any Person in Receivables or the other Affected Assets previously granted by the Initial Originator and the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;Certified
copies of requests for information or copies (Form UCC-11) (or a similar search report certified by parties acceptable to the Agent)
dated a date reasonably near the Closing Date listing all effective financing statements which name the SPV or the Initial Originator
as debtor and which are filed in jurisdictions in which the filings were made pursuant to <U>clauses (b)</U> or <U>(c)</U> above
and such other jurisdictions where the Agent may reasonably request, together with copies of such financing statements, and similar
search reports with respect to federal tax liens and liens of the Pension Benefit Guaranty Corporation in such jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;An electronic
file identifying all Receivables and the Unpaid Balances thereon and such other information with respect to the Receivables as
any Managing Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;Satisfactory
results of a review and agreed upon procedures audit of the SPV&rsquo;s, Colliers&rsquo; and the Originators&rsquo; collection,
operating and reporting systems, Credit and Collection Policy, historical receivables data and accounts, including satisfactory
results of a review of the Originators&rsquo; operating location(s) and satisfactory review and approval of the Eligible Receivables
in existence on the date of the initial purchase under the First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;Evidence
satisfactory to the Agent that the conditions precedent in Section 5.1 of the CF Transfer Agreement have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;Such other
approvals, documents, instruments, certificates and opinions as the Agent, any Managing Agent or any Investor may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.2&#9;<U>Conditions
Precedent to Initial Investment</U>. The occurrence of the Initial Investment Date and the effectiveness of the Commitments hereunder
shall be subject to (i) the satisfaction of the conditions precedent to the Closing Date in <U>Section 5.1</U> and (ii) the conditions
precedent that each Managing Agent shall have received, for itself and each of the Investors in its Investor Group, an original
(unless otherwise indicated) of each of the following documents, each in form and substance reasonably satisfactory to each Managing
Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;A certificate,
in form and substance reasonably satisfactory to the Agent, of the secretary or assistant secretary of the SPV, certifying and,
if applicable, attaching as exhibits thereto, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;the organizational documents
of the SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;resolutions of the
board of managers or other governing body of the SPV authorizing the execution, delivery and performance by the SPV of this Agreement,
the First Tier Agreement and the other Transaction Documents to be delivered by the SPV hereunder or thereunder and all other documents
evidencing necessary limited liability company action and government approvals, if any; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;the incumbency, authority
and signature of each officer of the SPV executing the Transaction Documents or any certificates or other documents delivered hereunder
or thereunder on behalf of the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;A certificate,
in form and substance reasonably satisfactory to the Agent, of the secretary or assistant secretary of the Originator and the Servicer
certifying and, if applicable, attaching as exhibits thereto, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;the organizational documents
of the Originator and the Servicer (certified by the Secretary of State or other similar official of its jurisdiction of organization,
as of a recent date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;the transactions contemplated
by this Agreement and the Transaction Documents have been duly authorized by all necessary actions of the Originator and the Servicer;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;the incumbency, authority
and signature of each officer of the Originator and the Servicer executing the Transaction Documents or any certificates or other
documents delivered hereunder or thereunder on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;A good standing
certificate for the SPV issued by the Secretary of State or a similar official of the SPV&rsquo;s jurisdiction of formation, dated
not more than 30 days prior to the Initial Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;A good standing
or similar certificate for the Originator and the Servicer issued by the applicable Official Body of its jurisdiction of incorporation
or organization, as applicable, dated not more than 30 days prior to the Initial Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;An updated
version of <U>Schedule 4.1(s)</U> identifying the account numbers of the Blocked Accounts and the names and addresses of the related
Blocked Account Banks where such Blocked Accounts are held as of the Initial Investment Date, which Blocked Accounts shall be owned
by the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;Executed
copies of the Blocked Account Agreements relating to each of the Blocked Accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;Favorable
opinions of Sidley Austin LLP, special counsel to the SPV, the Servicer, the Initial Originator and Colliers, covering certain
organizational, enforceability, security interest and insolvency matters in form and substance satisfactory to the Agent and Agent&rsquo;s
counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;A favorable
opinion of Torys LLP, special Canadian counsel to the Colliers, covering certain organizational matters in form and substance satisfactory
to the Agent and Agent&rsquo;s counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;A Servicer
Report as of the date of the most recently ended Calculation Period immediately prior to the Initial Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(j)&#9;Evidence
of payment of all reasonable and documented out-of-pocket fees and other amounts due and payable on or prior to the Initial Investment
Date, including pursuant to the Fee Letters, and, to the extent invoiced, reimbursement or payment of all reasonable and documented
out-of-pocket fees and expenses required to be reimbursed or paid by the SPV hereunder, excluding the allocated costs of internal
counsel, but including the reasonable and documented out-of-pocket fees and expenses invoiced through the Initial Investment Date
of FTI Consulting and of the Agent&rsquo;s special counsel, Chapman and Cutler LLP and McCarthy T&eacute;trault LLP, which may
be deducted from the proceeds of the initial Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(k)&#9;Evidence
satisfactory to the Agent that the conditions precedent to the Initial Investment Date in Section 5.2 of the CF Transfer Agreement
have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(l)&#9;Such other
approvals, documents, instruments, certificates and opinions as the Agent, any Managing Agent or any Investor may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.3&#9;<U>Conditions
Precedent to All Investments</U>. Each Investment hereunder (including the initial Investment on the Initial Investment Date) shall
be subject to the conditions precedent that (i) the Closing Date shall have occurred, (ii) the Initial Investment Date shall have
occurred, and (iii) on the date of such Investment, as the case may be, the following statements shall be true (and the SPV by
accepting the amount of such Investment shall be deemed to have certified that):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;The representations
and warranties contained in <U>Section&nbsp;4.1</U> are true and correct in all material respects (except those representations
and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects)
on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (unless such representations
and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all material respects
(or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect,
complete and correct in all respects) on and as of such previous day); <I><U>provided that</U></I> no such representation, warranty,
or certification hereunder shall be deemed to be incorrect or violated to the extent any affected Receivable is subject to a Deemed
Collection and all required amounts with respect to which have been deposited into a Blocked Account or transferred to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Each Managing
Agent shall have received an Investment Request, appropriately completed, within the time period required by <U>Section&nbsp;2.3.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;The Agent
and each Managing Agent shall have received a Servicer Report dated no more than 30 days prior to the proposed Investment Date,
and the information set forth therein shall be true, complete and correct in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;No Termination
Event or Potential Termination Event has occurred and is continuing and (A) the amount of such Investment will not exceed the amount
available therefor under and, after giving effect thereto, (B) the sum of the Aggregate Net Investment and the Required Reserves
will not exceed the Net Pool Balance, and (C) the sum of the Net Investment and the product of the U.S. Share and the Required
Reserve, will not exceed the product of the U.S. Share and the Net Pool Balance, each as determined based on the most recently
received Servicer Report delivered on or prior to such Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.4&#9;<U>Reinvestments</U>.
It is expressly understood that each Reinvestment shall, unless otherwise directed by the Agent (with the consent or at the direction
of the Managing Agents), occur automatically on each day that the Servicer shall receive any Collections without the requirement
that any further action be taken on the part of any Person and notwithstanding the failure of the SPV to satisfy any of the conditions
precedent in <U>Section&nbsp;5.3</U> in respect of such Reinvestment. The failure of the SPV to satisfy any of such conditions
precedent in respect of any Reinvestment shall give rise to a right of the Agent, which right may be exercised at any time on demand
of the Agent (with the consent or at the direction of the Managing Agents), to rescind the related purchase and direct the SPV
to pay to the Agent for the benefit of the Investors an amount equal to the Collections prior to the Termination Date that shall
have been applied to the affected Reinvestment.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VI</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COVENANTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 6.1&#9;<U>Affirmative
Covenants of the SPV and Servicer</U>. At all times from the date hereof (except as expressly indicated otherwise) to the Final
Payout Date, unless the Majority Investors shall otherwise consent in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;<U>Reporting
Requirements</U>. The SPV shall furnish to the Agent (with a copy to each Managing Agent):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;<U>Annual Reporting</U>.
Promptly after the same are available and in any event within 90 days (or, if earlier, the date on which such financial statements
are delivered under any Material Credit Facility) after the end of each fiscal year of Colliers, duplicate copies of (A)(1) a consolidated
balance sheet of Colliers and its Subsidiaries as at the end of such year and (2) consolidated statements of income, changes in
shareholders&rsquo; equity and cash flows of Colliers and its Subsidiaries for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an
opinion thereon (without a &ldquo;going concern&rdquo; or similar qualification or exception and without any qualification or exception
as to the scope of the audit on which such opinion is based) of independent public accountants of recognized international standing,
which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the
companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and
that the examination of such accountants in connection with such financial statements has been made in accordance with generally
accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances and (B) a balance
sheet of the SPV as at the end of such year, setting forth in comparative form the figures from the prior fiscal year, in reasonable
detail, prepared in accordance with GAAP, and certified by a Responsible Officer as fairly presenting, in all material respects,
the financial position of the SPV and its results of operations and cash flows, subject to changes resulting from year-end adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;<U>Quarterly Reporting</U>.
Promptly after the same are available and in any event within 45 days (or, if earlier, the date on which such financial statements
are delivered under any Material Credit Facility) after the end of each of the first three quarters of each fiscal year of Colliers,
duplicate copies of, (i) a consolidated balance sheet of Colliers and its Subsidiaries as at the end of such fiscal period, and
(ii) consolidated statements of income, changes in shareholders&rsquo; equity and cash flows of Colliers and its Subsidiaries,
for such fiscal period and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,
setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable
detail, prepared in accordance with GAAP applicable to interim financial statements generally, and certified by a Responsible Officer
as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of
operations and cash flows, subject to changes resulting from year-end adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;<U>SEC and Other Reports.</U>
Promptly upon their becoming available, one copy of (i) each financial statement, report, circular, notice, proxy statement or
similar document (not otherwise delivered to the holders pursuant to the terms of this Agreement) sent by Colliers or any Subsidiary
(x)&nbsp;to its creditors under any Material Credit Facility (excluding information sent to such creditors in the ordinary course
of administration of a credit facility, such as information relating to pricing and borrowing availability) or (y)&nbsp;to its
public securities holders generally, and (ii)&nbsp;each regular or periodic report, each registration statement (without exhibits
except as expressly requested by Colliers), and each prospectus and all amendments thereto filed by Colliers or any Subsidiary
with the Securities and Exchange Commission or any similar U.S or Canadian Official Body or securities exchange and of all press
releases and other statements made available generally by the Parent Guarantor or any Subsidiary to the public concerning any material
developments. Any item required to be delivered pursuant to this Section 6.1(a)(i), (ii) or (iii) shall be deemed to be delivered
if Colliers shall have timely filed any such items on, as the case may be, SEDAR or EDGAR and shall have made such items available
on its home page on the internet or on IntraLinks or on any other similar website to which the Agent has free access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iv)&#9;<U>Compliance Certificate</U>.
Together with the financial statements required hereunder, a compliance certificate signed by a Responsible Officer of Colliers
stating that (A) the attached financial statements have been prepared in accordance with GAAP and accurately reflect the financial
condition of the SPV or the Originators and Colliers and their respective Subsidiaries, as applicable, and (B) to the best of such
Person&rsquo;s knowledge, no Termination Event or Potential Termination Event exists, or if any Termination Event or Potential
Termination Event exists, stating the nature and status thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(v)&#9;<U>Notices</U>. Promptly
after receipt thereof, copies of all notices received by the SPV from any Originator or Colliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(vi)&#9;<U>Notice of Termination
Events or Potential Termination Events; Etc</U>. (A) Promptly after any of its Responsible Officers obtains knowledge of the occurrence
of each Termination Event or Potential Termination Event, a statement of one of its Responsible Officers setting forth details
of such Termination Event or Potential Termination Event and the action which it proposes to take with respect thereto, which information
shall be updated promptly from time to time upon the request of the Agent; (B) promptly after any of its Responsible Officers obtains
knowledge thereof, notice of any litigation, investigation or proceeding that may exist at any time between it and any Person,
as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, would reasonably be
expected to have a Material Adverse Effect or any litigation or proceeding relating to any Transaction Document; and (C) promptly
after knowledge of the occurrence thereof, notice of a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(vii)&#9;<U>Change in Credit
and Collection Policy</U>. At least five&nbsp;(5) Business Days prior to the date any material change in or amendment to the Credit
and Collection Policy is made, a copy of the Credit and Collection Policy then in effect as well as the proposed change or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(viii)&#9;<U>Credit and Collection
Policy</U>. Promptly after written request, a complete copy of the Credit and Collection Policy then in effect, if requested by
any Managing Agent in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ix)&#9;<U>ERISA</U>. (A) Promptly
after its Responsible Officer obtains knowledge of the filing, giving or receiving thereof, copies of all notices with respect
to any Reportable Event pertaining to any Pension Plan and copies of any notice by any Originator, Colliers, the SPV or an ERISA
Affiliate of any of them or the PBGC of its intent to terminate any Pension Plan under Section 4041 or Section 4042 of ERISA, and
(B) promptly after its Responsible Officer obtains knowledge of the occurrence thereof, written notice of any contribution failure
with respect to any Pension Plan sufficient to give rise to a lien under Section&nbsp;303(k) of ERISA or Section&nbsp;430(k) of
the Code; provided, that in the case of clauses (A) and (B), only if it is reasonably likely that such occurrence would have a
Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(x)&#9;<U>Material Financial
Penalty with respect to Non-U.S. Plans</U>. Prompt notice of the receipt of notice of the imposition of a material financial penalty
(which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect
to one or more Non-U.S. Plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(xi)&#9;<U>Other Information</U>.
Such other information (including non-financial information) as the Agent or any Managing Agent may from time to time reasonably
request with respect to any Originator, Colliers, the SPV or the Servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>Conduct
of Business; Ownership</U>. Each of the SPV and the Servicer shall continue to engage in business of the same general types as
now conducted by them (including businesses reasonably related or incidental thereto) as it is presently conducted, except where
the failure to do so would not reasonably be expected to have a Material Adverse Effect. Each of the SPV and the Servicer shall
do all things necessary to remain duly organized, validly existing and in good standing in its jurisdiction of formation and maintain
all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except where the failure
to do so would not reasonably be expected to have a Material Adverse Effect. The SPV shall at all times be a wholly-owned direct
or indirect Subsidiary of Colliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;<U>Compliance
with Laws, Etc</U>. Each of the SPV and the Servicer complying in all material respects with all Laws to which it or its respective
properties may be subject and preserve and maintain its corporate or limited liability company existence, rights, franchises, qualifications
and privileges, except to the extent any non-compliance would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;<U>Furnishing
of Information and Inspection of Records</U>. Each of the SPV and the Servicer shall furnish to the Agent and each Managing Agent
from time to time such information with respect to the Affected Assets as the Agent or a Managing Agent may reasonably request,
including listings identifying the Obligor and the Unpaid Balance for each Receivable. Each of the SPV and the Servicer shall,
at any time and from time to time during regular business hours upon reasonable notice, at the expense of the SPV, as requested
by the Agent or a Managing Agent, permit the Agent or Managing Agent, or its agents or representatives, (i) to examine and make
copies of and take abstracts from all books, records and documents (including computer tapes and disks) relating to the Receivables
or other Affected Assets, including the related Contracts and (ii) to visit the offices and properties of the SPV, each Originator,
Colliers or the Servicer, as applicable, for the purpose of examining such materials described in <U>clause (i)</U>, and to discuss
matters relating to the Affected Assets or the SPV&rsquo;s, each Originator&rsquo;s, Colliers&rsquo;s or the Servicer&rsquo;s performance
hereunder, under the Contracts and under the other Transaction Documents to which such Person is a party with any of the officers,
employees or independent public accountants of the SPV, each Originator, Colliers or the Servicer, as applicable, having knowledge
of such matters which are reasonably selected for such purpose by the SPV, each Originator, Colliers or the Servicer, as applicable;
<I><U>provided</U></I>, <I><U>that</U></I>, the SPV and the Servicer shall be required to provide and pay for only one such examination
and visit during any rolling-twelve month period if no Termination Event is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;<U>Keeping
of Records and Books of Account</U>. Each of the SPV and the Servicer shall maintain and implement administrative and operating
procedures (including an ability to recreate records evidencing Receivables and related Contracts in the event of the destruction
of the originals thereof), and keep and maintain all documents, books, computer tapes, disks, records and other information, reasonably
necessary or advisable for the collection of all Receivables (including records adequate to permit the daily identification of
each new Receivable and all Collections of and adjustments to each existing Receivable). Each of the SPV and the Servicer shall
give the Agent and each Managing Agent prompt notice of any material change in its administrative and operating procedures referred
to in the previous sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;<U>Performance
and Compliance with Receivables, Contracts and Credit and Collection Policy</U>. Each of the SPV and the Servicer shall, (i) at
its own expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be
observed by it under the Contracts related to the Receivables in accordance with the Credit and Collection Policy; and (ii) timely
and fully comply in all material respects with the Credit and Collection Policy in regard to each Eligible Receivable and the related
Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;<U>Notice
of Agent&rsquo;s Interest</U>. In the event that the SPV shall sell or otherwise transfer any interest in accounts receivable or
any other financial assets (other than as contemplated by the Transaction Documents), any computer tapes or files or other documents
or instruments provided by the Servicer in connection with any such sale or transfer shall disclose the SPV&rsquo;s ownership of
the Receivables and the Agent&rsquo;s interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;<U>Collections</U>.
The SPV and the Servicer have instructed, or shall instruct, all Obligors to cause all Collections to be deposited directly to
a Blocked Account or to post office boxes to which only Blocked Account Banks have access and shall instruct the Blocked Account
Banks to cause all items and amounts relating to such Collections received in such post office boxes to be removed and deposited
into a Blocked Account on a daily basis. From and after the Initial Investment Date, the SPV and the Servicer shall use commercially
reasonably efforts to ensure that no other funds are commingled with Collections in the Blocked Accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;<U>Collections
Received</U>. From and after the Initial Investment Date, each of the SPV and the Servicer shall hold in trust, and deposit, promptly,
but in any event not later than three&nbsp;(3) Business Days following its receipt thereof, to a Blocked Account all Collections
received by it from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(j)&#9;<U>Blocked
Accounts</U>. Each Blocked Account shall on the Initial Investment Date and at all times thereafter be subject to a Blocked Account
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(k)&#9;<U>Sale
Treatment</U>. The SPV shall not (i) treat, the transactions contemplated by the First Tier Agreement in any manner other than
as a sale or contribution (as applicable) of Receivables by the Originators to the SPV, except to the extent that such transactions
are not recognized on account of consolidated financial reporting in accordance with GAAP or are disregarded for tax purposes or
(ii) treat (other than for tax purposes) the transactions contemplated hereby in any manner other than as a sale of the Portfolio
by the SPV to the Agent on behalf of the Investors. In addition, the SPV shall disclose (in a footnote or otherwise) in all of
its financial statements (including any such financial statements consolidated with any other Person&rsquo;s financial statements)
the existence and nature of the transaction contemplated hereby and by the First Tier Agreement and the interest of the SPV (in
the case of an Originator&rsquo;s financial statements) and the Agent, on behalf of the Investors, in the Affected Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(l)&#9;<U>Separate
Business; Nonconsolidation</U>. The SPV shall not (i) engage in any business not permitted by its organizational documents or (ii)
conduct its business or act in any other manner which is inconsistent with <U>Section&nbsp;4.1(x)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(m)&#9;<U>Organizational
Documents</U>. The SPV shall only amend, alter, change or repeal its organizational documents with the prior written consent of
the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(n)&#9;<U>Ownership
Interest, Etc.</U> The SPV shall, at its expense, take all action necessary or desirable to establish and maintain a valid and
enforceable ownership or security interest in the Receivables, the Related Security and proceeds with respect thereto, and a first
priority perfected security interest in the Affected Assets, in each case free and clear of any Adverse Claim (other than any Permitted
Adverse Claim), in favor of the Agent for the benefit of the Secured Parties, including taking such action to perfect, protect
or more fully evidence the interest of the Agent, as any Managing Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(o)&#9;<U>Enforcement
of First Tier Agreement</U>. The SPV, on its own behalf and, during the continuation of a Termination Event or Potential Termination
Event, on behalf of the Agent, each Managing Agent and each Secured Party, shall promptly enforce all covenants and obligations
of the Originators contained in the First Tier Agreement. During the continuation of a Termination Event or Potential Termination
Event, the SPV shall deliver consents, approvals, directions, notices, waivers and take other actions under the First Tier Agreement
as may be directed by any Managing Agent consistent with the SPV&rsquo;s rights thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(p)&#9;<U>Perfection
Covenants</U>. From and after the Initial Investment Date, the SPV shall comply with each of the covenants set forth in the <U>Schedule
4.1(d)</U> which are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(q)&#9;<U>Solvency
of SPV</U>. The fair value of the assets of the SPV, at a fair valuation, will, at all times prior to the Final Payout Date, exceed
its debts and liabilities, subordinated, contingent or otherwise. The present fair saleable value of the property of the SPV, at
all times prior to the Final Payout Date, will be greater than the amount that will be required to pay the probable liability of
its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured. The SPV will, at all times prior to the Final Payout Date, be able to pay its debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured. The SPV will not, at any time prior to the Final Payout
Date, have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted
and is proposed to be conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(r)&#9;<U>Good
Title</U>. In the case of the SPV, upon each Investment and Reinvestment, the Agent shall acquire a valid and enforceable perfected
first priority ownership interest or a first priority perfected security interest in each Eligible Receivable and all other Affected
Assets that exist on the date of such Investment or Reinvestment, with respect thereto, free and clear of any Adverse Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(s)&#9;<U>Use of
Proceeds</U>. The SPV shall use the proceeds of any Investment or Reinvestment solely for (i) the repayment of Investments or CF
Investments; (ii) to purchase Receivables pursuant to the First Tier Agreement; (iii) to make equity distributions to Colliers;
(iv) the repayment of subordinated loans; and (v) to pay fees and expenses related to the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(t)&#9;<U>Tax Election</U>.
If the SPV is classified as a partnership for U.S. federal income tax purposes, then the Servicer (i) shall be designated as the
partnership representative of the SPV under Section 6223(a) of the Code to the extent allowed under law and (ii) will or will cause
the SPV, to the extent eligible, to make the election under Section 6221(b) of the Code for determinations of adjustments at the
partnership level and take any other action necessary or appropriate for the election. If that election is not available, to the
extent applicable, the Servicer will or will cause the SPV to make the election under Section 6226(a) of the Code for the alternative
to payment of imputed underpayment by a partnership and take any other action necessary or appropriate for the election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.2&#9;<U>Negative
Covenants of the SPV and Servicer</U>. At all times from the date hereof to the Final Payout Date, unless the Majority Investors
shall otherwise consent in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;<U>No Sales,
Liens, Etc</U>. (i)&nbsp;Except as otherwise provided herein and in the First Tier Agreement, neither the SPV nor the Servicer
shall sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon
(or the filing of any financing statement) or with respect to (A)&nbsp;any of the Affected Assets, or (B)&nbsp;any proceeds of
inventory or goods, the sale of which may give rise to a Receivable, or assign any right to receive income in respect thereof,
other than with respect to (x) any inventory or goods described in the collateral description of the UCC financing statements attached
as <U>Exhibit&nbsp;H</U>, or any substantially similar assets subject to the grant of a security interest by the debtors named
therein, (y) any Adverse Claim that is immaterial in nature in the reasonable opinion of the Agent, and (z) any Adverse Claim that
is automatically released upon the sale or transfer of the related Receivable by the SPV pursuant to this Agreement and (ii)&nbsp;the
SPV shall not issue any security to, or sell, transfer or otherwise dispose of any of its property or other assets (including the
property sold to it by an Originator under Section&nbsp;2.1 of the First Tier Agreement) to, any Person other than an Affiliate
(which Affiliate is not a special purpose entity organized for the sole purpose of issuing asset backed securities) or as otherwise
expressly provided for in the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;<U>No Extension
or Amendment of Receivables</U>. Except as otherwise permitted in <U>Section&nbsp;7.2</U>, neither the SPV nor the Servicer shall
extend, amend or otherwise modify the terms of any Receivable, or amend, modify or waive any term or condition of any Contract
related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;<U>No Change
in Credit and Collection Policy</U>. Neither the SPV nor the Servicer shall make any change in the Credit and Collection Policy,
which change would materially impair the collectability of any Eligible Receivable or reasonably be expected to have a Material
Adverse Effect in the commercially reasonable discretion of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;<U>No Subsidiaries,
Mergers, Etc</U>. Neither the SPV nor the Servicer shall consolidate or merge with or into, or sell, lease or transfer all or substantially
all of its assets to, any other Person, unless in the case of any such action by the Servicer (i)&nbsp;no Termination Event or
Material Adverse Effect would occur or be reasonably likely to occur as a result of such transaction and (ii)&nbsp;such Person
executes and delivers to the Agent and each Managing Agent an agreement by which such Person assumes the obligations of the Servicer
hereunder and under the other Transaction Documents to which it is a party, or confirms that such obligations remain enforceable
against it, together with such certificates and opinions of counsel as any Managing Agent may reasonably request, or the Servicer
is the surviving entity in any such merger or consolidation. The SPV shall not form or create any Subsidiary, or divide itself
into one or more limited liability companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;<U>Change
in Payment Instructions to Obligors</U>. Neither the SPV nor the Servicer shall add or terminate any bank as a Blocked Account
Bank or any account as a Blocked Account to or from those listed in <U>Schedule 4.1(s)</U> or make any change in its instructions
to Obligors regarding payments to be made to any Blocked Account, unless (i)&nbsp;such instructions are to deposit such payments
to another existing Blocked Account or (ii)&nbsp;the Agent shall have received written notice of such addition, termination or
change at least thirty&nbsp;(30) days prior thereto (except with respect to such additions made in accordance with <U>Section 5.2(e)</U>)
and the Agent shall have received a Blocked Account Agreement executed by each new Blocked Account Bank or an existing Blocked
Account Bank with respect to each new Blocked Account, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;<U>Deposits
to Blocked Accounts</U>. From and after the Initial Investment Date, neither the SPV nor the Servicer will deposit or otherwise
credit, or cause or permit to be so deposited or credited, to any Blocked Account cash or cash proceeds other than Collections
of Receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;<U>Change
of Name, Etc</U>. The SPV shall not change its name, identity or structure (including a merger) or the location of its jurisdiction
of formation or any other change which could render any UCC financing statement filed in connection with this Agreement or any
other Transaction Document to become &ldquo;seriously misleading&rdquo; under the UCC, unless at least thirty&nbsp;(30) days prior
to the effective date of any such change the SPV delivers to each Managing Agent (i)&nbsp;such documents, instruments or agreements,
executed by the SPV as are necessary to reflect such change and to continue the perfection of the Agent&rsquo;s ownership interests
or security interests in the Affected Assets and (ii)&nbsp;new or revised Blocked Account Agreements executed by the Blocked Account
Banks which reflect such change and enable the Agent to continue to exercise its rights contained in <U>Section&nbsp;7.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;<U>Amendment
to First Tier Agreement</U>. The SPV shall not amend, modify, or supplement the First Tier Agreement or waive any provision thereof,
in each case except with the prior written consent of the Majority Investors; nor shall the SPV take, or permit any Originator
to take, any other action under the First Tier Agreement that would reasonably be expected to result in a material adverse effect
on the Agent, any Managing Agent or any Investor or which is inconsistent in any material manner with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;<U>Amendment
to Organizational Documents</U>. The SPV will not amend its organizational documents filed with the Secretary of the State of Delaware
without the consent of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(j)&#9;<U>Other
Debt</U>. Except as provided herein, after the date hereof, the SPV shall not create, incur, assume or suffer to exist any Indebtedness
whether current or funded, or any other liability other than (i)&nbsp;Indebtedness of the SPV representing fees, expenses and indemnities
arising hereunder or under the First Tier Agreement for the purchase price of the Receivables and other Affected Assets under the
First Tier Agreement, (ii)&nbsp;indebtedness due to accountants and auditors in connection with the requirements of this Agreement
and (iii) any obligations in respect of unpaid amounts under the CF Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(k)&#9;<U>Payment
to the Originators</U>. The SPV shall not acquire any Receivable other than through, under, and pursuant to the terms of the First
Tier Agreement, through the payment by the SPV either in cash or by increase of the capital contribution of the Originators pursuant
to the First Tier Agreement in an amount equal to the unpaid purchase price for such Receivable as required by the terms of the
First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(l)&#9;<U>Restricted
Payments</U>. The SPV shall not (A)&nbsp;purchase or redeem any Equity Interest in the SPV, (B)&nbsp;prepay, purchase or redeem
any Indebtedness, (C)&nbsp;lend or advance any funds or (D)&nbsp;repay any loans or advances to, for or from any of its Affiliates
(the amounts described in <U>clauses&nbsp;(A)</U> through <U>(D)</U> being referred to as &ldquo;<U>Restricted Payments</U>&rdquo;),
except that the SPV may (1)&nbsp;make Restricted Payments out of funds received pursuant to <U>Section&nbsp;2.2</U> and (2)&nbsp;may
make other Restricted Payments (including the payment of dividends or distributions)&nbsp;if the Agent consents to such payment
in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(m)&#9;<U>Anti-Corruption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) The SPV
and the Servicer shall not, directly or, to the knowledge of the SPV or the Servicer, indirectly, use the proceeds of any Investment,
or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity,
to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such
funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including
any individual or entity participating in the transaction, whether as Agent, a Managing Agent and Investor or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SPV and the Servicer shall not directly or, to the knowledge of the SPV or the Servicer, indirectly, use any Investment or the
proceeds of any Investment for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977 or other
similar anti-corruption legislation in other jurisdictions, in each case as applicable to the SPV, the Servicer or Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(n)&#9;<U>Divisions</U><I>.</I>
For all purposes under the Transaction Documents, in connection with any division or plan of division under Delaware law (or any
comparable event under a different jurisdiction&rsquo;s laws): (a)&nbsp;if any asset, right, obligation or liability of any Person
becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from
the original Person to the subsequent Person, and (b)&nbsp;if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its equity interests at such time.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VII<BR>
<BR>
ADMINISTRATION AND COLLECTIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.1&#9;<U>Appointment
of Servicer</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;The servicing,
administering and collection of the Receivables shall be conducted by the Person so designated from time to time as servicer (the
&ldquo;<U>Servicer</U>&rdquo;) in accordance with this <U>Section&nbsp;7.1</U>. Colliers International WA, LLC is hereby designated
as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Each of the Agent, the
Managing Agents and the Investors hereby appoints as its agent the Servicer, from time to time designated pursuant to this Section,
to enforce its respective rights and interests in and under the Affected Assets, and the SPV hereby consents to such appointment.
To the extent permitted by applicable law, each of the SPV and the Originators (to the extent not then acting as Servicer hereunder
and only to the extent consistent with its obligations under the First Tier Agreement) hereby grants to any Servicer appointed
hereunder an irrevocable power of attorney to take any and all steps in the SPV&rsquo;s and/or such Originator&rsquo;s name and
on behalf of the SPV or such Originator as necessary or desirable, in the reasonable determination of the Servicer, to collect
all amounts due under any and all Receivables, including endorsing the SPV&rsquo;s and/or such Originator&rsquo;s name on checks
and other instruments representing Collections and enforcing such Receivables and the related Contracts and to take all such other
actions set forth in this <U>Article&nbsp;VII</U>. At any time following the occurrence and during the continuation of a Servicer
Default, the Agent may, upon the direction of the Majority Investors by notice to the initial Servicer or any successor Servicer,
designate as Servicer any Person (including the Agent) to succeed the initial Servicer or any successor Servicer, on the condition
in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the
terms hereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Upon the
designation of a successor Servicer as set forth above, the existing Servicer agrees that it will terminate its activities as Servicer
hereunder in a manner which the Agent determines will facilitate the transition of the performance of such activities to the new
Servicer, and the existing Servicer shall cooperate with and assist such new Servicer. Such cooperation shall include access to
and transfer of records and use by the new Servicer of all records, licenses, hardware or software necessary or desirable to collect
the Receivables and the Related Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;The existing
Servicer acknowledges that the SPV, the Agent, each Managing Agent and the Investors have relied on the existing Servicer&rsquo;s
agreement to act as Servicer hereunder in making their decision to execute and deliver this Agreement. Accordingly, the existing
Servicer agrees that it will not voluntarily resign as Servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;The Servicer
may delegate its duties and obligations hereunder to any subservicer (each, a &ldquo;<U>Sub-Servicer</U>&rdquo;), including but
not limited to any other Originator; <I><U>provided that</U></I>, in each such delegation, (i)&nbsp;any Sub-Servicer which is not
an Affiliate of Colliers shall agree in writing to perform the duties and obligations of the Servicer pursuant to the terms hereof,
and (ii)&nbsp;the Servicer shall remain directly liable to the SPV, the Agent, the Managing Agents and the Investors for the performance
of the duties and obligations so delegated. The parties hereto hereby acknowledge the delegation by the Servicer of its duties
and obligations hereunder to Colliers Macaulay Nicolls Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.2&#9;<U>Duties
of Servicer</U>. (a)&nbsp;The Servicer shall take or cause to be taken all reasonable action as may be necessary or advisable to
collect each Receivable from time to time, all in accordance with this Agreement and all applicable Law, with reasonable care and
diligence, and in accordance with the Credit and Collection Policy. The Servicer shall set aside (and, if applicable, segregate)
and hold in trust for the accounts of the SPV, the Agent and each Managing Agent the amount of the Collections to which each is
entitled in accordance with <U>Article&nbsp;II</U>. So long as no Termination Event shall have occurred and be continuing, the
Servicer may, in accordance with the Credit and Collection Policy, extend the maturity or adjust the Unpaid Balance of any Receivable,
including any Defaulted Receivable or Delinquent Receivable, or amend, modify or waive any term or condition of any Contract related
thereto, in each case, as the Servicer may determine to be appropriate to maximize Collections thereof; <I><U>provided that</U></I>
(i)&nbsp;such extension, adjustment or modification shall not alter the status of such Receivable as a Defaulted Receivable or
Delinquent Receivable or limit the rights of the SPV or any Secured Party under this Agreement and (ii)&nbsp;if a Termination Event
has occurred and is continuing, then the Servicer may make such extension, adjustment or modification only with the approval of
the Agent. The SPV shall deliver to the Servicer and the Servicer shall hold in trust for the SPV and the Agent, on behalf of the
Investors, in accordance with their respective interests, all Records which evidence or relate to any Affected Asset. Notwithstanding
anything to the contrary contained herein, at any time when a Termination Event is continuing, the Agent shall have the right to
direct the Servicer to commence or settle any legal action to enforce collection of any Receivable or to foreclose upon or repossess
any Affected Asset. The Servicer shall not make the Agent, any Managing Agent or any other Secured Party a party to any litigation
without the prior written consent of such Person. At any time when a Termination Event exists and is continuing, the Agent may
notify any Obligor of its interest in the Receivables and the other Affected Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Notwithstanding
anything to the contrary contained in this <U>Article&nbsp;VII</U>, none of the Servicer, if not the SPV, any Originator or any
Affiliate of the SPV or any Originator, shall have any obligation to collect, enforce or take any other action described in this
<U>Article&nbsp;VII</U> with respect to any indebtedness that is not included in the Portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;Any payment
by an Obligor in respect of any indebtedness owed by it to an Originator shall, except as otherwise specified by such Obligor,
required by contract or law or clearly indicated by facts or circumstances (including by way of example an equivalence of a payment
and the amount of a particular invoice), and unless otherwise instructed by the Agent, be applied as a Collection of any Receivable
of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before
being applied to any other receivable or other indebtedness of such Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.3&#9;<U>Blocked
Account Arrangements</U>. On or prior to the Initial Investment Date the SPV shall enter into Blocked Account Agreements with respect
to all of the Blocked Accounts with all of the related Blocked Account Banks, and deliver executed counterparts thereof to the
Agent. The Agent may at any time after the occurrence and during the continuation of a Termination Event or Trigger Event give
notice to each Blocked Account Bank that the Agent is exercising its rights under the Blocked Account Agreements to do any or all
of the following: (i)&nbsp;to have the exclusive control of the Blocked Accounts transferred to the Agent and to exercise exclusive
dominion and control over the funds deposited therein, (ii)&nbsp;to have the proceeds that are sent to the respective Blocked Accounts
be redirected pursuant to its instructions rather than deposited in the applicable Blocked Account, and (iii)&nbsp;to take any
or all other actions permitted under the applicable Blocked Account Agreement. Each of the Servicer, the SPV and each Originator
hereby agrees that if the Agent, at any time, takes any action set forth in the preceding sentence, the Agent shall have exclusive
control of the proceeds (including Collections) of all Receivables and each of the Servicer, the SPV and each Originator hereby
further agrees to take any other action that the Agent may reasonably request to transfer such control. Any proceeds of Receivables
received by any of the Originators, the Servicer or the SPV thereafter shall be sent promptly (but in any event within three&nbsp;(3)
Business Days of receipt) to a Blocked Account. The parties hereto hereby acknowledge that if at any time the Agent takes control
of any Blocked Account, the Agent shall distribute or cause to be distributed such funds in accordance with <U>Section&nbsp;7.2(b)</U>
and <U>Article&nbsp;II</U> (in each case as if such funds were held by the Servicer thereunder). If at any time the Blocked Account
Bank delivers written notice to terminate the applicable Blocked Account Agreement in accordance with the terms thereof because
of a Trigger Event, the Agent takes control of the applicable Blocked Account and no Termination Event has occurred and is continuing,
then any amounts received by the Agent shall be applied by the Agent to the Aggregate Unpaids that are due and owing in accordance
with the priority of payments set forth in the applicable provisions of <U>Section 2.12</U> (as if such funds were held by the
Servicer thereunder). After giving effect to any retention pursuant to the immediately preceding sentence, the Agent shall promptly
pay any other amounts received by the Agent to an account designated by the SPV in accordance with <U>Section 2.12</U>. The Servicer,
the SPV and each Originator further agree that from and after the occurrence of the Termination Date, they will not withdraw or
transfer any amounts from a Blocked Account, except: (i)&nbsp;to another Blocked Account, or (ii)&nbsp;otherwise with the written
consent of the Agent.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.4&#9;<U>Enforcement
Rights</U>. (a)&nbsp;At any time following the occurrence and during the continuation of a Termination Event:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;the Agent may direct
the Obligors that payment of all amounts payable under any Receivable be made directly to the Agent or its designee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;the SPV shall, at the
Agent&rsquo;s request and at the SPV&rsquo;s expense, give notice of the Agent&rsquo;s, the SPV&rsquo;s, and/or the Investors&rsquo;
ownership of the Receivables and (in the case of the Agent) interest in the Portfolio to each Obligor and direct that payments
be made directly to the Agent or its designee, except that if the SPV fails to so notify each obligor, the Agent may so notify
the Obligors; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;the SPV shall, at
the Agent&rsquo;s request, (A)&nbsp;assemble all of the Records and shall make the same available to the Agent or its designee
at a place selected by the Agent or its designee, and (B)&nbsp;segregate all cash, checks and other instruments received by it
from time to time constituting Collections in a manner acceptable to the Agent and shall, promptly upon receipt, remit all such
cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Agent or its designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Each of
the SPV and the Originators hereby authorizes the Agent, and irrevocably appoints the Agent as its attorney-in-fact with full power
of substitution and with full authority in the place and stead of the SPV or the Originators, as applicable, which appointment
is coupled with an interest, to take any and all steps in the name of the SPV or the Originators, as applicable, and on behalf
of the SPV or the Originators, as applicable, necessary or desirable, in the determination of the Agent, to collect any and all
amounts or portions thereof due under any and all Receivables or Related Security, including endorsing the name of the applicable
Originator on checks and other instruments representing Collections and enforcing such Receivables, Related Security and the related
Contracts. Notwithstanding anything to the contrary contained in this <U>subsection (b)</U>, none of the powers conferred upon
such attorney-in-fact pursuant to the immediately preceding sentence shall subject such attorney-in-fact to any liability if any
action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in
any manner whatsoever, in each case, other than actions resulting from the gross negligence or willful misconduct of such attorney-in-fact.
The Agent hereby agrees only to use such power of attorney following the occurrence and during the continuation of a Termination
Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.5&#9;<U>Servicer
Default</U>. The occurrence of any one or more of the following events shall constitute a &ldquo;<U>Servicer Default</U>&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;The Servicer
(i)&nbsp; fails to pay when and as required to be paid herein, any payment or deposit required to be made by it hereunder when
due within five&nbsp;(5) Business Days after the same becomes due, (ii) fails to observe or perform in any material respect any
term, covenant or agreement on the Servicer&rsquo;s part to be performed under <U>Sections 2.8</U> (<I>reports</I>), <U>2.12</U>
(<I>settlement procedures</I>), <U>6.1(a)</U> (<I>reporting requirements</I>), <U>6.1(b)</U> (<I>conduct of business; ownership</I>),
<U>6.1(f)</U> (<I>performance and compliance with receivables, contracts and credit and collection policy</I>), <U>6.1(h)</U> (<I>collections</I>),
<U>6.1(i)</U> (<I>collections received</I>), <U>6.2(a)</U> (<I>no sales, liens, etc.</I>), <U>6.2(c)</U> (<I>no change in credit
and collection polic</I>y), <U>6.2(d)</U> (<I>no subsidiaries, mergers, etc.</I>), <U>6.2(e)</U> (<I>change in payment instructions
to obligors</I>), or <U>6.2(f)</U> (<I>deposits to blocked accounts</I>) (any of the preceding parenthetical phrases in this <U>clause&nbsp;(ii)</U>
are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof) within
(A) two (2) Business Days with respect to <U>Section 2.8</U> or (B) within five&nbsp;(5) Business Days with respect to each other
Section after the earlier of the Servicer having received written notice of such failure from the Agent or actual knowledge of
a Responsible Officer of the Servicer or SPV or (iii)&nbsp; fails to observe or perform in any material respect any other term,
covenant or agreement hereunder or under any of the other Transaction Documents on its part to be performed or observed and such
failure continues for thirty&nbsp;(30) days after the earlier of the Servicer having received written notice of such failure from
the Agent or actual knowledge of a Responsible Officer of the Servicer or SPV; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;any representation,
warranty, certification or statement of fact made or deemed made by or on behalf of the Servicer herein or in any other Transaction
Document to which it is a party or in any document required to be delivered in connection herewith or therewith shall be false
in any material respect when made or deemed made; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)(i)&nbsp;the
Servicer (A)&nbsp;fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder (if any) and Indebtedness under Swap Contracts)
having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement)
of more than the Threshold Amount, or (B)&nbsp;fails to observe or perform any other agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the
effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent
on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become
due and payable or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay,
defease or redeem such Indebtedness to be made, in each case, prior to its stated maturity (<U>provided</U>, that this <U>clause
(B)</U> shall not apply to any Indebtedness that becomes due or subject to a mandatory offer to purchase as a result of a Disposition
of assets or change of control, if such Disposition or change of control is permitted or not restricted hereunder); or (ii)&nbsp;there
occurs under any Swap Contract an &ldquo;Early Termination Date&rdquo; (as defined in such Swap Contract) resulting from (A)&nbsp;any
event of default under such Swap Contract as to which the Servicer is the &ldquo;Defaulting Party&rdquo; (as defined in such Swap
Contract) or (B)&nbsp;any &ldquo;Termination Event&rdquo; (as so defined) under such Swap Contract as to which the Servicer is
an &ldquo;Affected Party&rdquo; (as so defined) and, in either event, the Swap Termination Value owed by the Servicer as a result
thereof, is greater than the Threshold Amount; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;there is
entered against the Servicer or any of its Subsidiaries a final judgment or order (or multiple related final judgments or orders)
for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent
not covered by independent third-party insurance as to which the insurer does not dispute coverage), and there is a period of more
than thirty (30) consecutive days (or such longer period of time permitted for the filing of a notice of appeal under applicable
law, not to exceed 60 consecutive days) during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise,
is not in effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;the Servicer
or any of its Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an
assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee,
custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person
and the appointment continues undischarged or unstayed for more than 60 consecutive calendar days; or any proceeding under any
Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent
of such Person and continues undismissed or unstayed for more than 60 consecutive calendar days, or an order for relief is entered
in any such proceeding; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;the occurrence
of a Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.6&#9;<U>Servicing
Fee</U>. The Servicer shall be paid a Servicing Fee in accordance with <U>2.12</U> and subject to the priorities therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.7&#9;<U>Protection
of Ownership Interest of the Investors</U>. Each of the Originators and the SPV agrees that it shall, from time to time, at its
expense, promptly execute and deliver all instruments and documents and take all actions as may be necessary or as the Agent may
reasonably request in order to perfect or protect all rights and interests of the Secured Parties with respect to the Portfolio
or to enable the Agent, the CF Agent, each Managing Agent or the Investors to exercise or enforce any of their respective rights
hereunder. Without limiting the foregoing, each of the Originators and the SPV shall, upon the request of the Agent, the CF Agent,
any Managing Agent or any of the Investors, in order to accurately reflect the transactions evidenced by the Transaction Documents,
(i)&nbsp;file such financing or continuation statements or amendments thereto or assignments thereof (as otherwise permitted to
be executed and filed pursuant hereto) as may be requested by the Agent, the CF Agent, any Managing Agent or any of the Investors
and (ii)&nbsp;mark its respective master data processing records and other documents with a legend describing the conveyance to
the Agent, for the benefit of the Secured Parties, of the Portfolio. Each of the Originators and the SPV shall, upon request of
the Agent, the CF Agent, any Managing Agent or any of the Investors, obtain such additional search reports as the Agent, the CF
Agent, any Managing Agent or any of the Investors shall request. To the fullest extent permitted by applicable law, the Agent is
hereby authorized to sign and file continuation statements and amendments thereto and assignments thereof without the SPV&rsquo;s
or any Originator&rsquo;s signature. Carbon, photographic or other reproduction of this Agreement or any financing statement shall
be sufficient as a financing statement. The SPV shall not change its name, identity or limited liability company structure nor
change its jurisdiction of formation unless it shall have: (A)&nbsp;given the Agent at least ten&nbsp;(10) days&rsquo; prior written
notice thereof and (B)&nbsp;prepared at the SPV&rsquo;s expense and delivered to the Agent all financing statements, instruments
and other documents necessary to preserve and protect the rights and interests of the Secured Parties in the Portfolio or requested
by the Agent in connection with such change. Any filings under the UCC or otherwise that are occasioned by such change shall be
made at the expense of the SPV.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VIII<BR>
<BR>
TERMINATION EVENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.1&#9;<U>Termination
Events</U>. The occurrence of any one or more of the following events shall constitute a &ldquo;<U>Termination Event</U>&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;any of the
SPV, any Originator or Colliers fails to pay (i)&nbsp;when and as required to be paid herein or under any other Transaction Document,
any payment or deposit, (ii)&nbsp;within five (5) Business Days after the same becomes due, any interest or any fee due hereunder
or under any other Transaction Document or (iii)&nbsp;within ten (10) days after written notice from the Agent, any other amount
payable hereunder or under any other Transaction Document; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;any representation,
warranty, certification or statement of fact made or deemed made by or on behalf of the SPV, any Originator or Colliers herein
or in any other Transaction Document to which it is a party or in any document required to be delivered in connection herewith
or therewith shall be false in any material respect when made or deemed made; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)(i) the
SPV fails to perform or observe in any material respect any term, covenant or agreement contained in any of <U>Section 6.1(a)</U>
or <U>Section&nbsp;6.2</U> within five (5)&nbsp;Business Days after the earlier of the SPV having received written notice of such
failure from the Agent or actual knowledge of a Responsible Officer of the SPV or Servicer; (ii) any of the SPV, any Originator
or Colliers fails to perform or observe in any material respect any other term, covenant or agreement (not specified in <U>subsection&nbsp;(a)</U>
or <U>(b)</U> above) contained in any Transaction Document on its part to be performed or observed and such failure continues for
thirty (30)&nbsp;days after the earlier of the SPV, such Originator or Colliers having received written notice of such failure
from the Agent or actual knowledge of a Responsible Officer of the SPV or Servicer; or (iii) the occurrence of a Trigger Event;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)(i) any
of Colliers, any Originator, any Originating Subsidiary or any of their respective Subsidiaries institutes or consents to the institution
of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents
to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for
all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for
more than 60 consecutive calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or
any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for more
than 60 consecutive calendar days, or an order for relief is entered in any such proceeding or (ii) (ii) the SPV institutes or
consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors;
or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer is appointed without the application or consent of such Person; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;the Agent,
on behalf of the Secured Parties, shall for any reason fail or cease to have a valid and enforceable perfected first priority ownership
or security interest in the Affected Assets, free and clear of any Adverse Claim, other than any Permitted Adverse Claim (it being
understood that the forgoing shall not apply to any Receivable subject to a Deemed Collection if all required amounts with respect
to such Receivable have been deposited into a Blocked Account when required hereunder); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;a Servicer
Default shall have occurred and be continuing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;the Net
Investment (as determined after giving effect to all distributions pursuant to this Agreement on such date) <U>plus</U> the Required
Reserves shall exceed the Net Pool Balance and such condition shall continue for more than two (2) Business Days after the earlier
of the SPV, such Originator or Colliers having received written notice thereof from the Agent or actual knowledge of a Responsible
Officer of the SPV or Servicer; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;the Three-Month
Default Ratio is greater than 3.50%; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(j)&#9;[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(k)&#9;Days Sales
Outstanding for any Calculation Period is greater than 65&nbsp;days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(l)(i)&nbsp;any
of the SPV, any Originator, any Originating Subsidiary or Colliers (A)&nbsp;fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder
and Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors under any
combined or syndicated credit arrangement) of more than the Threshold Amount, or (B)&nbsp;fails to observe or perform any other
agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders
of such Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, with the giving of notice if required,
such Indebtedness to be demanded or to become due and payable or to be repurchased, prepaid, defeased or redeemed (automatically
or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, in each case, prior to its stated
maturity (<U>provided</U>, that this <U>clause (B)</U> shall not apply to any Indebtedness that becomes due or subject to a mandatory
offer to purchase as a result of a Disposition of assets or change of control, if such Disposition or change of control is permitted
or not restricted hereunder); or (ii)&nbsp;there occurs under any Swap Contract an &ldquo;Early Termination Date&rdquo; (as defined
in such Swap Contract) resulting from (A)&nbsp;any event of default under such Swap Contract as to which the SPV, such Originator
or Colliers is the &ldquo;Defaulting Party&rdquo; (as defined in such Swap Contract) or (B)&nbsp;any &ldquo;Termination Event&rdquo;
(as so defined) under such Swap Contract as to which the SPV, such Originator or Colliers is an &ldquo;Affected Party&rdquo; (as
so defined) and, in either event, the Swap Termination Value owed by the SPV, such Originator or Colliers as a result thereof,
is greater than the Threshold Amount; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(m)(i)&nbsp;any
of the SPV, Colliers, any Originator, any Originating Subsidiary or the Servicer admits in writing its inability or fails generally
to pay its debts as they become due, or (ii)&nbsp;any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of (A) Colliers, any Originator, any Originating Subsidiary or the Servicer
that is not released, vacated or fully bonded within 60&nbsp;days after its issue or levy or (B) the SPV; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(n)&#9;any Originator
ceases selling Receivables to the SPV under the First Tier Agreement except in connection with an Originator Disposition provided
in accordance with <U>Section&nbsp;11.13</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(o)&#9;there shall
be a Change of Control; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(p)(i) Any
Pension Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver
of such standards or extension of any amortization period is sought or granted under section&nbsp;412(c) of the Code or Section&nbsp;433(d)
of the Code, respectively, (ii) a notice of intent to terminate&nbsp;any Pension Plan shall have been or is reasonably expected
to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee
to administer any Pension Plan or the PBGC shall have notified Colliers or any ERISA Affiliate of its intent to institute such
proceedings, (iii)&nbsp;there is any &ldquo;amount of unfunded benefit liabilities&rdquo; (within the meaning of section 4001(a)(18)
of ERISA) under one or more Pension Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of
accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S.
Plans allocable to such liabilities by more than 50%, (v)&nbsp;Colliers or any ERISA Affiliate shall have incurred or is reasonably
expected to incur any liability pursuant to Title&nbsp;I or IV of ERISA or the penalty or excise tax provisions of the Code relating
specifically to Pension Plans, (vi)&nbsp;Colliers or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) Colliers
or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner
that would materially increase the liability of Colliers or any Subsidiary thereunder, (viii) Colliers or any Subsidiary fails
to administer or maintain a Non-U.S. Plan in material compliance with the requirements of any and all applicable laws, statutes,
rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) Colliers or any Subsidiary
becomes subject to the imposition of a material financial penalty (which for this purpose shall mean a material tax, penalty or
other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events
described in clauses (i) through (ix) above, either individually or together with any other such event or events, could reasonably
be expected to have a Material Adverse Effect. As used in this Section&nbsp;11(k), the term &ldquo;<U>employee welfare benefit
plan</U>&rdquo; shall have the meaning assigned to such term in Section 3 of ERISA; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(q)&#9;any material
provision of this Agreement or any other Transaction Document to which an Originator, Colliers, the Servicer or the SPV is a party
shall cease to be in full force and effect or such Originator, Colliers, the Servicer or the SPV shall so state in writing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(r)&#9;there is
entered against Colliers, any Originator or any of their respective Subsidiaries a final judgment or order (or multiple related
final judgments or orders) for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold
Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), and
there is a period of more than thirty (30) consecutive days (or such longer period of time permitted for the filing of a notice
of appeal under applicable law, not to exceed 60 consecutive days) during which a stay of enforcement of such judgment, by reason
of a pending appeal or otherwise, is not in effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(s)&#9;there is
entered against the SPV (i)&nbsp;one or more final judgments or orders for the payment of money in an aggregate amount (as to all
such judgments and orders) exceeding $10,000, and such judgment is not paid within three&nbsp;(3) Business Days, or (ii)&nbsp;any
one or more non-monetary final judgments that have, or would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(t)&#9;the Aggregate
Unpaids are not reduced to zero within sixty (60) days after the occurrence of the Commitment Expiration Date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(u) &#9;the occurrence
of a &ldquo;Termination Event&rdquo; under and as defined in the CF Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.2&#9;<U>Termination</U>.
During the continuation of any Termination Event, the Agent may, or at the direction of the Majority Investors shall, by notice
to the SPV and the Servicer, declare the Termination Date to have occurred; <I><U>provided that</U></I> in the case of any event
described in <U>Section&nbsp;8.1(d)</U>, the Termination Date shall be deemed to have occurred automatically upon the occurrence
of such event. Upon any such declaration or automatic occurrence, the Agent shall have, in addition to all other rights and remedies
under this Agreement or otherwise, all other rights and remedies provided under the UCC of the applicable jurisdiction and other
applicable laws, all of which rights shall be cumulative.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IX<BR>
<BR>
INDEMNIFICATION; EXPENSES; RELATED MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;9.1&#9;<U>Indemnities
by the SPV</U>. Without limiting any other rights which the Indemnified Parties may have hereunder or under applicable Law, the
SPV hereby agrees to indemnify the Investors, the Agent, each Managing Agent, the Program Support Providers and their respective
officers, directors, employees, counsel and other agents (collectively, &ldquo;<U>Indemnified Parties</U>&rdquo;) from and against
any and all damages, losses, claims, liabilities, reasonable and documented out-of-pocket costs and related expenses, including
reasonable and documented out-of-pocket attorneys&rsquo; fees (excluding the allocated costs of internal counsel of the Indemnified
Parties) and disbursements (all of the foregoing being collectively referred to as &ldquo;<U>Indemnified Amounts</U>&rdquo;) awarded
against or incurred by any of them in any action or proceeding between the SPV and any of the Indemnified Parties or between any
of the Indemnified Parties and any third party, in each case arising out of or as a result of this Agreement, the other Transaction
Documents, the ownership or maintenance, either directly or indirectly, by the Agent, any Managing Agent or any Investor of the
Portfolio or any of the other transactions contemplated hereby or thereby, excluding, however, (i)&nbsp;Indemnified Amounts to
the extent resulting from gross negligence, willful misconduct or bad faith on the part of such Indemnified Party, as finally determined
by a court of competent jurisdiction, (ii)&nbsp;Indemnified Amounts to the extent resulting from a claim brought by the SPV, any
Originator, the Servicer or Colliers against an Indemnified Party for a breach of such Indemnified Party&rsquo;s representations,
warranties or covenants under a Transaction Document, (iii) recourse for uncollectible Receivables; or (iv)&nbsp;any Taxes which
are covered by <U>Section&nbsp;9.4</U> or any Excluded Taxes. Without limiting the generality of the foregoing, but subject to
the exclusions described in clauses (i), (ii) and (iii) of the preceding sentence, the SPV shall indemnify each Indemnified Party
for Indemnified Amounts relating to or resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;any representation
or warranty made by the SPV, Colliers, any Originator (including any Affiliate of any Originator in its capacity as the Servicer)
or any officers of the SPV, Colliers, any Originator (including, in its capacity as the Servicer or any Affiliate of an Originator
acting as Servicer) under or in connection with this Agreement, the First Tier Agreement, any of the other Transaction Documents,
any Servicer Report or any other information or report delivered by the SPV, the Servicer, Colliers or any Originator pursuant
hereto, or pursuant to any of the other Transaction Documents which shall have been incomplete, false or incorrect in any respect
when made or deemed made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;the failure
by the SPV, Colliers or any Originator (including, in its capacity as the Servicer or any Affiliate of an Originator acting as
Servicer) to comply with any applicable Law with respect to any Receivable or the related Contract, or the nonconformity of any
Receivable or the related Contract with any such applicable Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;the failure
(i)&nbsp;to vest and maintain vested in the Agent, on behalf of the Secured Parties, a first priority, perfected ownership interest
in the Portfolio free and clear of any Adverse Claim or (ii)&nbsp;to create or maintain a valid and perfected first priority security
interest in favor of the Agent, for the benefit of the Secured Parties, in the Affected Assets, free and clear of any Adverse Claim
(other than a Permitted Adverse Claim), in each case, other than as a result of actions of the Agent or any other Secured Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;the failure
by the SPV, Colliers, any Originator or the Servicer to file, or any delay in filing, financing statements, continuation statements,
or other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable laws with respect to
any of the Affected Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;any dispute,
claim, offset or defense (other than discharge in bankruptcy) of the Obligor to the payment of any Receivable (including a defense
based on such Receivable or the related Contract not being the legal, valid and binding obligation of such Obligor enforceable
against it in accordance with its terms), or any other claim resulting from the sale of merchandise or services related to such
Receivable or the furnishing or failure to furnish such merchandise or services, or from any breach or alleged breach of any provision
of the Receivables or the related Contracts restricting assignment of any Receivables;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;any failure
of the SPV or the Servicer to perform its duties or obligations in accordance with the provisions hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;any products
liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising
out of or in connection with merchandise or services which are the subject of any Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;the failure
by the SPV, Colliers or any of the Originators to comply with any term, provision or covenant contained in this Agreement or any
of the other Transaction Documents to which it is a party or to perform any of its respective duties or obligations under the Receivables
or related Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;the Aggregate
Net Investment <U>plus</U> the Required Reserves exceeding the Net Pool Balance at any time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(j)&#9;the failure
of the SPV or any Originator to pay when due any sales, excise or personal property taxes payable in connection with any of the
Receivables;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(k)&#9;any repayment
by any Indemnified Party of any amount previously distributed in reduction of Net Investment which such Indemnified Party believes
in good faith is required to be made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(l)&#9;the commingling
by the SPV, any Originator, Colliers or the Servicer of Collections at any time with any other funds (other than funds held in
trust for the benefit of the CF Agent pursuant to the terms of in this Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(m)&#9;any investigation,
litigation or proceeding related to this Agreement, any of the other Transaction Documents, the use of proceeds of Investments
by the SPV, Colliers or any Originator, the ownership of the Portfolio, or any Affected Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(n)&#9;failure
of any Blocked Account Bank to remit any amounts held in the Blocked Accounts or any related lock-boxes pursuant to the instructions
of the Servicer, the SPV, Colliers, any Originator or the Agent (to the extent such Person is entitled to give such instructions
in accordance with the terms hereof and of any applicable Blocked Account Agreement) whether by reason of the exercise of set-off
rights or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(o)&#9;any inability
to obtain any judgment in or utilize the court or other adjudication system of, any state in which an Obligor may be located as
a result of the failure of the SPV, the Servicer, Colliers or any Originator to qualify to do business or file any notice of business
activity report or any similar report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(p)&#9;any attempt
by any Person to void, rescind or set-aside any transfer by any Originator to the SPV of any Receivable or Related Security under
statutory provisions or common law or equitable action, including any provision of the Bankruptcy Code or other insolvency law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(q)&#9;any action
taken by the SPV, any Originator, Colliers or the Servicer (if the Servicer is an Originator or any Affiliate or designee of an
Originator) in the enforcement or collection of any Receivable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(r)&#9;the use
of the proceeds of any Investment or Reinvestment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(s)&#9;the transactions
contemplated hereby being characterized as other than debt for the purposes of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;9.2&#9;<U>Indemnities
by the Servicer</U>. Without limiting any other rights which the Servicer Indemnified Parties may have hereunder or under applicable
Law, the Servicer hereby agrees, to indemnify the Indemnified Parties and their successors, transferees and assigns and all officers,
directors, employees, counsel and other agents of any of the foregoing (collectively, &ldquo;<U>Servicer Indemnified Parties</U>&rdquo;)
from and against any and all damages, losses, claims, liabilities, reasonable and documented out-of-pocket costs and related expenses,
including reasonable and documented out-of-pocket attorneys&rsquo; fees and disbursements (excluding the allocated costs of internal
counsel of the Servicer Indemnified Parties) (all of the foregoing being collectively referred to as &ldquo;<U>Servicer Indemnified
Amounts</U>&rdquo;) awarded against or incurred by any of them in any action or proceeding between the Servicer and any of the
Servicer Indemnified Parties or between any of the Servicer Indemnified Parties and any third party or otherwise arising out or
as a result of this Agreement, the other Transaction Documents, the ownership or maintenance, either directly or indirectly, by
the Agent, any Managing Agent or any Investor of the Portfolio or any of the other transactions contemplated hereby or thereby,
excluding however, (i)&nbsp;Servicer Indemnified Amounts to the extent resulting from gross negligence, willful misconduct or bad
faith on the part of such Servicer Indemnified Party, as finally determined by a court of competent jurisdiction, (ii)&nbsp;recourse
(except as otherwise specifically provided in this Agreement) for uncollectible Receivables, (iii)&nbsp;any Taxes which are covered
by <U>Section&nbsp;9.4</U> or any Excluded Taxes, or (iv)&nbsp;a breach by such Servicer Indemnified Party of a representation,
warranty or covenant of such Servicer Indemnified Party under a Transaction Document. Without limiting the foregoing, but subject
to the exclusions described in clauses (i), (ii), (iii) and (iv) of the preceding sentence, the Servicer shall indemnify each Servicer
Indemnified Party for Servicer Indemnified Amounts relating to or resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;any representation
or warranty made by the Servicer or any of its officers under or in connection with this Agreement, any of the other Transaction
Documents, any Servicer Report or any other information or report delivered by the Servicer pursuant hereto, or pursuant to any
of the other Transaction Documents which shall have been incomplete, false or incorrect in any respect when made or confirmed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;the failure
by the Servicer to comply with any applicable Law with respect to any Receivable or the related Contract, or the nonconformity
of any Receivable or the related Contract with any such applicable Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;the failure
by the Servicer to file, or any delay in filing, financing statements, continuation statements, or other similar instruments or
documents under the UCC of any applicable jurisdiction or other applicable laws with respect to any of the Affected Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;any failure
of the Servicer to perform its duties or obligations in accordance with the provisions hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;the failure
by the Servicer to comply with any term, provision or covenant contained in this Agreement or any of the other Transaction Documents
to which it is a party or to perform any of its duties or obligations under the Receivables or related Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;the commingling
by the Servicer of Collections at any time with any other funds (other than Collections related to CF Receivables);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;any inability
to obtain any judgment in or utilize the court or other adjudication system of, any state in which an Obligor may be located as
a result of the failure of the Servicer to qualify to do business or file any notice of business activity report or any similar
report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;any dispute,
claim, offset or defense of an Obligor to the payment of any Receivable resulting from or related to the collection activities
of the Servicer in respect of such Receivable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;any action
taken by the Servicer in the enforcement or collection of any Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;9.3&#9;<U>Indemnity
for Taxes, Reserves and Expenses</U>. (a)&nbsp;If any Change in Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;shall subject any Indemnified
Party (or its applicable lending office) to any Taxes, duty or other charge (other than Taxes which are covered by <U>Section&nbsp;9.4</U>
or Excluded Taxes) with respect to this Agreement, the other Transaction Documents, the ownership, maintenance or financing of
the Portfolio, or payments of amounts due hereunder, or shall change the basis of taxation of payments to any Indemnified Party
of amounts payable in respect of this Agreement, the other Transaction Documents, the ownership, maintenance or financing of the
Portfolio, or payments of amounts due hereunder or its obligation to advance funds hereunder, under a Program Support Agreement
or the credit or liquidity support furnished by a Program Support Provider or otherwise in respect of this Agreement, the other
Transaction Documents, the ownership, maintenance or financing of the Portfolio (except for Taxes which are covered by <U>Section&nbsp;9.4</U>,
and the imposition or changes in the rate of any Excluded Tax imposed on such Indemnified Party);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;shall impose, modify
or deem applicable any reserve, special deposit or similar requirement (including any such requirement imposed by the Board of
Governors of the Federal Reserve System) against assets of, deposits with or for the account of, or credit extended by, any Indemnified
Party or shall impose on any Indemnified Party or on the United States market for certificates of deposit or the London interbank
market any other condition affecting this Agreement, the other Transaction Documents, the ownership, maintenance or financing of
the Portfolio, or payments of amounts due hereunder or its obligation to advance funds hereunder, under a Program Support Agreement
or the credit or liquidity support provided by a Program Support Provider or otherwise in respect of this Agreement, the other
Transaction Documents, or the ownership, maintenance or financing of the Portfolio (other than reserves already taken into account
in calculating the Eurodollar Reserve Percentage); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;shall impose upon
any Indemnified Party any other condition or expense (including any loss of margin, reasonable attorneys&rsquo; fees and expenses,
and expenses of litigation or preparation therefor in contesting any of the foregoing, but excluding Taxes and Excluded Taxes)
with respect to this Agreement, the other Transaction Documents, the ownership, maintenance or financing of the Portfolio, or payments
of amounts due hereunder or its obligation to advance funds hereunder or under a Program Support Agreement or the credit or liquidity
support furnished by a Program Support Provider or otherwise in respect of this Agreement, the other Transaction Documents, or
the ownership, maintenance or financing of the Portfolio,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the result of any of the foregoing
is to increase the cost to, or to reduce the amount of any sum received or receivable by, such Indemnified Party with respect to
this Agreement, the other Transaction Documents, the ownership, maintenance or financing of the Portfolio, the Receivables, the
obligations hereunder, the funding of any Investments hereunder or under a Program Support Agreement, by an amount deemed by such
Indemnified Party to be material, then, on the Settlement Date occurring at least ten&nbsp;(10) days after the demand by such Indemnified
Party through the applicable Managing Agent, the SPV shall pay to the applicable Managing Agent, for the benefit of such Indemnified
Party, such additional amount or amounts as will compensate such Indemnified Party for such increased cost or reduction suffered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;If any Indemnified
Party shall have determined that any Change in Law, has or would have the effect of reducing the rate of return on capital of such
Indemnified Party (or its parent) as a consequence of such Indemnified Party&rsquo;s obligations hereunder or with respect hereto
to a level below that which such Indemnified Party (or its parent) could have achieved but for such Change in Law (taking into
consideration its policies with respect to capital adequacy and liquidity) by an amount deemed by such Indemnified Party to be
material or requiring such Indemnified Party to maintain additional high quality liquid assets, then on the Settlement Date occurring
at least ten&nbsp;(10) days after demand, in the form of a notice as set forth in <U>clause&nbsp;(c)</U> below, by such Indemnified
Party through the Agent or the applicable Managing Agent, the SPV shall pay to the applicable Managing Agent, for the benefit of
such Indemnified Party, such additional amount or amounts as will compensate such Indemnified Party (or its parent) for such reduction
or any internally determined imputed cost of maintaining such high quality liquid assets, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;Each Indemnified
Party shall promptly notify the SPV in writing of any event of which it has knowledge, occurring after the date hereof, which will
entitle such Indemnified Party to compensation pursuant to this <U>Section&nbsp;9.3</U>; <I><U>provided that</U></I> no failure
to give or any delay in giving such notice shall affect the Indemnified Party&rsquo;s right to receive such compensation (unless
such failure or delay has the effect of materially increasing the amount of such compensation payable hereunder, in which case
such increased amount shall not be payable). A notice by the Agent or a Managing Agent on behalf of the applicable Indemnified
Party claiming compensation under this <U>Section&nbsp;9.3</U> and setting forth the additional amount or amounts to be paid to
it hereunder shall be conclusive in the absence of manifest error. In determining such amount, the Agent or any applicable Indemnified
Party may use any reasonable averaging and attributing methods. Any demand for compensation under this <U>Section&nbsp;9.3</U>
shall be accompanied by a certificate as to the amount requested which shall set forth a reasonably detailed calculation for such
requested amount. Notwithstanding anything in this Agreement to the contrary, the SPV shall not be obligated to make any payment
to any Indemnified Party under this <U>Section&nbsp;9.3</U> for any period more than one hundred eighty&nbsp;(180) days prior to
the date on which such Indemnified Party gives written notice to the SPV of its intent to request such payment under this <U>Section&nbsp;9.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;Notwithstanding
anything herein to the contrary, any indemnity payable under this <U>Section&nbsp;9.3</U> shall be payable by the SPV in accordance
with the priority of payments in <U>Section&nbsp;2.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.4&#9;<U>Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;All payments
and distributions made hereunder by the SPV, the Originators, Colliers or the Servicer (each, a &ldquo;<U>payor</U>&rdquo;) to
any Investor, any Managing Agent or any other Secured Party (each, a &ldquo;<U>Recipient</U>&rdquo;) shall be made free and clear
of and without deduction for any present or future income, excise, stamp or franchise taxes and any other taxes, fees, duties,
withholdings or other charges of any nature whatsoever imposed by any taxing authority on any Recipient (or any assignee of such
parties) but excluding Excluded Taxes (such non-excluded items being called &ldquo;<U>Taxes</U>&rdquo;). In the event that any
withholding or deduction from any payment made by the payor hereunder is required (as determined in the good faith discretion of
the payor) in respect of any Taxes, then such payor shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(i)&#9;pay directly to the
relevant authority the full amount required to be so withheld or deducted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(ii)&#9;promptly forward to
the applicable Managing Agent an official receipt or other documentation satisfactory to such Managing Agent evidencing such payment
to such authority; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(iii)&#9;pay to the Recipient
such additional amount or amounts as is necessary to ensure that the net amount actually received by the Recipient will equal the
full amount such Recipient would have received had no such withholding or deduction been required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, if any Taxes
are directly asserted against any recipient with respect to any payment received by such Recipient hereunder, the Recipient may
pay such Taxes and the payor will promptly pay, after written demand therefor by the Recipient, such additional amounts (including
any penalties interest or expenses, other than those arising from the gross negligence or willful misconduct of the Agent or the
recipient) as shall be necessary in order that the net amount received by the Recipient after the payment of such Taxes (including
any Taxes on such additional amount) shall equal the amount such recipient would have received had such Taxes not been asserted.
Any demand for compensation under this <U>Section&nbsp;9.4</U> shall be accompanied by a certificate as to the amount requested
which shall set forth a reasonably detailed calculation for such requested amount. Any demand by a Recipient under this <U>Section&nbsp;9.4</U>
shall be made no later than 360 days after the earlier of (i)&nbsp;the date on which the recipient pays such Taxes or (ii)&nbsp;the
date on which the relevant taxing authority makes written demand for payment of such Taxes by the Recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;If the payor
fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Recipient the required receipts or
other required documentary evidence, the payor shall indemnify the Recipient for any incremental Taxes, interest, or penalties
that may become payable by any Recipient as a result of any such failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;If any party
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this <U>Section 9.4</U> (including by the payment of additional amounts pursuant to this <U>Section 9.4</U>),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Official Body with respect to such refund).
Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Official Body) in the event that
such indemnified party is required to repay such refund to such Official Body. Notwithstanding anything to the contrary in this
paragraph, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;Each Investor
shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (i)
the Managing Agent against any Taxes attributable to such Investor (but only to the extent that the payor has not already indemnified
the Managing Agent for such Taxes and without limiting the obligation of payor to do so) and (ii) the Administrative Agent and
the payor, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent or payor in connection with any Transaction Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.5&#9;<U>Status
of Investors</U>. Any Investor that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the SPV is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder
or under any other Transaction Document shall deliver to the SPV (with a copy to the Agent), at the time or times prescribed by
applicable law or reasonably requested by the payor or the Agent, such properly completed and executed documentation prescribed
by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Investor, if requested by the SPV or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the SPV or the Agent as will enable the SPV or the Agent to determine whether or not such Investor is subject to backup
withholding or information reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Without limiting the
generality of the foregoing, each Recipient shall deliver to the SPV and the Agent (in such number of copies as shall be requested)
on or prior to the date on which such Recipient becomes a Recipient under this Agreement, whichever of the following is applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(A)&#9;any Recipient that is
a &ldquo;United States person&rdquo; as defined in Section 7701(a)(30) of the Code shall deliver to the SPV and the Agent on or
prior to the date on which such Recipient becomes a party to this Agreement (and from time to time thereafter upon the reasonable
request of the SPV or the Agent), executed originals of IRS Form W-9 certifying that such Recipient is exempt from U.S. federal
backup withholding tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(B)&#9;any Foreign Recipient
shall deliver to the SPV and the Agent (in such number of copies as shall be requested) on or prior to the date on which such Foreign
Recipient becomes a Recipient under this Agreement, whichever of the following is applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">(i)&#9;duly completed copies
of IRS Form W-8BEN or IRS Form W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States is
a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">(ii)&#9;duly completed copies
of IRS Form W-8ECI;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">(iii)&#9;in the case of a
Foreign Recipient claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x)&nbsp;a certificate
signed under penalties of perjury, in a form reasonably satisfactory to the payor, to the effect that such Foreign Recipient is
not (A)&nbsp;a &ldquo;bank&rdquo; within the meaning of section 881(c)(3)(A) of the Code, (B) a &ldquo;10 percent shareholder&rdquo;
of the payor within the meaning of section 881(c)(3)(B) of the Code, or (C) a &ldquo;controlled foreign corporation&rdquo; described
in section 881(c)(3)(C) of the Code and (y)&nbsp;duly completed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">(iv)&#9;any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed
together with such supplementary documentation as may be prescribed by applicable law to permit the payor to determine the withholding
or deduction required to be made; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">(C)&#9;if a payment made to
a Recipient under any Transaction Document would be subject to U.S. federal withholding tax imposed by FATCA if such Recipient
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Recipient shall deliver to the SPV and the Agent at the time or times prescribed by law and at
such time or times reasonably requested by the SPV or the Agent, such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the SPV or the Agent
as may be necessary for the SPV and the Agent to comply with their obligations under FATCA or to determine that such Recipient
has complied with such Recipient&rsquo;s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (C), &ldquo;FATCA&rdquo; shall include any amendments made to FATCA after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, each Recipient
shall deliver such forms and certificates promptly upon the obsolescence, expiration, or invalidity of any form or certificate
previously delivered by the Recipient. Each such Recipient shall promptly notify the payor and the Agent at any time it determines
that it is no longer in a position to provide any previously delivered certificate to the payor and the Agent (or any other form
of certification adopted by the United States taxing authorities for such purpose). Notwithstanding any other provision of this
<U>Section&nbsp;9.5</U>, a Recipient shall not be required to deliver any documentation pursuant to this <U>Section&nbsp;9.5</U>
that such Recipient is not legally able to deliver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.6&#9;<U>Other
Costs and Expenses; Breakage Costs</U>. (a)&nbsp;The SPV agrees, upon receipt of a written invoice, to pay or cause to be paid,
and to hold the Investors, the Agent and each Managing Agent harmless against liability for the payment of, all reasonable and
documented out-of-pocket expenses (including Chapman and Cutler LLP&rsquo;s and McCarthy T&eacute;trault LLP&rsquo;s, or any other
single U.S. and single Canadian law firm&rsquo;s, accountants&rsquo;, rating agency&rsquo;s and other third parties&rsquo; fees
and expenses, any filing fees and expenses incurred by officers or employees of any Investor, the Agent and each Managing Agent)
or intangible, documentary or recording taxes incurred by or on behalf of any Investor, the Agent and any Managing Agent (i)&nbsp;in
connection with the preparation, negotiation, execution and delivery of this Agreement, the other Transaction Documents and any
documents or instruments delivered pursuant hereto and thereto and the transactions contemplated hereby or thereby (including the
perfection or protection of the Portfolio) and (ii)&nbsp;from time to time (A)&nbsp;relating to any amendments, waivers or consents
under this Agreement and the other Transaction Documents, (B)&nbsp;arising in connection with the Agent&rsquo;s, any Investor&rsquo;s
or any Managing Agent&rsquo;s reasonable review or analysis of its legal rights and duties under the Transaction Documents or enforcement
or preservation of such rights (including the perfection and protection of the Portfolio under this Agreement), or (C)&nbsp;arising
in connection with any audit, dispute, disagreement, litigation or preparation for litigation involving this Agreement or any of
the other Transaction Documents as reasonably necessary for the enforcement or preservation of Agent&rsquo;s, any Investor&rsquo;s
or any Managing Agent&rsquo;s legal rights under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;The SPV
shall pay the Managing Agents for the account of the Investors, as applicable, on demand, such amount or amounts as shall compensate
the Investors for any loss (including loss of profit), cost or expense incurred by the Investors (as reasonably determined by its
Managing Agent) as a result of any reduction of any Rate Tranche other than on the maturity date of the Commercial Paper (or other
financing source) funding such Rate Tranche, such compensation to be (i)&nbsp;limited to an amount equal to any loss or expense
suffered by the Investors during the period from the date of receipt of such repayment to (but excluding) the maturity date of
such Commercial Paper (or other financing source) and (ii)&nbsp;net of the income, if any, received by the recipient of such reductions
from investing the proceeds of such reductions of such Rate Tranche. The determination by any Managing Agent of the amount of any
such loss or expense shall be set forth in a written notice to the SPV in reasonable detail and shall be conclusive, absent manifest
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.7&#9;<U>Mitigation
Obligations</U>. If any Investor requests compensation under <U>Section&nbsp;9.3</U>, or a payor is required to pay any additional
amount to any Investor (or any Official Body for the account of any Investor) pursuant to <U>Section&nbsp;9.4</U>, then such Investor
shall use reasonable efforts to designate a different Funding Office for funding or booking its Investment hereunder or to assign
its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Investor, such
designation or assignment (i)&nbsp;would eliminate or reduce amounts payable pursuant to <U>Section&nbsp;9.3 or 9.4</U>, as the
case may be, in the future, and (ii)&nbsp;in each case, would not subject such Investor to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Investor. The SPV hereby agrees to pay all reasonable costs and expenses incurred
by any Investor in connection with any such designation or assignment.</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;X<BR>
<BR>
THE AGENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.1&#9;<U>Appointment
and Authorization of Agent</U>. Each Secured Party hereby irrevocably appoints, designates and authorizes the Agent and its applicable
Managing Agent to take such action on its behalf under the provisions of this Agreement and each other Transaction Document and
to exercise such powers and perform such duties as are expressly delegated to such Agent or Managing Agent, as applicable, by the
terms of this Agreement and any other Transaction Document, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Transaction Document, no Agent
or Managing Agent shall have any duties or responsibilities except those expressly set forth in this Agreement, nor shall the Agent
or any Managing Agent have or be deemed to have any fiduciary relationship with any Investor or other Secured Party, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Transaction
Document or otherwise exist against any Agent or Managing Agent. Without limiting the generality of the foregoing sentence, the
use of the term &ldquo;agent&rdquo; in this Agreement with reference to any Agent or Managing Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term
is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.2&#9;<U>Delegation
of Duties</U>. The Agent and each Managing Agent may execute any of its duties under this Agreement or any other Transaction Document
by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. Neither the Agent nor any Managing Agent shall be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects with reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.3&#9;<U>Liability
of Agents and Managing Agents</U>. No Agent-Related Person shall (a)&nbsp;be liable for any action taken or omitted to be taken
by any of them under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby
(except for its own gross negligence or willful misconduct), or (b)&nbsp;be responsible in any manner to any Secured Party for
any recital, statement, representation or warranty made by the SPV, any Originator, Colliers or the Servicer, or any officer thereof,
contained in this Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred
to or provided for in, or received by the Agent or such Managing Agent under or in connection with, this Agreement or any other
Transaction Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other
Transaction Document, or for any failure of the SPV, any Originator, Colliers, the Servicer or any other party to any Transaction
Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Secured
Party to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement or any other Transaction Document, or to inspect the properties, books or records of the SPV, any Originator, Colliers,
the Servicer or any of their respective Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.4&#9;<U>Reliance
by Agent</U>. (a)&nbsp;The Agent and each Managing Agent shall be entitled to rely, and shall be fully protected in relying, upon
any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement
or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by or on behalf
of the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the SPV, any Originator,
Colliers and the Servicer), independent accountants and other experts selected by the Agent or such Managing Agent. The Agent and
each Managing Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Transaction
Document unless it shall first receive such advice or concurrence of the Managing Agents or the Investors in its Investor Group,
as applicable, as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Investors
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
The Agent and each Managing Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement
or any other Transaction Document in accordance with a request or consent of the Managing Agents or the Investors in its Investor
Group, as applicable, or, if required hereunder, all Investors and such request and any action taken or failure to act pursuant
thereto shall be binding upon all of the Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;For purposes
of determining compliance with the conditions specified in <U>Article&nbsp;V</U> on the Closing Date, each Investor that has executed
this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
either sent by the Agent or the Managing Agent to such Investor for consent, approval, acceptance or satisfaction, or required
thereunder to be consented to or approved by or acceptable or satisfactory to such Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.5&#9;<U>Notice
of Termination Event, Potential Termination Event or Servicer Default</U>. Neither the Agent nor any Managing Agent shall be deemed
to have knowledge or notice of the occurrence of a Potential Termination Event, a Termination Event or a Servicer Default, unless
it has received written notice from an Investor or the SPV referring to this Agreement, describing such Potential Termination Event,
Termination Event or Servicer Default and stating that such notice is a &ldquo;Notice of Termination Event or Potential Termination
Event&rdquo; or &ldquo;Notice of Servicer Default,&rdquo; as applicable. Each Managing Agent will notify the Investors in its Investor
Group of its receipt of any such notice. The Agent and each Managing Agent shall (subject to <U>Section&nbsp;10.4</U>) take such
action with respect to such Potential Termination Event, Termination Event or Servicer Default as may be requested by the Managing
Agents (or its Investors in its Investor Group), <I><U>provided that</U></I>, unless and until the Agent shall have received any
such request, the Agent (or Managing Agent) may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Potential Termination Event, Termination Event or Servicer Default as it shall deem advisable or in the best
interest of the Secured Parties or Investors, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.6&#9;<U>Credit
Decision; Disclosure of Information by the Agent</U>. Each Secured Party acknowledges that none of the Agent-Related Persons has
made any representation or warranty to it, and that no act by the Agent or any Managing Agent hereinafter taken, including any
consent to and acceptance of any assignment or review of the affairs of the SPV, the Servicer, Colliers, the Originators or any
of their respective Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any
Secured Party as to any matter, including whether the Agent-Related Persons have disclosed material information in their possession.
Each Secured Party, including any Investor by assignment, represents to the Agent and its Managing Agent that it has, independently
and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness
of the SPV, the Servicer, each Originator, Colliers or their respective Affiliates, and all applicable bank regulatory laws relating
to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the SPV
hereunder. Each Secured Party also represents that it shall, independently and without reliance upon any Agent-Related Person and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under this Agreement and the other Transaction Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of the SPV, the Servicer, Colliers or the Originators. Except for notices, reports and other documents expressly herein required
to be furnished to the Security Parties by the Agent or any Managing Agent herein, neither the Agent nor any Managing Agent shall
have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of the SPV, the Servicer, Colliers, any Originator or their
respective Affiliates which may come into the possession of any of the Agent-Related Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.7&#9;<U>Indemnification
of the Agent</U>. Whether or not the transactions contemplated hereby are consummated, the Committed Investors (or the Committed
Investors in the applicable Investor Group) shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed
by or on behalf of the SPV and without limiting the obligation of the SPV to do so), <U>pro rata</U>, and hold harmless each Agent-Related
Person from and against any and all Indemnified Amounts incurred by it; <I><U>provided that</U></I> no Committed Investor shall
be liable for the payment to any Agent-Related Person of any portion of such Indemnified Amounts resulting from such Person&rsquo;s
gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction; <I><U>provided that</U></I>
no action taken by Agent (or any Managing Agent) in accordance with the directions of the Managing Agents (or the Investors in
its Investor Group) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without
limitation of the foregoing, each Investor shall reimburse its Managing Agent and the Agent upon demand for its ratable share of
any costs or out-of-pocket expenses (including attorney&rsquo;s fees) incurred in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement, any other Transaction Document, or any document contemplated
by or referred to herein, to the extent that the Agent or such Managing Agent is not reimbursed for such expenses by or on behalf
of the SPV. The undertaking in this Section&nbsp;shall survive payment on the Final Payout Date and the resignation or replacement
of the Agent or such Managing Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.8&#9;<U>Agent
in Individual Capacity</U>. The Agent and each Managing Agent (and any successor thereto in such capacity) and its Affiliates may
make loans to, issue letters of credit for the account of, accept deposits from, acquire Equity Interests in and generally engage
in any kind of banking, trust, financial advisory, underwriting or other business with any of the SPV, the Originators, Colliers,
the Servicer, or any of their Subsidiaries or Affiliates as though it were not the Agent, a Managing Agent or an Investor hereunder,
as applicable, and without notice to or consent of the Secured Parties. The Secured Parties acknowledge that, pursuant to such
activities, any such Person or its Affiliates may receive information regarding the SPV, the Originators, Colliers, the Servicer
or their respective Affiliates (including information that may be subject to confidentiality obligations in favor of such Person)
and acknowledge that the Agent shall be under no obligation to provide such information to them. With respect to its Commitment,
the Agent and each Managing Agent (and any successor thereto in such capacity) in its capacity as a Committed Investor hereunder
shall have the same rights and powers under this Agreement as any other Committed Investor and may exercise the same as though
it were not the Agent, a Managing Agent or a Committed Investor, as applicable, and the term &ldquo;Committed Investor&rdquo; or
&ldquo;Committed Investors&rdquo; shall, unless the context otherwise indicates, include the Agent and each Managing Agent in its
individual capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.9&#9;<U>Resignation
of Agents</U>. The Agent or any Managing Agent may resign upon thirty (30) days&rsquo; notice to the applicable Investors. If the
Agent resigns hereunder, it must also resign as CF Agent, and the same entity must be approved as Agent and CF Agent. If the Agent
resigns under this Agreement, the Majority Investors shall appoint from among the Committed Investors a successor agent for the
Secured Parties. If no successor agent is appointed prior to the effective date of the resignation of the Agent, the Agent may
appoint, after consulting with the Investors, a successor agent from among the Committed Investors. Upon the acceptance of its
appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring
Agent and the term &ldquo;Agent&rdquo; shall mean such successor agent and the retiring Agent&rsquo;s appointment, powers and duties
as Agent shall be terminated. After any retiring Agent&rsquo;s resignation hereunder as Agent, the provisions of this <U>Section&nbsp;10.9</U>
and <U>Sections 10.3</U> and <U>10.7 </U>shall inure to its benefit as to any actions taken or omitted to be taken by it while
it was the Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is thirty (30)
days following a retiring Agent&rsquo;s notice of resignation, the retiring Agent&rsquo;s resignation shall nevertheless thereupon
become effective and the Committed Investors shall perform all of the duties of the Agent hereunder until such time, if any, as
the Majority Investors appoint a successor agent as provided for above. If a Managing Agent resigns under this Agreement, the Investors
in such Investor Group shall appoint a successor agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.10&#9;<U>Payments
by the Agent</U>. Unless specifically allocated to a Committed Investor pursuant to the terms of this Agreement, all amounts received
by the Agent or a Managing Agent on behalf of the Investors shall be paid to the applicable Managing Agent or Investors <U>pro
rata</U> in accordance with amounts then due on the Business Day received, unless such amounts are received after 1:00 p.m. on
such Business Day, in which case the applicable agent shall use its reasonable efforts to pay such amounts on such Business Day,
but, in any event, shall pay such amounts not later than the following Business Day.</P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;XI<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.1&#9;<U>Term
of Agreement</U>. This Agreement shall terminate on the Final Payout Date; <I><U>provided that</U></I> (i)&nbsp;the rights and
remedies of the Agent, the Managing Agents, the Investors and the other Secured Parties with respect to any representation and
warranty made or deemed to be made by the SPV, the Originators, Colliers or the Servicer pursuant to this Agreement, (ii)&nbsp;the
indemnification and payment provisions of <U>Article&nbsp;IX</U>, (iii)&nbsp;the provisions of <U>Section 2.6</U>, and <U>Section&nbsp;10.7</U>
and (iv)&nbsp;the agreements set forth in <U>Sections 11.11</U> and <U>11.12</U>, shall be continuing and shall survive any termination
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.2&#9;<U>Waivers;
Amendments</U>. (a)&nbsp;No failure or delay on the part of the Agent, any Managing Agent, the Investors or any Committed Investor
in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right
or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Any provision
of this Agreement or any other Transaction Document may be amended or waived if, but only if, such amendment or waiver is in writing
and is signed by the SPV, the Originators, Colliers, the Servicer (but only with respect to the provisions applicable to it), the
Agent and each Committed Investor directly affected thereby; <I><U>provided that</U></I> the signature of the SPV and the Originators
shall not be required for the effectiveness of any amendment which modifies the representations, warranties, covenants or responsibilities
of the Servicer at any time when the Servicer is not an Originator or any Affiliate of an Originator or a successor Servicer is
designated pursuant to <U>Section&nbsp;7.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.3&#9;<U>Notices;
Payment Information</U>. Except as provided below, all communications and notices provided for hereunder shall be in writing (including
facsimile, email or other electronic transmission or similar writing) and shall be given to the other party at its address, facsimile
number or email address set forth in <U>Schedule 11.3</U> or at such other address, facsimile number or email address as such party
may hereafter specify for the purposes of notice to such party. Each such notice or other communication shall be effective (i)&nbsp;if
given by facsimile, when such facsimile is transmitted to the facsimile number specified in <U>Schedule 11.3</U> and confirmation
is received, (ii)&nbsp;if given by mail, three (3)&nbsp;Business Days following such posting, if postage prepaid, and if sent via
U.S.&nbsp;certified or registered mail, (iii)&nbsp;if given by overnight courier, one (1)&nbsp;Business Day after deposit thereof
with a national overnight courier service, (iv)&nbsp;if given by email, when such email is transmitted to the email address specified
in <U>Schedule 11.3</U>, or (v)&nbsp;if given by any other means, when received at the address specified in this <U>Section&nbsp;11.3</U>,
<I><U>provided that</U></I> an Investment Request shall only be effective upon receipt by the Managing Agents. However, anything
in this <U>Section&nbsp;11.3</U> to the contrary notwithstanding, the SPV hereby authorizes the Agent and the Managing Agents to
make investments in Eligible Investments and to make Investments based on telephonic notices made by any Person which the Agent
or the Managing Agents in good faith believe to be acting on behalf of the SPV. The SPV agrees to deliver promptly to the Agent
or the Managing Agents a written confirmation of each telephonic notice signed by an authorized officer of SPV. However, the absence
of such confirmation shall not affect the validity of such notice. If the written confirmation differs in any material respect
from the action taken by the Agent or the Investors, the records of the Agent or the Managing Agents shall govern.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.4&#9;<U>Governing
Law; Submission to Jurisdiction; Appointment of Service Agent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;<B>THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW&nbsp;YORK</B>. EACH OF THE SPV, THE
ORIGINATORS, THE SERVICER, THE AGENT AND THE INVESTORS HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW&nbsp;YORK AND OF ANY NEW&nbsp;YORK STATE COURT SITTING IN THE CITY OF NEW&nbsp;YORK FOR
PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH OF THE SPV, THE SERVICER, THE ORIGINATORS, THE AGENT AND THE INVESTORS HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. NOTHING IN THIS <U>SECTION 11.4</U> SHALL AFFECT THE RIGHT OF THE SECURED PARTIES TO BRING ANY ACTION
OR PROCEEDING AGAINST ANY OF THE SPV, THE ORIGINATOR OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER
JURISDICTIONS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;EACH OF
THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT
OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION
WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.5&#9;<U>Integration</U>.
This Agreement and the other Transaction Documents contain the final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter hereof and shall constitute the entire Agreement among the parties hereto with respect
to the subject matter hereof superseding all prior oral or written understandings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.6&#9;<U>Severability
of Provisions</U>. If any one or more of the provisions of this Agreement shall for any reason whatsoever be held invalid, then
such provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the validity
or enforceability of such other provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.7&#9;<U>Counterparts;
Facsimile Delivery</U>.&#9;This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same Agreement. Delivery by facsimile of an executed signature page of this Agreement shall be effective as delivery
of an executed counterpart hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.8&#9;<U>Successors
and Assigns; Binding Effect</U>. (a)&nbsp;This Agreement shall be binding on the parties hereto and their respective successors
and assigns; <I><U>provided that</U></I>, except as provided in <U>Section&nbsp;7.1</U>, none of the SPV, the Servicer, Colliers
or the Originators may assign any of its rights or delegate any of its duties hereunder or under the First Tier Agreement or under
any of the other Transaction Documents to which it is a party without the prior written consent of each Managing Agent. Except
as provided in <U>clause (b)</U> below, no provision of this Agreement shall in any manner restrict the ability of any Investor
to assign, participate, grant security interests in, or otherwise transfer any portion of the Portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Any Committed
Investor that is in compliance in all material respects with its obligations hereunder may assign all or any portion of its Commitment
and its interest in the Net Investment, the Portfolio and its other rights and obligations hereunder to any Person with the written
approval of the applicable Managing Agent (such consent not to be unreasonably withheld), on behalf of its Conduit Investor, and
the applicable Managing Agent (such consent not to be unreasonably withheld) and, if no Termination Event is continuing, with the
consent of the SPV (such consent not to be unreasonably withheld). In connection with any such assignment, the assignor shall deliver
to the assignee(s) an Assignment and Assumption Agreement, duly executed, assigning to such assignee a <U>pro rata</U> interest
in such assignor&rsquo;s Commitment and other obligations hereunder and in the Net Investment, the Portfolio and other rights hereunder,
and such assignor shall promptly execute and deliver all further instruments and documents, and take all further action, that the
assignee may reasonably request, in order to protect, or more fully evidence, the assignee&rsquo;s right, title and interest in
and to such interest and to enable the Agent, on behalf of such assignee, to exercise or enforce any rights hereunder and under
the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party. Upon any such
assignment, (i)&nbsp;the assignee shall have all of the rights and obligations of the assignor hereunder and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party with respect to such portion of assignor&rsquo;s
Commitment and interest in the Net Investment and the Portfolio for all purposes of this Agreement and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party and (ii)&nbsp;the assignor shall have
no further obligations with respect to the portion of its Commitment which has been assigned and shall relinquish its rights with
respect to the portion of its interest in the Net Investment and the Portfolio which has been assigned for all purposes of this
Agreement and under the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party.
No such assignment shall be effective unless a fully executed copy of the related Assignment and Assumption Agreement shall be
delivered to the Agent and the SPV. In addition, if the assignee is not already an Investor, such assignee shall deliver to the
Agent, the SPV and the Servicer, all applicable tax documentation (whether pursuant to <U>Section&nbsp;9.5</U> or otherwise) requested
by the Agent, the SPV or the Servicer. All costs and expenses of the Agent incurred in connection with any assignment hereunder
shall be borne by the assignee. Any Commitment Investor making an assignment hereunder shall also make a proportionate assignment
of its CF Commitment and its interest in the CF Net Investment, the CF Portfolio and its other rights and obligations under the
CF Facility to same entity or entities in accordance with <U>Section 11.8(b)</U> thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;By executing
and delivering an Assignment and Assumption Agreement, the assignor and assignee thereunder confirm to and agree with each other
and the other parties hereto as follows: (i)&nbsp;other than as provided in such Assignment and Assumption Agreement, the assignor
makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement, the other Transaction Documents or any other instrument or document furnished pursuant
hereto or thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value or this Agreement, the
other Transaction Documents or any such other instrument or document; (ii)&nbsp;the assignor makes no representation or warranty
and assumes no responsibility with respect to the financial condition of the SPV, any Originator, Colliers or the Servicer or the
performance or observance by the SPV, any Originator, Colliers or the Servicer of any of their respective obligations under this
Agreement, the First Tier Agreement, the other Transaction Documents or any other instrument or document furnished pursuant hereto;
(iii)&nbsp;such assignee confirms that it has received a copy of this Agreement, the First Tier Agreement, each other Transaction
Document and such other instruments, documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Assumption Agreement and to purchase such interest; (iv)&nbsp;such assignee will, independently
and without reliance upon the Agent, any Managing Agent, any Investor or any of their Affiliates, or the assignor and based on
such agreements, documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under this Agreement and the other Transaction Documents; (v)&nbsp;such assignee appoints and authorizes
the Agent and its Managing Agent to take such action as agent on its behalf and to exercise such powers under this Agreement, the
other Transaction Documents and any other instrument or document furnished pursuant hereto or thereto as are delegated to the Agent
or its Managing Agent, as applicable, by the terms hereof or thereof, together with such powers as are reasonably incidental thereto
and to enforce its respective rights and interests in and under this Agreement, the other Transaction Documents and the Affected
Assets; (vi)&nbsp;such assignee agrees that it will perform in accordance with their terms all of the obligations which by the
terms of this Agreement and the other Transaction Documents are required to be performed by it as the assignee of the assignor;
and (vii)&nbsp;such assignee agrees that it will not institute against any Conduit Investor any proceeding of the type referred
to in <U>Section&nbsp;11.11</U> prior to the date which is one (1)&nbsp;year and one (1)&nbsp;day after the payment in full of
all Commercial Paper of such Conduit Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;Without
limiting the foregoing, a Conduit Investor may, from time to time, with prior or concurrent notice to the SPV and the Servicer,
in one transaction or a series of transactions, assign all or a portion of the Net Investment and its rights and obligations under
this Agreement and any other Transaction Documents to which it is a party to a Conduit Assignee with commercial paper notes rated
at least A-1 by S&amp;P or P-1 by Moody&rsquo;s. Any Conduit Investor making an assignment pursuant to the preceding sentence shall
make a proportionate assignment of its CF Net Investment and its rights and obligations under the CF Facility and related documents
to the same Conduit Assignee pursuant to <U>Section 11.8(d)</U> thereof. Upon and to the extent of such assignment by a Conduit
Investor to a Conduit Assignee, (i)&nbsp;such Conduit Assignee shall be the owner of the assigned portion of the Net Investment,
(ii)&nbsp;the related Managing Agent for such Conduit Assignee will act as the Managing Agent for such Conduit Assignee, with all
corresponding rights and powers, express or implied, granted to the Managing Agent hereunder or under the other Transaction Documents,
(iii)&nbsp;such Conduit Assignee (and any related commercial paper issuer, if such Conduit Assignee does not itself issue commercial
paper) and their respective liquidity support provider(s) and credit support provider(s) and other related parties shall have the
benefit of all the rights and protections provided to the Conduit Investor and its Program Support Provider(s) herein and in the
other Transaction Documents (including any limitation on recourse against such Conduit Assignee or related parties, any agreement
not to file or join in the filing of a petition to commence an insolvency proceeding against such Conduit Assignee, and the right
to assign to another Conduit Assignee as provided in this paragraph), (iv)&nbsp;such Conduit Assignee shall assume all (or the
assigned or assumed portion) of the Conduit Investor&rsquo;s obligations, if any, hereunder or any other Transaction Document,
and the Conduit Investor shall be released from such obligations, in each case to the extent of such assignment, and the obligations
of the Conduit Investor and such Conduit Assignee shall be several and not joint, (v)&nbsp;all distributions in respect of the
Net Investment shall be made to the applicable Managing Agent, on behalf of the Conduit Investor and such Conduit Assignee on a
<U>pro rata</U> basis according to their respective interests, (vi)&nbsp;the definition of the term &ldquo;CP Rate&rdquo; with
respect to the portion of the Net Investment funded with commercial paper issued by the Conduit Investor from time to time shall
be determined in the manner set forth in the definition of &ldquo;CP Rate&rdquo; applicable to the Conduit Investor on the basis
of the interest rate or discount applicable to commercial paper issued by such Conduit Assignee (or the related commercial paper
issuer, if such Conduit Assignee does not itself issue commercial paper) rather than the Conduit Investor, (vii)&nbsp;the defined
terms and other terms and provisions of this Agreement and the other Transaction Documents shall be interpreted in accordance with
the foregoing, (viii)&nbsp;the Conduit Assignee, if it shall not be an Investor already, shall deliver to the Agent, the SPV and
the Servicer, all applicable tax documentation reasonably requested by the Agent, the SPV or the Servicer and (ix)&nbsp;if requested
by the related Managing Agent with respect to the Conduit Assignee, the parties will execute and deliver such further agreements
and documents and take such other actions as the related Managing Agent may reasonably request to evidence and give effect to the
foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(e)&#9;[<U>Reserved</U>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(f)&#9;Each of
the SPV, the Servicer and the Originators hereby agrees and consents to the assignment by any Conduit Investor from time to time
pursuant to this <U>Section 11.8 </U>of all or any part of its rights under, interest in and title to this Agreement and the Portfolio
to any Program Support Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(g)&#9;The Agent
shall, on behalf of the SPV, maintain at its address referred to in <U>Section&nbsp;11.3</U> a copy of each Assignment and Assumption
Agreement delivered to it and a register (the &ldquo;<U>Register</U>&rdquo;) on or in which it will record the names and addresses
of the Investors and assignees, and the Commitments of, and interest in the Net Investment (and rights to payment of Yield) of
each Investor and assignee from time to time. The entries in the Register shall be conclusive, in the absence of manifest error,
and the SPV, the Agent, and the Secured Parties shall treat each person whose name is recorded in the Register as the owner of
the interest in the Net Investment recorded therein for all purposes of this Agreement. Any assignment of any Commitment and interest
in the Net Investment and Portfolio shall be effective only upon appropriate entries with respect thereto being made in the Register.
The Agent will make the Register available to the SPV and any Investor (with respect to any entry relating to such Investor) at
any reasonable time and from time to time upon reasonable prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(h)&#9;Notwithstanding
any other provision of this Agreement to the contrary, any Investor may at any time pledge or grant a security interest in all
or any portion of its rights (including any portion of the Net Investment and any rights to payment of the outstanding Net Investment
and Yield) under this Agreement (i) to secure obligations of such Investor to a Federal Reserve Bank, without notice to or consent
of the Originators, the SPV, Colliers or the Agent or (ii)&nbsp;with respect to a Conduit Investor, to a collateral trustee for
the benefit of the holders of its Commercial Paper, its Program Support Providers and service providers; <I><U>provided that</U></I>
no such pledge or grant of a security interest shall release an Investor from any of its obligations hereunder, or substitute any
such pledgee or grantee for such Investor as a party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(i)&#9;Notwithstanding
any provision in this Agreement to the contrary, the Agent and Investors may freely transfer, sell or assign their rights in the
Portfolio, or any particular Receivable and its Affected Assets, acquired by them pursuant to this Agreement, at any time in their
discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.9&#9;<U>Waiver
of Confidentiality</U>. Each of the SPV, the Servicer and the Originators hereby consents to the disclosure of any non-public information
with respect to it received by the Agent, any Managing Agent or any Investor to any other Investor or potential Investor, any Managing
Agent, any nationally recognized statistical rating organization rating a Conduit Investor&rsquo;s Commercial Paper, any dealer
or placement agent of or depositary for the Conduit Investor&rsquo;s Commercial Paper, any Program Support Provider, any credit/financing
provider to any Conduit Investor or any of such Person&rsquo;s counsel or accountants in relation to this Agreement or any other
Transaction Document if they agree to hold it confidential pursuant to a written agreement of confidentiality in form and substance
reasonably satisfactory to the SPV. Subject to the forgoing, the Agent, the Managing Agents, the Investors and the Program Support
Providers hereby agree to maintain the confidentiality of any non-public information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.10&#9;<U>Confidentiality
Agreement</U>. Each of the Agent, the Managing Agents, the Investors and the Program Support Providers agrees to maintain the confidentiality
of the Information (as defined below), except that Information may be disclosed (a)&nbsp;to its Affiliates and to its related parties
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential), (b)&nbsp;to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its related parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c)&nbsp;to the extent required by applicable Laws or regulations or by any subpoena or
similar legal process (in which case, to the extent permitted by law, the party in receipt of such request shall promptly inform
the SPV in advance other than in connection with any routine examination of the Agent, such Managing Agent, such Investor or such
Program Support Provider), (d)&nbsp;other than as provided in <U>clause&nbsp;(a)</U> above, to any other party hereto, (e)&nbsp;in
connection with the exercise of any remedies hereunder or under any other Transaction Document or any action or proceeding relating
to this Agreement or any other Transaction Document or the enforcement of rights hereunder or thereunder, (f)&nbsp;subject to an
agreement (of which the SPV, the Servicer, any Originator or Colliers is an express third-party beneficiary) containing provisions
substantially the same as those of this Section, to (i)&nbsp;any assignee of or participant in, or any prospective assignee of
or participant in, any of its rights and obligations under this Agreement or any assignee invited to be an Investor pursuant to
<U>Section&nbsp;11.8</U> or (ii)&nbsp;any actual or prospective party (or its related parties) to any swap, derivative or other
transaction under which payments are to be made by reference to any of the SPV, the Servicer, an Originator or Colliers and its
obligations, this Agreement or payments hereunder, (g)&nbsp;on a confidential basis to any rating agency in connection with rating
the SPV, the Servicer, an Originator or Colliers or its Subsidiaries or the investments provided hereunder, (h)&nbsp;with the consent
of the SPV or (i)&nbsp;to the extent such Information (x)&nbsp;becomes publicly available other than as a result of a breach of
this Section or (y)&nbsp;becomes available to the Agent, any Managing Agent, any Investor, any Program Support Provider or any
of its respective Affiliates on a nonconfidential basis from a source not known to be bound by confidentiality; <U>provided</U>
that if the Agent, any Managing Agent, any Investor or any Program Support Provider discloses any such information as is required
by applicable Laws or regulations or by subpoena or similar legal process, or as requested by any regulatory agency or authority
having jurisdiction over such disclosing party, the Agent, such Managing Agent, such Investor or such Program Support Provider,
as applicable, will notify the party the information of which it has disclosed as soon as reasonably practicable so that such party
may seek an appropriate protective order or other appropriate remedy, unless such notification shall be prohibited by applicable
Law or legal process. For purposes of this Section, &ldquo;<U>Information</U>&rdquo; means all information relating to the SPV,
the Servicer, any Originator or Colliers or any Subsidiary or any of its respective businesses, other than any such information
that is available to the Agent, any Managing Agent, any Investor or any Program Support Provider on a nonconfidential basis prior
to disclosure by the SPV, the Servicer, such Originator or Colliers or any its Subsidiaries. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if
such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Agent,
the Managing Agents, the Investors and the Program Support Providers acknowledges that (a)&nbsp;the Information may include material
non-public information concerning the SPV, the Servicer, an Originator or Colliers or any of its Subsidiaries, as the case may
be, (b)&nbsp;it has developed compliance procedures regarding the use of material non-public information and (c)&nbsp;it will handle
such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.11&#9;<U>No
Bankruptcy Petition Against any Conduit Investor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the SPV, the
Servicer and the Originators hereby covenants and agrees that, prior to the date which is one (1)&nbsp;year and one (1)&nbsp;day
after the payment in full of all outstanding Commercial Paper or other rated indebtedness of any Conduit Investor (or its related
commercial paper issuer), it will not institute against, or join any other Person in instituting against, such Conduit Investor
any proceeding of a type referred to in the definition of Event of Bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.12&#9;<U>No
Recourse</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;Notwithstanding
anything to the contrary contained in this Agreement, the obligations of any Conduit Investor under this Agreement and all other
Transaction Documents are solely the corporate obligations of such Conduit Investor and shall be payable solely to the extent of
funds received from the SPV in accordance herewith or from any party to any Transaction Document in accordance with the terms thereof
are in excess of funds necessary to pay its matured and maturing Commercial Paper and shall only be required to pay amounts payable
by the SPV hereunder and under the other Transaction Documents from funds of the SPV from the proceeds of the Affected Assets to
the extent it has such funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;Any amounts
which such Conduit Investors do not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined
in &sect;101 of the Bankruptcy Code) against or corporate obligation of such Conduit Investors for any such insufficiency unless
and until such Conduit Investors satisfies the provisions above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;This <U>Section&nbsp;11.12</U>
shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.13&#9;<U>Originator
Dispositions</U>. If any Originator or Originating Subsidiary (or any division of such Originator or Originating Subsidiary) is
to be merged or consolidated with (or sold or otherwise transferred to), or any partial ownership interest of such Originator or
Originating Subsidiary is to be sold or otherwise transferred to, any Person that is neither an Originator or Originating Subsidiary
nor an Affiliate of any Originator or Originating Subsidiary (any such transaction, an &ldquo;Originator Disposition&rdquo;) and
such Originator or Originating Subsidiary determines in its commercially reasonable judgment that it is impracticable to consummate
such Originator Disposition unless all Receivables originated by such Originator or Originating Subsidiary (or division thereof)
are also transferred by such Originator or Originating Subsidiary (or, in the case of any merger or consolidation, are owned by
such Originator or Originating Subsidiary at the time of such merger or consolidation) in connection with the related Originator
Disposition, the SPV may transfer all (and not less than all) Receivables (the &ldquo;Repurchased Receivables&rdquo;) originated
by such Originator or Originating Subsidiary (or division thereof), in any case, without recourse, representation, warranty or
covenant of any kind, to such Originator or Originating Subsidiary for a repurchase price equal to the fair market value of such
Repurchased Receivables subject to the conditions set forth below, and the SPV may transfer such Repurchased Receivables, without
recourse, representation, warranty or covenant of any kind, to such Originator or Originating Subsidiary for a repurchase price
equal to the fair market value of such Repurchased Receivables subject to the conditions set forth below, and the Agent on behalf
of the Secured Parties shall release the liens on and security interests in the Receivables being so repurchased if the following
conditions are satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(a)&#9;after giving
effect to such transfer and release, there shall not exist any Termination Event or Potential Termination Event as evidenced by
the delivery of a pro forma Servicer Report to the Agent and each Managing Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(b)&#9;at least
five (5) Business Days prior to any such transfer and release, the SPV shall have delivered, true, correct and complete copies
of all documents to be executed or delivered in connection with the repurchase of the Repurchased Receivables by the applicable
Originator, all of which shall be reasonably acceptable to the Agent (it being understood that the SPV shall not sign or be bound
by any agreements in connection with an Originator Disposition other than an instrument or assignment without recourse, representation,
warranty or covenant by the SPV);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(c)&#9;at least
five (5) Business Days prior to any such transfer and release, the SPV shall have delivered a written notice to the Agent of such
Originator Disposition, certifying that the foregoing condition described in clause (a) above shall be satisfied after giving effect
to such transfer and release, together with a pro forma calculation after giving effect to such repurchase of Receivable providing
that the sum of the Net Investment and Required Reserves does not exceed the Net Pool Balance; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">(d)&#9;all Investors
have consented to such repurchase; provided, that no such consent with respect to repurchases of Receivables in connection with
any Originator Disposition shall be required if the Unpaid Balance of the Receivables in connection with the related Originator
Disposition does not exceed 10% of the Aggregate Unpaid Balance on the date of such Originator Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
in this Agreement or any other Transaction Document to the contrary, the SPV shall have no obligation to any Originator to reconvey
any Receivables to any Originator or any other Person in connection with any Originator Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.14&#9;<U>USA
PATRIOT Act</U>. Each Investor that is subject to the Act (as hereinafter defined) and the Agent (for itself and not on behalf
of any Investor) hereby notifies the SPV that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.&nbsp;L.&nbsp;107-56
(signed into law October 26, 2001)) (the &ldquo;<U>Act</U>&rdquo;), it is required to obtain, verify and record information that
identifies the SPV, which information includes the name and address of the SPV and other information that will allow such Investor
or the Agent, as applicable, to identify the SPV in accordance with the Act. The SPV shall, promptly following a request by the
Agent or any Investor, provide all documentation and other information that the Agent or such Investor requests in order to comply
with its ongoing obligations under applicable &ldquo;know your customer&rdquo; and anti-money laundering rules and regulations,
including the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.15&#9;<U>Currency
Equivalence</U>. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the SPV hereunder
in the currency expressed to be payable herein (the &ldquo;<U>specified currency</U>&rdquo;) into another currency, the parties
agree that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase
the specified currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation
of the SPV in respect of any such sum due to the Agent or any other Person hereunder shall, notwithstanding any judgment in a currency
other than the specified currency, be discharged only to the extent that on the Business Day following receipt by the Agent or
such other Person, as applicable, of any sum adjudged to be so due in such other currency, the Agent or such other Person, as applicable,
may in accordance with normal banking procedures purchase the specified currency with such other currency. If the amount of the
specified currency so purchased is less than the sum originally due to the Agent or such other Person in the specified currency,
the SPV agrees to the extent such amount was originally due from the SPV, as a separate obligation and notwithstanding any such
judgment, to indemnify the Agent or such other Person, as the case may be, against such loss, and if the amount of the specified
currency so purchased exceeds the amount originally due to the Agent or such other Person in the specified currency, the Agent
or such other Person, as the case may be, agrees to remit such excess to the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B><U>[SIGNATURES FOLLOW]</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>In
Witness Whereof</B></FONT>, the parties hereto have executed and delivered this Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">COLLIERS RECEIVABLES FUNDING LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1pt">By:</TD>
    <TD STYLE="width: 40%; font-style: italic; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">Secretary</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">COLLIERS INTERNATIONAL WA, LLC,<BR> as the Servicer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">Secretary</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">COLLIERS INTERNATIONAL USA, LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">as the Initial Originator</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">By:</TD>
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Matthew Hawkins</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid">Secretary</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>COLLIERS INTERNATIONAL
WA, LLC</B>, <B>[REMAINDER OF PAGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>INTENTIONALLY LEFT BLANK]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><FONT STYLE="font-size: 10pt"><i>Transfer and Administration Agreement</i></font></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-indent: -247.5pt; padding-left: 247.5pt">Commitment: $125,000,000</TD>
    <TD STYLE="width: 50%; font-weight: bold; text-align: left">MIZUHO BANK, LTD.,</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: 0in; padding-left: 3.25in">&nbsp;</TD>
    <TD STYLE="text-align: left">as Agent, as a Managing Agent and Committed Investor for the Mizuho Investor Group and as CF Agent</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-bottom: 1pt">By:</TD>
    <TD STYLE="width: 40%; font-style: italic; text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">(Signed) Brad C. Crilly</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Name:</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Brad C. Crilly</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">Title:</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 1pt solid">Managing Director</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>[REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 108; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><FONT STYLE="font-size: 10pt"><i>Transfer and Administration Agreement</i></font></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 1.1</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ORIGINATING SUBSIDIARIES</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Advisors Asset Services California, Inc.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>CC PARTNERS, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International Real Estate Management Services (CA), Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="text-transform: uppercase">Colliers International Valuation &amp; Advisory Services, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL VALUATION AND ADVISORY SERVICES OF TAMPA BAY, CENTRAL, AND SOUTHWEST FLORIDA LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL SOUTH FLORIDA, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers Arnold, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers Bennett &amp; Kahnweiler LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International Asset and Property Management Services LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL AZ, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL CA, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International CT LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL DC, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International Detroit, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL GREATER LOS ANGELES, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International Intermountain, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International LI Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL NEW ENGLAND, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL NJ LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International North Texas, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International Northeast Florida, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL NY LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers International OR, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS INTERNATIONAL SAINT LOUIS, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS NEVADA LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>COLLIERS NEVADA MANAGEMENT LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers Parrish Asset Management, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers Parrish International, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Colliers Tri-State Management LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Pittsburgh Commercial Real Estate, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Pointe Group Advisors, LLC</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="text-transform: uppercase">Williams Corporate Realty Services, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>WILLIAMS PM, LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U></U></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 4.1(<FONT STYLE="font-variant: normal">d</FONT>)</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERFECTION REPRESENTATIONS,
WARRANTIES AND COVENANTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
representations, warranties and covenants contained in this Agreement, the SPV hereby represents, warrants, and covenants as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-variant: normal"><U>General</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">1.&#9;The Transfer and Administration
Agreement creates a valid and continuing security interest (as defined in UCC Section&nbsp;9-102) in the Affected Assets in favor
of the Agent (for the benefit of the Secured Parties), which security interest is prior to all other Adverse Claims (other than
Permitted Adverse Claims), and is enforceable as such as against creditors of and purchasers from the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">2.&#9;The Eligible Receivables constitute
&ldquo;accounts&rdquo; within the meaning of UCC Section&nbsp;9-102.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">3.&#9;The Blocked Account constitutes
a deposit account.</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-variant: normal"><U>Creation</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">4.&#9;Immediately prior to (or concurrent
with) the transfer and assignment herein contemplated, the SPV had good title to each Eligible Receivable and its rights under
the First Tier Agreement, and was the sole owner thereof, free and clear of all Adverse Claims and, upon the transfer thereof,
the Agent shall have good title to each such Receivable, and will (i) be the sole owner thereof, free and clear of all Liens other
than Permitted Adverse Claims, or (ii) have a first priority security interest in such Eligible Receivables, and the transfer or
security interest will be perfected under the UCC. Immediately prior to the sale, assignment, and transfer thereof, each Eligible
Receivable was secured by a valid and enforceable perfected security interest in the related Related Security (if any) in favor
of the SPV as secured party, and such security interest is prior to all other Adverse Claims in such Related Security. The SPV
has not taken any action to convey any right to any Person that would result in such Person having a right to payments due under
the Receivables (other than with respect to servicing of Receivables by the Servicer or Sub-Servicer as permitted by this Agreement).</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-variant: normal"><U>Perfection</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">5.&#9;The SPV has caused or will have
caused, within nine (9) days after the effective date of the Transfer and Administration Agreement, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
sale of, or security interest in, the Receivables and the rights of the SPV under the First Tier Agreement from SPV to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">6.&#9;With respect to the Blocked Account
the SPV has delivered to the Agent a fully executed agreement pursuant to which the Blocked Account Bank has agreed to comply with
all &#9;instructions originated by the Agent relating to each of the Blocked Accounts without further consent by the SPV or its
Affiliates.</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal; font-variant: normal"><U>Priority</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">7.&#9;Other than the transfer of the
Receivables under the First Tier Agreement and to the Agent under the Transfer and Administration Agreement, none of the Originators
nor the SPV has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables or the other
Affected Assets. None of the Originators nor the SPV has authorized the filing of, or is aware of, any financing statements against
the SPV that include a description of collateral covering the Receivables or the other Affected Assets other than any financing
statement relating to the transfers under the First Tier Agreement and to the Agent under the Transfer and Administration Agreement
or that has been terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">8.&#9;None of the Originators nor the
SPV has any knowledge of any judgment, ERISA or tax lien filings against it which would reasonably be expected to have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">9.&#9;[Reserved].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">10.&#9;Notwithstanding any other provision
of this Agreement or any other Transaction Document, the Perfection Representations contained in this Schedule shall be continuing,
and remain in full force and effect until such time as all obligations under this Agreement have been finally and fully paid and
performed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">11.&#9;The parties to the Transfer
and Administration Agreement shall not, without obtaining a confirmation of the then-current rating of the applicable Commercial
Paper, waive any of the Perfection Representations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt">12.&#9;In order to evidence the interests
of the Agent under the Transfer and Administration Agreement, the Servicer shall, from time to time, take such action, or execute
and deliver such instruments (other than filing financing statements) as may be necessary (including such actions as are reasonably
requested in writing by any Managing Agent) to maintain the Agent&rsquo;s ownership interest and to maintain and to perfect, as
a first-priority interest, the Agent&rsquo;s security interest in the Receivables and the other Affected Assets. The Servicer shall,
from time to time and within the time limits established by law, prepare and present to the Agent for the Agent&rsquo;s authorization
and approval all financing statements, amendments, continuations or other filings necessary to continue, maintain and perfect as
a first-priority interest the Agent&rsquo;s interest in the Receivables and other Affected Assets. The Agent&rsquo;s approval of
such filings shall authorize the Servicer to file such financing statements under the UCC. Notwithstanding anything else in the
Transaction Documents to the contrary, the Servicer shall not have any authority to file a termination, partial termination, release,
partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements, without
the prior written consent of each Managing Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4.1(i)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Location of Certain Offices and Records</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REDACTED]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U></U></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4.1(j)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Federal Employer</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; text-align: left">Identification Number:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 69%">[REDACTED]</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U></U></B></P>

<!-- Field: Page; Sequence: 113; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Schedule 4.1(j)-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4.1(s)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Blocked Account Banks and
Blocked Accounts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Schedule 4.1(s)-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 11.3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Address and Payment Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REDACTED]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Schedule 11.3-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;A</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Assignment and Assumption Agreement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
the Transfer and Administration Agreement dated as of April 12, 2019 as it may be amended or otherwise modified from time to time
(as so amended or modified, the &ldquo;<U>Agreement</U>&rdquo;) among Colliers Receivables Funding LLC, as transferor (in such
capacity, the &ldquo;<U>SPV</U>&rdquo;), Colliers International WA, LLC, as initial servicer (in such capacity, the &ldquo;<U>Servicer</U>&rdquo;),
and Colliers International USA, LLC, and each other entity from time to time party thereto as &ldquo;Originators&rdquo; (each an
&ldquo;<U>Originator</U>&rdquo; and collectively, the &ldquo;<U>Originators</U>&rdquo;), Mizuho Bank, Ltd., as agent, and each
of the Conduit Investors, Committed Investors and Managing Agents from time to time parties thereto. Terms defined in the Agreement
are used herein with the same meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>[__________________________]
</B>(the &ldquo;<U>Assignor</U>&rdquo;) and <B>[______________________]</B> (the &ldquo;<U>Assignee</U>&rdquo;) agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignor hereby sells and assigns to the Assignee, without recourse and without representation and warranty, and the Assignee hereby
purchases and assumes from the Assignor, an interest in and to all of the Assignor&rsquo;s rights and obligations under the Agreement
and the other Transaction Documents. Such interest expressed as a percentage of all rights and obligations of the Committed Investors
shall be equal to the percentage equivalent of a fraction the numerator of which is $<B>[_________]</B> and the denominator of
which is the Facility Limit. After giving effect to such sale and assignment, the Assignee&rsquo;s Commitment will be as set forth
on the signature page hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>[In
consideration of the payment of $[_________], being [____]% of the existing Net Investment, and of $[_____________], being [___]%
of the aggregate unpaid accrued Yield, receipt of which payment is hereby acknowledged, the Assignor hereby assigns to the Agent
for the account of the Assignee, and the Assignee hereby purchases from the Assignor, a [___]% interest in and to all of the Assignor&rsquo;s
right, title and interest in and to the Net Investment purchased by the undersigned on [_______________], 20[__] under the Agreement.]
<I>[Include if an existing Net Investment is being assigned.]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignor (i)&nbsp;represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any Adverse Claim; (ii)&nbsp;makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with the Agreement, any other Transaction
Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Agreement or the Receivables, any other Transaction Document or any other instrument or document furnished
pursuant thereto; and (iii)&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial
condition of any of the SPV or the Servicer or the Originators or the performance or observance by any of the SPV or the Servicer
or the Originators of any of its obligations under the Agreement, any other Transaction Document, or any instrument or document
furnished pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 116; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignee (i) confirms that it has received a copy of the Agreement and the First Tier Agreement together with copies of the financial
statements referred to in <U>Section&nbsp;6.1(a)</U> of the Agreement, to the extent delivered through the date of this Assignment
and Assumption Agreement (the &ldquo;<U>Assignment</U>&rdquo;), and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment; (ii)&nbsp;agrees that it will, independently and without
reliance upon the Agent, any of its Affiliates, the Assignor or any other Investor and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement
and any other Transaction Document; (iii)&nbsp;appoints and authorizes the Agent and its Managing Agent to take such action as
agent on its behalf and to exercise such powers and discretion under the Agreement and the other Transaction Documents as are delegated
thereto by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (iv)&nbsp;agrees that
it will perform in accordance with their terms all of the obligations which by the terms of the Agreement are required to be performed
by it as a Committed Investor; and (v)&nbsp;specifies as its address for notices and its account for payments the office and account
set forth beneath its name on the signature pages hereof; and (vi)&nbsp;attaches an Internal Revenue Service form W-9 evidencing
their status as a U.S. Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
effective date for this Assignment shall be the later of (i)&nbsp;the date on which the Agent receives this Assignment executed
by the parties hereto and receives the consent of the SPV, on behalf of the Conduit Investor, and (ii)&nbsp;the date of this Assignment
(the &ldquo;<U>Effective Date</U>&rdquo;). Following the execution of this Assignment and the consent of the SPV, on behalf of
the Conduit Investor, this Assignment will be delivered to the Agent for acceptance and recording.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
such acceptance and recording, as of the Effective Date, (i)&nbsp;the Assignee shall be a party to the Agreement and, to the extent
provided in this Assignment, have the rights and obligations of a Committed Investor thereunder and (ii)&nbsp;the Assignor shall,
to the extent provided in this Assignment, relinquish its rights and be released from its obligations under the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
such acceptance and recording, from and after the Effective Date, the Agent and the Managing Agent shall make all payments under
the Agreement in respect of the interest assigned hereby (including all payments in respect of such interest in Net Investment,
Discount and fees) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement
for periods prior to the Effective Date directly between themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignee shall not be required to fund hereunder an aggregate amount at any time outstanding in excess of $<B>[____________]</B>,
<U>minus</U> the aggregate outstanding amount of any interest funded by the Assignee in its capacity as a participant under Program
Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignor agrees to pay the Assignee its <U>pro rata</U> share of fees in an amount equal to the product of (a) <B>[______]</B>
<U>per annum</U> and (b) the Commitment during the period after the Effective Date for which such fees are owing and paid by the
SPV pursuant to the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject
matter hereof and shall constitute the entire Agreement among the parties hereto with respect to the subject matter hereof superseding
all prior oral or written understandings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
Delivery by facsimile of an executed signature page of this agreement shall be effective as delivery of an executed counterpart
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement shall be binding on the parties hereto and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignee shall be a <B>[Committed Investor/Conduit Investor]</B> in the <B>[________]</B> Investor Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
<B>[Assignee/other name]</B> shall be the Managing Agent for the <B>[_______]</B> Investor Group. <B>[If other than Assignee, such
person must sign this assignment agreement and agree to be bound by the terms of the Transfer and Administration Agreement in such
capacity.]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 118; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective officers thereunto duly
authorized as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">[ASSIGNOR]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">[ASSIGNEE]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.5pt"></P>

<!-- Field: Page; Sequence: 119; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">Address for notices and Account for payments:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">For Credit Matters:</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 10pt">For Administrative Matters:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><B>[NAME]</B></TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt"><B>[NAME]</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">Attention:</TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt">Attention:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">Telephone:</TD>
    <TD STYLE="width: 40%; font-weight: bold"><B>[(___) ___-____]</B></TD>
    <TD STYLE="width: 10%; padding-left: 10pt">Telephone:</TD>
    <TD STYLE="width: 40%; font-weight: bold"><B>[(___) ___-____]</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Telephone:</TD>
    <TD><B>[(___) ___-____]</B></TD>
    <TD STYLE="padding-left: 10pt">Telephone:</TD>
    <TD><B>[(___) ___-____]</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Account for Payments:</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">NAME</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">ABA Number: <B>[___-___-___]</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Account Number: <B>[____________]</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Attention: </TD>
    <TD STYLE="text-align: left"><B>[______________]</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 20pt">Re: </TD>
    <TD STYLE="text-align: left"><B>[____________]</B></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-left: 30pt"></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-left: 30pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Consented to this <B>[____]</B> day of</TD>
    <TD COLSPAN="2" STYLE="text-align: left; padding-left: 10pt">Accepted this <B>[_______]</B> day of</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><B>[______________________]</B>, 20<B>[__]</B></TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt"><B>[______________________]</B>, 20<B>[__]</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2"><B>[______________]</B>, as Managing Agent</TD>
    <TD COLSPAN="2" STYLE="padding-left: 10pt"><B>[____________]</B>, as Agent</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; padding-left: 10pt">Name:</TD>
    <TD STYLE="width: 38%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-left: 10pt">Name:</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt">Title:</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.7pt; text-indent: -247.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 247.7pt; text-indent: -247.7pt"><B>COLLIERS RECEIVABLES FUNDING
LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 38%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt">Name:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 20pt">Title:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U></U></P>

<!-- Field: Page; Sequence: 120; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;B</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Credit
and Collection Policies and Practices</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">[REDACTED]</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U></U></P>

<!-- Field: Page; Sequence: 121; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;C</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Investment Request</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Colliers Receivables
Funding LLC, a Delaware limited liability company (the &ldquo;<U>SPV</U>&rdquo;), pursuant to <U>Section&nbsp;2.2(a)</U> of the
Transfer and Administration Agreement, dated as of April 12, 2019 (as amended, modified, or supplemented from time to time, the
&ldquo;<U>Agreement</U>&rdquo;), among the SPV, as transferor, the Originators party thereto, Colliers International WA, LLC, as
servicer (in such capacity, the &ldquo;<U>Servicer</U>&rdquo;), Mizuho Bank, Ltd., as agent, and each of the Conduit Investors,
Committed Investors and Managing Agents from time to time parties thereto, hereby requests that the Investors effect an Investment
from it pursuant to the following instructions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment Date: <B>[__________________________________]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash Purchase Price: <B>[____________________________________]</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: black 1pt solid; text-align: center"><B>Investor Group:</B></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Investor Group Percentage:</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Allocation of the Cash <BR>
Purchase Price:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Mizuho Investor Group</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>_______%</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>[________]</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>___________ Investor Group</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>_______%</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>[________]</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Account to be credited:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; width: 20%">Account:</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SWIFT ID:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please credit the above-mentioned
account on the Investment Date. Capitalized terms used herein and not otherwise defined herein have the meaning assigned to them
in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SPV hereby certifies
as of the date hereof that the conditions precedent to such Investment set forth in <U>Section&nbsp;5.3</U> of the Agreement have
been satisfied, and that all of the representations and warranties made in <U>Section&nbsp;4.1</U> of the Agreement are true and
correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material
adverse effect, which are true and correct in all respects), with respect to on and as of the Investment Date, both before and
after giving effect to the Investment (unless such representations or warranties specifically refer to a previous day, in which
case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties as are
qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such
previous day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">_________________</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; vertical-align: baseline">&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></TD><TD STYLE="text-align: justify">At least U.S. $1,000,000 and in integral multiples of U.S. $500,000.</TD></TR></TABLE>
<!-- Field: Page; Sequence: 122; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">COLLIERS RECEIVABLES FUNDING LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%">Dated:</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 10%">By:</TD>
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 123; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;D</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Servicer Report</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">[REDACTED]</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 124; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;E</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>[Reserved]</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U></U></P>

<!-- Field: Page; Sequence: 125; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit E-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;F</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>[Reserved]</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<!-- Field: Page; Sequence: 126; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;G</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Originator Joinder Agreement</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This JOINDER AGREEMENT
(this &ldquo;Joinder&rdquo;) is made as of ________, 20__.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
(i) that certain <U>Transfer</U> and Administration Agreement dated as of April 12, 2019 as it may be amended or otherwise modified
from time to time (as so amended or modified, the &ldquo;<U>Transfer and Administration Agreement</U>&rdquo;) among Colliers Receivables
Funding LLC, as transferor (in such capacity, the &ldquo;<U>SPV</U>&rdquo;), Colliers International USA, LLC, and each other entity
from time to time party thereto as &ldquo;Originators&rdquo; (each an &ldquo;<U>Originator</U>&rdquo; and collectively, the &ldquo;<U>Originators</U>&rdquo;),
Colliers International WA, LLC, as servicer (in such capacity, the &ldquo;<U>Servicer</U>&rdquo;), Mizuho Bank, Ltd., as agent,
and each of the Conduit Investors, Committed Investors and Managing Agents from time to time parties thereto; and (ii) the certain
Sale Agreement dated as of April 12, 2019 as it may be amended or otherwise modified from time to time (as so amended or modified,
the &ldquo;<U>Sale Agreement</U>&rdquo;) among the Originators and the SPV. Terms defined in the Transfer and Administration Agreement
and the Sale Agreement are used herein with the same meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The <B><I>&ldquo;New
Originator[s]&rdquo;</I></B> referred to on Schedule 1 hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each New Originator
agrees to become an Originator and to be bound by the terms of the Transfer and Administration Agreement, the Sale Agreement and
each of the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each New Originator:
(a) confirms that it has received a copy of the Transfer and Administration Agreement, the Sale Agreement and the other Transaction
Documents, and such other documents and information as it has deemed appropriate to make its own analysis and decision to enter
into this Joinder; (b) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the
Transfer and Administration Agreement, the Sale Agreement and the other Transaction Documents are required to be performed by it
as an Originator; and (c) represents and warrants to the SPV and the Secured Parties that each of the representations and warranties
set forth in Section&nbsp;5.1 of the Sale Agreement are true and correct with respect to itself as of the date hereof, except to
the extent such representations or warranties relate to an earlier date, in which case such representations and warranties are
true and correct as of such earlier date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Joinder shall
be effective on the date (the <B><I>&ldquo;Effective Date&rdquo;</I></B>) that the Agent shall have received: (a)&nbsp;a fully
executed copy of this Joinder; (b)&nbsp;such officer certificates and legal opinions as it may reasonably request; (c)&nbsp;UCC
search results and filings, reasonably acceptable to the Agent; (d)&nbsp;its reasonable costs incurred in connection with this
Joinder, including any applicable fees of its legal counsel; (e)&nbsp;satisfactory evidence that all other conditions to the New
Originator(s) becoming Originators under the Transfer and Administration Agreement have been satisfied; and (f)&nbsp;such other
documentation or information as the Agent may request in its reasonable discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 127; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the Effective
Date, each New Originator shall be a party to the Transfer and Administration Agreement, the Sale Agreement and the other Transaction
Documents as an Originator and shall have the rights and obligations of an Originator thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Joinder shall
be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Joinder may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of Schedule 1 to this Joinder by telecopier shall be effective as delivery of a manually executed counterpart of this
Joinder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Remainder of Page Intentionally Left
Blank</B><BR>
<BR>
<B>Signature Page(s) Follow]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 128; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
each New Originator has caused this Joinder to be executed by its officers thereunto duly authorized as of the date specified thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">[NEW ORIGINATOR SIGNATURE BLOCKS]</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">By:</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 129; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><FONT STYLE="font-size: 10pt"><I>Joinder Agreement</I></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">ACCEPTED AND APPROVED:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">COLLIERS INTERNATIONAL WA, LLC,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">as Servicer</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">MIZUHO BANK, LTD.,</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">as Agent</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<!-- Field: Page; Sequence: 130; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right"><FONT STYLE="font-size: 10pt"><I>Joinder Agreement</I></FONT></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1<BR>
<FONT STYLE="font-variant: normal">to</FONT><BR>
JOINDER</P>

<TABLE CELLSPACING="0" CELLPADDING="5" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; text-align: center; font-variant: small-caps; font-weight: bold"><U>NEW ORIGINATOR[S]</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Name: _____________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Jurisdiction of Formation: _____________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Federal Employer Identification Number: _____________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Actions, Suits, Litigation or Proceedings: __________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Principal Place of Business: ______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Chief Executive Office: ______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Location of Records: ____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Tradenames: _______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Effective Date (if other than date of Joinder):</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contact and Notice Information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[name]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[address]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;H</U></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>UCC
Financing Statements</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">[REDACTED]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>












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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Exhibit H-1</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exh_992.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>CANADIAN
TRANSFER AND ADMINISTRATION AGREEMENT</B></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">Dated
as of April 12, 2019</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">by
and among</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>COLLIERS
RECEIVABLES FUNDING LP,</B></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>COLLIERS
MACAULAY NICOLLS INC.,</B><BR>
<FONT STYLE="font-variant: normal">as initial Servicer,</FONT></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>COLLIERS
MACAULAY NICOLLS INC.,</B><BR>
<B>COLLIERS INTERNATIONAL (QUEBEC) INC.,</B><BR>
<B>COLLIERS INTERNATIONAL REALTY ADVISORS INC.,</B><BR>
<FONT STYLE="font-variant: normal">and each other entity from time to time party hereto</FONT><BR>
<FONT STYLE="font-variant: normal">as Originators,</FONT></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>MIZUHO
BANK, LTD.</B>,<BR>
<FONT STYLE="font-variant: normal">as Agent, a Managing Agent and a Committed Investor and as agent under the U.S. Facility,</FONT></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">and</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; font-variant: normal">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>THE
VARIOUS INVESTOR GROUPS AND MANAGING AGENTS</B><BR>
<B>FROM TIME TO TIME PARTIES HERETO</B></FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">TABLE
OF CONTENTS</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 0pt; padding-bottom: 0pt; padding-left: 1.5in">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 0pt; padding-bottom: 0pt"><B>Page</b></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;I&nbsp;&nbsp;&nbsp;DEFINITIONS</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 14pt; padding-bottom: 6pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.1&nbsp;&nbsp;&nbsp;Certain Defined Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 1.2&nbsp;&nbsp;&nbsp;Other Terms</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">31</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.3&nbsp;&nbsp;&nbsp;Computation of Time Periods</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.4&nbsp;&nbsp;&nbsp;Times of Day</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.5&nbsp;&nbsp;&nbsp;Historical Date</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;1.6&nbsp;&nbsp;&nbsp;References to Acts of a Limited Partnership</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;II&nbsp;&nbsp;&nbsp;PURCHASES AND SETTLEMENTS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;2.1&nbsp;&nbsp;&nbsp;Transfer of Affected Assets; Intended Characterization</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">33</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.2&nbsp;&nbsp;&nbsp;Purchase Price</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">34</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.3&nbsp;&nbsp;&nbsp;Investment Procedures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">35</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.4&nbsp;&nbsp;&nbsp;Determination of Yield and Rate Periods</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">37</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.5&nbsp;&nbsp;&nbsp;Yield, Fees and Other Costs and Expenses</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.6&nbsp;&nbsp;&nbsp;Deemed Collections</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">38</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.7&nbsp;&nbsp;&nbsp;Payments and Computations, Etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.8&nbsp;&nbsp;&nbsp;Reports</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">39</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.9&nbsp;&nbsp;&nbsp;[Reserved].</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.10&nbsp;&nbsp;&nbsp;Sharing of Payments, Etc.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.11&nbsp;&nbsp;&nbsp;Right of Setoff</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.12&nbsp;&nbsp;&nbsp;Settlement Procedures</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">40</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.13&nbsp;&nbsp;&nbsp;Optional Reduction of Net Investment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.14&nbsp;&nbsp;&nbsp;Application of Collections Distributable to SPV</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.15&nbsp;&nbsp;&nbsp;Collections Held in Trust</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">44</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.16&nbsp;&nbsp;&nbsp;Reduction of Facility Limit</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.17&nbsp;&nbsp;&nbsp;Increase of Commitments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">45</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 2.18&nbsp;&nbsp;&nbsp;Extension of Commitment Expiration Date/Non-Renewing Committed Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">46</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;III&nbsp;&nbsp;&nbsp;ADDITIONAL COMMITTED INVESTOR PROVISIONS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 3.1&nbsp;&nbsp;&nbsp;Assignment to Committed Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">47</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;IV&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 4.1&nbsp;&nbsp;&nbsp;Representations and Warranties of the SPV and the Initial Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">48</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;V&nbsp;&nbsp;&nbsp;CONDITIONS PRECEDENT</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.1&nbsp;&nbsp;&nbsp;Conditions Precedent to Closing</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">55</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.2&nbsp;&nbsp;&nbsp;Conditions Precedent to Initial Investment</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">57</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.3&nbsp;&nbsp;&nbsp;Conditions Precedent to All Investments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">58</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 5.4&nbsp;&nbsp;&nbsp;Reinvestments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in; width: 90%">ARTICLE&nbsp;VI&nbsp;&nbsp;&nbsp;COVENANTS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt; width: 10%">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 6.1&nbsp;&nbsp;&nbsp;Affirmative Covenants of the SPV and Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">59</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;6.2&nbsp;&nbsp;&nbsp;Negative Covenants of the SPV and Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">65</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;VII&nbsp;&nbsp;&nbsp;ADMINISTRATION AND COLLECTIONS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">68</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.1&nbsp;&nbsp;&nbsp;Appointment of Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">68</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.2&nbsp;&nbsp;&nbsp;Duties of Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">69</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.3&nbsp;&nbsp;&nbsp;Blocked Account Arrangements</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.4&nbsp;&nbsp;&nbsp;Enforcement Rights</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">70</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.5&nbsp;&nbsp;&nbsp;Servicer Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">71</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.6&nbsp;&nbsp;&nbsp;Servicing Fee</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">73</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;7.7&nbsp;&nbsp;&nbsp;Protection of Ownership Interest of the Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">73</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;VIII&nbsp;&nbsp;&nbsp;TERMINATION EVENTS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">73</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;8.1&nbsp;&nbsp;&nbsp;Termination Events</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">73</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;8.2&nbsp;&nbsp;&nbsp;Termination</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">77</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;IX&nbsp;&nbsp;&nbsp;INDEMNIFICATION; EXPENSES; RELATED MATTERS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">77</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;9.1&nbsp;&nbsp;&nbsp;Indemnities by the SPV</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">77</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;9.2&nbsp;&nbsp;&nbsp;Indemnities by the Servicer</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">79</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;9.3&nbsp;&nbsp;&nbsp;Indemnity for Taxes, Reserves and Expenses</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">81</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.4&nbsp;&nbsp;&nbsp;Taxes</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">83</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.5&nbsp;&nbsp;&nbsp;Status of Investors</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">84</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.6&nbsp;&nbsp;&nbsp;Other Costs and Expenses; Breakage Costs</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">86</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 9.7&nbsp;&nbsp;&nbsp;Mitigation Obligations</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">87</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE X&nbsp;&nbsp;&nbsp;THE AGENT</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">87</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.1&nbsp;&nbsp;&nbsp;Appointment and Authorization of Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">87</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.2&nbsp;&nbsp;&nbsp;Delegation of Duties</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">87</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;10.3&nbsp;&nbsp;&nbsp;Liability of Agents and Managing Agents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.4&nbsp;&nbsp;&nbsp;Reliance by Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.5&nbsp;&nbsp;&nbsp;Notice of Termination Event, Potential Termination Event or Servicer Default</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section&nbsp;10.6&nbsp;&nbsp;&nbsp;Credit Decision; Disclosure of Information by the Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.7&nbsp;&nbsp;&nbsp;Indemnification of the Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.8&nbsp;&nbsp;&nbsp;Agent in Individual Capacity</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.9&nbsp;&nbsp;&nbsp;Resignation of Agents</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 10.10&nbsp;&nbsp;&nbsp;Payments by the Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -1.5in; padding-top: 14pt; padding-bottom: 6pt; padding-left: 1.5in">ARTICLE&nbsp;XI&nbsp;&nbsp;&nbsp;MISCELLANEOUS</TD>
    <TD STYLE="text-align: right; padding-top: 14pt; padding-bottom: 6pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.1&nbsp;&nbsp;&nbsp;Term of Agreement.</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.2&nbsp;&nbsp;&nbsp;Waivers; Amendments</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.3&nbsp;&nbsp;&nbsp;Notices; Payment Information</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">91</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in; width: 90%">Section 11.4&nbsp;&nbsp;&nbsp;Governing Law; Submission to Jurisdiction; Appointment of Service Agent</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt; width: 10%">92</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.5&nbsp;&nbsp;&nbsp;Integration</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.6&nbsp;&nbsp;&nbsp;Severability of Provisions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.7&nbsp;&nbsp;&nbsp;Counterparts; Facsimile Delivery</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.8&nbsp;&nbsp;&nbsp;Successors and Assigns; Binding Effect</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">93</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.9&nbsp;&nbsp;&nbsp;Waiver of Confidentiality</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">96</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.10&nbsp;&nbsp;&nbsp;Confidentiality Agreement</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">97</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.11&nbsp;&nbsp;&nbsp;No Bankruptcy Petition Against any Conduit Investor</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">98</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.12&nbsp;&nbsp;&nbsp;No Recourse</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">98</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.13&nbsp;&nbsp;&nbsp;Originator Dispositions</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">98</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.14&nbsp;&nbsp;&nbsp;USA PATRIOT Act</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">99</TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -99pt; padding-top: 0in; padding-bottom: 0pt; padding-left: 1.75in">Section 11.15&nbsp;&nbsp;&nbsp;Currency Equivalence</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">100</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Schedules</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Schedule&nbsp;4.1(d)&#9;Perfection
Representations, Warranties and Covenants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Schedule&nbsp;4.1(i)&#9;Location
of Certain Offices and Records</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Schedule&nbsp;4.1(s)&#9;List
of Blocked Account Banks and Blocked Accounts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Schedule&nbsp;11.3&#9;Address
and Payment Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Exhibits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;A&#9;Form
of Assignment and Assumption Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;B&#9;Credit
and Collection Policies and Practices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;C&#9;Form
of Investment Request</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;D&#9;Form
of Servicer Report</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;E&#9;[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;F&#9;[Reserved]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;G&#9;Form
of Originator Joinder Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -1.25in">Exhibit&nbsp;H&#9;PPSA
Financing Statements</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <B>CANADIAN TRANSFER
AND ADMINISTRATION AGREEMENT</B> (this &ldquo;<U>Agreement</U>&rdquo;), dated as of April 12, 2019, is by and among:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(1)&#9;<B>COLLIERS RECEIVABLES FUNDING
LP, </B>an Ontario limited partnership (the &ldquo;<U>SPV</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(2)&#9;<B>COLLIERS MACAULAY NICOLLS
INC., </B>an Ontario corporation (&ldquo;<U>CMN</U>&rdquo;), <B>COLLIERS INTERNATIONAL (QUEBEC) INC., </B>a Canadian corporation,
and <B>COLLIERS INTERNATIONAL REALTY ADVISORS INC., </B>a British Columbia corporation (each, an &ldquo;<U>Initial Originator</U>&rdquo;),
in its capacity as an originator or aggregator of Receivables, and any other entities that become &ldquo;<U>Originators</U>&rdquo;
pursuant to the terms of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(3)&#9;<B>CMN</B>, as initial Servicer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(4)&#9;<B>MIZUHO BANK, LTD.</B>, a
Japanese banking corporation (&ldquo;<U>Mizuho</U>&rdquo;), as the Agent, a Managing Agent, a Committed Investor and as agent under
the U.S. Facility; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(5)&#9;the various Investor Groups
and Managing Agents from time to time parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;I<BR>
<BR>
DEFINITIONS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.1&#9;<U>Certain
Defined Terms</U>. As used in this Agreement, the following terms shall have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjusted
LIBOR Rate</U>&rdquo; means, for any Rate Period, a rate per annum determined by the applicable Managing Agent pursuant to the
following formula:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="width: 36%; font-size: 10pt">Adjusted LIBOR Rate</TD>
    <TD ROWSPAN="2" STYLE="width: 5%; font-size: 10pt; text-align: center">=</TD>
    <TD STYLE="vertical-align: top; width: 59%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">LIBOR Rate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; white-space: nowrap">1.00 &ndash; Eurodollar Reserve Percentage</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adverse Claim</U>&rdquo;
means a Lien on any Person&rsquo;s assets or properties in favor of any other Person, other than any Permitted Adverse Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affected
Assets</U>&rdquo; means, collectively, (a)&nbsp;the Receivables sold to the SPV pursuant to the First Tier Agreement, (b)&nbsp;the
Related Security, (c)&nbsp;all rights and remedies of the SPV under the First Tier Agreement, together with all financing statements
and other registrations filed by the SPV against the Originators in connection therewith, (d)&nbsp;all Blocked Accounts and all
funds and investments therein and all of the SPV&rsquo;s rights in the Blocked Account Agreements and (e)&nbsp;all proceeds of
the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Affiliate</U>&rdquo;
means, as to any specified Person, any other Person which, directly or indirectly, through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent</U>&rdquo;
means Mizuho, in its capacity as agent for the Secured Parties, and any successor thereto appointed pursuant to <U>Article&nbsp;X</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agent-Related
Persons</U>&rdquo; means, with respect to any Managing Agent or the Agent, such Person together with its Affiliates, and the officers,
directors, employees, agents and attorneys-in-fact of such Persons and their respective Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agents</U>&rdquo;
means, collectively, the Managing Agents and the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Commitment</U>&rdquo; means, with respect to each Committed Investor, an amount equal to the product of (i) 50%, and (ii) the sum
of the Commitment of such Committed Investor and the U.S. Commitment of such Committed Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
DPP</U>&rdquo; is defined in <U>Section&nbsp;2.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Net Investment</U>&rdquo; means the sum of the U.S. Net Investment and the U.S. Dollar Equivalent of the Net Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Unpaid Balance</U>&rdquo; means, as of any date of determination, the sum of (i) the sum of the U.S. Dollar Equivalent of the Unpaid
Balances of all Receivables that constitute Eligible Receivables as of such date of determination, and (ii) the sum of the U.S.
Dollar Equivalent of the Unpaid Balances of all U.S. Receivables that constitute U.S. Eligible Receivables as of such date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Aggregate
Unpaids</U>&rdquo; means, at any time, an amount equal to the sum of (a)&nbsp;the aggregate accrued but unpaid Yield, (b)&nbsp;the
Net Investment at such time and (c)&nbsp;all other amounts owed (whether or not then due and payable) hereunder and under the other
Transaction Documents by the SPV, the Servicer, Colliers and each Originator to the Agent, the Managing Agents, the Investors and
the Indemnified Parties at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Agreement</U>&rdquo;
is defined in the <U>Preamble</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Alternate
Rate</U>&rdquo; means, for any day, an interest rate <U>per annum</U> equal to CDOR in effect during the Rate Period which includes
such day; <I><U>provided that</U></I> in the case of any Rate Period that commences on a date prior to the applicable Managing
Agent receiving at least two&nbsp;(2) Business Days&rsquo; written notice thereof, the &ldquo;<U>Alternate Rate</U>&rdquo; for
any day included in such Rate Period shall be an interest rate <U>per annum</U> equal to the Base Rate in effect on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment
Amount</U>&rdquo; means, with respect to a Committed Investor at the time of any assignment pursuant to <U>Section&nbsp;3.1</U>,
an amount equal to the lesser of (a)&nbsp;such Committed Investor&rsquo;s Pro Rata Share of the Net Investment requested by the
Conduit Investor in its Investor Group to be assigned at such time and (b)&nbsp;such Committed Investor&rsquo;s unused Commitment
(minus the unrecovered principal amount of such Committed Investor&rsquo;s investments in the Portfolio pursuant to the Program
Support Agreement to which it is a party).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment
and Assumption Agreement</U>&rdquo; means an Assignment and Assumption Agreement substantially in the form of <U>Exhibit&nbsp;A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Assignment
Date</U>&rdquo; is defined in <U>Section&nbsp;3.1(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Bankruptcy
Code</U>&rdquo; means the Bankruptcy Reform Act of 1978, 11 U.S.C. &sect;&sect;&nbsp;101 et&nbsp;seq. as now in effect or hereafter
amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Base Rate</U>&rdquo;
means an interest rate per annum equal to the greater of: (i)&nbsp;CDOR; and (ii)&nbsp;the rate of interest in effect as publicly
announced from time to time by the Agent as its &ldquo;prime rate&rdquo; or &ldquo;reference rate&rdquo; for Canadian dollar loans.
The &ldquo;prime rate&rdquo; or &ldquo;reference rate&rdquo; is a rate set by the Agent based upon various factors including the
Agent&rsquo;s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, that may be priced at, above, or below such announced rate. Any change in a prime rate announced by the Agent shall
take effect at the opening of business on the day specified in the public announcement of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Blocked Account</U>&rdquo;
means an account and any associated lock-box owned by the SPV at a Blocked Account Bank for the purpose of receiving Collections
or concentrating Collections received, set forth in <U>Schedule&nbsp;4.1(s)</U>, or any account added as a Blocked Account pursuant
to and in accordance with <U>Section&nbsp;4.1(s)</U> and that, if not maintained at and in the name of the Agent, is subject to
a Blocked Account Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Blocked Account
Agreement</U>&rdquo; means a deposit account control agreement among the SPV, the Agent and a Blocked Account Bank, in form and
substance reasonably acceptable to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Blocked Account
Bank</U>&rdquo; means each of the banks set forth in <U>Schedule&nbsp;4.1(s)</U>, as such <U>Schedule&nbsp;4.1(s)</U> may be modified
pursuant to <U>Section&nbsp;4.1(s)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business
Day</U>&rdquo; means any day excluding Saturday, Sunday and any day on which commercial banks in New&nbsp;York, New&nbsp;York and
Toronto, Ontario, Canada are authorized or required by law to close, and, when used with respect to the determination of CDOR or
any notice with respect thereto, any such day that is also a day on which banks are open for business in Toronto, Ontario, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Calculation
Period</U>&rdquo; means a calendar month; <I><U>provided that</U></I>, solely for the purpose of determining Yield payable on the
first Settlement Date, Calculation Period shall mean the period from and including the Initial Investment Date to and including
April&nbsp;30, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Calculation
Period End Date</U>&rdquo; means the last day of a Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Canadian
Dollar</U>&rdquo; or &ldquo;<U>C$</U>&rdquo; means the lawful currency of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Canadian
Share</U>&rdquo; means, as of any date of determination, the quotient (expressed as a percentage) of the sum of the U.S. Dollar
Equivalent of the Unpaid Balances of all Receivables that constitute Eligible Receivables as of such date of determination, over
the Aggregate Unpaid Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Capitalized
Lease</U>&rdquo; means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition
of an asset and the incurrence of a liability in accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Cash Purchase
Price</U>&rdquo; means the cash amounts paid to the SPV by the Investors in connection with any Investment pursuant to <U>Sections&nbsp;2.2(a)</U>
and <U>(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CDOR</U>&rdquo;
means for any day during any Rate Period, the interest rate per annum determined by the Agent (which determination shall be conclusive
absent manifest error) as the annual rate of interest equal to the average discount rate (rounded upwards, if necessary, to the
nearest 0.00001%) of 1-month Canadian dollar bankers&rsquo; acceptances as displayed on the &ldquo;Bloomberg Screen CDOR Page&rdquo;
at approximately 10:00 a.m. (Toronto, Ontario time) on such day (or, if such day is not a Business Day, on the preceding Business
Day); <I>provided</I>, <I>however</I>, that if such rate does not appear on the Bloomberg Screen CDOR Page on such day as contemplated,
then the CDOR Rate on such day shall be calculated as the average of the rates for such period applicable to Canadian dollar bankers&rsquo;
acceptances quoted by the banks listed on Schedule I of the Bank Act (Canada) as at approximately 10:00 a.m. Toronto time on such
day (or, if such day is not a Business Day, on the preceding Business Day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change in
Law</U>&rdquo; means the occurrence, after the Closing Date (or with respect to any Investor, if later, the date on which such
Investor becomes an Investor), of any of the following: (a)&nbsp;the adoption or taking effect of any law, rule, regulation or
treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or
application thereof by any Official Body or (c)&nbsp;the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Official Body; <I><U>provided</U></I><U> that</U> notwithstanding anything herein to the
contrary, (i)&nbsp;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
or foreign regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision
in &ldquo;Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems&rdquo; (as amended, supplemented
or otherwise modified or replaced from time to time), shall in each case be deemed to be a &ldquo;Change in Law,&rdquo; regardless
of the date enacted, adopted or issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Change of
Control</U>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;the failure
of Colliers to own, directly or indirectly, and on a fully-diluted basis, 100% of the Equity Interests of the SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;the failure
of Colliers to own, directly or indirectly, and on a fully-diluted basis, (1) 100% of the outstanding shares of Voting Stock or
other Equity Interests of any Originator other than Colliers and (2) more than 50% or more of the outstanding shares of Voting
Stock or other Equity Interests of any Originating Subsidiary (as defined in the U.S. Transfer Agreement); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;with respect
to Colliers, any change of ownership of Colliers that results in any Equity Interest holders other than (i)&nbsp;Jay&nbsp;S. Hennick,
(ii)&nbsp;the Hennick Family, (iii)&nbsp;a trust, the sole beneficiaries of which are any of the Hennick Family, and (iv)&nbsp;any
and all entities that are directly or indirectly controlled by any of the Hennick Family owning Equity Interests in Colliers having
voting rights that carry greater than 30% of the voting rights attributed to all outstanding Equity Interests of Colliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Charged-Off
Receivable</U>&rdquo; means a Receivable (a)&nbsp;as to which the Obligor thereof has become the subject of any Event of Bankruptcy,
(b)&nbsp;that has been identified by the SPV, the Originator or the Servicer as uncollectible, or (c)&nbsp;that, consistent with
the Credit and Collection Policy, should be written off as uncollectible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Closing Date</U>&rdquo;
means April 12, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Collections</U>&rdquo;
means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable, including (i)&nbsp;all
scheduled interest and principal payments, and any applicable late fees, in any such case, received and collected on such Receivable,
(ii)&nbsp;all proceeds received by virtue of the liquidation of such Receivable, net of expenses incurred in connection with such
liquidation, (iii)&nbsp;all proceeds received (net of any such proceeds which are required by law to be paid to the applicable
Obligor) under any damage, casualty or other insurance policy with respect to such Receivable, (iv)&nbsp;all cash proceeds of the
Related Security related to or otherwise attributable to such Receivable, (v)&nbsp;any repurchase payment received with respect
to such Receivable pursuant to any applicable recourse obligation of the Servicer or any Originator under this Agreement or any
other Transaction Document and (vi)&nbsp;all Deemed Collections actually received or deemed received with respect to such Receivable
pursuant to <U>Section&nbsp;2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Colliers</U>&rdquo;
means Colliers International Group Inc., a Canadian corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Colliers
Guaranty</U>&rdquo; means the Performance Guaranty dated as of the date hereof delivered by Colliers to and for the benefit of
the Secured Parties in relation to the obligations of the Originators, the U.S. Originators, the U.S. Servicer and the Servicer
under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commercial
Paper</U>&rdquo; means the promissory notes issued or to be issued by a Conduit Investor (or its related commercial paper issuer
if such Conduit Investor does not itself issue commercial paper) in the commercial paper market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commitment</U>&rdquo;
means, with respect to each Committed Investor, the dollar amount set forth opposite such Committed Investor&rsquo;s signature
on the signature pages hereof under the heading &ldquo;<U>Commitment</U>&rdquo; (or, in the case of a Committed Investor which
becomes a party hereto pursuant to an assignment subject to <U>Section&nbsp;11.8(b)</U> and <U>(c)</U>, as set forth in the related
Assignment and Assumption Agreement), <U>minus</U> the dollar amount of any Commitment or portion thereof assigned by such Committed
Investor pursuant to <U>Section&nbsp;11.8(b)</U> and <U>(c)</U>, <U>plus</U> the dollar amount of any increase to such Committed
Investor&rsquo;s Commitment pursuant to <U>Section&nbsp;2.17</U>; <I><U>provided</U></I><U> that</U> if the Facility Limit is reduced,
the aggregate of the Commitments of all the Committed Investors shall be reduced in a like amount and the Commitment of each Committed
Investor shall be reduced in proportion to such reduction. For the avoidance of doubt, each Commitment under this Agreement and
under the U.S. Transfer Agreement is a single shared Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Commitment
Expiration Date</U>&rdquo; means April 27, 2020, as such date may be extended from time to time pursuant to <U>Section&nbsp;2.18</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Committed
Investors</U>&rdquo; means (a)&nbsp;for the Mizuho Investor Group, Mizuho Bank, Ltd. and (b)&nbsp;for any other Investor Group,
each of the Persons executing this Agreement in the capacity of a &ldquo;Committed Investor&rdquo; for such Investor Group in accordance
with the terms of this Agreement, and, in each case, successors and permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Conduit Assignee</U>&rdquo;
means, with respect to any Conduit Investor, any special purpose entity that finances its activities directly or indirectly through
asset-backed commercial paper and is administered by a Managing Agent or any of its Affiliates and designated by such Conduit Investor&rsquo;s
Managing Agent from time to time to accept an assignment from such Conduit Investor of all or a portion of the Net Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Conduit Investor</U>&rdquo;
means any Person executing this Agreement in the capacity of a &ldquo;Conduit Investor&rdquo; for an Investor Group in accordance
with this Agreement, and successors or permitted assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Consolidated
Total Assets</U>&rdquo; means, for any period, the consolidated total assets of Colliers and its Subsidiaries for such period,
excluding Unrestricted Entities but otherwise determined in accordance with GAAP, as set forth on the consolidated balance sheet
of Colliers for such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Contract</U>&rdquo;
means, in relation to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes, or other writings
pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to
make payment in respect of such Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Control</U>&rdquo;
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. &ldquo;<U>Controlling</U>&rdquo; and &ldquo;<U>Controlled</U>&rdquo;
have meanings correlative thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>CP Rate</U>&rdquo;
means, for any Rate Tranche and a particular Conduit Investor, the <U>per annum</U> rate equivalent to the sum of (a)&nbsp;the
Dealer Fee and (b)&nbsp;the weighted average cost (as determined by the related Managing Agent and which shall include incremental
carrying costs incurred with respect to Commercial Paper maturing on dates other than those on which corresponding funds are received
by such Conduit Investor, other borrowings by such Conduit Investor (other than under any Program Support Agreement) and any other
reasonable and necessary costs associated with the issuance of Commercial Paper) of or related to the issuance of Commercial Paper
that are allocated, in whole or in part, by the Conduit Investor or its Managing Agent to fund or maintain such Rate Tranche (and
which may be also allocated in part to the funding of other assets of the Conduit Investor); <I><U>provided</U></I><U> that</U>
if any component of such rate is a discount rate, in calculating the &ldquo;<U>CP Rate</U>&rdquo; for such Rate Tranche, such Conduit
Investor shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate
<U>per annum</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Credit and
Collection Policy</U>&rdquo; means, with respect to any Originator, such Originator&rsquo;s credit and collection policy or policies
and practices relating to the applicable Receivables as in effect on the Closing Date and set forth in <U>Exhibit&nbsp;B</U>, as
modified, from time to time, in compliance with <U>Sections 6.1(a)(vii)</U> and <U>6.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Days Sales
Outstanding</U>&rdquo; means, for any Calculation Period, the product, obtained by multiplying (a)&nbsp;91 <U>by</U> (b)&nbsp;the
quotient obtained <U>by</U> dividing (i)&nbsp;the aggregate U.S. Dollar Equivalent of the Unpaid Balance of Receivables and U.S.
Receivables as of the Calculation Period End Date of such Calculation Period by (ii)&nbsp;the U.S. Dollar Equivalent of the Unpaid
Balances of all Receivables and U.S. Receivables (as of the date of the origination thereof) that became Receivables or U.S. Receivables
during the three&nbsp;(3) most recent Calculation Periods, including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dealer Fee</U>&rdquo;
means, on any date of determination, the commissions and fees of placement agents and dealers of Commercial Paper, on the weighted
average face amount of the Commercial Paper issued to maintain or fund any Rate Tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Debtor Relief
Laws</U>&rdquo; means any applicable liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, fraudulent conveyance, reorganization, or similar Laws affecting the rights, remedies,
or recourse of creditors generally, including<FONT STYLE="font-family: Times New Roman, Times, Serif">, without limitation, the
<I>Bankruptcy and Insolvency Act </I>(Canada), the <I>Companies Creditors&rsquo; Arrangement Act</I> (Canada), the <I>Winding-Up
and Restructuring Act </I>(Canada)</FONT> and all amendments thereto, as are in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deemed Collections</U>&rdquo;
is defined in <U>Section&nbsp;2.6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Rate</U>&rdquo;
means a per annum rate equal to the sum of (a)&nbsp;the Base Rate <U>plus</U> (b)&nbsp;2.00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Ratio</U>&rdquo;
means, for any Calculation Period, the ratio (expressed as a percentage) of (a)&nbsp; the sum of (i)&nbsp;the aggregate U.S. Dollar
Equivalent of the Unpaid Balance of all Defaulted Receivables and U.S. Defaulted Receivables, as of the Calculation Period End
Date of such Calculation Period and (ii)&nbsp;the aggregate U.S. Dollar Equivalent of the Unpaid Balance of all Receivables and
U.S. Receivables that were not Delinquent Receivables or U.S. Delinquent Receivables and that became Charged-off Receivables or
U.S. Charged-Off Receivables during such Calculation Period, <U>divided by</U> (b)&nbsp;the U.S. Dollar Equivalent of the Unpaid
Balances of all Receivables and U.S. Receivables (as of the date of the origination thereof) originated during the fourth Calculation
Period prior to the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Default Spike</U>&rdquo;
means, for any Calculation Period, the highest Three-Month Default Ratio during the twelve (12) most recent Calculation Periods
including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Defaulted
Receivable</U>&rdquo; means, as of any date of determination, each Receivable as to which any payment, or part thereof, remains
unpaid for 91-120<B>&nbsp;</B>days or more from the Due Date for such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Deferred
Purchase Price</U>&rdquo; is defined in <U>Section&nbsp;2.2(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Delinquent
Receivable</U>&rdquo; means, as of any date of determination, each Receivable as to which any payment, or part thereof, remains
unpaid for 91&nbsp;days or more from the Due Date for such payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Designated
Jurisdiction</U>&rdquo; means any country, region or territory to the extent that such country or territory itself is the subject
of any Sanction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution</U>&rdquo;
means, on any date, an amount equal to the sum, without duplication, of (i)&nbsp;the aggregate reduction effected on such day in
the Unpaid Balances of the Receivables attributable to any non-cash items including credits, rebates, billing errors, sales or
similar taxes, cash discounts, volume discounts, allowances, disputes (it being understood that a Receivable is &ldquo;subject
to dispute&rdquo; only if and to the extent that, in the reasonable good faith judgment of the applicable Originator (that shall
be exercised in the ordinary course of business) such Obligor&rsquo;s obligation in respect of such Receivable is reduced on account
of any performance failure on the part of such Originator), set offs, counterclaims, chargebacks, returned or repossessed goods,
sales and marketing discounts, warranties, any unapplied credit memos and other adjustments that are made in respect of Obligors
(other than as a result of any Collections), (ii)&nbsp;the amount of any reduction in the Unpaid Balance of all Receivables that
have been compromised, adjusted or modified, (iii)&nbsp;the amount of the Unpaid Balance of all Receivables for which the Original
Due Date has been extended, other than a one-time extension of the Original Due Date of any Receivable by up to ten (10) Business
Days, and (iv) the amount of the Unpaid Balance (or portion thereof) of all Receivables that remain unpaid on the Due Date thereof
as a result of a breach or default by a third party that is not an Obligor of such Receivables, including any event in which a
tenant does not move in on the scheduled move-in date, or any other direct or implied contingency not being met, including any
dispute between any third party and the Obligor of such Receivables, the existence of which dispute the Obligor is using to delay
or seek to reduce its payment obligation of such Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Horizon Ratio</U>&rdquo; means, for any Calculation Period, the ratio (expressed as a percentage) of (x)&nbsp;the U.S. Dollar Equivalent
of the Unpaid Balances of all Receivables and U.S. Receivables (as of the date of the origination thereof) originated by the Originators,
the U.S. Originators and the U.S. Originating Subsidiaries, during the Calculation Period immediately prior to such Calculation
Period, <U>divided by</U> (y)&nbsp;the Net Pool Balance as of the Calculation Period End Date of such Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Ratio</U>&rdquo; means, for any Calculation Period, the ratio (expressed as a percentage) of (a)&nbsp;the aggregate U.S. Dollar
Equivalent of the Dilution and U.S. Dilution incurred during such Calculation Period, <U>divided by</U> (b)&nbsp;the U.S. Dollar
Equivalent of the Unpaid Balances of all Receivables and U.S. Receivables (as of the date of the origination thereof) originated
by the Originators, the U.S. Originators and the U.S. Originating Subsidiaries, respectively, giving rise to Receivables and U.S.
Receivables in the Calculation Period immediately prior to such Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Reserve Percentage</U>&rdquo; means, at any time, a percentage equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="width: 32%; text-align: center"><FONT STYLE="font-size: 18pt">(</FONT>(<I>SF </I>x <I>EDR</I>)</TD>
    <TD ROWSPAN="2" STYLE="width: 6%; text-align: center">+</TD>
    <TD ROWSPAN="2" STYLE="width: 22%">(<I>DS </I>- <I>EDR</I>)</TD>
    <TD ROWSPAN="2" STYLE="width: 5%; text-align: center">x</TD>
    <TD STYLE="vertical-align: top; width: 11%; border-bottom: Black 1pt solid; text-align: center"><I>DS</I></TD>
    <TD ROWSPAN="2" STYLE="width: 4%; text-align: justify"><FONT STYLE="font-size: 18pt">)</FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 5%; text-align: center">x</TD>
    <TD ROWSPAN="2" STYLE="width: 15%"><I>DHR</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><I>EDR</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%">SF</TD>
    <TD STYLE="width: 10%">=</TD>
    <TD STYLE="width: 76%">the Stress Factor;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>EDR</TD>
    <TD>=</TD>
    <TD>the Expected Dilution Ratio as determined for the most recently ended Calculation Period;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>DS</TD>
    <TD>=</TD>
    <TD>the Dilution Spike as determined for the most recently ended Calculation Period; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>DHR</TD>
    <TD>=</TD>
    <TD>the Dilution Horizon Ratio as determined for the most recently ended Calculation Period.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dilution
Spike</U>&rdquo; means, for any Calculation Period, the highest Dilution Ratio during the twelve&nbsp;(12) most recent Calculation
Periods, including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Disposition</U>&rdquo;
means the sale, transfer or other disposition (including any sale and leaseback transaction) of any property by any Person, including
any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and
claims associated therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Due Date</U>&rdquo;
means, with respect to any Receivable, the date that is 60 days after the Original Due Date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>EDGAR</U>&rdquo;
means the SEC&rsquo;s Electronic Data Gathering, Analysis and Retrieval system, or any successor SEC electronic filing system for
such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Business</U>&rdquo; means any business to be acquired by Colliers or any of its Subsidiaries which is consistent with the nature
of the overall business focus of Colliers and its Subsidiaries as a diversified services business group which services may include
the sale, installation, or fabrication of products that are ancillary to the services being provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Investments</U>&rdquo; means any of the following investments denominated and payable solely in Dollars: (a)&nbsp;readily marketable
debt securities issued by, or the full and timely payment of which is guaranteed by the full faith and credit of, the federal government
of the United States, (b)&nbsp;insured demand deposits, time deposits and certificates of deposit of any commercial bank rated
&ldquo;A-1+&rdquo; by S&amp;P, &ldquo;P-1&rdquo; by Moody&rsquo;s and &ldquo;A-1+&rdquo; by Fitch (if rated by Fitch), (c)&nbsp;no
load money market funds rated in the highest ratings category by each of the rating agencies (without the &ldquo;r&rdquo; symbol
attached to any such rating by S&amp;P), and (d)&nbsp;commercial paper of any corporation incorporated under the laws of the United
States, <I><U>provided</U></I><U> that</U> such commercial paper is rated &ldquo;A-1+&rdquo; by S&amp;P, &ldquo;P-1&rdquo; by Moody&rsquo;s
and &ldquo;A-1+&rdquo; by Fitch (if rated by Fitch) (without the &ldquo;r&rdquo; symbol attached to any such rating by S&amp;P).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Obligor</U>&rdquo; means, as of any date of determination, any Obligor:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;that is
not an Affiliate, employee or independent contractor broker of any of the Originators, the SPV, Colliers or the Servicer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;that is
a resident in the United States or Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;that is
not an Official Body other than the government of the United States or Canada or any political subdivision thereof (a &ldquo;<U>U.S.
or Canadian Official Body</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;with respect
to which not more than 50% of Receivables owed by such Obligor are Delinquent Receivables or U.S. Delinquent Receivables, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;with respect
to which no Event of Bankruptcy has occurred and is continuing with respect to such Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eligible
Receivable</U>&rdquo; means, as of any date of determination, any Receivable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;that was
originated by an Originator and sold to an Originator in the ordinary course of its business;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;(i)&#9;with
respect to which the applicable Originator and the SPV has performed in all material respects all obligations required to be performed
by it thereunder or under any related Contract, including shipment of the merchandise and/or the performance of the services purchased
thereunder; and (ii)&nbsp;that either (A)(x)&nbsp;has been billed to the relevant Obligor, and (y)&nbsp;which, according to the
Contract related thereto, is due and required to be paid in full within 60 days of the original billing date therefor or (B)(x)&nbsp;if
unbilled, is contractually due and required to be paid on a specific date stated in the related Contract giving rise to such Receivable
which is within two years from the date of determination;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;that was
originated in accordance with and satisfies in all material respects all applicable requirements of the applicable Credit and Collection
Policy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;that has
been sold or contributed to the SPV pursuant to (and in accordance with) the First Tier Agreement and to which the SPV has good
and marketable title, free and clear of all Adverse Claims, other than any Permitted Adverse Claim;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;the Obligor
of which has been directed to make all payments to a Blocked Account;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;that is
assignable without the consent of, or notice to, the related Obligor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;that, together
with the related Contract, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor
to pay a specified amount in cash, enforceable against such Obligor in accordance with its terms and is not subject to any asserted
litigation, dispute, offset, holdback, counterclaim or other defense, except to the extent that such enforcement may be limited
by applicable liquidation, conservatorship, bankruptcy, insolvency, assignment for the benefit of creditors, moratorium, rearrangement,
receivership, reorganization, fraudulent transfer, fraudulent conveyance or other similar laws affecting the rights of creditors
generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding at law or in
equity); <I><U>provided that</U></I>, (1) if such litigation, dispute, offset, holdback, counterclaim or defense affects only a
portion of the Unpaid Balance of such Receivable, then such Receivable may be deemed an Eligible Receivable to the extent of the
portion of such Unpaid Balance which is not so affected (i.e., the amount of the outstanding claim or the amount the Obligor is
entitled to offset against the applicable Originator based on the amount which such Originator owes the applicable Obligor would
be netted against the applicable Receivable, but the excess of the Receivable over such outstanding claim or offset would be included
as an Eligible Receivable) and (2) Receivables of any Obligor which have any accounts payable from the applicable Originator (thus
giving rise to a potential offset against such Obligor&rsquo;s Receivables) may be treated as Eligible Receivables to the extent
that such Obligor has agreed, pursuant to a written agreement in form and substance reasonably satisfactory to the Agent, that
such Receivable shall not be subject to such offset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;that is
denominated and payable only in U.S. Dollars or Canadian Dollars in the United States or Canada;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;that is
not a Delinquent Receivable or a Defaulted Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(j)&#9;[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(k)&#9;[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(l)&#9;that is
an &ldquo;account&rdquo; within the meaning of the PPSA of all applicable jurisdictions and is not evidenced by instruments or
chattel paper;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(m)&#9;that, together
with the Contract related thereto, does not contravene in any material respect any Laws applicable thereto (including Laws relating
to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(n)&#9;the assignment
of which under the First Tier Agreement by the applicable Originator to the SPV and hereunder by the SPV to the Agent does not
violate, conflict or contravene any applicable Law or any enforceable contractual or other restriction, limitation or encumbrance;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(o)&#9;that is
not a Receivable that arose as a result of the sale of consigned inventory owned by a third party or a sale in which the Originator
acted as agent of any other Person or otherwise not as principal or otherwise in respect of deferred or unearned revenues;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(p)&#9;that is
not a Receivable that is subject to a Dilution (it being understood that only the portion of the Receivable subject to Dilution
is restricted from being an &ldquo;Eligible Receivable&rdquo; hereunder);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(q)&#9;that (together
with the Related Security related thereto) has been the subject of a valid transfer and assignment from the SPV to the Agent, on
behalf of the Investors, of all of the SPV&rsquo;s right, title and interest therein, effective until the Final Payout Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(r)&#9;that does
not contain a confidentiality provision that purports to restrict the ability of the applicable Originator or the SPV or their
assignees to receive or review a copy of the related Contract or exercise their rights thereunder or under the First Tier Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(s)&#9;the Obligor
of which is an Eligible Obligor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(t)&#9;with respect
to which all material consents, licenses, approvals or authorizations of, or registrations or declarations with, any Official Body
required to be obtained, effected or given in connection with the creation of such Receivable have been duly obtained, effected
or given and are in full force and effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&#9;</B>(u)<B>&#9;</B>[reserved];</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(v)&#9;with respect
to which, to the best knowledge of the applicable Originator or the SPV, no proceedings or investigations are pending or threatened
before any Official Body;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(w)&#9;that does
not represent &ldquo;billed but not yet shipped&rdquo; goods or merchandise, partially performed or underperformed services, and
does not arise from a transaction for which any additional performance by the applicable Originator remains to be performed; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(x)&#9;that if
payable by the related Obligor into a trust account pursuant to which a portion of the Collections on such Receivables will not
be accessible by the Originator or Servicer, only the portion of the Receivable not subject to such restriction shall be an &ldquo;Eligible
Receivable&rdquo; hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Equity Interests</U>&rdquo;
means, with respect to any Person, all of the shares of capital stock of (or other ownership interests in) such Person, all of
the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other
ownership interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or
other ownership interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests), and all of the other ownership interests in such Person (including partnership, member or trust
interests therein), whether voting or nonvoting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA</U>&rdquo;
means the U.S.&nbsp;Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>ERISA Affiliate</U>&rdquo;
means, with respect to any Person, any corporation, partnership, trust, sole proprietorship or trade or business which, together
with such Person, is treated as a single employer under Section&nbsp;414(b) or (c) of the Code or, solely with respect to any liability
for contributions under Section&nbsp;302(c) of ERISA, Section&nbsp;414(m) or (o) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Eurodollar
Reserve Percentage</U>&rdquo; means, for any day during any Rate Period, the reserve percentage (expressed as a decimal, rounded
upward to the next 1/100th of 1%) in effect on such day, whether or not applicable to any Investor, under regulations issued from
time to time by the Board of Governors of the Federal Reserve System for determining the maximum reserve requirement (including
any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to
as &ldquo;eurocurrency liabilities&rdquo;). The Adjusted LIBOR Rate shall be adjusted automatically as of the effective date of
any change in the Eurodollar Reserve Percentage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Event of
Bankruptcy</U>&rdquo; means, with respect to any Person, (a)&nbsp;that such Person institutes or consents to the institution of
any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors, or applies for or consents to
the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all
or any material part of its property; or (b)&nbsp;that any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or
unstayed for sixty&nbsp;(60) calendar days; or (c)&nbsp;that any proceeding under any Debtor Relief Law relating to any such Person
or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed
for sixty&nbsp;(60) calendar days, or an order for relief is entered in any such proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excess Concentration
Amount</U>&rdquo; means, on any day, without duplication, the sum of (x)&nbsp;the sum of all amounts determined as follows: for
each Obligor and U.S. Obligor, the amount (if any) by which (i)&nbsp;the U.S. Dollar Equivalent of the aggregate Unpaid Balance
of the Eligible Receivables and U.S. Eligible Receivables of such Obligor or U.S. Obligor and its Affiliates (if any), exceeds
(ii)&nbsp;the product on such day of (A)&nbsp;the applicable Obligor Concentration Limit for such Obligor or U.S. Obligor and (B)&nbsp;the
Aggregate Unpaid Balance on such day; plus (y)&nbsp;the amount by which (i)&nbsp;the aggregate Unpaid Balance of all Receivables
and U.S. Receivables owed by any U.S. or Canadian Official Body, exceeds (ii)&nbsp;the product on such day of (A)&nbsp;5.0% and
(B)&nbsp;the Aggregate Unpaid Balance on such day; plus (z) the amount by which (a)&nbsp;the aggregate Unpaid Balance of all Receivables
and U.S. Receivables that are unbilled and have an Original Due Date that occurs more than six months but less than two years from
such day, exceeds (b)&nbsp;the product on any such day of (A)<B>&nbsp;</B>20.0% and (B)&nbsp;the Aggregate Unpaid Balance on such
day; plus (aa)&nbsp;the amount by which (i) the aggregate Unpaid Balance of all Receivables and U.S. Receivables that are unbilled
and have an Original Due Date that occurs more than one year but less than two years from such day, exceeds (ii) the product on
any such day of (A)&nbsp;5.0% and (B)&nbsp;the Aggregate Unpaid Balance on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Excluded
Taxes</U>&rdquo; means any of the following taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a)&nbsp;taxes imposed on or measured by net income (however denominated), franchise taxes, and
branch profits taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof) under the Laws of which
such recipient is organized or in which its principal office is located or, in the case of any Investor, in which its applicable
Funding Office is located or (ii) that are Other Connection Taxes, (b)&nbsp; in the case of an Investor, any withholding tax that
is imposed on amounts payable to or for the account of such Investor at the time (i) such Investor becomes a party hereto or (ii)
designates a new Funding Office), except to the extent that such Investor (or its assignor, if any) was entitled, at the time of
designation of a new Funding Office (or assignment), to receive additional amounts from the payor with respect to such withholding
tax pursuant to <U>Section&nbsp;9.4, (c) </U>any taxes attributable to such Recipient&rsquo;s failure or inability to comply with
<U>Section&nbsp;9.5</U>) or (d) any U.S. federal withholding Taxes imposed under FATCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Expected
Dilution Ratio</U>&rdquo; means, for any Calculation Period, the average of the Dilution Ratios for the twelve (12) most recent
Calculation Periods, including the Calculation Period of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Extended
Term Amount</U>&rdquo; means, at any time, the lesser of (a) the Aggregate Unpaid Balance of all unbilled Receivables that are
Eligible Receivables and unbilled U.S. Receivables that are Eligible Receivables (as defined in the U.S. Transfer Agreement), in
each case, with remaining payment terms of over one year, and (b) the product at such time of (1)&nbsp;5.0% and (2)&nbsp;the Aggregate
Unpaid Balance on such day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Facility
Limit</U>&rdquo; means initially $125,000,000, as such amount may be increased from time to time in accordance with <U>Section&nbsp;2.17</U>,
and as such amount may be reduced in accordance with <U>Section&nbsp;2.16</U>; <I><U>provided</U></I><U> that</U> the Facility
Limit may not at any time exceed the Maximum Commitment then in effect. For the avoidance of doubt, the Facility Limit under this
Agreement and under the U.S. Transfer Agreement is a single shared Facility Limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>FATCA</U>&rdquo;
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection
with the implementation of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Federal Funds
Rate</U>&rdquo; means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%)&nbsp;equal to
the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers on such day, as published by the Federal Reserve Bank of New&nbsp;York on the Business Day next succeeding
such day; <I><U>provided</U></I><U> that</U> (a)&nbsp;if such day is not a Business Day, the Federal Funds Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b)&nbsp;if
no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate
charged to the applicable Managing Agent on such day on such transactions as determined by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fee Letter</U>&rdquo;
means the confidential letter agreement dated the date hereof among the SPV, the U.S. SPV, the Agent, the applicable Managing Agent
for each Investor Group, the U.S. Agent and the applicable Managing Agent (as defined in the U.S. Transfer Agreement) for each
Investor Group (as defined in the U.S. Transfer Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Final Payout
Date</U>&rdquo; means the date, after the Termination Date, on which the Aggregate Net Investment has been reduced to zero, all
accrued Servicing Fees have been paid in full and all other Aggregate Unpaids have been paid in full in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>First Tier
Agreement</U>&rdquo; means the Canadian Sale Agreement, dated as of the Closing Date, between each Originator and the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Fitch</U>&rdquo;
means Fitch, Inc. or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Foreign Recipient</U>&rdquo;
means any Recipient that is not a &ldquo;United States person&rdquo; within the meaning of Section 7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Funding Office</U>&rdquo;
of an Investor means the office from which such Investor funds its Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such accounting profession that are applicable to the circumstances as of the date
of determination, consistently applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>General Partner</U>&rdquo;
means Colliers Receivables Funding Inc. as the managing general partner of the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Guarantee</U>&rdquo;
means, with respect to any Person, (a)&nbsp;any obligation, contingent or otherwise, of such Person guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the &ldquo;<U>primary
obligor</U>&rdquo;) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect,
(i)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation,
(ii)&nbsp;to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness
or other obligation of the payment or performance of such Indebtedness or other obligation, (iii)&nbsp;to maintain working capital,
equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so
as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv)&nbsp;entered into for the purpose of assuring
in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b)&nbsp;any Lien on any assets of such Person securing
any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such
Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof,
in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect
thereof as determined by the guaranteeing Person in good faith. The term &ldquo;<U>Guarantee</U>&rdquo; as a verb has a corresponding
meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Hedge Agreements</U>&rdquo;
means interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency
future or option contracts and other similar agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Hennick Family</U>&rdquo;
means the spouse, children or estate of Jay&nbsp;S. Hennick.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Incremental
Commitment</U>&rdquo; is defined in <U>Section&nbsp;2.17</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indebtedness</U>&rdquo;
means, without duplication, with respect to any Person, such Person&rsquo;s (a)&nbsp;obligations for borrowed money, (b)&nbsp;obligations
representing the deferred purchase price of property other than accounts payable arising in the ordinary course of such Person&rsquo;s
business on terms customary in the trade, holdbacks, earnouts and similar contingent payments and accruals for payroll or similar
items, (c)&nbsp;obligations (excluding prepaid interest thereon), whether or not assumed, secured by liens or payable out of the
proceeds or products of property now or hereafter owned or acquired by such Person; <I><U>provided that</U></I>, if such Person
has not assumed such obligations, then the amount of Indebtedness of such Person for purposes of this clause (c) shall be equal
to the lesser of the amount of the obligations of the holder of such obligations and the fair market value of the assets of such
Person which secure such obligations, (d)&nbsp;obligations which are evidenced by notes, bonds, debentures, acceptances (including
bankers acceptances), or other instruments, (e)&nbsp;Capitalized Lease obligations, (f)&nbsp;obligations for which such Person
is obligated pursuant to a Guarantee, (g)&nbsp;reimbursement obligations with respect to any letters of credit, (h)&nbsp;all indebtedness
of such Person in respect of Hedge Agreements and (i)&nbsp;any other liabilities which would be treated as indebtedness in accordance
with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified
Amounts</U>&rdquo; is defined in <U>Section&nbsp;9.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Indemnified
Parties</U>&rdquo; is defined in <U>Section&nbsp;9.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Investment
Date</U>&rdquo; means the date of the initial Investment under this Agreement, which for the avoidance of doubt, shall be April
29, 2019 (or such later date as may be agreed to by the Agent in its reasonable discretion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial Originator</U>&rdquo;
is defined in the Preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Interpolated
Rate</U>&rdquo; means, at any time, the rate per annum determined by the applicable Managing Agent (which determination shall be
conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:
(a)&nbsp;the rate as displayed on the applicable Bloomberg page (or on any successor or substitute page or servicing providing
quotations of interest rates applicable to dollar deposits in the London interbank market comparable to those currently provided
on such page, as determined by the Agent from time to time; in each case the &ldquo;<U>Screen Rate</U>&rdquo;) for the longest
period (for which that Screen Rate is available) that is shorter than the Rate Period and (b)&nbsp;the Screen Rate for the shortest
Period (for which that Screen Rate is available) that exceeds the Rate period, in each case, at approximately 11:00&nbsp;a.m.,
London time, two Business Days prior to the commencement of such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment</U>&rdquo;
is defined in <U>Section&nbsp;2.2(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment
Date</U>&rdquo; is defined in <U>Section&nbsp;2.3(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investment
Request</U>&rdquo; means each request substantially in the form of <U>Exhibit&nbsp;C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investor(s)</U>&rdquo;
means the Conduit Investors and/or the Committed Investors, as the context may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investor
Group</U>&rdquo; means each of the following groups of Investors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;Mizuho,
as Managing Agent, and Committed Investor hereunder (the &ldquo;<U>Mizuho Investor Group</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;any Conduit
Investor, its Managing Agent and its Related Committed Investors from time to time party hereto; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;for any
group of Investors that does not include a Conduit Investor, its Managing Agent and Committed Investors from time to time party
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Investor
Group Percentage</U>&rdquo; means, for any Investor Group, the percentage equivalent (carried out to five decimal places) of a
fraction the numerator of which is the aggregate amount of the Commitments of all Committed Investors in that Investor Group and
the denominator of which is the sum of such numerators for each of the Investor Groups.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Law</U>&rdquo;
means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction, writ, decree,
judgment or award of any Official Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>LIBOR Rate</U>&rdquo;
means, for any Rate Period, the greater of (a)<B>&nbsp;</B>the rate appearing on the applicable Bloomberg page (or on any successor
or substitute page or servicing providing quotations of interest rates applicable to dollar deposits in the London interbank market
comparable to those currently provided on such page, as determined by the Agent from time to time) at approximately 11:00&nbsp;a.m.,
London time, two Business Days prior to the commencement of such Rate Period, as the rate for dollar deposits with a maturity comparable
to such Rate Period; <I><U>provided</U></I><U> that</U> (i)&nbsp;if such rate is not available at such time for any reason, then
the &ldquo;LIBOR Rate&rdquo; for such Rate Period shall be the Interpolated Rate, and (ii)&nbsp;if the Interpolated Rate is not
available, the &ldquo;LIBOR Rate&rdquo; for such Rate Period shall be the offered quotation rate to first class banks in the London
interbank market by the Person that is the Agent for deposits (for delivery on the first day of the relevant period) in U.S. Dollars
of amounts in same day funds comparable to the amount of the applicable Investment of such Person, in its capacity as an Investor
for which the LIBOR Rate is then being determined, with maturities comparable to such Rate Period at approximately 11:00&nbsp;a.m.,
London time, two Business Days prior to the commencement of such Rate Period and (b)&nbsp;0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien (statutory or other), charge, or similar preference, priority
or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including
any conditional sale or other title retention agreement and any financing lease having substantially the same economic effect as
any of the foregoing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loss Horizon
Ratio</U>&rdquo; means, for any Calculation Period, the quotient, expressed as a percentage, of (a)&nbsp;the U.S. Dollar Equivalent
of the Unpaid Balances of all Receivables and U.S. Receivables (as of the date of the origination thereof) originated, during the
four most recent Calculation Periods, including the Calculation Period of determination, <U>divided</U> by (b)&nbsp;the Net Pool
Balance as of the Calculation Period End Date for such Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Loss Reserve
Ratio</U>&rdquo; means, at any time, the product of (a)&nbsp;the Stress Factor, (b)&nbsp;the Default Spike as determined for the
most recently ended Calculation Period and (c)&nbsp;the Loss Horizon Ratio as determined for the most recently ended Calculation
Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Majority
Investors</U>&rdquo; means, (i) at any time when three (3) or more Investor Groups are party to this Agreement, those Managing
Agents whose Investor Groups hold Commitments aggregating in excess of 662/3% of the Facility Limit as of such date (or, if the
Commitments shall have been terminated, those Managing Agents whose Investor Groups aggregate <U>pro</U>&nbsp;<U>rata</U> shares
of the Net Investment exceed 662/3% of the Net Investment) and (ii) at all other times, all Managing Agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Managing
Agent</U>&rdquo; means, (i) with respect to the Mizuho Investor Group, Mizuho, or (ii) with respect to any other Investor Group,
the Person acting as Managing Agent for such Investor Group and designated as such on the signature pages hereto or in any Assignment
and Assumption Agreement for such Investor Group under this Agreement, and each of its successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material
Adverse Effect</U>&rdquo; means any change, effect, event, occurrence that materially and adversely affects (a)&nbsp;the collectibility
of any material portion of the Receivables, (b)&nbsp;the operations, business, properties, liabilities (actual or contingent),
or financial condition of the SPV, individually, or Colliers and its consolidated Subsidiaries, taken as a whole, (c)&nbsp;the
ability of the SPV, the Servicer, Colliers or the Originators to perform their respective obligations under the Transaction Documents,
taken as a whole, to which they are party, or (d)&nbsp;the material rights of or benefits available to the Agent, the Managing
Agents or the Investors under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Material
Credit Facility</U>&rdquo; means,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;the Second
Amended and Restated Credit Agreement Dated as of April&nbsp;19, 2018 by and among Colliers, Colliers International Holdings (USA),
Inc., Globestar Limited, Colliers International EMEA Holdings Limited, Colliers International Holdings (Australia) Limited, and
the Toronto-Dominion Bank, among others (the &ldquo;<U>Revolving Credit Agreement</U>&rdquo;), including any renewals, extensions,
amendments, supplements, restatements, replacements or refinancing thereof; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;any other
agreement(s) creating or evidencing indebtedness for borrowed money entered into on or after the date of Closing by Colliers or
any Subsidiary (other than any Unrestricted Entities), or in respect of which Colliers or any Subsidiary (other than any Unrestricted
Entity) is an obligor or otherwise provides a guarantee or other credit support (&ldquo;<U>Credit Facility</U>&rdquo;), in a principal
amount outstanding or available for borrowing equal to or greater than the greater of (x)&nbsp;3.0% of Consolidated Total Assets
and (y)&nbsp;$50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the
closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal
or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maximum Commitment</U>&rdquo;
means, as of any date of determination, the sum of the Commitments of all Committed Investors hereunder. For the avoidance of doubt,
the Maximum Commitment under this Agreement and under the U.S. Transfer Agreement is a single shared Maximum Commitment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Maximum Incremental
Facility Amount</U>&rdquo; means $75,000,000. For the avoidance of doubt, the Maximum Incremental Facility Amount under this Agreement
and under the U.S. Transfer Agreement is a single shared Maximum Incremental Facility Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Minimum Reserve
Percentage</U>&rdquo; means, at any time, the sum of (a)&nbsp;15% <U>plus </U>(b)&nbsp;the product of (i)&nbsp;the Expected Dilution
Ratio as determined for the most recently ended Calculation Period, and (ii)&nbsp;the Dilution Horizon Ratio as determined for
the most recently ended Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mizuho</U>&rdquo;
is defined in the <U>Preamble</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Mizuho Investor
Group</U>&rdquo; is defined in the definition of Investor Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Moody&rsquo;s</U>&rdquo;
means Moody&rsquo;s Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Multiemployer
Plan</U>&rdquo; is defined in Section&nbsp;4001(a)(3) of ERISA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Investment</U>&rdquo;
means, at any time, (a) the aggregate Cash Purchase Price paid by the Investors in connection with each Investment less (b) the
aggregate amount of Collections theretofore actually received by the Investors and not reinvested as a Reinvestment and applied
by the Agent to reduce such Net Investment pursuant to Section 2.12; provided that the Net Investment shall be restored and reinstated
in the amount of any Collections so received and applied if at any time the distribution of such Collections is rescinded or must
otherwise be returned for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Net Pool
Balance</U>&rdquo; means, at any time, (a)&nbsp;the Aggregate Unpaid Balance at such time, <U>minus</U> (b)&nbsp;the Excess Concentration
Amount at such time, <U>minus</U> (c) the product of (A)&nbsp;two, (B)&nbsp;1.5, (C)&nbsp;the sum of the Adjusted LIBOR Rate and
the Program Fee Rate and (D)&nbsp;the Extended Term Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Non-U.S.
Plan</U>&rdquo; means any plan, fund or other similar program that (a) is established or maintained outside the U.S. by Colliers
or any Subsidiary primarily for the benefit of employees of Colliers or one or more Subsidiaries residing outside the U.S., which
plan, fund or other similar program provides retirement income or a deferral of income in contemplation of retirement, and (b)
is not subject to ERISA or the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligor</U>&rdquo;
means, with respect to any Receivable, the Person obligated to make payments in respect of such Receivable pursuant to a Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Obligor Concentration
Limit</U>&rdquo; means, at any time, with respect to the aggregate Unpaid Balance of all Receivables and U.S. Receivables owed
by any single Obligor or U.S. Obligor (together with its Affiliates), the percentage specified under the heading &ldquo;Concentration
Limit&rdquo; in the grid immediately below determined according to such Obligor&rsquo;s or U.S. Obligor&rsquo;s public unsecured
short-term debt rating (or absence thereof)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 68%; border: black 1pt solid; text-align: center">Obligor&rsquo;s or U.S. Obligor&rsquo;s Public Unsecured Short-Term Debt Rating<BR>
(S&amp;P/Moody&rsquo;s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; vertical-align: baseline">[1]</FONT></TD>
    <TD STYLE="width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Concentration Limit</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A-1/P-1 or better</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">15.0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A-2/P-2 or better (but less than A-1/P-1)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">7.5%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A-3/P-3 or better (but less than A-2/P-2)</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">5.0%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">Below A-3/P-3 or without a short-term rating from S&amp;P or Moody&rsquo;s</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">3.0%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">; <I><U>provided</U></I><U>
that</U><I>, </I>for any single Obligor or U.S. Obligor that does not have short-term public unsecured debt ratings from either
of S&amp;P or Moody&rsquo;s but has long-term unsecured debt ratings currently assigned to it by S&amp;P or Moody&rsquo;s, as applicable,
the applicable Concentration Limit in <U>clause&nbsp;(a)</U> above shall be determined by reference to the short-term rating equivalent
of the applicable long-term rating specified in the table below</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR>
    <TD STYLE="font-size: 10pt; vertical-align: top; text-align: left; width: 3%"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: bottom; width: 97%"><FONT STYLE="font-size: 8pt">The rating of an Obligor or U.S.
    Obligor will be the lowest of any short-term public unsecured debt rating of such Obligor as issued by S&amp;P or Moody&rsquo;s.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="2" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 23%; border: black 1pt solid; text-align: center">S&amp;P Long-Term Rating</TD>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">S&amp;P Short-Term<BR>
Rating Equivalent</TD>
    <TD STYLE="width: 24%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Moody&rsquo;s Long-Term Rating</TD>
    <TD STYLE="width: 29%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Moody&rsquo;s Short-Term Rating Equivalent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">A- or higher</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A-1</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A3 or higher</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">P-1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">BBB+</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A-2</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Baa1</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">P-2</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">BBB or BBB-</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">A-3</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Baa2 or Baa3</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">P-3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center">BB+ or below</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Below A-3 or not rated</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Ba1 or below</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Below P-3 or not rated</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">; <I><U>provided further</U>, <U>however</U>,
</I>that if any such Obligor or U.S. Obligor has a short-term public unsecured debt rating from only one such rating agency and
the other ratings are taken from the short-term equivalent of such Obligor&rsquo;s or U.S. Obligor&rsquo;s long-term unsecured
debt ratings, then the applicable rating for the purpose of determining the Concentration Limit for such Obligor or U.S. Obligor
shall be (i)&nbsp;if the difference between the two ratings is only one notch (e.g., A-1+ and A-1), the lower of the two applicable
ratings, and (ii)&nbsp;if the difference between such ratings is more than one notch, the average of the two applicable ratings.
If an Obligor or U.S. Obligor is not rated by Moody&rsquo;s or S&amp;P but is rated by Fitch, then the Fitch rating shall apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;</I><U>OFAC</U><I>&rdquo;</I>
means the U.S.&nbsp;Department of Treasury&rsquo;s Office of Foreign Assets Control or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Official
Body</U>&rdquo; means any government or political subdivision or any agency, authority, bureau, central bank, commission, department
or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, or any accounting
board or authority (whether or not a part of government) that is responsible for the establishment or interpretation of national
or international accounting principles, in each case whether foreign or domestic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Optional
Reduction Date</U>&rdquo; is defined in <U>Section&nbsp;2.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Original
Due Date</U>&rdquo; means, with respect to any Receivable, determined at the time of origination of such Receivable, the date on
which such Receivable is due and required to be paid by the related Obligor under the related Contract, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Originator</U>&rdquo;
means the Initial Originator and any other Affiliate of the Initial Originator that becomes an Originator hereunder following (a)&nbsp;the
written consent of the Agent and each Managing Agent, (b)&nbsp;the execution and delivery of a Joinder Agreement in the form of
<U>Exhibit&nbsp;G</U>, and (c)&nbsp;the execution and delivery by Colliers of a Colliers Guaranty with respect to such Originator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Originator
Disposition</U>&rdquo; is defined in <U>Section&nbsp;11.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Other Connection
Taxes</U>&rdquo; means, with respect to the Agents, any Investor, any other Secured Party, or any other recipient of any payment
to be made by or on account of any obligation of a payor hereunder, Taxes imposed as a result of a present or former connection
between such Person and the jurisdiction imposing such Tax (other than connections arising from such Person having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Investment or
Transaction Document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>PBGC</U>&rdquo;
means the Pension Benefit Guarantee Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pension Plan</U>&rdquo;
means an employee pension benefit plan as defined in Section&nbsp;3(2) of ERISA, that is subject to Title&nbsp;IV of ERISA (other
than a Multiemployer Plan) and that is maintained by, or is contributed to by, or within the previous five&nbsp;(5) years has been
maintained by or contributed to by, the Originator, Colliers, the SPV or an ERISA Affiliate of any of them with respect to which
they would reasonably be expected to have any liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Permitted
Adverse Claims</U>&rdquo; means (a) Adverse Claims in favor of the SPV created pursuant to the First Tier Agreement, (b) Liens
in favor of the Agent, as agent for the Secured Parties created pursuant to this Agreement or any other Transaction Document, (c)
Liens for taxes and assessments not yet due or for taxes Colliers or an Affiliate is contesting the validity, applicability or
amount thereof in good faith and by appropriate legal proceedings and such contest does not materially endanger any right or interest
of the Secured Parties under the Transaction Documents and as to which appropriate reserves are being maintained in accordance
with GAAP, (d) Liens arising in the ordinary course of business by virtue of any contractual, statutory or common law provision
relating to banker&rsquo;s Liens, rights of set-off or similar rights and remedies covering deposit or securities accounts (including
funds or other assets credited thereto) or other funds maintained with a depository institution or securities intermediary, and
(e)&nbsp;Liens securing judgments, awards, attachments and/or decrees and notices of lis pendens and associated rights relating
to litigation being contested in good faith and not constituting a Servicer Default under <U>Section&nbsp;7.5(d)</U> or a Termination
Event under <U>Sections&nbsp;8.1(q)</U> or <U>(r)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo;
means an individual, partnership, limited liability company, corporation, joint stock company, trust (including a business trust),
unincorporated association, joint venture, firm, enterprise, Official Body or any other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Portfolio</U>&rdquo;
is defined in <U>Section&nbsp;2.1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Potential
Termination Event</U>&rdquo; means an event which, with the passage of any applicable cure period or the giving of notice, or both,
would constitute a Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>PPSA</U>&rdquo;
means in respect of each province and territory in Canada (other than the Province of Quebec), the Personal Property Security Act
as from time to time in effect in such province or territory and, in respect of the Province of Quebec, the Civil Code of Quebec
as from time to time in effect in such province.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Pro Rata
Share</U>&rdquo; means, with respect to a Committed Investor and a particular Investor Group at any time, the Commitment of such
Committed Investor, <U>divided by</U> the sum of the Commitments of all Committed Investors in such Investor Group (or, if the
Commitments shall have been terminated, such Committed Investor&rsquo;s <U>pro</U>&nbsp;<U>rata</U> share of the Net Investment
funded by such Investor Group).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Fee</U>&rdquo;
has the meaning assigned to the term &ldquo;Canadian Program Fee&rdquo; in the Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Fee
Rate</U>&rdquo; has the meaning assigned to the term &ldquo;Canadian Program Fee Rate&rdquo; in the Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Support
Agreement</U>&rdquo; means and includes, with respect to any Conduit Investor, any agreement entered into by any Program Support
Provider providing for the issuance of one or more letters of credit for the account of the Conduit Investor (or any related commercial
paper issuer that finances the Conduit Investor), the issuance of one or more surety bonds for which the Conduit Investor (or such
related issuer) is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, the funding of a
reserve account by such Program Support Provider, the sale by the Conduit Investor (or such related issuer) to any Program Support
Provider of the Portfolio (or portions thereof or participations therein) and/or the making of loans and/or other extensions of
credit to the Conduit Investor (or such related issuer) in connection with its commercial paper program, together with any letter
of credit, surety bond or other instrument issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Program Support
Provider</U>&rdquo; means and includes, with respect to any Conduit Investor, any Person now or hereafter extending credit or having
a commitment to extend credit to or for the account of, or to make purchases from, or fund a reserve account for the benefit of,
the Conduit Investor (or any related commercial paper issuer that finances the Conduit Investor) or issuing a letter of credit,
surety bond or other instrument to support any obligations arising under or in connection with the Conduit Investor&rsquo;s (or
such related issuer&rsquo;s) commercial paper program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate Period</U>&rdquo;
means with respect to any Rate Tranche funded other than through the issuance of Commercial Paper, (i)&nbsp;initially the period
commencing on (and including) the date of the initial purchase or funding of such Rate Tranche and ending on (and including) the
day immediately before the next succeeding Settlement Date, and (ii)&nbsp;thereafter, each period commencing on (and including)
the first day after the last day of the immediately preceding Rate Period for such Rate Tranche and ending on (and including) the
day immediately before the next succeeding Settlement Date; <I><U>provided</U></I><U> that</U> in the case of any Rate Period for
any Rate Tranche that commences before the Termination Date and would otherwise end on a date occurring after the Termination Date,
such Rate Period shall end on such Termination Date and the duration of each Rate Period which commences on or after the Termination
Date shall be of such duration as shall be selected by such Managing Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate Tranche</U>&rdquo;
is defined in <U>Section&nbsp;2.4(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rate Type</U>&rdquo;
means with respect to any Rate Tranche funded through the issuance of Commercial Paper, the CP Rate, and otherwise the Alternate
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Receivable</U>&rdquo;
means any right to payment owed by any Obligor or evidenced by a Contract arising in connection with the sale of goods or the rendering
of services by an Originator in connection therewith, in either case, in the ordinary course of business or any right of an Originator
or the SPV to payment from or on behalf of an Obligor, in respect of any scheduled payment of interest, principal or otherwise
under any such Contract, or any right to reimbursement for funds paid or advanced by an Originator or the SPV on behalf of an Obligor
under such Contract, whether constituting an account, chattel paper, claim, instrument, payment intangible, or general intangible
(whether or not earned by performance), together with all supplemental or additional payments required by the terms of such Contract
with respect to insurance, maintenance, ancillary products and services and any other specific charges (including the obligation
to pay any finance charges, fees and other charges with respect thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Recipient</U>&rdquo;
is defined in <U>Section&nbsp;9.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Records</U>&rdquo;
means all Contracts and other documents, purchase orders, invoices, agreements, books, records and any other media, materials or
devices for the storage of information (including tapes, disks, punch cards, computer programs and databases and related property)
maintained by the SPV, any Originator, Colliers or the Servicer with respect to the Receivables, any other Affected Assets or the
Obligors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Register</U>&rdquo;
is defined in <U>Section&nbsp;11.8(g)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reinvestment</U>&rdquo;
is defined in <U>Section&nbsp;2.2(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reinvestment
Period</U>&rdquo; means the period commencing on the Initial Investment Date and ending on the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Related Committed
Investor</U>&rdquo; means, with respect to any Conduit Investor, the Committed Investors in such Conduit Investor&rsquo;s Investor
Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Related Security</U>&rdquo;
means, with respect to any Receivable, all of the applicable Originator&rsquo;s (without giving effect to any transfer under the
First Tier Agreement) or the SPV&rsquo;s rights, title and interest in, to and under:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;any goods
(including returned or repossessed goods) and documentation or title evidencing the shipment or storage of any goods relating to
any sale giving rise to such Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;all other
Liens and property subject thereto from time to time, if any, purporting to secure payment of such Receivable, whether pursuant
to the related Contract or otherwise, together with all financing statements and other filings authorized by an Obligor relating
thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;all guarantees,
indemnities, warranties, letters of credit, insurance policies and proceeds and premium refunds thereof and other agreements or
arrangements of any kind from time to time supporting or securing payment of such Receivable, whether pursuant to the Contract
related to such Receivable or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;all records,
instruments, documents and other agreements (including any Contract with respect thereto) related to such Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;all Collections
with respect to such Receivable and all of the SPV&rsquo;s or the applicable Originator&rsquo;s right, title and interest in and
to any deposit or other account (including the Blocked Accounts) into which such Collections may be deposited or received; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;all proceeds
of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reportable
Event</U>&rdquo; means any event, transaction or circumstance which is required to be reported with respect to any Pension Plan
under Section&nbsp;4043 of ERISA and the applicable regulations thereunder, specifically excluding any events for which the thirty
(30) day notice period has been waived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Reporting
Date</U>&rdquo; is defined in <U>Section&nbsp;2.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Repurchased
Receivable</U>&rdquo; is defined in <U>Section&nbsp;11.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Required
Reserves</U>&rdquo; means, at any time, the sum of (a)&nbsp;the product of (i)&nbsp;the Net Pool Balance as of the most recent
Calculation Period End Date and (ii)&nbsp;the greater of (x)&nbsp;the sum of the Loss Reserve Ratio and the Dilution Reserve Percentage
and (y)&nbsp;the Minimum Reserve Percentage, each as in effect at such time, plus (b)&nbsp;the Yield Reserve plus (c)&nbsp;the
Servicing Fee Reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Responsible
Officer</U>&rdquo; means,&nbsp;in the case of the SPV, any Originator, the Servicer or Colliers, the chairman, chief executive
officer, president, chief operating officer, chief financial officer, executive vice president, treasurer, assistant treasurer,
controller or senior vice president of such Person, and, in any case where two Responsible Officers are acting on behalf of such
Person, the second such Responsible Officer may be a secretary or assistant secretary or, if such Person is member managed, of
the manager, managing member or sole member of such Person, acting on behalf of such manager, managing member or sole member in
its capacity as manager, managing member or sole member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Restricted
Payments</U>&rdquo; is defined in <U>Section&nbsp;6.2(l)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>S&amp;P</U>&rdquo;
means Standard &amp; Poor&rsquo;s Global Ratings, a division of The McGraw-Hill Companies, Inc., or any successor that is a nationally
recognized statistical rating organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sanctions</U>&rdquo;
means any trade or financial sanctions administered or enforced by (a) OFAC and the U.S. Department of State or (b) the United
Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury of the United Kingdom, or any other relevant sanctions
authority, but in the case of this <U>clause (b)</U>, solely as to the SPV, the Servicer, any Originator or Colliers or any Subsidiary
thereof, to the extent that the SPV, the Servicer, such Originator or Colliers or any such Subsidiary thereof is subject to the
jurisdiction of the applicable Official Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC</U>&rdquo;
means the Securities and Exchange Commission, or any Official Body succeeding to any of its principal functions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Secured Parties</U>&rdquo;
means the Investors, the Agent, each Managing Agent, the Program Support Providers, the U.S. Secured Parties, and the Indemnified
Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEDAR</U>&rdquo;
means the Canadian Securities Administrator&rsquo;s System for Electronic Document Analysis and Retrieval, or any successor electronic
filing system for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer</U>&rdquo;
is defined in <U>Section&nbsp;7.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Default</U>&rdquo; is defined in <U>Section&nbsp;7.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Indemnified Amounts</U>&rdquo; is defined in <U>Section&nbsp;9.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Indemnified Parties</U>&rdquo; is defined in <U>Section&nbsp;9.2</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicer
Report</U>&rdquo; means a report, in substantially the form attached hereto as <U>Exhibit&nbsp;D</U> or in such other form as is
mutually agreed to by the SPV, the Servicer and the Agent, furnished by the Servicer pursuant to <U>Section&nbsp;2.8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicing
Fee</U>&rdquo; means the fees payable to the Servicer from Collections, in an amount equal to either (i)&nbsp;at any time when
the Servicer is Colliers or an Affiliate of Colliers, 0.50% <U>per annum</U> on the weighted daily average of the aggregate Unpaid
Balances of the Receivables for the preceding calendar month, or (ii)&nbsp;at any time when the Servicer is not Colliers or an
Affiliate of Colliers, the amount determined upon the agreement of such successor Servicer and the Agent, in either case, payable
in arrears on each Settlement Date from Collections pursuant to, and subject to the priority of payments set forth in, <U>Section&nbsp;2.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Servicing
Fee Reserve</U>&rdquo; means, at any time, an amount equal to (a)&nbsp;the product of (i)&nbsp;0.50% <U>times</U> (ii)&nbsp;1.5&nbsp;<U>times</U>
(iii) the highest Days Sales Outstanding for any of the twelve&nbsp;(12) most recently ended Calculation Periods, <U>times</U>
(iv) the Net Pool Balance as of the most recent Calculation Period End Date, <U>divided</U> by (b)&nbsp;360, <U>plus</U> (c) the
amount of any past due unpaid Servicing Fee outstanding at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Settlement
Date</U>&rdquo; means (a)&nbsp;prior to the Termination Date, May 30, 2019, and thereafter the Business Day immediately preceding
the last Business Day of each calendar month or such other day as agreed upon in writing by the SPV and the Agent, after consultation
with the Managing Agents, and (b)&nbsp;on and after the Termination Date, each day selected from time to time by the Agent, after
consultation with the Managing Agents (it being understood that the Agent may select such Settlement Date to occur as frequently
as daily) or, in the absence of any such selection, each date that would be a Settlement Date pursuant to <U>clause&nbsp;(a)</U>
of this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Spot Rate</U>&rdquo;
means, on any day, (i) for the purpose of exchanging U.S. Dollars to Canadian Dollars or Canadian Dollars to U.S. Dollars, the
actual rate used by the Agent&rsquo;s principal foreign exchange trading office for the purchase by the Agent of the applicable
currency with the other currency through its principal foreign exchange trading office, and (ii) for the purpose of making any
other calculation hereunder that does not require the actual exchange of U.S. Dollars for Canadian Dollars or Canadian Dollars
for U.S. Dollars to make a payment of Investment or, (a) with respect to the determination of the U.S. Dollar Equivalent of any
amount denominated in Canadian Dollars, the exchange rate at which Canadian Dollars may be exchanged into U.S. Dollars as set forth
at approximately 11:00&nbsp;a.m. New York City time, on the immediately preceding Calculation Period End Date (or if such date
is not a Business Day, then the immediately preceding Business Day) as published on the Bloomberg Key Cross-Currency Rates Page
for Canadian Dollars and (b) with respect to the determination of the Canadian Dollar equivalent of any amount denominated in U.S.
Dollars, the exchange rate at which U.S. Dollars may be exchanged into Canadian Dollars as set forth at approximately 11:00&nbsp;a.m.
New York City time, on the immediately preceding Calculation Period End Date (or if such date is not a Business Day, then the immediately
preceding Business Day) as published on the Bloomberg Key Cross-Currency Rates Page for U.S. Dollars. In the event that such rate
does not appear on any Bloomberg Key Cross Currency Rates Page, the Spot Rate shall be determined by reference to such other publicly
available service for displaying exchange rates as may be selected by the Agent and is reasonably satisfactory to the SPV, or,
in the absence of such an agreement, such Spot Rate shall instead be the arithmetic average of the spot rates of exchange of the
Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or
about 11:00&nbsp;a.m. New York time, on such date for the purchase of U.S. Dollars with the Canadian Dollars for delivery two (2)
Business Days later; <I>provided</I> that if at the time of any such determination, for any reason, no such spot rate is being
quoted, the Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive
absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SPV</U>&rdquo;
is defined in the <U>Preamble</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Stress Factor</U>&rdquo;
means 2.25.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Sub-Servicer</U>&rdquo;
is defined in <U>Section&nbsp;7.1(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Subsidiary</U>&rdquo;
means, with respect to any Person, any corporation or other Person (a)&nbsp;of which securities or other ownership interests having
ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time
directly or indirectly owned by such Person or (b)&nbsp;that is directly or indirectly controlled by such Person within the meaning
of control under Section&nbsp;15 of the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swap Contract</U>&rdquo;
means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign
exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate
swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement; and (b)&nbsp;any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with
any related schedules, a &ldquo;<U>Master Swap Agreement</U>&rdquo;), including any such obligations or liabilities under any Master
Swap Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Swap Termination
Value</U>&rdquo; means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a)&nbsp;for any date on or after the date such Swap Contracts have been closed
out and termination value(s) determined in accordance therewith, such termination value(s), and (b)&nbsp;for any date prior to
the date referenced in <U>clause (a)</U>, the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts
(which may include an Investor or any Affiliate of an Investor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Taxes</U>&rdquo;
is defined in <U>Section&nbsp;9.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Termination
Date</U>&rdquo; means the earliest of (a)&nbsp;the Business Day designated by the SPV to the Agent and the Managing Agents as the
Termination Date at any time following not less than ten&nbsp;(10) Business Days&rsquo; written notice to the Agent and the Managing
Agents, (b)&nbsp;the day upon which the Termination Date is declared or automatically occurs pursuant to <U>Section&nbsp;8.2</U>
and (c)&nbsp;the Commitment Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Termination
Event</U>&rdquo; is defined in <U>Section&nbsp;8.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Three-Month
Default Ratio</U>&rdquo; means, for any Calculation Period, the average of the Default Ratios for such Calculation Period and each
of the two immediately preceding Calculation Periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Threshold
Amount</U>&rdquo; means the U.S. Dollar Equivalent of $50,000,000, provided that, with respect to the SPV only, Threshold Amount
shall mean $10,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Transaction
Documents</U>&rdquo; means, collectively, this Agreement, the First Tier Agreement, the Fee Letter, the Blocked Account Agreements,
the Colliers Guaranty, the U.S. Facility Documents, if applicable, each Assignment and Assumption Agreement and all of the other
instruments, documents and other agreements executed and delivered by the Servicer, any Originator, Colliers or the SPV, in connection
with any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Trigger Event</U>&rdquo;
means the delivery of any notice of termination of any Blocked Account Agreement for any reason other than the breach of any obligation
by the Agent thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unpaid Balance</U>&rdquo;
of any Receivable or U.S. Receivable means at any time the unpaid principal balance thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Unrestricted
Entities</U>&rdquo; means Eligible Businesses in which Colliers or any Subsidiary has invested (whether or not such entity is controlled
by Colliers or any Subsidiary) having an aggregate initial investment value to Colliers and its Subsidiaries (determined at the
time of each such investment, including at the time of any subsequent investments in any particular entity in which Colliers or
any of its Subsidiaries already has an interest) not exceeding the greater of (x) $100,000,000 and (y) 5.0% of Consolidated Total
Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S.</U>&rdquo;
or &ldquo;<U>United States</U>&rdquo; means the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Agent</U>&rdquo;
has the meaning assigned to the term &ldquo;Agent&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Aggregate
Unpaids</U>&rdquo; has the meaning assigned to the term &ldquo;Aggregate Unpaids&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Charged-Off
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Charged-Off Receivable&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Commitment</U>&rdquo;
has the meaning assigned to the term &ldquo;Commitment&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Defaulted
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Defaulted Receivable&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Delinquent
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Delinquent Receivable&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Dilution
</U>has the meaning assigned to the term &ldquo;Dilution&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Dollar</U>&rdquo;
or &ldquo;<U>$</U>&rdquo; means the lawful currency of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Dollar
Equivalent</U>&rdquo; means, on any date on which a determination thereof is to be made, with respect to (a) any amount denominated
in U.S. Dollars, such amount and (b) any amount denominated in Canadian Dollars, the U.S. Dollar equivalent of such amount of such
Canadian Dollars determined by referenced to the Spot Rate determined as of such determination date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Eligible
Receivable</U>&rdquo; has the meaning assigned to the term &ldquo;Eligible Receivable&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Facility</U>&rdquo;
means the transaction contemplated by the U.S. Facility Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Facility
Documents</U>&rdquo; has the meaning assigned to the term &ldquo;Transaction Documents&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Investment</U>&rdquo;
has the meaning assigned to the term &ldquo;Investment&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Net
Investment</U>&rdquo; has the meaning assigned to the term &ldquo;Net Investment&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Obligor</U>&rdquo;
has the meaning assigned to the term &ldquo;Obligor&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. or Canadian
Official Body</U>&rdquo; is defined in the definition of Eligible Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Originating
Subsidiaries</U>&rdquo; has the meaning assigned to the term &ldquo;Originating Subsidiaries&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Originators</U>&rdquo;
has the meaning assigned to the term &ldquo;Originators&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Receivables</U>&rdquo;
has the meaning assigned to the term &ldquo;Receivables&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Secured
Parties&rdquo;</U> has the meaning assigned to the term &ldquo;Secured Parties&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Servicer</U>&rdquo;
has the meaning assigned to the term &ldquo;Servicer&rdquo; in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. SPV</U>&rdquo;
means Colliers Receivables Funding LLC, a Delaware limited liability company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S. Transfer
Agreement</U>&rdquo; means the Transfer and Administration Agreement dated as of the date hereof, by and among the U.S. SPV, Colliers
International USA, LLC, as initial originator or aggregator, any entities that subsequently become originators or aggregators thereunder,
Colliers International WA, LLC, as Servicer, Mizuho, as the U.S. Agent, a managing agent, a committed investor and as agent under
the CF Facility, and the various investor groups and managing agents from time to time party thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Voting Stock</U>&rdquo;
means, with respect to any Person, capital stock issued by such Person the holders of which are ordinarily, in the absence of contingencies,
entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right
so to vote has been suspended by the happening of such a contingency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Yield</U>&rdquo;
means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#9;(i)&#9;for each day for any
Rate Tranche to the extent a Conduit Investor funds such Rate Tranche through the issuance of Commercial Paper (directly or indirectly
through a related commercial paper issuer),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; text-align: center">CPR x I</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">360</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 76.5pt">CPR</TD><TD STYLE="text-align: justify">=&#9;</TD>
                                                                 <TD STYLE="text-align: justify">the CP Rate determined by the applicable Managing Agent for such day, and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 76.5pt">I</TD><TD STYLE="text-align: justify">=&#9;</TD>
                                                               <TD STYLE="text-align: justify">the dollar amount of such Rate Tranche for such day,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#9;(ii)&#9;for each day for any
Rate Tranche funded by a Committed Investor and for any Rate Tranche funded by a Conduit Investor to the extent such Rate Tranche
is not funded through the issuance of Commercial Paper (directly or indirectly through a related commercial paper issuer),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 100%; border-bottom: Black 1pt solid; text-align: center">AR x I</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">360</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">where:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67.5pt">&nbsp;</TD>
    <TD STYLE="width: 76.5pt">AR</TD>
    <TD STYLE="text-align: justify">=</TD>
    <TD STYLE="text-align: justify">the Alternate Rate
for such day and</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 76.5pt">I</TD><TD STYLE="text-align: justify">=&#9;</TD>
                                                               <TD STYLE="text-align: justify">the dollar amount of such Rate Tranche for such day;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I><U>provided that</U></I>
no provision of this Agreement shall require the payment or permit the collection of Yield in excess of the maximum permitted by
applicable law; and <I><U>provided further</U></I><U> that</U> at all times after the declaration or automatic occurrence of the
Termination Date pursuant to <U>Section&nbsp;8.2</U>, Yield for all Rate Tranches shall be determined as provided in <U>clause&nbsp;(ii)</U>
of this definition; and <I><U>provided further</U></I> that notwithstanding the forgoing, all computations of Yield based on the
Base Rate shall be based on a year of 365 or 366 days, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Yield Reserve</U>&rdquo;
means, at any time, an amount equal to (a)&nbsp;the product of (i)&nbsp;1.5&nbsp;<U>times</U> (ii)&nbsp;the highest Days Sales
Outstanding for any of the twelve&nbsp;(12) most recently ended Calculation Periods, <U>times</U> (iii)&nbsp;the sum of the Adjusted
LIBOR Rate in effect at such time (as determined by the Agent) plus the Program Fee Rate, times (iv) the Net Pool Balance as of
the most recent Calculation Period End Date, <U>divided by</U> (b)&nbsp;360.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 1.2&#9;<U>Other
Terms</U>. All terms defined directly or by incorporation herein shall have the defined meanings when used in any certificate or
other document delivered pursuant thereto unless otherwise defined therein. For purposes of this Agreement and all such certificates
and other documents, unless the context otherwise requires: (a)&nbsp;accounting terms not otherwise defined herein, and accounting
terms partly defined herein to the extent not defined, shall have the respective meanings given to them under, and shall be construed
in accordance with, GAAP; (b)&nbsp;terms used in the PPSA, and not specifically defined herein, are used herein as defined in the
PPSA; (c)&nbsp;references to any amount as on deposit or outstanding on any particular date means such amount at the close of business
on such day; (d)&nbsp;the words &ldquo;hereof,&rdquo; &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; and words of similar import
refer to this Agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision
of this Agreement (or such certificate or document); (e)&nbsp;references to any Section, Schedule or Exhibit are references to
Sections, Schedules and Exhibits in or to this Agreement (or the certificate or other document in which the reference is made)
and references to any paragraph, subsection, clause or other subdivision within any Section&nbsp;or definition refer to such paragraph,
subsection, clause or other subdivision of such Section&nbsp;or definition; (f)&nbsp;the term &ldquo;including&rdquo; means &ldquo;including
without limitation&rdquo;; (g)&nbsp;references to any Law refer to that Law as amended from time to time and include any successor
Law; (h)&nbsp;references to any agreement refer to that agreement as from time to time amended or supplemented or as the terms
of such agreement are waived or modified in accordance with its terms; (i)&nbsp;references to any Person include that Person&rsquo;s
successors and permitted assigns; and (j)&nbsp;headings are for purposes of reference only and shall not otherwise affect the meaning
or interpretation of any provision hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.3&#9;<U>Computation
of Time Periods</U>. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to
a later specified date, the word &ldquo;from&rdquo; means &ldquo;from and including&rdquo;, the words &ldquo;to&rdquo; and &ldquo;until&rdquo;
each means &ldquo;to but excluding&rdquo;, and the word &ldquo;within&rdquo; means &ldquo;from and excluding a specified date and
to and including a later specified date&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.4&#9;<U>Times
of Day</U>. Unless otherwise specified in this Agreement, time references are to time in New&nbsp;York, New&nbsp;York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.5&#9;<U>Historical
Data</U>. When necessary to calculate any ratios or other amounts under this Agreement with reference to periods prior to the date
hereof, historical data provided by the SPV and Servicer will be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;1.6&#9;<U>References
to Acts of a Limited Partnership</U>. Where any reference is made in this Agreement, or in any supplement or other instrument executed
pursuant hereto or contemplated hereby to which the SPV or the General Partner of the SPV, is party, to an act to be performed
by, an appointment to be made by, an obligation or liability of, a discharge or release to be provided by, a suit or proceeding
to be taken by or against, or a covenant, representation or warranty (other than relating to the constitution or existence of the
SPV) by or with respect to (a) the SPV, or (b) the General Partner of the SPV, such reference will be construed and applied for
all purposes as if it referred to an act to be performed by, an appointment to be made by, an obligation or liability of, a discharge
or release to be provided by, a suit or proceeding to be taken by or against or a covenant, representation or warranty (other than
relating to the constitution or existence of the SPV) by or with respect to, the General Partner of the SPV. Notwithstanding the
foregoing, all assets and rights of the SPV will be deemed to be owned by the SPV as an entity, and no partner of the SPV, individually
or collectively, will have an ownership interest in such assets or any portion thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">ARTICLE</FONT>&nbsp;II<BR>
<BR>
PURCHASES AND SETTLEMENTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;2.1&#9;<U>Transfer
of Affected Assets; Intended Characterization</U>. (a)&nbsp;<U>Sale of Portfolio</U>. In consideration of the payment by each Managing
Agent (on behalf of the applicable Investors in the related Investor Group as determined pursuant to <U>Section&nbsp;2.3</U>) of
the amount of the applicable Investor Group Percentage of the initial Investment on the Initial Investment Date and each Managing
Agent&rsquo;s agreement (on behalf of the applicable Investors as determined below) to make payments to the SPV from time to time
in accordance with <U>Section&nbsp;2.2</U>, effective upon the SPV&rsquo;s (or its designee&rsquo;s) receipt of payment for such
Investment on the Initial Investment Date, the SPV hereby sells, conveys, transfers and assigns to the Agent, on behalf of the
Investors, all of the SPV&rsquo;s right, title and interest in and to (i)&nbsp;all Receivables (including the universality of all
present and future claims comprising such Receivables) existing on the date of the initial Investment hereunder and thereafter
arising and acquired by the SPV from time to time under the First Tier Agreement, and (ii)&nbsp;all other Affected Assets, whether
existing on the Initial Investment Date or thereafter arising at any time and acquired by the SPV under the First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>Purchase
of Portfolio</U>.&#9;Subject to the terms and conditions hereof, the Agent (on behalf of the Investors) hereby purchases and accepts
from the SPV the Receivables and all other Affected Assets sold, assigned and transferred pursuant to <U>Section&nbsp;2.1(a</U>)
(in the aggregate, the &ldquo;<U>Portfolio</U>&rdquo;). Each Investment hereunder shall be made by the Investor Groups <U>pro</U>&nbsp;<U>rata
</U>according to their respective Investor Group Percentages. The Agent shall hold the Portfolio on behalf of the Investors in
each Investor Group in accordance with the respective portions of the Net Investment funded by that Investor Group from time to
time. Within each Investor Group, except as otherwise provided in <U>Section&nbsp;3.1(b)</U>, each Managing Agent shall hold the
applicable Investor Group Percentage of the Portfolio on behalf of the Investors in that Investor Group in accordance with the
respective outstanding portions of the Net Investment funded by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;<U>Obligations
Not Assumed</U>. The foregoing sale, assignment and transfer does not constitute and is not intended to result in the creation,
or an assumption by the Agent, the Managing Agents or any Investor, of any obligation of the SPV, any Originator, the Servicer,
Colliers or any other Person under or in connection with the Receivables or any other Affected Asset, all of which shall remain
the obligations and liabilities of the SPV, the Servicer, Colliers and/or the Originators, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;<U>Intended
Characterization; Grant of Security Interest</U>. (i) The SPV, the Agent, the Managing Agents and the Investors intend that the
sale, assignment and transfer of the Affected Assets to the Agent (on behalf of the Investors) hereunder shall be treated as a
sale for all purposes, other than U.S.&nbsp;federal and state income tax purposes (for which purposes such Persons intend that
the sale, assignment and transfer shall be treated as a secured financing rather than a sale).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&#9;(ii)&#9;The SPV
hereby grants to the Agent (on behalf of the Secured Parties) a security interest in all of its right, title and interest in the
Blocked Accounts as additional collateral to secure the payment and performance of the SPV&rsquo;s obligations to the Agent (on
behalf of the Secured Parties) hereunder and under the other Transaction Documents or as may be determined in connection therewith
by applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.2&#9;<U>Purchase
Price</U>. Subject to the terms and conditions hereof, including <U>Article&nbsp;V</U>, in consideration for the sale, assignment
and transfer of the Affected Assets by the SPV to the Agent (on behalf of the Investors) hereunder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;<U>Investments</U>.
On the Initial Investment Date, and thereafter from time to time prior to the Termination Date, on request of the SPV in accordance
with <U>Section&nbsp;2.3</U>, each Managing Agent (on behalf of the applicable Investors as determined pursuant to <U>Section&nbsp;2.3</U>)
shall pay to the SPV the applicable Investor Group Percentage of an amount equal in each instance to the lesser of (i)&nbsp;the
amount requested by the SPV under <U>Section&nbsp;2.3(a)</U>, and (ii) the largest amount that will not cause (A) the Aggregate
Net Investment to exceed the Facility Limit, (B) the sum of the Aggregate Net Investment and the Required Reserves to exceed the
Net Pool Balance or (C)&nbsp;the sum of the Net Investment and the product of the Canadian Share and the Required Reserves to exceed
the product of the Canadian Share and the Net Pool Balance. Each such payment is herein called an &ldquo;<U>Investment</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>Reinvestments</U>.
On each Business Day selected by the SPV during the Reinvestment Period, the Servicer, on behalf of the Agent (on behalf of the
Managing Agents and the Investors), shall pay to the SPV, out of Collections, the amount available for Reinvestment in accordance
with <U>Section&nbsp;2.12(a)(iv)(A)</U>. Each such payment is hereinafter called a &ldquo;<U>Reinvestment</U>&rdquo;. All Reinvestments
with respect to the applicable Investor Group Percentage of the Portfolio shall be made ratably on behalf of the Investors in the
relevant Investor Group in accordance with the respective outstanding portions of the Net Investment funded by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;<U>Deferred
Purchase Price</U>. Provided that no Termination Event is continuing, on each Business Day selected by the SPV, the Servicer, on
behalf of the Agent, may pay to the SPV out of Collections, for each Investment or Reinvestment an amount available thereafter
in accordance with <U>Section&nbsp;2.12(a)(iv)(B)</U> (the &ldquo;<U>Deferred Purchase Price</U>&rdquo;), equal to the excess of
(x) the aggregate market value of the Receivables and Affected Assets purchased by the Agent hereunder as part of such Investment
or Reinvestment (as determined by the Servicer at the time of such Investment or Reinvestment, and reduced by anticipated Servicing
Fees related to such Receivables and Affected Assets) over (y)&nbsp;the amount of the Cash Purchase Price paid by the Agent in
connection with such Investment or Reinvestment. The aggregate Deferred Purchase Price for all Investments and Reinvestments hereunder
at any time shall be referred to herein as the &ldquo;Aggregate DPP&rdquo; and shall be payable solely from Collections available
therefor at the times and in the manner provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;<U>SPV Payments
Limited to Collections</U>. Notwithstanding any provision contained in this Agreement to the contrary, no Investor shall be obligated,
to pay any amount to the SPV as the purchase price of Receivables pursuant to <U>subsections (b)</U> and <U>(c)</U> above except
to the extent of Collections on Receivables available for distribution to the SPV in accordance with this Agreement (but without
otherwise limiting any obligations under <U>Section&nbsp;2.3</U>). Any amount that any Investor does not pay pursuant to the preceding
sentence shall not constitute a claim (as defined in &sect; 101 of the Bankruptcy Code) against or corporate obligation of such
Investor for any such insufficiency unless and until such amount becomes available for distribution to the SPV under <U>Section&nbsp;2.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.3&#9;<U>Investment
Procedures</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;<U>Notice</U>.
The SPV shall request an Investment hereunder, by request to the Agent (which shall promptly provide a copy to each Managing Agent)
given electronically by facsimile or email in the form of an Investment Request at least two&nbsp;(2) Business Days prior to the
proposed date of any Investment (other than the initial Investment). Each such Investment Request shall specify (i)&nbsp; the desired
amount of such Investment (which shall be at least C$1,000,000 in the aggregate for all Investor Groups or an integral aggregate
multiple of C$500,000 in excess thereof) or, to the extent that the then available unused portion of the Facility Limit is less
than such amount, such lesser amount equal to such available unused portion of the Facility Limit), and (iii) the desired date
of such Investment (including, for the avoidance of doubt, the Initial Investment Date, the &ldquo;<U>Investment Date</U>&rdquo;)
which shall be a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>Conduit
Investor Acceptance or Rejection; Investment Request Irrevocable</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;Each Managing Agent
will promptly notify any Conduit Investors in its Investor Group of the Managing Agent&rsquo;s receipt of any Investment Request.
Each Conduit Investor shall cause its Managing Agent to accept or reject such Investment Request by notice given to the SPV, its
Managing Agent and the Agent by telephone, facsimile or electronic mail by no later than the close of its business on the Business
Day following its receipt of any such Investment Request. Any rejection by a Conduit Investor shall not relieve or terminate the
obligations of any Committed Investor hereunder to fund any Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;Each Investment Request
shall be irrevocable and binding on the SPV, and the SPV shall indemnify each Investor against any loss or expense incurred by
such Investor, either directly or indirectly (including, in the case of any Conduit Investor, through a Program Support Agreement)
as a result of any failure by the SPV to complete such Investment, including any loss or expense incurred by the Agent, any Managing
Agent or any Investor, either directly or indirectly (including, in the case of any Conduit Investor, pursuant to a Program Support
Agreement) by reason of the liquidation or reemployment of funds acquired by such Investor (or the applicable Program Support Provider(s))
(including funds obtained by issuing commercial paper or promissory notes or obtaining deposits or loans from third parties) in
order to fund such Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;<U>Committed
Investor&rsquo;s Commitment</U>. Subject to the satisfaction of the conditions precedent set forth in <U>Sections 5.1</U>, <U>5.2</U>
and <U>5.3</U> and the other terms and conditions hereof, each Committed Investor hereby agrees to make Investments during the
period from and including the Initial Investment Date to but not including the Termination Date in an aggregate amount up to but
not exceeding the Commitment of such Committed Investor as in effect from time to time less the U.S. Net Investment funded by such
Committed Investor at such time. At no time will any Conduit Investor have any obligation to fund an Investment. At any time when
any Conduit Investor has rejected a request to fund its Investor Group Percentage of an Investment, its Managing Agent shall so
notify the Related Committed Investors and such Related Committed Investors shall fund their respective share of such Investment,
on a <U>pro rata</U> basis, in accordance with their respective Pro Rata Shares. Notwithstanding anything contained in this <U>Section&nbsp;2.3(c)</U>
or elsewhere in this Agreement to the contrary, no Committed Investor shall be obligated to provide its Managing Agent or the SPV
with funds in connection with an Investment in an amount that would result in the portion of the Aggregate Net Investment then
funded by it exceeding its Aggregate Commitment then in effect (inclusive of any amounts funded by such Committed Investor under
the Program Support Agreement to which it is a party). The obligation of the Committed Investors in each Investor Group to remit
the applicable Investor Group Percentage of any Investment shall be several from that of the other Committed Investors in the other
Investor Groups and within each Investor Group each Committed Investor&rsquo;s obligation to fund its portion of the Investments
shall be several from the obligations of the other Investors. The failure of any Committed Investor to so make such amount available
to its Managing Agent shall not relieve any other Committed Investor of its obligation hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;<U>Payment
of Investment</U>. On any Investment Date, each Conduit Investor or each Committed Investor, as the case may be, shall remit its
share of the aggregate amount of such Investment (determined pursuant to <U>Section&nbsp;2.2(a)</U>) to the account of the Managing
Agent specified therefor from time to time by the Managing Agent by notice to such Persons by wire transfer of same day funds.
Following the Managing Agent&rsquo;s receipt of funds from the Investors as aforesaid, the Managing Agent shall remit such funds
received to the SPV&rsquo;s account at the location indicated in <U>Schedule 11.3</U>, or to such other account as the SPV may,
from time to time, indicate on the related Investment Request, by wire transfer of same day funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;<U>Managing
Agent May Advance Funds</U>. Unless a Managing Agent shall have received notice from any Investor in its Investor Group that such
Person will not make its share of any Investment available on the applicable Investment Date therefor, a Managing Agent may (but
shall have no obligation to) make any such Investor&rsquo;s share of any such Investment available to the SPV in anticipation of
the receipt by the Managing Agent of such amount from the applicable Investor. Subject to <U>Section&nbsp;2.3(c)</U>, to the extent
any such Investor fails to remit any such amount to its Managing Agent after any such advance by such Managing Agent on such Investment
Date, such Investor, and if such Investor (or its Related Committed Investor) does not, upon the request of the applicable Managing
Agent, the SPV, shall be required to pay such amount to the Agent for payment to such Managing Agent for its own account within
two&nbsp;(2) Business Days of request, together with interest thereon at a <U>per annum</U> rate equal to the Federal Funds Rate,
in the case of such Investor, or the Base Rate, in the case of the SPV, to the Agent for payment to such Managing Agent (<I><U>provided
that</U></I> a Conduit Investor shall have no obligation to pay such interest amounts except to the extent that it shall have sufficient
funds to pay the face amount of its Commercial Paper in full). Until such amount shall be repaid, such amount shall be deemed to
be Net Investment paid by the applicable Managing Agent and such Managing Agent shall be deemed to be the owner of an interest
in the Portfolio hereunder to the extent of such Investment. Upon the payment of such amount to the Agent for payment to the applicable
Managing Agent (i)&nbsp;by the SPV, the amount of the aggregate Net Investment shall be reduced by such amount or (ii)&nbsp;by
such Investor, such payment shall constitute such Person&rsquo;s payment of its share of the applicable Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.4&#9;<U>Determination
of Yield</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;On or prior
to the second Business Day of each month, the Managing Agent of each Investor Group shall provide an invoice to the Servicer and
the SPV (with a copy to the Agent) setting forth the aggregate amount of Yield and Program Fee accrued during the most recently
ended Calculation Period, which shall be due and payable to each Managing Agent of each Investor Group on the next succeeding Settlement
Date (together with any other amounts then due and payable). From time to time, for purposes of funding the Net Investment and
for calculating Yield with respect thereto, each Managing Agent shall allocate the Net Investment allocable to its Investor Group
to one or more tranches (each a &ldquo;<U>Rate Tranche</U>&rdquo;). At any time, each Rate Tranche shall have only one Rate Type,
and the aggregate amount of all Rate Tranches of each Investor Group shall equal the Net Investment of such Investor Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>Rate
Protection; Illegality</U>. (i) If any Managing Agent is unable to obtain on a timely basis the information necessary to determine
the Adjusted LIBOR Rate for any proposed Rate Period, then:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(A)&#9;such Managing Agent
shall forthwith notify its Conduit Investor or Committed Investors, as applicable, and the SPV that CDOR cannot be determined for
such Rate Period, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(B)&#9;while such circumstances
exist, none of such Conduit Investor, such Committed Investors or such Managing Agent shall allocate any Rate Tranche with respect
to Investments made during such period or reallocate any Rate Tranche allocated to any then existing Rate Period ending during
such period, to a Rate Period with respect to which Yield is calculated by reference to CDOR, but shall instead calculate Yield
based on the Base Rate for such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;If, with respect to
any outstanding Rate Period, a Conduit Investor or any Committed Investor on behalf of which a Managing Agent holds any Rate Tranche
notifies such Managing Agent that it is unable to obtain matching deposits in the London interbank market to fund its purchase
or maintenance of such Rate Tranche or that CDOR applicable to such Rate Tranche will not adequately reflect the cost to the Person
of funding or maintaining such Rate Tranche for such Rate Period, then (A) such Managing Agent shall forthwith so notify the SPV
and (B) upon such notice and thereafter while such circumstances exist none of such Managing Agent, such Conduit Investor or such
Committed Investor, as applicable, shall allocate any other Rate Tranche with respect to Investments made during such period or
reallocate any Rate Tranche allocated to any Rate Period ending during such period, to a Rate Period with respect to which Yield
is calculated by reference to CDOR, but shall instead calculate Yield based on the Base Rate for such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;[Reserved].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;Notwithstanding any
other provision of this Agreement, if a Conduit Investor or any of the Committed Investors, as applicable, shall notify their respective
Managing Agent that such Person has determined (or has been notified by any Program Support Provider) that the introduction after
the Closing Date of or any change in or in the interpretation of any Law makes it unlawful (either for such Conduit Investor, such
Committed Investor or such Program Support Provider, as applicable), or any central bank or other Official Body asserts that it
is unlawful for such Conduit Investor, such Committed Investor or such Program Support Provider, as applicable, to fund the purchases
or maintenance of any Rate Tranche accruing Yield calculated by reference to CDOR, then (A) as of the effective date of such notice
from such Person to its Managing Agent, the obligation or ability of such Conduit Investor or such Committed Investor, as applicable,
to fund the making or maintenance of any Rate Tranche accruing Yield calculated by reference to CDOR, shall be suspended until
such Person notifies its Managing Agent that the circumstances causing such suspension no longer exist and (B) each Rate Tranche
made or maintained by such Person shall either (1) if such Person may lawfully continue to maintain such Rate Tranche accruing
Yield calculated by reference to CDOR, until the last day of the applicable Rate Period, be reallocated on the last day of such
Rate Period to another Rate Period and shall accrue Yield calculated by reference to the next highest applicable rate in the definition
of Base Rate or (2) if such Person shall determine that it may not lawfully continue to maintain such Rate Tranche accruing Yield
calculated by reference to CDOR, until the end of the applicable Rate Period, such Person&rsquo;s share of such Rate Tranche allocated
to such Rate Period shall be deemed to accrue Yield at the next highest applicable rate in the definition of Base Rate from the
effective date of such notice until the end of such Rate Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.5&#9;<U>Yield,
Fees and Other Costs and Expenses</U>. The SPV shall pay:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;as and when
due in accordance with this Agreement, to the Agent and each Managing Agent, all fees hereunder and under the Fee Letter, all amounts
payable pursuant to <U>Article&nbsp;IX</U>, if any, and the Servicing Fees, if required pursuant to <U>Section&nbsp;2.12(b)</U>;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;on each
Settlement Date, to the extent not paid pursuant to <U>Section&nbsp;2.12</U> for any reason, to the Agent, on behalf of the Conduit
Investor or the Committed Investors, as applicable, an amount equal to the accrued and unpaid Yield for the most recently ended
Calculation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing in this Agreement
shall limit in any way the obligations of the SPV to pay the amounts set forth in this <U>Section&nbsp;2.5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.6&#9;<U>Deemed
Collections</U>. (a) <U>Dilutions</U>. If on any day the Unpaid Balance of an Eligible Receivable is reduced (but not cancelled)
as a result of any Dilution, the SPV shall be deemed to have received on such day a Collection of such Receivable in the amount
of such reduction. If on any day an Eligible Receivable is canceled as a result of any Dilution, or remains unpaid because of any
Dilution as defined in clauses&nbsp;(ii), (iii) or (iv) of the definition thereof, the SPV shall be deemed to have received on
such day a Collection of such Eligible Receivable in the amount of the Unpaid Balance (as determined immediately prior to such
Dilution) of such Eligible Receivable. Any amount deemed to have been received under this <U>Section&nbsp;2.6(a)</U> shall constitute
a &ldquo;<U>Deemed Collection</U>.&rdquo; Upon any such Deemed Collection, the SPV shall, on the Settlement Date following the
delivery of the next required Servicer Report, pay to the Agent an amount equal to such Deemed Collection and such amount shall
be applied by the Agent as a Collection in accordance with <U>Section&nbsp;2.12</U>. Notwithstanding any of the foregoing to the
contrary, prior to the Termination Date, no amounts shall be payable under this <U>Section&nbsp;2.6(a) </U>unless, as of the date
of the next required Servicer Report, the sum of the Aggregate Net Investment and the Required Reserves exceeds the Net Pool Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>Breach
of Representation or Warranty</U>. If on any day any representation or warranty in <U>Sections 4.1(d)</U>, <U>(e)</U>, <U>(k)</U>,
<U>(l)</U>, <U>(n)</U>, <U>(t)</U>, <U>(u)</U> or <U>(v)</U> with respect to any Receivable (whether on or after the date of transfer
thereof to the Agent, for the benefit of the Investors, as contemplated hereunder) is determined to have been incorrect at the
time such representation or warranty was made or deemed made, the SPV shall be deemed to have received on such day a Collection
of such Receivable equal to its Unpaid Balance. Any amount deemed to have been received under this <U>Section&nbsp;2.6(b)</U> shall
constitute a &ldquo;D<U>eemed Collection</U>&rdquo;. Upon any such Deemed Collection, the SPV shall, on the Settlement Date following
the delivery of the next required Servicer Report, pay to the Agent an amount equal to such Deemed Collection and such amount shall
be applied by the Agent as a Collection in accordance with <U>Section&nbsp;2.12</U>. Notwithstanding any of the foregoing to the
contrary, prior to the Termination Date, no amounts shall be payable under this <U>Section&nbsp;2.6(b)</U> unless, as of the date
of the next required Servicer Report, the sum of the Aggregate Net Investment and the Required Reserves exceeds the Net Pool Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.7&#9;<U>Payments
and Computations, Etc.</U> All amounts to be paid or deposited by the SPV or the Servicer hereunder shall be paid or deposited
in accordance with the terms hereof no later than 1:00 p.m. on the day when due in immediately available funds; if such amounts
are payable to the Agent or any Managing Agent (whether on behalf of any Investor or otherwise) they shall be paid or deposited
in the account indicated under the heading &ldquo;Payment Information&rdquo; in <U>Section&nbsp;11.3</U>, until otherwise notified
by the Agent or any Managing Agent. The SPV shall, to the extent permitted by Law, pay to the Agent or the applicable Managing
Agent, for the benefit of the Investors, upon demand, interest on all amounts not paid or deposited when due hereunder (subject
to any applicable grace period) at the Default Rate. All computations of <U>per annum</U> fees hereunder shall be made on the basis
of a year of 360 days (or, in the context of any amounts based on the Base Rate, a year of 365 or 366 days, as applicable) for
the actual number of days (including the first but excluding the last day) elapsed. Any computations made by the Agent or any Managing
Agent of amounts payable by the SPV or the Servicer hereunder shall be binding upon the SPV absent manifest error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.8&#9;<U>Reports</U>.
By no later than the third Business Day prior to each Settlement Date (each, a &ldquo;<U>Reporting Date</U>&rdquo;), the Servicer
shall prepare and forward to the Agent and each Managing Agent a Servicer Report, certified by the Servicer, as of the close of
business on the last day of the immediately preceding Calculation Period. If a Termination Event has occurred and is continuing,
the Servicer shall prepare and forward to the Agent and each Managing Agent a Servicer Report, certified by the Servicer, on and
as of each successive day following such Termination Event, by no later than 4:00&nbsp;p.m. on such day; <I><U>provided</U></I><U>
that</U> if such day is not a Business Day, such Servicer Report shall be delivered on the next Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.9&#9;<U>[Reserved]</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.10 <U>Sharing
of Payments, Etc.</U> If any Investor shall obtain any payment (whether voluntary, involuntary, through the exercise of any right
of setoff, or otherwise) on account of the portion of the Portfolio owned by it (other than pursuant to the Fee Letter, <U>Section&nbsp;3.1(b)</U>
or <U>Article&nbsp;IX</U> and other than as a result of the differences in the timing of the applications of Collections pursuant
to <U>Section&nbsp;2.12</U> and other than a result of the different methods for calculating Yield) in excess of its ratable share
of payments on account of the Portfolio obtained by the Investors entitled thereto, such Investor shall forthwith purchase from
the Investors entitled to a share of such amount participations in the portions of the Portfolio owned by such Persons as shall
be necessary to cause such Investor to share the excess payment ratably with each such other Person entitled thereto; <I><U>provided</U></I><U>
that</U> if all or any portion of such excess payment is thereafter recovered from such Investor, such purchase from each such
other Person shall be rescinded and each such other Person shall repay to the Investor the purchase price paid by such Investor
for such participation to the extent of such recovery, together with an amount equal to such other Person&rsquo;s ratable share
(according to the proportion of (a) the amount of such other Person&rsquo;s required payment to (b) the total amount so recovered
from the Investor) of any interest or other amount paid or payable by the Investor in respect of the total amount so recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.11 <U>Right
of Setoff</U>. Without in any way limiting the provisions of <U>Section&nbsp;2.10</U>, each of the Agent, each Managing Agent and
each Investor is hereby authorized (in addition to any other rights it may have) at any time after the occurrence of the Termination
Date due to the occurrence and continuation of a Termination Event, upon prior written notice to the SPV, to set off, appropriate
and apply (without presentment, demand, protest or other notice which are hereby expressly waived) any deposits and any other indebtedness
held or owing by the Agent, the Managing Agent or such Investor to, or for the account of, the SPV against the amount of the Aggregate
Unpaids owing by the SPV to such Person or to the Agent or the Managing Agent on behalf of such Person (even if contingent or unmatured).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.12 <U>Settlement
Procedures</U>. (a) <U>Daily Procedure</U>. On each day, for settlement on the next Settlement Date and Optional Reduction Date,
as applicable, the Servicer shall, out of the Collections and any other amounts received with respect to the Receivables, received
or deemed received by the Agent or the Servicer, any of the Originators, Colliers, the SPV or the Servicer (including in any Blocked
Account) on such day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;hold in trust for the
benefit of the Managing Agents (on behalf of such Managing Agents&rsquo; Investor Groups) an amount equal to the aggregate of the
unpaid Yield (which, in the case of Yield computed by reference to the CP Rate, shall be determined for such purpose using the
CP Rate most recently determined by the applicable Managing Agent) and the Program Fee, in each case accrued through such day for
all the Rate Tranches, the Servicing Fee accrued through such day, and any other Aggregate Unpaids (other than Net Investment not
then due and owing) accrued through such day and not previously held in trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;hold in trust for the
benefit of the Managing Agents (on behalf of such Managing Agents&rsquo; Investor Groups) an amount equal to the excess, if any,
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(A)&#9;the greatest of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 31.5pt">(1)</TD><TD STYLE="text-align: justify">if the SPV shall have elected to reduce the Net Investment under <U>Section&nbsp;2.13</U>, the
amount of the proposed reduction,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 31.5pt">(2)</TD><TD STYLE="text-align: justify">without duplication of any amount held in trust pursuant to Section 2.12(a)(ii)(A)(2) of the U.S.
Transfer Agreement, the amount, if any, by which the sum of the Aggregate Net Investment and Required Reserves shall exceed the
Net Pool Balance, together with the amount, if any, by which the sum of the Net Investment and the product to the Canadian Share
and the Required Reserves shall exceed the product of the Canadian Share and the Net Pool Balance on such day; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 144pt"></TD><TD STYLE="width: 31.5pt">(3)</TD><TD STYLE="text-align: justify">if such day is on or after the Termination Date, the Net Investment; <U>over</U></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(B)&#9;the aggregate of the
amounts theretofore set aside and then so held for the benefit of the Managing Agents (on behalf of such Managing Agents&rsquo;
Investor Groups) pursuant to this <U>clause (ii)</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;hold in trust for
the U.S. Agent on behalf of the U.S. Secured Parties (other than the Agent), amounts which the U.S. Servicer is required to hold
in trust under Section 2.12(a) of the U.S. Transfer Agreement which are not otherwise being held in trust thereunder: and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;pay the remainder,
if any, of such Collections to the SPV for (A) first, application to Reinvestment, for the benefit of the Agent (for the benefit
of the Investors), in the Receivables and other Affected Assets in accordance with <U>Section&nbsp;2.2(b)</U>, and (B) second,
application to reduction of the Aggregate DPP, for the benefit of the Agent (for the benefit of the Investors), in accordance with
<U>Section&nbsp;2.2(c)</U>, in each case as directed by the SPV. To the extent and for so long as such Collections may not be reinvested
pursuant to <U>Section&nbsp;2.2(b)</U> or applied to the repayment of the Aggregate DPP, the Servicer shall hold such Collections
in trust for the benefit of the Agent (for the benefit of the Investors).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>Settlement
Date, Distribution of Shortfall Amounts, and Optional Reduction Date Procedures</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;The Servicer shall transfer
to the Agent, (A)&nbsp;on each Optional Reduction Date under <U>Section&nbsp;2.13</U> the amount of Collections held for each Managing
Agent pursuant to <U>Section&nbsp;2.12(a)(ii)(A)(1)</U>, and (B)&nbsp;on each day following the Termination Date, the amount of
Collections held for each Managing Agent pursuant to <U>Section&nbsp;2.12(a)(ii)(A)(3)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;Without duplication
of any amount transferred pursuant to Section 2.12(b)(ii) of the U.S. Transfer Agreement, on any date on or prior to the Termination
Date, if the sum of the Aggregate Net Investment and Required Reserves exceeds the Net Pool Balance or the sum of the Net Investment
and the product to the Canadian Share and the Required Reserves shall exceed the product of the Canadian Share and the Net Pool
Balance, the Servicer shall immediately transfer to the Agent from amounts held in trust pursuant to <U>Section&nbsp;2.12(a)(ii)(A)(2)</U>
an amount equal to such excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;On each Settlement
Date, the Servicer shall transfer to the U.S. Agent out of the amount held in trust pursuant to <U>Section&nbsp;2.12(a)(i)</U>
and (to the extent not theretofore reinvested) and not theretofore deposited to the Agent pursuant to this <U>Section&nbsp;2.12(b)</U>,
an amount equal to the lesser of such amount and the Aggregate Unpaids;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;On each Settlement
Date, the Servicer shall transfer to the Agent out of the amount held in trust pursuant to <U>Section&nbsp;2.12(a)(iii)</U> and
(to the extent not theretofore reinvested) and not theretofore deposited to the Agent pursuant to this <U>Section&nbsp;2.12(b)</U>,
an amount equal to the lesser of such amount to the extent not transferred pursuant to Section 2.12 (b)(i) or (iii) of the U.S.
Transfer Agreement and the U.S. Aggregate Unpaids;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I><U>provided, </U></I><U>that</U>
if the Agent gives its consent, which consent is hereby granted (which consent may be revoked at any time during the continuation
of a Termination Event or a Potential Termination Event), the Servicer may retain amounts which would otherwise be deposited in
respect of the accrued and unpaid Servicing Fee, in which case no distribution shall be made in respect of such Servicing Fee under
<U>clause (c)</U> below. Any amounts set aside pursuant to <U>Section&nbsp;2.12(a)</U> in excess of the amount required to be paid
to the Agent pursuant to this <U>subsection (b)</U> shall continue to be set aside and held in trust by the Servicer for application
on the next succeeding Settlement Date, and <I><U>provided</U></I>, <I><U>further</U></I>, <I><U>that</U></I> if (i) the Servicer
transfers an amount to the Agent in respect of a Collection of a Receivable and such Collection was received by the Servicer in
the form of a check that is not honored for any reason, (ii) the Servicer makes a mistake with respect to the amount of any Collection
and deposits an amount that is less than or more than the actual amount of such Collection or (iii) the deposit was made in error,
the Servicer shall appropriately adjust the amount subsequently transferred to the Agent to reflect such dishonored check or mistake.
Any payment in respect of which a dishonored check is received shall be deemed not to have been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;<U>Order
of Application</U>. Upon receipt by the Agent of funds transferred by the Servicer pursuant to <U>Section&nbsp;2.12(b)</U>, the
Agent shall distribute them to the Persons, for the purposes and in the order of priority set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;to the Servicer, in
payment of the accrued and unpaid Servicing Fee then due and owing on such Settlement Date;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;to each Managing Agent,
<U>pro rata </U>based on the amount of accrued and unpaid Yield owing to such Managing Agent&rsquo;s Investor Group, in payment
of the accrued and unpaid Yield and Program Fee on all Rate Tranches and for the related Rate Period then due and owing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;to each Managing Agent
(A) prior to the Termination Date, <U>pro rata</U> based upon the Net Investment attributable to such Managing Agent&rsquo;s Investor
Group in reduction of the outstanding Net Investment of such Managing Agent&rsquo;s Investor Group, an amount equal to the sum
of (x) the positive difference (if any) of (I) the sum of the Aggregate Net Investment <U>plus</U> the Required Reserves minus
(II) the Net Pool Balance, (y)&nbsp;the amount of any optional reduction of the Net Investment specified by the SPV in accordance
with <U>Section&nbsp;2.13</U> and (z)&nbsp;the positive difference (if any) of (I)&nbsp;the sum of the Net Investment plus the
product of the Canadian Share and the Required Reserves minus (II)&nbsp;the product of the Canadian Share and the Net Pool Balance,
and (B) on or after the Termination Date, <U>pro rata</U> based upon the Net Investment attributable to such Managing Agent&rsquo;s
Investor Group in reduction of the outstanding Net Investment, an amount equal to the outstanding Net Investment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;to the Agent and each
other Secured Party as may be entitled to such payment, <U>pro rata</U> based on the amounts then due and owing to each of them,
in payment of any other Aggregate Unpaids (other than Net Investment not then due and owing) then due and owing by the SPV hereunder
to such Person (in each case, without duplication);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(v)&#9;to the U.S. Agent any
amounts then due and owing the U.S. Secured Parties (other than the Agent) that have not otherwise been paid pursuant to Section
2.12(c) of the U.S. Transfer Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(vi)&#9;to the SPV, any remaining
amounts in reduction of the Aggregate DPP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;(i)&nbsp;All
Investments shall be repaid in Canadian Dollars, (ii)&nbsp;all payments of amounts due and owing in Canadian Dollars shall be made
from Collections in Canadian Dollars to the extent there are sufficient Collections in Canadian Dollars to make all such payments,
and (iii)&nbsp;all payments of amounts due and owing in U.S. Dollars shall be made from Collections in U.S. Dollars to the extent
there are sufficient Collections in U.S. Dollars to make all such payments. If Collections in U.S. Dollars are insufficient to
pay any amounts due and payable in U.S. Dollars, then the SPV shall exchange available Collections in Canadian Dollars from Canadian
Dollars to U.S. Dollars at the applicable Spot Rate on such day for application in accordance with this <U>Section 2.12</U> and
the terms hereof. If Collections in Canadian Dollars are insufficient to pay any amounts due and payable in Canadian Dollars, then
the SPV shall exchange available Collections in U.S. Dollars to Canadian Dollars at the applicable Spot Rate on such day for application
in accordance with this <U>Section&nbsp;2.12</U> and the terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.13 <U>Optional
Reduction of Net Investment</U>. The SPV may at any time elect to cause the reduction of the Net Investment as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;the SPV
shall instruct the Servicer to (and the Servicer shall) set aside Collections and hold them in trust for the Managing Agents (on
behalf of such Managing Agents&rsquo; Investor Groups) under <U>Section&nbsp;2.12(a)(iii)(A)(1)</U> until the amount so set aside
shall equal the desired amount of reduction, which amount of reduction shall not be less than C$1,000,000;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;the SPV
shall give the Agent and the Managing Agents at least three&nbsp;(3) Business Days&rsquo; prior written notice of the amount of
such reduction and the date on which such reduction will occur, which shall be a Business Day (the &ldquo;<U>Optional Reduction
Date</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;the SPV
shall indemnify each Investor against any loss or expense incurred by such Investor, either directly or indirectly (including,
in the case of any Conduit Investor, through a Program Support Agreement) as a result of any failure by the SPV to complete such
optional reduction, including any loss or expense incurred by the Agent, any Managing Agent or any Investor, either directly or
indirectly (including, in the case of any Conduit Investor, pursuant to a Program Support Agreement) by reason of maintaining or
refinancing such Investment not so reduced on the related Optional Reduction Date as requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.14 <U>Application
of Collections Distributable to SPV</U>. The Servicer shall allocate and apply, on behalf of the Agent, Collections distributable
to the SPV hereunder pursuant to <U>Section&nbsp;2.12(c)(vi)</U>, in accordance with the instructions of the SPV, <I><U>provided</U></I><U>
that</U> the SPV shall instruct the Servicer to allocate and apply such Collections so that the operating expenses and other contractual
obligations of the SPV (including under the First Tier Agreement) are timely paid when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.15 <U>Collections
Held in Trust</U>. So long as the SPV or the Servicer shall hold any Collections or Deemed Collections then or thereafter required
to be paid by the SPV to the Servicer or by the SPV or the Servicer to the Agent, it shall hold such Collections in trust, and
shall deposit such Collections into a Blocked Account at such times otherwise required by this Agreement. For so long as no Termination
Event or Trigger Event has occurred and is continuing and unless specifically required to do otherwise in this Agreement, the Servicer
may retain and apply in accordance with the terms of this Agreement any Collections until required to be deposited into a Blocked
Account or paid to the Agent hereunder. The Net Investment shall not be deemed reduced by any amount held in trust pursuant to
<U>Sections 2.12 </U>or <U>2.13</U> unless and until, and then only to the extent that, such amount is finally paid to and received
by the Agent or the applicable Managing Agent in accordance with <U>Sections 2.12</U> or <U>2.13</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.16 <U>Reduction
of Facility Limit</U>. The SPV may, upon at least five&nbsp;(5) Business Days&rsquo; written notice to the Agent and each Managing
Agent, from time to time, irrevocably reduce in part the unused portion of the Facility Limit; <I><U>provided</U></I><U> that</U>
(x) each partial reduction shall be in the amount of at least $1,000,000, or an integral multiple of $500,000 in excess thereof,
and that, unless reduced in whole, the Facility Limit shall in no event be reduced below $50,000,000 and (y) any such reduction
shall be accompanied by an equal and corresponding reduction of the Facility Limit under the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.17 <U>Increase
of Commitments</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;From time
to time prior to the Termination Date and in accordance with this <U>Section&nbsp;2.17</U>, the SPV may, upon at least thirty (30)
days&rsquo; prior written notice to the Agent (who shall promptly provide a copy of such notice to each Managing Agent), propose
to increase the Facility Limit (each such increase, an &ldquo;<U>Incremental Commitment</U>&rdquo;); <I><U>provided</U>, <U>that</U></I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;the aggregate amount
of all Incremental Commitments shall not exceed the Maximum Incremental Facility Amount;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;any Incremental Commitment
shall be in a minimum principal amount of $10,000,000 and in integral multiples of $10,000,000 in excess thereof and shall be offered
to each Committed Investor on a pro-rata basis in proportion to the Commitment amount of such Committed Investor and shall be for
a time period agreed to by all Committed Investors;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;no Termination Event
or Potential Termination Event shall exist and be continuing at the time of the establishment of any Incremental Commitment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;the conditions set
forth in <U>Section&nbsp;5.3</U> shall be satisfied as of the date of the establishment of any Incremental Commitment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(v)&#9;the SPV shall have provided
to the Agent a certificate, in form a detail reasonably acceptable to the Agent, demonstrating compliance with the terms of this
Agreement taking into account such Incremental Commitment;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(vi)&#9;the Agent shall have
received all documents (including resolutions of the board of directors of the SPV, the Servicer, Colliers and any other Originator
and opinions of counsel to the such Persons) it may reasonably request relating to such Incremental Commitments, all in form and
substance reasonably satisfactory to the Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(vii)&#9;any Incremental Commitments
shall have terms identical to those for the initial Commitments under this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(viii)&#9;no Investor shall
have any obligation to provide any Incremental Commitment, and any decision by an Investor to provide any Incremental Commitment
shall be made in its sole discretion independently from any other Investor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ix)&#9;any Incremental Commitments
shall be pursuant to a commitment agreement, joinder agreement or other document in form and substance reasonably acceptable to
the Agent, and upon the effectiveness of such commitment agreement, joinder agreement or other document pursuant to the terms thereof,
the Commitments, as applicable, shall automatically be increased by the amount of the Commitments added through such commitment
agreement, joinder agreement or other document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(x)&#9;the SPV shall pay any
applicable upfront or arrangement fees in connection with such Incremental Commitments;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xi)&#9;all other terms and
conditions with respect to any such Incremental Commitments shall be reasonably satisfactory to the Agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xii)&#9;any such Incremental
Commitment shall be accompanied by an equal and corresponding Incremental Commitment under the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Upon the
effectiveness of any such Incremental Commitment the Commitments each Investor will be adjusted to give effect to the Incremental
Commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.18 <U>Extension
of Commitment Expiration Date/Non-Renewing Committed Investors</U>. Not more than ninety (90) days or less than forty-five (45)
days prior to the then current Commitment Expiration Date, the SPV may request an extension thereof for an additional period not
to exceed 364 days. Each Committed Investor will inform the SPV at least thirty (30) days prior to the then current Commitment
Expiration Date whether it consents to such extension (which election is in the sole discretion of each Committed Investor, and
no response from any such Committed Investor will be deemed to be a denial). If at any time the SPV requests that the Committed
Investors renew their Commitments hereunder and some but less than all the Committed Investors consent to such renewal, the SPV
may arrange for an assignment, and such non-consenting Committed Investors shall agree to assign, to one or more financial institutions
acceptable to the related Conduit Investor and the SPV of all the rights and obligations hereunder of each such non-consenting
Committed Investor in accordance with <U>Section&nbsp;11.8</U>. Any such assignment shall become effective on the then-current
Commitment Expiration Date. Each Committed Investor which does not so consent to any renewal shall cooperate fully with the SPV
in effectuating any such assignment. If none or less than all the Commitments of the non-renewing Committed Investors are so assigned
as provided above, then the Commitment Expiration Date shall not be renewed. Any such extension of the Commitment Expiration Date
must be accompanied by an equal and corresponding extension of the Commitment Expiration Date under the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;III</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ADDITIONAL COMMITTED INVESTOR
PROVISIONS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 3.1&#9;<U>Assignment
to Committed Investors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;<U>Assignment
Amounts</U>. At any time, if the related Managing Agent on behalf of such Conduit Investor in such Investor Group so elects, by
written notice to the Agent, the SPV hereby irrevocably requests and directs that such Conduit Investor assign, and such Conduit
Investor does hereby assign effective on the Assignment Date referred to below all or such portions as may be elected by the Conduit
Investor of its interest in the Net Investment and the Portfolio at such time to the Committed Investors in its Investor Group
pursuant to this <U>Section&nbsp;3.1</U> and the SPV hereby agrees to pay the amounts described in <U>Section&nbsp;3.1(b)</U>;
<I><U>provided that</U></I> unless such assignment is an assignment of all of such Conduit Investor&rsquo;s interest in the Net
Investment and the Portfolio in whole, no such assignment shall take place pursuant to this <U>Section&nbsp;3.1</U> if a Termination
Event described in <U>Section&nbsp;8.1(g)</U> shall then exist. No further documentation or action on the part of such Conduit
Investor or the SPV shall be required to exercise the rights set forth in the immediately preceding sentence, other than the giving
of the notice by the related Managing Agent on behalf of such Conduit Investor referred to in such sentence and the delivery by
the related Managing Agent of a copy of such notice to each Committed Investor in its Investor Group (the date of the receipt by
such Managing Agent of any such notice being the &ldquo;<U>Assignment Date</U>&rdquo;). Each Committed Investor hereby agrees,
unconditionally and irrevocably and under all circumstances, without setoff, counterclaim or defense of any kind, to pay the full
amount of its Assignment Amount on such Assignment Date to the applicable Conduit Investor in immediately available funds to an
account designated by the related Managing Agent. Upon payment of its Assignment Amount, each Related Committed Investor shall
acquire an interest in the Portfolio and the Net Investment equal to its <U>pro rata</U> share (based on the outstanding portions
of the Net Investment funded by it) of the assigned portion of the Net Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>SPV&rsquo;s
Obligation to Pay Certain Amounts; Additional Assignment Amount</U>. The SPV may in its sole discretion pay to the applicable Managing
Agent, for the account of the applicable Conduit Investor, in connection with any assignment by such Conduit Investor to the Committed
Investors in its Investor Group pursuant to this <U>Section&nbsp;3.1</U>, an aggregate amount equal to all accrued but unpaid Yield
to the extent attributable to the portion of the Net Investment so assigned to the Committed Investors (which Yield shall be determined
for such purpose using the CP Rate most recently determined by the applicable Managing Agent) (as determined immediately prior
to giving effect to such assignment), <U>plus</U> all other Aggregate Unpaids then owing to such Conduit Investor (other than the
Net Investment and other than any Yield not described above) related to the portion of the Net Investment so assigned to the Committed
Investors in its Investor Group. If the SPV fails to make payment of such amounts at or prior to the time of assignment by the
Conduit Investor to the Committed Investors, such amount shall be paid by the Committed Investors (in accordance with their respective
Pro Rata Shares) to the Conduit Investor as additional consideration for the interests assigned to the Committed Investors and
the amount of the &ldquo;Net Investment&rdquo; hereunder held by the Committed Investors shall be increased by an amount equal
to the additional amount so paid by the Committed Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IV</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4.1&#9;<U>Representations
and Warranties of the SPV and the initial Servicer</U>. Each of the SPV and the initial Servicer represents and warrants to the
Agent, each Managing Agent, the Investors and the other Secured Parties, as to itself only, that, on the Closing Date, on each
Investment Date and on each date of Reinvestment (except as expressly indicated otherwise):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;<U>Existence
and Power</U>. It (i) is validly existing and in good standing under the laws of its jurisdiction of formation (except where the
failure to be in good standing would not reasonably be expected to have a Material Adverse Effect), (ii) was duly incorporated
or organized, as applicable, (iii) has all organizational power and all licenses, authorizations, consents and approvals of all
Official Bodies required to carry on its business in each jurisdiction in which its business is now and proposed to be conducted
(except where the failure to have any such licenses, authorizations, consents and approvals would not individually or in the aggregate
reasonably be expected to have a Material Adverse Effect) and (iv) is duly qualified to do business and is in good standing in
every other jurisdiction in which the nature of its business requires it to be so qualified, except where the failure to be so
qualified or in good standing would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>Authorization;
No Contravention</U>. The execution, delivery and performance by it of this Agreement and the other Transaction Documents to which
it is a party (i) are within its organizational powers, (ii) have been duly authorized by all necessary organizational action,
(iii) require no action by or in respect of, or filing with, any Official Body or official thereof (except as contemplated by this
Agreement, all of which have been (or as of the Closing Date will have been) duly made and in full force and effect), (iv)&nbsp;do
not contravene or constitute a default under (A) its organizational documents, (B) any Law applicable to it, (C) any material contractual
restriction binding on or affecting it or its property, including any other material Indebtedness of Colliers or any of its Subsidiaries
or Affiliates or (D) any order, writ, judgment, award, injunction, decree or other instrument binding on or affecting it or its
property <U>except</U>, with respect to <U>clauses&nbsp;(B)</U>, <U>(C)</U> and <U>(D)</U> above, to the extent the contravention
or default under such Law, contractual restriction, order, writ, judgment, award, injunction, decree or other instrument would
not reasonably be expected to have a Material Adverse Effect or (v) result in the creation or imposition of any Adverse Claim upon
or with respect to its property other than those contemplated by the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;<U>Binding
Effect</U>. Each of this Agreement and the other Transaction Documents to which it is a party, when delivered, will have been duly
executed and delivered and will constitute its legal, valid and binding obligation, enforceable against it in accordance with its
terms, subject to applicable liquidation, conservatorship, bankruptcy, insolvency, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, reorganization, fraudulent transfer, fraudulent conveyance or other similar laws affecting the rights
of creditors generally and general principles of equity (regardless of whether such enforceability is considered in a proceeding
at law or in equity).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;<U>Perfection
Representations, Warranties and Covenants</U>. In the case of the SPV, the representations and warranties set forth on <U>Schedule
4.1(d)</U> hereto are true and correct as of the Initial Investment Date, each other Investment Date and each date of Reinvestment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;<U>Accuracy
of Information</U>. All factual information heretofore or contemporaneously furnished by or on behalf of the SPV or the Servicer
or any of their Subsidiaries or Affiliates in writing to any Investor, Managing Agent or the Agent (including, without limitation,
all information contained in the Transaction Documents) for purposes of or in connection with this Agreement or any transaction
contemplated herein is, and all other such factual information hereafter furnished by or on behalf of the SPV, the Servicer, or
any of their Subsidiaries or Affiliates in writing to any Investor, Managing Agent or the Agent for purposes of or in connection
with this Agreement or any transaction contemplated herein, do not contain as of the date furnished any untrue statement of material
fact or omit to state a material fact necessary in order to make the statements contained herein or therein, in light of the circumstances
under which they were made, not misleading in any material respect, when taken as a whole. The SPV, the Servicer and any of their
Subsidiaries or Affiliates have disclosed to each Investor, each Managing Agent and the Agent (a) all agreements, instruments and
corporate or other restrictions to which the SPV, the Servicer, each such Originator or Colliers or any of their Subsidiaries or
Affiliates is subject, and (b) all other matters known to any of them, that individually or in the aggregate with respect to (a)
and (b) above, would reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;<U>Tax Status</U>.
It has (i) timely filed all material tax returns (federal, state and local) required to be filed and (ii) paid or made adequate
provision for the payment of all taxes, assessments and other governmental charges levied or imposed upon it or its properties,
income or assets otherwise due and payable and before they have become delinquent, except (a) taxes, assessments and other governmental
charges that are being contested in good faith by appropriate proceedings and for which adequate reserves have been set aside on
the books and records, or (b) to the extent that the failure to do so would not reasonably be expected to result in a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;<U>Action,
Suits</U>. It is not in violation of any order of any Official Body. There are no actions, suits or proceedings pending or, to
the best knowledge of the SPV, threatened in writing, at law, in equity, in arbitration or before any Official Body (i) against
the SPV, the Servicer, any Originator or Colliers or any of their Subsidiaries or Affiliates challenging the validity or enforceability
of any material provision of any Transaction Document, or (ii) that, if adversely determined, would reasonably be expected to have
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;<U>Margin
Stock; Use of Proceeds</U>. The SPV is not engaged in the business of extending credit for the purpose of purchasing or carrying
margin stock (within the meaning of Regulations T, U and X, as issued by the Board of Governors of the Federal Reserve System),
and in the case of the SPV, (i) no proceeds of any Investment or Reinvestment will be used by it (i)&nbsp;to acquire any security
in any transaction which is subject to Section&nbsp;13 or 14 of the Securities Exchange Act of 1934, (ii) to acquire any equity
security of a class which is registered pursuant to Section&nbsp;12 of such act or (iii) for any other purpose that violates applicable
Law, including Regulation U of the Board of Governors of the Federal Reserve System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;<U>Principal
Place of Business; Chief Executive Office; Registered Office; Location of Records</U>. Its principal place of business, chief executive
office, registered office and the offices where it keeps all its Records, are located at the address(es) described on <U>Schedule
4.1(i)</U> or such other locations notified to the Agent in accordance with <U>Section 6.2(g)</U> and <U>Section&nbsp;7.7</U> in
jurisdictions where all action required by <U>Section 6.2(g)</U> and <U>Section&nbsp;7.7</U> has been taken and completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(j)&#9;<U>Subsidiaries;
Tradenames, Etc.</U> In the case of the SPV, as of the Closing Date: (i) it has no Subsidiaries; and (ii) it has not, within the
last five (5) years, operated under any tradename other than its legal name, and, within the last five (5) years, it has not changed
its name, merged with or into or consolidated with any other Person or been the subject of any proceeding under applicable Debtor
Relief Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(k)&#9;<U>Perfected
Security Interest</U>. In the case of the SPV, upon each Investment and Reinvestment, the Agent shall acquire a valid and enforceable
perfected first priority ownership interest in each Receivable and all other Affected Assets that exist on the date of such Investment
or Reinvestment, with respect thereto, free and clear of any Adverse Claim (other than any Permitted Adverse Claim).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(l)&#9;<U>Nature
of Receivables</U>. Each Receivable (i) represented by it to be an Eligible Receivable in any Servicer Report or (ii) included
in the calculation of the Net Pool Balance in such Servicer Report in fact satisfies at the time of such calculation the definition
of &ldquo;Eligible Receivable&rdquo; set forth herein. On the Initial Investment Date, each other Investment Date and each date
of Reinvestment, it has no knowledge of any fact (including any defaults by the Obligor thereunder on any other Receivable) that
would cause it or should have caused it to expect any payments on such Eligible Receivable not to be paid in full when due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(m)&#9;<U>Coverage
Requirement</U>. In the case of the SPV, (i)&nbsp;the sum of the Net Investment and the product of the Canadian Share and the Required
Reserves shall not exceed the product of the Canadian Share and the Net Pool Balance and (ii)&nbsp;the sum of the Aggregate Net
Investment and Required Reserves shall not exceed the Net Pool Balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(n)&#9;<U>Credit
and Collection Policy</U>. It has at all times complied in all material respects with the Credit and Collection Policy with regard
to each Eligible Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(o)&#9;<U>Material
Adverse Effect</U>. On and since the Closing Date, there has been no Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(p)&#9;<U>No Termination
Event or Potential Termination Event</U>. No event has occurred and is continuing and no condition exists which constitutes a Termination
Event or a Potential Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(q)&#9;<U>Not an
Investment Company</U>. It is not required to register as an &ldquo;investment company&rdquo; or a company controlled by an &ldquo;investment
company&rdquo; within the meaning of the Investment Company Act of 1940, as amended. In the case of the SPV, it is not a <I>&ldquo;covered
fund&rdquo;</I> as defined under Section&nbsp;13 of the Bank Holding Company Act of 1956, as amended (together with the implementing
regulations thereunder, commonly referred to as the&nbsp;<I>&ldquo;Volcker Rule&rdquo;</I>). In determining that the SPV is not
a <I>&ldquo;covered fund,&rdquo;</I> the SPV is entitled to rely on the exception to the definition of <I>&ldquo;investment company&rdquo;</I>
set forth in Section&nbsp;3(c)(5) of the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(r)&#9;<U>Pension
Plans</U>. (i)&nbsp;Except as, in the aggregate, would not reasonably be expected to have a Material Adverse Effect, (a) no steps
have been taken by the Originator, Colliers, the SPV or an ERISA Affiliate of any of them or the PBGC under Section 4041 or Section
4042 of ERISA to terminate any Pension Plan the assets of which are not sufficient to satisfy all of its benefit liabilities (as
determined under Title IV of ERISA), (b) no contribution failure has occurred or is expected to occur with respect to any Pension
Plan sufficient to give rise to a lien under Section&nbsp;303(k) of ERISA, or Section&nbsp;430(k) of the Code and (c) each Pension
Plan has been administered in all material respects in compliance with its terms and applicable provision of ERISA and the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders
applicable thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums,
contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by
Colliers and their Subsidiaries have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably
expected to have a Material Adverse Effect. Colliers and its ERISA Affiliates have not incurred any obligation in connection with
the termination of or withdrawal from any Non-U.S. Plan that individually or in the aggregate are material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(s)&#9;<U>Blocked
Accounts</U>. The account numbers of the Blocked Accounts and the names and addresses of the related Blocked Account Banks where
such Blocked Accounts are held as of the Initial Investment Date, each other Investment Date and each date of Reinvestment are
specified in <U>Schedule 4.1(s)</U> (as such <U>Schedule&nbsp;4.1(s)</U> shall be updated by adding any Blocked Account and the
related Blocked Account Bank for which a Blocked Account Agreement has been executed in accordance with <U>Section&nbsp;7.3</U>,
upon notice to each Managing Agent and delivery of such agreement to the Servicer and the Agent). As of the Initial Investment
Date and on each Investment Date and each date of Reinvestment thereafter, all Blocked Accounts are subject to Blocked Account
Agreements. All Obligors have been instructed to make payment to a Blocked Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(t)&#9;<U>[Reserved]</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(u)&#9;<U>Transfers
under First Tier Agreement</U>. In the case of the SPV, each Receivable has been purchased or otherwise acquired by it from the
applicable Originator pursuant to, and in accordance with, the terms of the First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(v)&#9;<U>Preference;
Voidability</U>. In the case of the SPV, it shall have given approximately fair market value to the applicable Originator in consideration
for the transfer to it of the Affected Assets from such Originator, and each such transfer shall not have been made for or on account
of an antecedent debt owed by such Originator to it and no such transfer is or may be voidable under any applicable Debtor Relief
Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(w)&#9;<U>Compliance
with Applicable Laws; Licenses, Etc.</U> (i) Each of the SPV and Servicer is in compliance with the requirements of all applicable
Laws, rules, regulations, and orders of all Official Bodies applicable to it or its properties (including the Federal Consumer
Credit Protection Act, as amended, Regulation Z of the Board of Governors of the Federal Reserve System, as amended, Laws, rules
and regulations relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair
debt collection practices and privacy and all other consumer laws, rules and regulations applicable to the Receivables), except
in such instances in which (a) such requirement of Law, rule, regulation or order is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, would not be
reasonably likely to have a Material Adverse Effect; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;it has not failed to
obtain any licenses, permits, franchises or other governmental authorizations necessary to the ownership of its properties or to
the conduct of its business (including any registration requirements or other actions as may be necessary in any applicable jurisdiction
in connection with the ownership of the Contracts or the Receivables and other related assets), which violation or failure to obtain
would be reasonably likely to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(x)&#9;<U>Nonconsolidation</U>.
The SPV is operated in such a manner that the separate legal existence of the SPV, on the one hand, and the Servicer, Colliers
and each Originator or any Affiliate thereof, on the other hand, would not be disregarded in the event of the bankruptcy or insolvency
of the Servicer, Colliers, such Originator or any Affiliate thereof and, without limiting the generality of the foregoing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;the SPV is a limited
purpose entity whose activities are restricted in its organizational documents to activities related to purchasing or otherwise
acquiring receivables (including the Receivables) and related assets and rights and conducting any related or incidental business
or activities it deems necessary or appropriate to carry out its primary purpose, including entering into the Transaction Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;the SPV has not engaged,
and does not presently engage, in any activity other than those activities expressly permitted hereunder and under the other Transaction
Documents, nor will the SPV be party to any agreement other than this Agreement, the other Transaction Documents to which it is
a party and a services agreement with its independent manager, and incidental thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;(A) the SPV maintains
its own deposit account or accounts, separate from those of any of its Affiliates, with commercial banking institutions, (B) the
funds of the SPV are not and have not been diverted to any other Person or for any purpose other than the purpose of the SPV and
activities incidental thereto and (C) except as may be expressly permitted by this Agreement, the funds of the SPV are not and
have not been commingled with those of any of its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;to the extent that
the SPV contracts or does business with vendors or service providers where the goods and services provided are partially for the
benefit of any other Person, the costs incurred in so doing are fairly allocated to or among the SPV and such entities for whose
benefit the goods and services are provided, and each of the SPV and each such entity bears its fair share of such costs; and except
as permitted by the Transaction Documents, all material transactions between the SPV and any of its Affiliates shall be on an arm&rsquo;s-length
basis;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(v)&#9;the SPV maintains a
principal executive and administrative office through which its business is conducted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(vi)&#9;the SPV conducts its
affairs strictly in accordance with its organizational documents and observes all necessary, appropriate and customary limited
liability company formalities, including (A) holding all regular and special managers&rsquo; meetings appropriate to authorize
all limited liability company action, (B) keeping separate and accurate minutes of such meetings, (C)&nbsp;passing all resolutions
or consents necessary to authorize actions taken or to be taken, and (D) maintaining accurate and separate books, records and accounts,
including intercompany transaction accounts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(vii)&#9;all decisions with
respect to its business and daily operations are independently made by the SPV (although the officer making any particular decision
may also be an employee, officer or director of an Affiliate of the SPV) and are not dictated by any Affiliate of the SPV (other
than the General Partner or Colliers, in its capacity as the &ldquo;limited partner&rdquo; of the SPV, in accordance with the SPV&rsquo;s
organizational documents) (it being understood that the Servicer, which is an Affiliate of the SPV, will undertake and perform
all of the operations, functions and obligations of it set forth herein and it may appoint Sub-Servicers, which may be Affiliates
of the SPV, to perform certain of such operations, functions and obligations);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(viii)&#9;the SPV acts solely
in its own name and through its own authorized officers, managers, members and agents, and no Affiliate of the SPV shall be appointed
to act as its agent, except as expressly contemplated by this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ix)&#9;other than the U.S.
SPV, no Affiliate of the SPV advances funds to the SPV, other than as is otherwise provided herein or in the other Transaction
Documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(x)&#9;other than the SPV,
no Affiliate of the SPV otherwise supplies funds to, or guaranties debts of, the SPV; <I><U>provided that</U></I> an Affiliate
of the SPV may provide funds to the SPV in connection with the capitalization of the SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xi)&#9;other than organizational
expenses and as expressly provided herein, the SPV pays all expenses, Indebtedness and other obligations incurred by it;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xii)&#9;except as permitted
by the Transaction Documents, the SPV does not guarantee, and is not otherwise liable, with respect to any obligation of any of
its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xiii)&#9;any financial reports
required of the SPV comply with GAAP and are issued separately from, but may be consolidated with, any reports prepared for any
of its Affiliates;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xiv)&#9;at all times the SPV
is adequately capitalized to engage in the transactions contemplated in its organizational documents;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xv)&#9;the financial statements
and books and records of the SPV, Colliers and the Originators reflect the separate limited liability company existence of the
SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xvi)&#9;the SPV does not act
as agent for any of the Originators or any Affiliate thereof, but instead presents itself to the public as an entity separate from
each such Person and independently engaged in the business of purchasing and financing receivables (including the Receivables);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xvii)&#9;the General Partner
maintains a board of directors of at least 3-persons, including at least one independent director, who has not been at any time
during the preceding five (5) years, and shall at no time, as long as such person is a director of the General Partner, be an equity
owner, director, officer, employee or associate, or any relative of the foregoing, of any Originator or any Affiliate thereof (other
than the General Partner and any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or
facilitating the securitization of, financial assets of any Originator or any Affiliate thereof), all as provided in its organizational
documents, and is otherwise reasonably acceptable to the Agent; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xviii)&#9;the organizational
documents of the General Partner require the unanimous vote of the directors before a voluntary petition under applicable Debtor
Relief Laws may be filed by the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(y)&#9;<U>Other
Debt</U>. Except as provided herein, the SPV has not created, incurred, assumed or suffered to exist any Indebtedness other than
(i) indebtedness of the SPV arising hereunder or under the First Tier Agreement, (ii) indebtedness due to accountants, auditors
and other advisors in connection with the requirements of this Agreement and (iii) any obligations in respect of unpaid amounts
under the U.S. Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(z)&#9;<U>Representations
and Warranties in Other Related Documents</U>. Each of the representations and warranties made by it contained in the Transaction
Documents is true, complete and correct in all material respects (except any representation or warranty qualified by materiality
or by reference to a material adverse effect, which is true, complete and correct in all respects) and it hereby makes each such
representation and warranty to, and for the benefit of, the Agent, each Managing Agent, the Investors and the other Secured Parties
as if the same were set forth in full herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(aa)&#9;<U>No Servicer
Default</U>. No event has occurred and is continuing and no condition exists which constitutes or may reasonably be expected to
constitute a Servicer Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(bb)&#9;<U>Necessary
Consents</U>. The Originators and Colliers have obtained all necessary consents to enter into the Transaction Documents, including
any consents required under any material Indebtedness of Colliers or any of its Subsidiaries or Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(cc)&#9;<U>Anti-Money
Laundering/International Trade Law Compliance</U><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;Neither the SPV, the
Servicer nor any of their Subsidiaries, nor, to the knowledge of the either the SPV or the Servicer or, any director, officer,
employee, agent, affiliate or representative thereof (in its capacity as such), is an individual or entity that is, or is owned
or controlled by any individual or entity that is (a) currently the subject or target of any Sanctions or (b) principally located,
organized or resident in a Designated Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;To the extent applicable,
the SPV, the Servicer and their Subsidiaries have conducted their businesses in compliance, in all material respects, with the
<I>Criminal Code </I>(Canada), the <I>Proceeds of Crime (Money Laundering) and Terrorist Financing Act</I> (Canada), the <I>Special
Economic Measures Act </I>(Canada), the <I>United Nations Act </I>(Canada), the <I>Freezing Assets of Corrupt Foreign Officials
Act </I>(Canada) and the regulations thereunder including Regulations Establishing a List of Entities under the <I>Criminal Code</I>
(Canada), the United States Foreign Corrupt Practices Act of 1977, and other similar anti-corruption legislation in other jurisdictions,
in each case to the extent applicable to such Persons, and have instituted and maintained policies and procedures designed to promote
and achieve compliance with such laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;V</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONDITIONS PRECEDENT</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.1&#9;<U>Conditions
Precedent to Closing</U>. The occurrence of the Closing Date shall be subject to the conditions precedent that (i)&nbsp;the SPV
or the Originators shall have paid in full (A) all amounts required to be paid by each of them on or prior to the Closing Date
pursuant to the Fee Letter and (B) the fees and expenses described in <U>clause&nbsp;(i)</U> of <U>Section&nbsp;9.4</U> and invoiced
prior to the Closing Date, (ii) satisfactory completion by the Agent of its due diligence process, and (iii) each Managing Agent
shall have received, for itself and each of the Investors in its Investor Group, an original (unless otherwise indicated) of each
of the following documents, each in form and substance reasonably satisfactory to each Managing Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;A duly executed
counterpart of this Agreement, the First Tier Agreement, the Fee Letter and each of the other Transaction Documents executed by
the Originators, the SPV, Colliers or the Servicer, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Proper financing
statements naming the SPV, as debtor, in favor of the Agent, as secured party, for the benefit of the Secured Parties or other
similar instruments or documents as may be necessary or in the reasonable opinion of the Agent desirable under the PPSA of all
appropriate jurisdictions or any comparable law to perfect the Agent&rsquo;s ownership in all assets (including, for the avoidance
of doubt, in all Receivables and the other Affected Assets), and the SPV hereby authorizes the Agent to file the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;Proper financing
statements or other filings, naming such Initial Originator, as debtor, in favor of the SPV, as assignor secured party, and the
Agent, for the benefit of the Secured Parties, as assignee secured party, or other similar instruments or documents as may be necessary
or in the reasonable opinion of the Agent desirable under the PPSA of all appropriate jurisdictions or any comparable law to perfect
the SPV&rsquo;s ownership interest in all Receivables and the other Affected Assets, and the Initial Originators and the SPV hereby
authorize the Agent to file the same.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;Copies (or
binding authorization to file same) of proper financing statements or other filings necessary to terminate all security interests
and other rights of any Person in Receivables or the other Affected Assets previously granted by the Initial Originator and the
SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;Certified
copies of requests for information or copies (or a similar search report certified by parties acceptable to the Agent) dated a
date reasonably near the Closing Date listing all effective financing statements which name the SPV or the Initial Originators
as debtor and which are filed in jurisdictions in which the filings were made pursuant to <U>clauses (b)</U> or <U>(c)</U> above
and such other jurisdictions where the Agent may reasonably request, together with copies of such financing statements, and similar
search reports with respect to insolvency and litigation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;An electronic
file identifying all Receivables and the Unpaid Balances thereon and such other information with respect to the Receivables as
any Managing Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;Satisfactory
results of a review and agreed upon procedures audit of the SPV&rsquo;s, Colliers&rsquo; and the Originators&rsquo; collection,
operating and reporting systems, Credit and Collection Policy, historical receivables data and accounts, including satisfactory
results of a review of the Originators&rsquo; operating location(s) and satisfactory review and approval of the Eligible Receivables
in existence on the date of the initial purchase under the First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;Evidence
satisfactory to the Agent that the conditions precedent in Section 5.1 of the U.S. Transfer Agreement have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;Such other
approvals, documents, instruments, certificates and opinions as the Agent, any Managing Agent or any Investor may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.2&#9;<U>Conditions
Precedent to Initial Investment</U>. The occurrence of the Initial Investment Date and the effectiveness of the Commitments hereunder
shall be subject to (i) the satisfaction of the conditions precedent to the Closing Date in <U>Section 5.1</U> and (ii) the conditions
precedent that each Managing Agent shall have received, for itself and each of the Investors in its Investor Group, an original
(unless otherwise indicated) of each of the following documents, each in form and substance reasonably satisfactory to each Managing
Agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;A certificate,
in form and substance reasonably satisfactory to the Agent, of the secretary or assistant secretary of the SPV, certifying and,
if applicable, attaching as exhibits thereto, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;the organizational documents
of the SPV;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;resolutions of the
board of managers or other governing body of the SPV authorizing the execution, delivery and performance by the SPV of this Agreement,
the First Tier Agreement and the other Transaction Documents to be delivered by the SPV hereunder or thereunder and all other documents
evidencing necessary limited partnership action and government approvals, if any; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;the incumbency, authority
and signature of each officer of the SPV executing the Transaction Documents or any certificates or other documents delivered hereunder
or thereunder on behalf of the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;A certificate,
in form and substance reasonably satisfactory to the Agent, of the secretary or assistant secretary of each Originator and the
Servicer certifying and, if applicable, attaching as exhibits thereto, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;the organizational documents
of each Originator and the Servicer (certified by the Secretary of State or other similar official of its jurisdiction of organization,
as of a recent date);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;the transactions contemplated
by this Agreement and the Transaction Documents have been duly authorized by all necessary actions of such Originator and the Servicer;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;the incumbency, authority
and signature of each officer of each of the Originators and the Servicer executing the Transaction Documents or any certificates
or other documents delivered hereunder or thereunder on its behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;A certified
business name report for the SPV issued by the Ontario Ministry of Government Services, dated not more than 30 days prior to the
Initial Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;A good standing
certificate, certificate of status or similar certificate or certified business name report for the Originators and the Servicer
issued by the applicable Official Body of its jurisdiction of incorporation or organization, as applicable, dated not more than
30 days prior to the Initial Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;An updated
version of <U>Schedule 4.1(s)</U> identifying the account numbers of the Blocked Accounts and the names and addresses of the related
Blocked Account Banks where such Blocked Accounts are held as of the Initial Investment Date, which Blocked Accounts shall be owned
by the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;Executed
copies of the Blocked Account Agreements relating to each of the Blocked Accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;Favorable
opinions of Sidley Austin LLP, special counsel to the SPV, the Servicer, the Initial Originators and Colliers, covering certain
organizational and enforceability matters in form and substance satisfactory to the Agent and Agent&rsquo;s counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;A favorable
opinion of Torys LLP, special Canadian counsel to the SPV, the Servicer, the Initial Originators and Colliers, covering certain
organizational, enforceability, security interest and insolvency matters in form and substance satisfactory to the Agent and Agent&rsquo;s
counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;A Servicer
Report as of the date of the most recently ended Calculation Period immediately prior to the Initial Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(j)&#9;Evidence
of payment of all reasonable and documented out-of-pocket fees and other amounts due and payable on or prior to the Initial Investment
Date, including pursuant to the Fee Letter, and, to the extent invoiced, reimbursement or payment of all reasonable and documented
out-of-pocket fees and expenses required to be reimbursed or paid by the SPV hereunder, excluding the allocated costs of internal
counsel, but including the reasonable and documented out-of-pocket fees and expenses invoiced through the Initial Investment Date
of FTI Consulting and of the Agent&rsquo;s special counsel, Chapman and Cutler LLP and McCarthy T&eacute;trault LLP, which may
be deducted from the proceeds of the initial Investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(k)&#9;Evidence
satisfactory to the Agent that the conditions precedent to the Initial Investment Date in Section 5.2 of the U.S. Transfer Agreement
have been fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(l)&#9;Such other
approvals, documents, instruments, certificates and opinions as the Agent, any Managing Agent or any Investor may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.3&#9;<U>Conditions
Precedent to All Investments</U>. Each Investment hereunder (including the initial Investment on the Initial Investment Date) shall
be subject to the conditions precedent that (i) the Closing Date shall have occurred, (ii) the Initial Investment Date shall have
occurred, and (iii) on the date of such Investment, as the case may be, the following statements shall be true (and the SPV by
accepting the amount of such Investment shall be deemed to have certified that):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;The representations
and warranties contained in <U>Section&nbsp;4.1</U> are true and correct in all material respects (except those representations
and warranties qualified by materiality or by reference to a material adverse effect, which are true and correct in all respects)
on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (unless such representations
and warranties specifically refer to a previous day, in which case, they shall be complete and correct in all material respects
(or, with respect to such representations or warranties qualified by materiality or by reference to a material adverse effect,
complete and correct in all respects) on and as of such previous day); <I><U>provided that</U></I> no such representation, warranty,
or certification hereunder shall be deemed to be incorrect or violated to the extent any affected Receivable is subject to a Deemed
Collection and all required amounts with respect to which have been deposited into a Blocked Account or transferred to the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Each Managing
Agent shall have received an Investment Request, appropriately completed, within the time period required by <U>Section&nbsp;2.3.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;The Agent
and each Managing Agent shall have received a Servicer Report dated no more than 30 days prior to the proposed Investment Date,
and the information set forth therein shall be true, complete and correct in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;No Termination
Event or Potential Termination Event has occurred and is continuing and (A) the amount of such Investment will not exceed the amount
available therefor under <U>Section&nbsp;2.2</U> and, after giving effect thereto, (B) the sum of the Aggregate Net Investment
and the Required Reserves will not exceed the Net Pool Balance, and (C) the sum of the Net Investment and the product of the Canadian
Share and the Required Reserve, will not exceed the product of the Canadian Share and the Net Pool Balance, each as determined
based on the most recently received Servicer Report delivered on or prior to such Investment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.4&#9;<U>Reinvestments</U>.
It is expressly understood that each Reinvestment shall, unless otherwise directed by the Agent (with the consent or at the direction
of the Managing Agents), occur automatically on each day that the Servicer shall receive any Collections without the requirement
that any further action be taken on the part of any Person and notwithstanding the failure of the SPV to satisfy any of the conditions
precedent in <U>Section&nbsp;5.3</U> in respect of such Reinvestment. The failure of the SPV to satisfy any of such conditions
precedent in respect of any Reinvestment shall give rise to a right of the Agent, which right may be exercised at any time on demand
of the Agent (with the consent or at the direction of the Managing Agents), to rescind the related purchase and direct the SPV
to pay to the Agent for the benefit of the Investors an amount equal to the Collections prior to the Termination Date that shall
have been applied to the affected Reinvestment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VI</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COVENANTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 6.1&#9;<U>Affirmative
Covenants of the SPV and Servicer</U>. At all times from the date hereof (except as expressly indicated otherwise) to the Final
Payout Date, unless the Majority Investors shall otherwise consent in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;<U>Reporting
Requirements</U>. The SPV shall furnish to the Agent (with a copy to each Managing Agent):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;<U>Annual Reporting</U>.
Promptly after the same are available and in any event within 90 days (or, if earlier, the date on which such financial statements
are delivered under any Material Credit Facility) after the end of each fiscal year of Colliers, duplicate copies of (A)(1) a consolidated
balance sheet of Colliers and its Subsidiaries as at the end of such year and (2) consolidated statements of income, changes in
shareholders&rsquo; equity and cash flows of Colliers and its Subsidiaries for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an
opinion thereon (without a &ldquo;going concern&rdquo; or similar qualification or exception and without any qualification or exception
as to the scope of the audit on which such opinion is based) of independent public accountants of recognized international standing,
which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the
companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and
that the examination of such accountants in connection with such financial statements has been made in accordance with generally
accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances and (B) a balance
sheet of the SPV as at the end of such year, setting forth in comparative form the figures from the prior fiscal year, in reasonable
detail, prepared in accordance with GAAP, and certified by a Responsible Officer as fairly presenting, in all material respects,
the financial position of the SPV and its results of operations and cash flows, subject to changes resulting from year-end adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;<U>Quarterly Reporting</U>.
Promptly after the same are available and in any event within 45 days (or, if earlier, the date on which such financial statements
are delivered under any Material Credit Facility) after the end of each of the first three quarters of each fiscal year of Colliers,
duplicate copies of, (i) a consolidated balance sheet of Colliers and its Subsidiaries as at the end of such fiscal period, and
(ii) consolidated statements of income, changes in shareholders&rsquo; equity and cash flows of Colliers and its Subsidiaries,
for such fiscal period and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,
setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable
detail, prepared in accordance with GAAP applicable to interim financial statements generally, and certified by a Responsible Officer
as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of
operations and cash flows, subject to changes resulting from year-end adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;<U>SEC and Other Reports.</U>
Promptly upon their becoming available, one copy of (i) each financial statement, report, circular, notice, proxy statement or
similar document (not otherwise delivered to the holders pursuant to the terms of this Agreement) sent by Colliers or any Subsidiary
(x)&nbsp;to its creditors under any Material Credit Facility (excluding information sent to such creditors in the ordinary course
of administration of a credit facility, such as information relating to pricing and borrowing availability) or (y)&nbsp;to its
public securities holders generally, and (ii)&nbsp;each regular or periodic report, each registration statement (without exhibits
except as expressly requested by Colliers), and each prospectus and all amendments thereto filed by Colliers or any Subsidiary
with the Securities and Exchange Commission or any similar U.S or Canadian Official Body or securities exchange and of all press
releases and other statements made available generally by the Parent Guarantor or any Subsidiary to the public concerning any material
developments. Any item required to be delivered pursuant to this Section 6.1(a)(i), (ii) or (iii) shall be deemed to be delivered
if Colliers shall have timely filed any such items on, as the case may be, SEDAR or EDGAR and shall have made such items available
on its home page on the internet or on IntraLinks or on any other similar website to which the Agent has free access.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;<U>Compliance Certificate</U>.
Together with the financial statements required hereunder, a compliance certificate signed by a Responsible Officer of Colliers
stating that (A) the attached financial statements have been prepared in accordance with GAAP and accurately reflect the financial
condition of the SPV or the Originators and Colliers and their respective Subsidiaries, as applicable, and (B) to the best of such
Person&rsquo;s knowledge, no Termination Event or Potential Termination Event exists, or if any Termination Event or Potential
Termination Event exists, stating the nature and status thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(v)&#9;<U>Notices</U>. Promptly
after receipt thereof, copies of all notices received by the SPV from any Originator or Colliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(vi)&#9;<U>Notice of Termination
Events or Potential Termination Events; Etc</U>. (A) Promptly after any of its Responsible Officers obtains knowledge of the occurrence
of each Termination Event or Potential Termination Event, a statement of one of its Responsible Officers setting forth details
of such Termination Event or Potential Termination Event and the action which it proposes to take with respect thereto, which information
shall be updated promptly from time to time upon the request of the Agent; (B) promptly after any of its Responsible Officers obtains
knowledge thereof, notice of any litigation, investigation or proceeding that may exist at any time between it and any Person,
as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, would reasonably be
expected to have a Material Adverse Effect or any litigation or proceeding relating to any Transaction Document; and (C) promptly
after knowledge of the occurrence thereof, notice of a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(vii)&#9;<U>Change in Credit
and Collection Policy</U>. At least five&nbsp;(5) Business Days prior to the date any material change in or amendment to the Credit
and Collection Policy is made, a copy of the Credit and Collection Policy then in effect as well as the proposed change or amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(viii)&#9;<U>Credit and Collection
Policy</U>. Promptly after written request, a complete copy of the Credit and Collection Policy then in effect, if requested by
any Managing Agent in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ix)&#9;<U>ERISA</U>. (A) Promptly
after its Responsible Officer obtains knowledge of the filing, giving or receiving thereof, copies of all notices with respect
to any Reportable Event pertaining to any Pension Plan and copies of any notice by any Originator, Colliers, the SPV or an ERISA
Affiliate of any of them or the PBGC of its intent to terminate any Pension Plan under Section 4041 or Section 4042 of ERISA, and
(B) promptly after its Responsible Officer obtains knowledge of the occurrence thereof, written notice of any contribution failure
with respect to any Pension Plan sufficient to give rise to a lien under Section&nbsp;303(k) of ERISA or Section&nbsp;430(k) of
the Code; provided, that in the case of clauses (A) and (B), only if it is reasonably likely that such occurrence would have a
Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(x)&#9;<U>Material Financial
Penalty with respect to Non-U.S. Plans</U>. Prompt notice of the receipt of notice of the imposition of a material financial penalty
(which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or otherwise) with respect
to one or more Non-U.S. Plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(xi)&#9;<U>Other Information</U>.
Such other information (including non-financial information) as the Agent or any Managing Agent may from time to time reasonably
request with respect to any Originator, Colliers, the SPV or the Servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 60pt">&#9;(b)&#9;<U>Conduct
of Business; Ownership</U>. Each of the SPV and the Servicer shall continue to engage in business of the same general types as
now conducted by them (including businesses reasonably related or incidental thereto) as it is presently conducted, except where
the failure to do so would not reasonably be expected to have a Material Adverse Effect. Each of the SPV and the Servicer shall
do all things necessary to remain duly organized, validly existing and in good standing in its jurisdiction of formation and maintain
all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except where the failure
to do so would not reasonably be expected to have a Material Adverse Effect. The SPV shall at all times be a wholly-owned direct
or indirect Subsidiary of Colliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;<U>Compliance
with Laws, Etc</U>. Each of the SPV and the Servicer complying in all material respects with all Laws to which it or its respective
properties may be subject and preserve and maintain its corporate or limited liability company existence, rights, franchises, qualifications
and privileges, except to the extent any non-compliance would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;<U>Furnishing
of Information and Inspection of Records</U>. Each of the SPV and the Servicer shall furnish to the Agent and each Managing Agent
from time to time such information with respect to the Affected Assets as the Agent or a Managing Agent may reasonably request,
including listings identifying the Obligor and the Unpaid Balance for each Receivable. Each of the SPV and the Servicer shall,
at any time and from time to time during regular business hours upon reasonable notice, at the expense of the SPV, as requested
by the Agent or a Managing Agent, permit the Agent or Managing Agent, or its agents or representatives, (i) to examine and make
copies of and take abstracts from all books, records and documents (including computer tapes and disks) relating to the Receivables
or other Affected Assets, including the related Contracts and (ii) to visit the offices and properties of the SPV, each Originator,
Colliers or the Servicer, as applicable, for the purpose of examining such materials described in <U>clause (i)</U>, and to discuss
matters relating to the Affected Assets or the SPV&rsquo;s, each Originator&rsquo;s, Colliers&rsquo;s or the Servicer&rsquo;s performance
hereunder, under the Contracts and under the other Transaction Documents to which such Person is a party with any of the officers,
employees or independent public accountants of the SPV, each Originator, Colliers or the Servicer, as applicable, having knowledge
of such matters which are reasonably selected for such purpose by the SPV, each Originator, Colliers or the Servicer, as applicable;
<I><U>provided</U></I>, <I><U>that</U></I>, the SPV and the Servicer shall be required to provide and pay for only one such examination
and visit during any rolling-twelve month period if no Termination Event is continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;<U>Keeping
of Records and Books of Account</U>. Each of the SPV and the Servicer shall maintain and implement administrative and operating
procedures (including an ability to recreate records evidencing Receivables and related Contracts in the event of the destruction
of the originals thereof), and keep and maintain all documents, books, computer tapes, disks, records and other information, reasonably
necessary or advisable for the collection of all Receivables (including records adequate to permit the daily identification of
each new Receivable and all Collections of and adjustments to each existing Receivable). Each of the SPV and the Servicer shall
give the Agent and each Managing Agent prompt notice of any material change in its administrative and operating procedures referred
to in the previous sentence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;<U>Performance
and Compliance with Receivables, Contracts and Credit and Collection Policy</U>. Each of the SPV and the Servicer shall, (i) at
its own expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be
observed by it under the Contracts related to the Receivables in accordance with the Credit and Collection Policy; and (ii) timely
and fully comply in all material respects with the Credit and Collection Policy in regard to each Eligible Receivable and the related
Contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;<U>Notice
of Agent&rsquo;s Interest</U>. In the event that the SPV shall sell or otherwise transfer any interest in accounts receivable or
any other financial assets (other than as contemplated by the Transaction Documents), any computer tapes or files or other documents
or instruments provided by the Servicer in connection with any such sale or transfer shall disclose the SPV&rsquo;s ownership of
the Receivables and the Agent&rsquo;s interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;<U>Collections</U>.
The SPV and the Servicer have instructed, or shall instruct, all Obligors to cause all Collections to be deposited directly to
a Blocked Account or to post office boxes to which only Blocked Account Banks have access and shall instruct the Blocked Account
Banks to cause all items and amounts relating to such Collections received in such post office boxes to be removed and deposited
into a Blocked Account on a daily basis. From and after the Initial Investment Date, the SPV and the Servicer shall use commercially
reasonably efforts to ensure that no other funds are commingled with Collections in the Blocked Accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;<U>Collections
Received</U>. From and after the Initial Investment Date, each of the SPV and the Servicer shall hold in trust, and deposit, promptly,
but in any event not later than three&nbsp;(3) Business Days following its receipt thereof, to a Blocked Account all Collections
received by it from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(j)&#9;<U>Blocked
Accounts</U>. Each Blocked Account shall on the Initial Investment Date and at all times thereafter be subject to a Blocked Account
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(k)&#9;<U>Sale
Treatment</U>. The SPV shall not (i) treat, the transactions contemplated by the First Tier Agreement in any manner other than
as a sale or contribution (as applicable) of Receivables by the Originators to the SPV, except to the extent that such transactions
are not recognized on account of consolidated financial reporting in accordance with GAAP or are disregarded for tax purposes or
(ii) treat (other than for tax purposes) the transactions contemplated hereby in any manner other than as a sale of the Portfolio
by the SPV to the Agent on behalf of the Investors. In addition, the SPV shall disclose (in a footnote or otherwise) in all of
its financial statements (including any such financial statements consolidated with any other Person&rsquo;s financial statements)
the existence and nature of the transaction contemplated hereby and by the First Tier Agreement and the interest of the SPV (in
the case of an Originator&rsquo;s financial statements) and the Agent, on behalf of the Investors, in the Affected Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(l)&#9;<U>Separate
Business; Nonconsolidation</U>. The SPV shall not (i) engage in any business not permitted by its organizational documents or (ii)
conduct its business or act in any other manner which is inconsistent with <U>Section&nbsp;4.1(x)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(m)&#9;<U>Organizational
Documents</U>. The SPV shall only amend, alter, change or repeal its organizational documents with the prior written consent of
the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(n)&#9;<U>Ownership
Interest, Etc.</U> The SPV shall, at its expense, take all action necessary or desirable to establish and maintain a valid and
enforceable ownership or security interest in the Receivables, the Related Security and proceeds with respect thereto, and a first
priority perfected security interest in the Affected Assets, in each case free and clear of any Adverse Claim (other than any Permitted
Adverse Claim), in favor of the Agent for the benefit of the Secured Parties, including taking such action to perfect, protect
or more fully evidence the interest of the Agent, as any Managing Agent may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(o)&#9;<U>Enforcement
of First Tier Agreement</U>. The SPV, on its own behalf and, during the continuation of a Termination Event or Potential Termination
Event, on behalf of the Agent, each Managing Agent and each Secured Party, shall promptly enforce all covenants and obligations
of the Originators contained in the First Tier Agreement. During the continuation of a Termination Event or Potential Termination
Event, the SPV shall deliver consents, approvals, directions, notices, waivers and take other actions under the First Tier Agreement
as may be directed by any Managing Agent consistent with the SPV&rsquo;s rights thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(p)&#9;<U>Perfection
Covenants</U>. From and after the Initial Investment Date, the SPV shall comply with each of the covenants set forth in the <U>Schedule
4.1(d)</U> which are incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(q)&#9;<U>Solvency
of SPV</U>. The fair value of the assets of the SPV, at a fair valuation, will, at all times prior to the Final Payout Date, exceed
its debts and liabilities, subordinated, contingent or otherwise. The present fair saleable value of the property of the SPV, at
all times prior to the Final Payout Date, will be greater than the amount that will be required to pay the probable liability of
its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and
matured. The SPV will, at all times prior to the Final Payout Date, be able to pay its debts and liabilities, subordinated, contingent
or otherwise, as such debts and liabilities become absolute and matured. The SPV will not, at any time prior to the Final Payout
Date, have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted
and is proposed to be conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(r)&#9;<U>Good
Title</U>. In the case of the SPV, upon each Investment and Reinvestment, the Agent shall acquire a valid and enforceable perfected
first priority ownership interest or a first priority perfected security interest in each Eligible Receivable and all other Affected
Assets that exist on the date of such Investment or Reinvestment, with respect thereto, free and clear of any Adverse Claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(s)&#9;<U>Use of
Proceeds</U>. The SPV shall use the proceeds of any Investment or Reinvestment solely for (i) the repayment of Investments or U.S.
Investments; (ii) to purchase Receivables pursuant to the First Tier Agreement; (iii) to make equity distributions to Colliers;
(iv) the repayment of subordinated loans; and (v) to pay fees and expenses related to the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;6.2&#9;<U>Negative
Covenants of the SPV and Servicer</U>. At all times from the date hereof to the Final Payout Date, unless the Majority Investors
shall otherwise consent in writing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;<U>No Sales,
Liens, Etc</U>. (i)&nbsp;Except as otherwise provided herein and in the First Tier Agreement, neither the SPV nor the Servicer
shall sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon
(or the filing of any financing statement) or with respect to (A)&nbsp;any of the Affected Assets, or (B)&nbsp;any proceeds of
inventory or goods, the sale of which may give rise to a Receivable, or assign any right to receive income in respect thereof,
other than with respect to (x) any inventory or goods described in the collateral description of the PPSA financing statements
attached as <U>Exhibit&nbsp;H</U>, or any substantially similar assets subject to the grant of a security interest by the debtors
named therein, (y) any Adverse Claim that is immaterial in nature in the reasonable opinion of the Agent, and (z) any Adverse Claim
that is automatically released upon the sale or transfer of the related Receivable by the SPV pursuant to this Agreement and (ii)&nbsp;the
SPV shall not issue any security to, or sell, transfer or otherwise dispose of any of its property or other assets (including the
property sold to it by an Originator under Section&nbsp;2.1 of the First Tier Agreement) to, any Person other than an Affiliate
(which Affiliate is not a special purpose entity organized for the sole purpose of issuing asset backed securities) or as otherwise
expressly provided for in the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;<U>No Extension
or Amendment of Receivables</U>. Except as otherwise permitted in <U>Section&nbsp;7.2</U>, neither the SPV nor the Servicer shall
extend, amend or otherwise modify the terms of any Receivable, or amend, modify or waive any term or condition of any Contract
related thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;<U>No Change
in Credit and Collection Policy</U>. Neither the SPV nor the Servicer shall make any change in the Credit and Collection Policy,
which change would materially impair the collectability of any Eligible Receivable or reasonably be expected to have a Material
Adverse Effect in the commercially reasonable discretion of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;<U>No Subsidiaries,
Mergers, Etc</U>. Neither the SPV nor the Servicer shall consolidate or merge with or into, or sell, lease or transfer all or substantially
all of its assets to, any other Person, unless in the case of any such action by the Servicer (i)&nbsp;no Termination Event or
Material Adverse Effect would occur or be reasonably likely to occur as a result of such transaction and (ii)&nbsp;such Person
executes and delivers to the Agent and each Managing Agent an agreement by which such Person assumes the obligations of the Servicer
hereunder and under the other Transaction Documents to which it is a party, or confirms that such obligations remain enforceable
against it, together with such certificates and opinions of counsel as any Managing Agent may reasonably request, or the Servicer
is the surviving entity in any such merger or consolidation. The SPV shall not form or create any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;<U>Change
in Payment Instructions to Obligors</U>. Neither the SPV nor the Servicer shall add or terminate any bank as a Blocked Account
Bank or any account as a Blocked Account to or from those listed in <U>Schedule 4.1(s)</U> or make any change in its instructions
to Obligors regarding payments to be made to any Blocked Account, unless (i)&nbsp;such instructions are to deposit such payments
to another existing Blocked Account or (ii)&nbsp;the Agent shall have received written notice of such addition, termination or
change at least thirty&nbsp;(30) days prior thereto (except with respect to such additions made in accordance with <U>Section 5.2(e)</U>)
and the Agent shall have received a Blocked Account Agreement executed by each new Blocked Account Bank or an existing Blocked
Account Bank with respect to each new Blocked Account, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;<U>Deposits
to Blocked Accounts</U>. From and after the Initial Investment Date, neither the SPV nor the Servicer will deposit or otherwise
credit, or cause or permit to be so deposited or credited, to any Blocked Account cash or cash proceeds other than Collections
of Receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;<U>Change
of Name, Etc</U>. The SPV shall not change its name, identity or structure (including a merger) or the location of its jurisdiction
of formation or any other change which could render any PPSA financing statement filed in connection with this Agreement or any
other Transaction Document to become &ldquo;seriously misleading&rdquo; under the PPSA, unless at least thirty&nbsp;(30) days prior
to the effective date of any such change the SPV delivers to each Managing Agent (i)&nbsp;such documents, instruments or agreements,
executed by the SPV as are necessary to reflect such change and to continue the perfection of the Agent&rsquo;s ownership interests
or security interests in the Affected Assets and (ii)&nbsp;new or revised Blocked Account Agreements executed by the Blocked Account
Banks which reflect such change and enable the Agent to continue to exercise its rights contained in <U>Section&nbsp;7.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;<U>Amendment
to First Tier Agreement</U>. The SPV shall not amend, modify, or supplement the First Tier Agreement or waive any provision thereof,
in each case except with the prior written consent of the Majority Investors; nor shall the SPV take, or permit any Originator
to take, any other action under the First Tier Agreement that would reasonably be expected to result in a material adverse effect
on the Agent, any Managing Agent or any Investor or which is inconsistent in any material manner with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;<U>Amendment
to Organizational Documents</U>. The SPV will not amend its organizational documents filed with the Secretary of the State of Delaware
without the consent of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(j)&#9;<U>Other
Debt</U>. Except as provided herein, after the date hereof, the SPV shall not create, incur, assume or suffer to exist any Indebtedness
whether current or funded, or any other liability other than (i)&nbsp;Indebtedness of the SPV representing fees, expenses and indemnities
arising hereunder or under the First Tier Agreement for the purchase price of the Receivables and other Affected Assets under the
First Tier Agreement, (ii)&nbsp;indebtedness due to accountants and auditors in connection with the requirements of this Agreement
and (iii) any obligations in respect of unpaid amounts under the U.S. Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(k)&#9;<U>Payment
to the Originators</U>. The SPV shall not acquire any Receivable other than through, under, and pursuant to the terms of the First
Tier Agreement, through the payment by the SPV either in cash or by increase of the capital contribution of the Originators pursuant
to the First Tier Agreement in an amount equal to the unpaid purchase price for such Receivable as required by the terms of the
First Tier Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(l)&#9;<U>Restricted
Payments</U>. The SPV shall not (A)&nbsp;purchase or redeem any Equity Interest in the SPV, (B)&nbsp;prepay, purchase or redeem
any Indebtedness, (C)&nbsp;lend or advance any funds or (D)&nbsp;repay any loans or advances to, for or from any of its Affiliates
(the amounts described in <U>clauses&nbsp;(A)</U> through <U>(D)</U> being referred to as &ldquo;<U>Restricted Payments</U>&rdquo;),
except that the SPV may (1)&nbsp;make Restricted Payments out of funds received pursuant to <U>Section&nbsp;2.2</U> and (2)&nbsp;may
make other Restricted Payments (including the payment of dividends or distributions)&nbsp;if the Agent consents to such payment
in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(m)&#9;<U>Anti-Corruption</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(i) The SPV
and the Servicer shall not, directly or, to the knowledge of the SPV or the Servicer, indirectly, use the proceeds of any Investment,
or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other individual or entity,
to fund any activities of or business with any individual or entity, or in any Designated Jurisdiction, that, at the time of such
funding, is the subject of Sanctions, or in any other manner that will result in a violation by any individual or entity (including
any individual or entity participating in the transaction, whether as Agent, a Managing Agent and Investor or otherwise) of Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SPV and the Servicer shall not directly or, to the knowledge of the SPV or the Servicer, indirectly, use any Investment or the
proceeds of any Investment for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977 or other
similar anti-corruption legislation in other jurisdictions, in each case as applicable to the SPV, the Servicer or Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(n)&#9;<U>Divisions</U><I>.</I>
For all purposes under the Transaction Documents, in connection with any division or plan of division under Delaware law (or any
comparable event under a different jurisdiction&rsquo;s laws): (a)&nbsp;if any asset, right, obligation or liability of any Person
becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from
the original Person to the subsequent Person, and (b)&nbsp;if any new Person comes into existence, such new Person shall be deemed
to have been organized on the first date of its existence by the holders of its equity interests at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VII<BR>
<BR>
ADMINISTRATION AND COLLECTIONS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.1&#9;<U>Appointment
of Servicer</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;The servicing,
administering and collection of the Receivables shall be conducted by the Person so designated from time to time as servicer (the
&ldquo;<U>Servicer</U>&rdquo;) in accordance with this <U>Section&nbsp;7.1</U>. Colliers Macaulay Nicolls Inc. is hereby designated
as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Each of the Agent, the
Managing Agents and the Investors hereby appoints as its agent the Servicer, from time to time designated pursuant to this Section,
to enforce its respective rights and interests in and under the Affected Assets, and the SPV hereby consents to such appointment.
To the extent permitted by applicable law, each of the SPV and the Originators (to the extent not then acting as Servicer hereunder
and only to the extent consistent with its obligations under the First Tier Agreement) hereby grants to any Servicer appointed
hereunder an irrevocable power of attorney to take any and all steps in the SPV&rsquo;s and/or such Originator&rsquo;s name and
on behalf of the SPV or such Originator as necessary or desirable, in the reasonable determination of the Servicer, to collect
all amounts due under any and all Receivables, including endorsing the SPV&rsquo;s and/or such Originator&rsquo;s name on checks
and other instruments representing Collections and enforcing such Receivables and the related Contracts and to take all such other
actions set forth in this <U>Article&nbsp;VII</U>. At any time following the occurrence and during the continuation of a Servicer
Default, the Agent may, upon the direction of the Majority Investors by notice to the initial Servicer or any successor Servicer,
designate as Servicer any Person (including the Agent) to succeed the initial Servicer or any successor Servicer, on the condition
in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the
terms hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Upon the
designation of a successor Servicer as set forth above, the existing Servicer agrees that it will terminate its activities as Servicer
hereunder in a manner which the Agent determines will facilitate the transition of the performance of such activities to the new
Servicer, and the existing Servicer shall cooperate with and assist such new Servicer. Such cooperation shall include access to
and transfer of records and use by the new Servicer of all records, licenses, hardware or software necessary or desirable to collect
the Receivables and the Related Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;The existing
Servicer acknowledges that the SPV, the Agent, each Managing Agent and the Investors have relied on the existing Servicer&rsquo;s
agreement to act as Servicer hereunder in making their decision to execute and deliver this Agreement. Accordingly, the existing
Servicer agrees that it will not voluntarily resign as Servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;The Servicer
may delegate its duties and obligations hereunder to any subservicer (each, a &ldquo;<U>Sub-Servicer</U>&rdquo;), including but
not limited to any other Originator; <I><U>provided that</U></I>, in each such delegation, (i)&nbsp;any Sub-Servicer which is not
an Affiliate of Colliers shall agree in writing to perform the duties and obligations of the Servicer pursuant to the terms hereof,
and (ii)&nbsp;the Servicer shall remain directly liable to the SPV, the Agent, the Managing Agents and the Investors for the performance
of the duties and obligations so delegated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.2&#9;<U>Duties
of Servicer</U>. (a)&nbsp;The Servicer shall take or cause to be taken all reasonable action as may be necessary or advisable to
collect each Receivable from time to time, all in accordance with this Agreement and all applicable Law, with reasonable care and
diligence, and in accordance with the Credit and Collection Policy. The Servicer shall set aside (and, if applicable, segregate)
and hold in trust for the accounts of the SPV, the Agent and each Managing Agent the amount of the Collections to which each is
entitled in accordance with <U>Article&nbsp;II</U>. So long as no Termination Event shall have occurred and be continuing, the
Servicer may, in accordance with the Credit and Collection Policy, extend the maturity or adjust the Unpaid Balance of any Receivable,
including any Defaulted Receivable or Delinquent Receivable, or amend, modify or waive any term or condition of any Contract related
thereto, in each case, as the Servicer may determine to be appropriate to maximize Collections thereof; <I><U>provided that</U></I>
(i)&nbsp;such extension, adjustment or modification shall not alter the status of such Receivable as a Defaulted Receivable or
Delinquent Receivable or limit the rights of the SPV or any Secured Party under this Agreement and (ii)&nbsp;if a Termination Event
has occurred and is continuing, then the Servicer may make such extension, adjustment or modification only with the approval of
the Agent. The SPV shall deliver to the Servicer and the Servicer shall hold in trust for the SPV and the Agent, on behalf of the
Investors, in accordance with their respective interests, all Records which evidence or relate to any Affected Asset. Notwithstanding
anything to the contrary contained herein, at any time when a Termination Event is continuing, the Agent shall have the right to
direct the Servicer to commence or settle any legal action to enforce collection of any Receivable or to foreclose upon or repossess
any Affected Asset. The Servicer shall not make the Agent, any Managing Agent or any other Secured Party a party to any litigation
without the prior written consent of such Person. At any time when a Termination Event exists and is continuing, the Agent may
notify any Obligor of its interest in the Receivables and the other Affected Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Notwithstanding
anything to the contrary contained in this <U>Article&nbsp;VII</U>, none of the Servicer, if not the SPV, any Originator or any
Affiliate of the SPV or any Originator, shall have any obligation to collect, enforce or take any other action described in this
<U>Article&nbsp;VII</U> with respect to any indebtedness that is not included in the Portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;Any payment
by an Obligor in respect of any indebtedness owed by it to an Originator shall, except as otherwise specified by such Obligor,
required by contract or law or clearly indicated by facts or circumstances (including by way of example an equivalence of a payment
and the amount of a particular invoice), and unless otherwise instructed by the Agent, be applied as a Collection of any Receivable
of such Obligor (starting with the oldest such Receivable) to the extent of any amounts then due and payable thereunder before
being applied to any other receivable or other indebtedness of such Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.3&#9;<U>Blocked
Account Arrangements</U>. On or prior to the Initial Investment Date the SPV shall enter into Blocked Account Agreements with respect
to all of the Blocked Accounts with all of the related Blocked Account Banks, and deliver executed counterparts thereof to the
Agent. The Agent may at any time after the occurrence and during the continuation of a Termination Event or Trigger Event give
notice to each Blocked Account Bank that the Agent is exercising its rights under the Blocked Account Agreements to do any or all
of the following: (i)&nbsp;to have the exclusive control of the Blocked Accounts transferred to the Agent and to exercise exclusive
dominion and control over the funds deposited therein, (ii)&nbsp;to have the proceeds that are sent to the respective Blocked Accounts
be redirected pursuant to its instructions rather than deposited in the applicable Blocked Account, and (iii)&nbsp;to take any
or all other actions permitted under the applicable Blocked Account Agreement. Each of the Servicer, the SPV and each Originator
hereby agrees that if the Agent, at any time, takes any action set forth in the preceding sentence, the Agent shall have exclusive
control of the proceeds (including Collections) of all Receivables and each of the Servicer, the SPV and each Originator hereby
further agrees to take any other action that the Agent may reasonably request to transfer such control. Any proceeds of Receivables
received by any of the Originators, the Servicer or the SPV thereafter shall be sent promptly (but in any event within three&nbsp;(3)
Business Days of receipt) to a Blocked Account. The parties hereto hereby acknowledge that if at any time the Agent takes control
of any Blocked Account, the Agent shall distribute or cause to be distributed such funds in accordance with <U>Section&nbsp;7.2(b)</U>
and <U>Article&nbsp;II</U> (in each case as if such funds were held by the Servicer thereunder). If at any time the Blocked Account
Bank delivers written notice to terminate the applicable Blocked Account Agreement in accordance with the terms thereof because
of a Trigger Event, the Agent takes control of the applicable Blocked Account and no Termination Event has occurred and is continuing,
then any amounts received by the Agent shall be applied by the Agent to the Aggregate Unpaids that are due and owing in accordance
with the priority of payments set forth in the applicable provisions of <U>Section 2.12</U> (as if such funds were held by the
Servicer thereunder). After giving effect to any retention pursuant to the immediately preceding sentence, the Agent shall promptly
pay any other amounts received by the Agent to an account designated by the SPV in accordance with <U>Section 2.12</U>. The Servicer,
the SPV and each Originator further agree that from and after the occurrence of the Termination Date, they will not withdraw or
transfer any amounts from a Blocked Account, except: (i)&nbsp;to another Blocked Account, or (ii)&nbsp;otherwise with the written
consent of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.4&#9;<U>Enforcement
Rights</U>. (a)&nbsp;At any time following the occurrence and during the continuation of a Termination Event:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;the Agent may direct
the Obligors that payment of all amounts payable under any Receivable be made directly to the Agent or its designee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;the SPV shall, at the
Agent&rsquo;s request and at the SPV&rsquo;s expense, give notice of the Agent&rsquo;s, the SPV&rsquo;s, and/or the Investors&rsquo;
ownership of the Receivables and (in the case of the Agent) interest in the Portfolio to each Obligor and direct that payments
be made directly to the Agent or its designee, except that if the SPV fails to so notify each obligor, the Agent may so notify
the Obligors; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;the SPV shall, at
the Agent&rsquo;s request, (A)&nbsp;assemble all of the Records and shall make the same available to the Agent or its designee
at a place selected by the Agent or its designee, and (B)&nbsp;segregate all cash, checks and other instruments received by it
from time to time constituting Collections in a manner acceptable to the Agent and shall, promptly upon receipt, remit all such
cash, checks and instruments, duly endorsed or with duly executed instruments of transfer, to the Agent or its designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Each of
the SPV and the Originators hereby authorizes the Agent, and irrevocably appoints the Agent as its attorney-in-fact with full power
of substitution and with full authority in the place and stead of the SPV or the Originators, as applicable, which appointment
is coupled with an interest, to take any and all steps in the name of the SPV or the Originators, as applicable, and on behalf
of the SPV or the Originators, as applicable, necessary or desirable, in the determination of the Agent, to collect any and all
amounts or portions thereof due under any and all Receivables or Related Security, including endorsing the name of the applicable
Originator on checks and other instruments representing Collections and enforcing such Receivables, Related Security and the related
Contracts. Notwithstanding anything to the contrary contained in this <U>subsection (b)</U>, none of the powers conferred upon
such attorney-in-fact pursuant to the immediately preceding sentence shall subject such attorney-in-fact to any liability if any
action taken by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in
any manner whatsoever, in each case, other than actions resulting from the gross negligence or willful misconduct of such attorney-in-fact.
The Agent hereby agrees only to use such power of attorney following the occurrence and during the continuation of a Termination
Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.5&#9;<U>Servicer
Default</U>. The occurrence of any one or more of the following events shall constitute a &ldquo;<U>Servicer Default</U>&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;The Servicer
(i)&nbsp; fails to pay when and as required to be paid herein, any payment or deposit required to be made by it hereunder when
due within five&nbsp;(5) Business Days after the same becomes due, (ii) fails to observe or perform in any material respect any
term, covenant or agreement on the Servicer&rsquo;s part to be performed under <U>Sections 2.8</U> (<I>reports</I>), <U>2.12</U>
(<I>settlement procedures</I>), <U>6.1(a)</U> (<I>reporting requirements</I>), <U>6.1(b)</U> (<I>conduct of business; ownership</I>),
<U>6.1(f)</U> (<I>performance and compliance with receivables, contracts and credit and collection policy</I>), <U>6.1(h)</U> (<I>collections</I>),
<U>6.1(i)</U> (<I>collections received</I>), <U>6.2(a)</U> (<I>no sales, liens, etc.</I>), <U>6.2(c)</U> (<I>no change in credit
and collection polic</I>y), <U>6.2(d)</U> (<I>no subsidiaries, mergers, etc.</I>), <U>6.2(e)</U> (<I>change in payment instructions
to obligors</I>), or <U>6.2(f)</U> (<I>deposits to blocked accounts</I>) (any of the preceding parenthetical phrases in this <U>clause&nbsp;(ii)</U>
are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof) within
(A) two (2) Business Days with respect to <U>Section 2.8</U> or (B) within five&nbsp;(5) Business Days with respect to each other
Section after the earlier of the Servicer having received written notice of such failure from the Agent or actual knowledge of
a Responsible Officer of the Servicer or SPV or (iii)&nbsp; fails to observe or perform in any material respect any other term,
covenant or agreement hereunder or under any of the other Transaction Documents on its part to be performed or observed and such
failure continues for thirty&nbsp;(30) days after the earlier of the Servicer having received written notice of such failure from
the Agent or actual knowledge of a Responsible Officer of the Servicer or SPV; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;any representation,
warranty, certification or statement of fact made or deemed made by or on behalf of the Servicer herein or in any other Transaction
Document to which it is a party or in any document required to be delivered in connection herewith or therewith shall be false
in any material respect when made or deemed made; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;(i)&nbsp;the
Servicer (A)&nbsp;fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand,
or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder (if any) and Indebtedness under Swap Contracts)
having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement)
of more than the Threshold Amount, or (B)&nbsp;fails to observe or perform any other agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the
effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee or agent
on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become
due and payable or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay,
defease or redeem such Indebtedness to be made, in each case, prior to its stated maturity (<U>provided</U>, that this <U>clause
(B)</U> shall not apply to any Indebtedness that becomes due or subject to a mandatory offer to purchase as a result of a Disposition
of assets or change of control, if such Disposition or change of control is permitted or not restricted hereunder); or (ii)&nbsp;there
occurs under any Swap Contract an &ldquo;Early Termination Date&rdquo; (as defined in such Swap Contract) resulting from (A)&nbsp;any
event of default under such Swap Contract as to which the Servicer is the &ldquo;Defaulting Party&rdquo; (as defined in such Swap
Contract) or (B)&nbsp;any &ldquo;Termination Event&rdquo; (as so defined) under such Swap Contract as to which the Servicer is
an &ldquo;Affected Party&rdquo; (as so defined) and, in either event, the Swap Termination Value owed by the Servicer as a result
thereof, is greater than the Threshold Amount; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;there is
entered against the Servicer or any of its Subsidiaries a final judgment or order (or multiple related final judgments or orders)
for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent
not covered by independent third-party insurance as to which the insurer does not dispute coverage), and there is a period of more
than thirty (30) consecutive days (or such longer period of time permitted for the filing of a notice of appeal under applicable
law, not to exceed 60 consecutive days) during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise,
is not in effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;the Servicer
or any of its Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an
assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee,
custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person
and the appointment continues undischarged or unstayed for more than 60 consecutive calendar days; or any proceeding under any
Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent
of such Person and continues undismissed or unstayed for more than 60 consecutive calendar days, or an order for relief is entered
in any such proceeding; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;the occurrence
of a Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.6&#9;<U>Servicing
Fee</U>. The Servicer shall be paid a Servicing Fee in accordance with <U>2.12</U> and subject to the priorities therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;7.7&#9;<U>Protection
of Ownership Interest of the Investors</U>. Each of the Originators and the SPV agrees that it shall, from time to time, at its
expense, promptly execute and deliver all instruments and documents and take all actions as may be necessary or as the Agent may
reasonably request in order to perfect or protect all rights and interests of the Secured Parties with respect to the Portfolio
or to enable the Agent, the U.S. Agent, each Managing Agent or the Investors to exercise or enforce any of their respective rights
hereunder. Without limiting the foregoing, each of the Originators and the SPV shall, upon the request of the Agent, the U.S. Agent,
any Managing Agent or any of the Investors, in order to accurately reflect the transactions evidenced by the Transaction Documents,
(i)&nbsp;file such financing or continuation statements or amendments thereto or assignments thereof (as otherwise permitted to
be executed and filed pursuant hereto) as may be requested by the Agent, the U.S. Agent, any Managing Agent or any of the Investors
and (ii)&nbsp;mark its respective master data processing records and other documents with a legend describing the conveyance to
the Agent, for the benefit of the Secured Parties, of the Portfolio. Each of the Originators and the SPV shall, upon request of
the Agent, the U.S. Agent, any Managing Agent or any of the Investors, obtain such additional search reports as the Agent, the
U.S. Agent, any Managing Agent or any of the Investors shall request. To the fullest extent permitted by applicable law, the Agent
is hereby authorized to sign and file continuation statements and amendments thereto and assignments thereof without the SPV&rsquo;s
or any Originator&rsquo;s signature. Carbon, photographic or other reproduction of this Agreement or any financing statement shall
be sufficient as a financing statement. The SPV shall not change its name, identity or limited liability company structure nor
change its jurisdiction of formation unless it shall have: (A)&nbsp;given the Agent at least ten&nbsp;(10) days&rsquo; prior written
notice thereof and (B)&nbsp;prepared at the SPV&rsquo;s expense and delivered to the Agent all financing statements, instruments
and other documents necessary to preserve and protect the rights and interests of the Secured Parties in the Portfolio or requested
by the Agent in connection with such change. Any filings under the PPSA or otherwise that are occasioned by such change shall be
made at the expense of the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;VIII<BR>
<BR>
TERMINATION EVENTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.1&#9;<U>Termination
Events</U>. The occurrence of any one or more of the following events shall constitute a &ldquo;<U>Termination Event</U>&rdquo;:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;any of the
SPV, any Originator or Colliers fails to pay (i)&nbsp;when and as required to be paid herein or under any other Transaction Document,
any payment or deposit, (ii)&nbsp;within five (5) Business Days after the same becomes due, any interest or any fee due hereunder
or under any other Transaction Document or (iii)&nbsp;within ten (10) days after written notice from the Agent, any other amount
payable hereunder or under any other Transaction Document; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;any representation,
warranty, certification or statement of fact made or deemed made by or on behalf of the SPV, any Originator or Colliers herein
or in any other Transaction Document to which it is a party or in any document required to be delivered in connection herewith
or therewith shall be false in any material respect when made or deemed made; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;(i) the
SPV fails to perform or observe in any material respect any term, covenant or agreement contained in any of <U>Section 6.1(a)</U>
or <U>Section&nbsp;6.2</U> within five (5)&nbsp;Business Days after the earlier of the SPV having received written notice of such
failure from the Agent or actual knowledge of a Responsible Officer of the SPV or Servicer; (ii) any of the SPV, any Originator
or Colliers fails to perform or observe in any material respect any other term, covenant or agreement (not specified in <U>subsection&nbsp;(a)</U>
or <U>(b)</U> above) contained in any Transaction Document on its part to be performed or observed and such failure continues for
thirty (30)&nbsp;days after the earlier of the SPV, such Originator or Colliers having received written notice of such failure
from the Agent or actual knowledge of a Responsible Officer of the SPV or Servicer; or (iii) the occurrence of a Trigger Event;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;(i) any
of Colliers, any Originator or any of their respective Subsidiaries institutes or consents to the institution of any proceeding
under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment
of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material
part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed
without the application or consent of such Person and the appointment continues undischarged or unstayed for more than 60 consecutive
calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its
property is instituted without the consent of such Person and continues undismissed or unstayed for more than 60 consecutive calendar
days, or an order for relief is entered in any such proceeding or (ii) (ii) the SPV institutes or consents to the institution of
any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to
the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all
or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer
is appointed without the application or consent of such Person; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;the Agent,
on behalf of the Secured Parties, shall for any reason fail or cease to have a valid and enforceable perfected first priority ownership
or security interest in the Affected Assets, free and clear of any Adverse Claim, other than any Permitted Adverse Claim (it being
understood that the forgoing shall not apply to any Receivable subject to a Deemed Collection if all required amounts with respect
to such Receivable have been deposited into a Blocked Account when required hereunder); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;a Servicer
Default shall have occurred and be continuing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;the Net
Investment (as determined after giving effect to all distributions pursuant to this Agreement on such date) <U>plus</U> the Required
Reserves shall exceed the Net Pool Balance and such condition shall continue for more than two (2) Business Days after the earlier
of the SPV, such Originator or Colliers having received written notice thereof from the Agent or actual knowledge of a Responsible
Officer of the SPV or Servicer; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;the Three-Month
Default Ratio is greater than 3.50%; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;the General
Partner shall cease to be the sole managing general partner of the SPV; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(j)&#9;[reserved];
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(k)&#9;Days Sales
Outstanding for any Calculation Period is greater than 65&nbsp;days; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(l)&#9;(i)&nbsp;any
of the SPV, any Originator or Colliers (A)&nbsp;fails to make any payment when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) in respect of any Indebtedness (other than Indebtedness hereunder and Indebtedness under Swap
Contracts) having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than the Threshold Amount, or (B)&nbsp;fails to observe or perform any other agreement or condition relating
to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event
occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness (or a trustee
or agent on behalf of such holder or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded
or to become due and payable or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase,
prepay, defease or redeem such Indebtedness to be made, in each case, prior to its stated maturity (<U>provided</U>, that this
<U>clause (B)</U> shall not apply to any Indebtedness that becomes due or subject to a mandatory offer to purchase as a result
of a Disposition of assets or change of control, if such Disposition or change of control is permitted or not restricted hereunder);
or (ii)&nbsp;there occurs under any Swap Contract an &ldquo;Early Termination Date&rdquo; (as defined in such Swap Contract) resulting
from (A)&nbsp;any event of default under such Swap Contract as to which the SPV, such Originator or Colliers is the &ldquo;Defaulting
Party&rdquo; (as defined in such Swap Contract) or (B)&nbsp;any &ldquo;Termination Event&rdquo; (as so defined) under such Swap
Contract as to which the SPV, such Originator or Colliers is an &ldquo;Affected Party&rdquo; (as so defined) and, in either event,
the Swap Termination Value owed by the SPV, such Originator or Colliers as a result thereof, is greater than the Threshold Amount;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(m)&#9;(i)&nbsp;any
of the SPV, Colliers, any Originator or the Servicer admits in writing its inability or fails generally to pay its debts as they
become due, or (ii)&nbsp;any writ or warrant of attachment or execution or similar process is issued or levied against all or any
material part of the property of (A) Colliers, any Originator or the Servicer that is not released, vacated or fully bonded within
60&nbsp;days after its issue or levy or (B) the SPV; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(n)&#9;any Originator
ceases selling Receivables to the SPV under the First Tier Agreement except in connection with an Originator Disposition provided
in accordance with <U>Section&nbsp;11.13</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(o)&#9;there shall
be a Change of Control; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(p)&#9;(i) Any
Pension Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver
of such standards or extension of any amortization period is sought or granted under section&nbsp;412(c) of the Code or Section&nbsp;433(d)
of the Code, respectively, (ii) a notice of intent to terminate&nbsp;any Pension Plan shall have been or is reasonably expected
to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee
to administer any Pension Plan or the PBGC shall have notified Colliers or any ERISA Affiliate of its intent to institute such
proceedings, (iii)&nbsp;there is any &ldquo;amount of unfunded benefit liabilities&rdquo; (within the meaning of section 4001(a)(18)
of ERISA) under one or more Pension Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present value of
accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of such Non-U.S.
Plans allocable to such liabilities by more than 50%, (v)&nbsp;Colliers or any ERISA Affiliate shall have incurred or is reasonably
expected to incur any liability pursuant to Title&nbsp;I or IV of ERISA or the penalty or excise tax provisions of the Code relating
specifically to Pension Plans, (vi)&nbsp;Colliers or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) Colliers
or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner
that would materially increase the liability of Colliers or any Subsidiary thereunder, (viii) Colliers or any Subsidiary fails
to administer or maintain a Non-U.S. Plan in material compliance with the requirements of any and all applicable laws, statutes,
rules, regulations or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) Colliers or any Subsidiary
becomes subject to the imposition of a material financial penalty (which for this purpose shall mean a material tax, penalty or
other liability, whether by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events
described in clauses (i) through (ix) above, either individually or together with any other such event or events, could reasonably
be expected to have a Material Adverse Effect. As used in this Section&nbsp;11(k), the term &ldquo;<U>employee welfare benefit
plan</U>&rdquo; shall have the meaning assigned to such term in Section 3 of ERISA; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(q)&#9;any material
provision of this Agreement or any other Transaction Document to which an Originator, Colliers, the Servicer or the SPV is a party
shall cease to be in full force and effect or such Originator, Colliers, the Servicer or the SPV shall so state in writing; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(r)&#9;there is
entered against Colliers, any Originator or any of their respective Subsidiaries a final judgment or order (or multiple related
final judgments or orders) for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold
Amount (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), and
there is a period of more than thirty (30) consecutive days (or such longer period of time permitted for the filing of a notice
of appeal under applicable law, not to exceed 60 consecutive days) during which a stay of enforcement of such judgment, by reason
of a pending appeal or otherwise, is not in effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(s)&#9;there is
entered against the SPV (i)&nbsp;one or more final judgments or orders for the payment of money in an aggregate amount (as to all
such judgments and orders) exceeding $10,000, and such judgment is not paid within three&nbsp;(3) Business Days, or (ii)&nbsp;any
one or more non-monetary final judgments that have, or would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(t)&#9;the Aggregate
Unpaids are not reduced to zero within sixty (60) days after the occurrence of the Commitment Expiration Date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(u) &#9;the occurrence
of a &ldquo;Termination Event&rdquo; under and as defined in the U.S. Transfer Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;8.2&#9;<U>Termination</U>.
During the continuation of any Termination Event, the Agent may, or at the direction of the Majority Investors shall, by notice
to the SPV and the Servicer, declare the Termination Date to have occurred; <I><U>provided that</U></I> in the case of any event
described in <U>Section&nbsp;8.1(d)</U>, the Termination Date shall be deemed to have occurred automatically upon the occurrence
of such event. Upon any such declaration or automatic occurrence, the Agent shall have, in addition to all other rights and remedies
under this Agreement or otherwise, all other rights and remedies provided under the PPSA of the applicable jurisdiction and other
applicable laws, all of which rights shall be cumulative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;IX<BR>
<BR>
INDEMNIFICATION; EXPENSES; RELATED MATTERS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;9.1&#9;<U>Indemnities
by the SPV</U>. Without limiting any other rights which the Indemnified Parties may have hereunder or under applicable Law, the
SPV hereby agrees to indemnify the Investors, the Agent, each Managing Agent, the Program Support Providers and their respective
officers, directors, employees, counsel and other agents (collectively, &ldquo;<U>Indemnified Parties</U>&rdquo;) from and against
any and all damages, losses, claims, liabilities, reasonable and documented out-of-pocket costs and related expenses, including
reasonable and documented out-of-pocket attorneys&rsquo; fees (excluding the allocated costs of internal counsel of the Indemnified
Parties) and disbursements (all of the foregoing being collectively referred to as &ldquo;<U>Indemnified Amounts</U>&rdquo;) awarded
against or incurred by any of them in any action or proceeding between the SPV and any of the Indemnified Parties or between any
of the Indemnified Parties and any third party, in each case arising out of or as a result of this Agreement, the other Transaction
Documents, the ownership or maintenance, either directly or indirectly, by the Agent, any Managing Agent or any Investor of the
Portfolio or any of the other transactions contemplated hereby or thereby, excluding, however, (i)&nbsp;Indemnified Amounts to
the extent resulting from gross negligence, willful misconduct or bad faith on the part of such Indemnified Party, as finally determined
by a court of competent jurisdiction, (ii)&nbsp;Indemnified Amounts to the extent resulting from a claim brought by the SPV, any
Originator, the Servicer or Colliers against an Indemnified Party for a breach of such Indemnified Party&rsquo;s representations,
warranties or covenants under a Transaction Document, (iii) recourse for uncollectible Receivables; or (iv)&nbsp;any Taxes which
are covered by <U>Section&nbsp;9.4</U> or any Excluded Taxes. Without limiting the generality of the foregoing, but subject to
the exclusions described in clauses (i), (ii) and (iii) of the preceding sentence, the SPV shall indemnify each Indemnified Party
for Indemnified Amounts relating to or resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;any representation
or warranty made by the SPV, Colliers, any Originator (including any Affiliate of any Originator in its capacity as the Servicer)
or any officers of the SPV, Colliers, any Originator (including, in its capacity as the Servicer or any Affiliate of an Originator
acting as Servicer) under or in connection with this Agreement, the First Tier Agreement, any of the other Transaction Documents,
any Servicer Report or any other information or report delivered by the SPV, the Servicer, Colliers or any Originator pursuant
hereto, or pursuant to any of the other Transaction Documents which shall have been incomplete, false or incorrect in any respect
when made or deemed made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;the failure
by the SPV, Colliers or any Originator (including, in its capacity as the Servicer or any Affiliate of an Originator acting as
Servicer) to comply with any applicable Law with respect to any Receivable or the related Contract, or the nonconformity of any
Receivable or the related Contract with any such applicable Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;the failure
(i)&nbsp;to vest and maintain vested in the Agent, on behalf of the Secured Parties, a first priority, perfected ownership interest
in the Portfolio free and clear of any Adverse Claim or (ii)&nbsp;to create or maintain a valid and perfected first priority security
interest in favor of the Agent, for the benefit of the Secured Parties, in the Affected Assets, free and clear of any Adverse Claim
(other than a Permitted Adverse Claim), in each case, other than as a result of actions of the Agent or any other Secured Party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;the failure
by the SPV, Colliers, any Originator or the Servicer to file, or any delay in filing, financing statements, continuation statements,
or other similar instruments or documents under the PPSA of any applicable jurisdiction or other applicable laws with respect to
any of the Affected Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;any dispute,
claim, offset or defense (other than discharge in bankruptcy) of the Obligor to the payment of any Receivable (including a defense
based on such Receivable or the related Contract not being the legal, valid and binding obligation of such Obligor enforceable
against it in accordance with its terms), or any other claim resulting from the sale of merchandise or services related to such
Receivable or the furnishing or failure to furnish such merchandise or services, or from any breach or alleged breach of any provision
of the Receivables or the related Contracts restricting assignment of any Receivables;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;any failure
of the SPV or the Servicer to perform its duties or obligations in accordance with the provisions hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;any products
liability claim or personal injury or property damage suit or other similar or related claim or action of whatever sort arising
out of or in connection with merchandise or services which are the subject of any Receivable;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;the failure
by the SPV, Colliers or any of the Originators to comply with any term, provision or covenant contained in this Agreement or any
of the other Transaction Documents to which it is a party or to perform any of its respective duties or obligations under the Receivables
or related Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;the Aggregate
Net Investment <U>plus</U> the Required Reserves exceeding the Net Pool Balance at any time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(j)&#9;the failure
of the SPV or any Originator to pay when due any sales, excise or personal property taxes payable in connection with any of the
Receivables;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(k)&#9;any repayment
by any Indemnified Party of any amount previously distributed in reduction of Net Investment which such Indemnified Party believes
in good faith is required to be made;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(l)&#9;the commingling
by the SPV, any Originator, Colliers or the Servicer of Collections at any time with any other funds (other than funds held in
trust for the benefit of the U.S. Agent pursuant to the terms of in this Agreement);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(m)&#9;any investigation,
litigation or proceeding related to this Agreement, any of the other Transaction Documents, the use of proceeds of Investments
by the SPV, Colliers or any Originator, the ownership of the Portfolio, or any Affected Asset;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(n)&#9;failure
of any Blocked Account Bank to remit any amounts held in the Blocked Accounts or any related lock-boxes pursuant to the instructions
of the Servicer, the SPV, Colliers, any Originator or the Agent (to the extent such Person is entitled to give such instructions
in accordance with the terms hereof and of any applicable Blocked Account Agreement) whether by reason of the exercise of set-off
rights or otherwise;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(o)&#9;any inability
to obtain any judgment in or utilize the court or other adjudication system of, any state in which an Obligor may be located as
a result of the failure of the SPV, the Servicer, Colliers or any Originator to qualify to do business or file any notice of business
activity report or any similar report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(p)&#9;any attempt
by any Person to void, rescind or set-aside any transfer by any Originator to the SPV of any Receivable or Related Security under
statutory provisions or common law or equitable action, including any provision of the Bankruptcy Code or other insolvency law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(q)&#9;any action
taken by the SPV, any Originator, Colliers or the Servicer (if the Servicer is an Originator or any Affiliate or designee of an
Originator) in the enforcement or collection of any Receivable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(r)&#9;the use
of the proceeds of any Investment or Reinvestment; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(s)&#9;the transactions
contemplated hereby being characterized as other than debt for the purposes of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;9.2&#9;<U>Indemnities
by the Servicer</U>. Without limiting any other rights which the Servicer Indemnified Parties may have hereunder or under applicable
Law, the Servicer hereby agrees, to indemnify the Indemnified Parties and their successors, transferees and assigns and all officers,
directors, employees, counsel and other agents of any of the foregoing (collectively, &ldquo;<U>Servicer Indemnified Parties</U>&rdquo;)
from and against any and all damages, losses, claims, liabilities, reasonable and documented out-of-pocket costs and related expenses,
including reasonable and documented out-of-pocket attorneys&rsquo; fees and disbursements (excluding the allocated costs of internal
counsel of the Servicer Indemnified Parties) (all of the foregoing being collectively referred to as &ldquo;<U>Servicer Indemnified
Amounts</U>&rdquo;) awarded against or incurred by any of them in any action or proceeding between the Servicer and any of the
Servicer Indemnified Parties or between any of the Servicer Indemnified Parties and any third party or otherwise arising out or
as a result of this Agreement, the other Transaction Documents, the ownership or maintenance, either directly or indirectly, by
the Agent, any Managing Agent or any Investor of the Portfolio or any of the other transactions contemplated hereby or thereby,
excluding however, (i)&nbsp;Servicer Indemnified Amounts to the extent resulting from gross negligence, willful misconduct or bad
faith on the part of such Servicer Indemnified Party, as finally determined by a court of competent jurisdiction, (ii)&nbsp;recourse
(except as otherwise specifically provided in this Agreement) for uncollectible Receivables, (iii)&nbsp;any Taxes which are covered
by <U>Section&nbsp;9.4</U> or any Excluded Taxes, or (iv)&nbsp;a breach by such Servicer Indemnified Party of a representation,
warranty or covenant of such Servicer Indemnified Party under a Transaction Document. Without limiting the foregoing, but subject
to the exclusions described in clauses (i), (ii), (iii) and (iv) of the preceding sentence, the Servicer shall indemnify each Servicer
Indemnified Party for Servicer Indemnified Amounts relating to or resulting from:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;any representation
or warranty made by the Servicer or any of its officers under or in connection with this Agreement, any of the other Transaction
Documents, any Servicer Report or any other information or report delivered by the Servicer pursuant hereto, or pursuant to any
of the other Transaction Documents which shall have been incomplete, false or incorrect in any respect when made or confirmed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;the failure
by the Servicer to comply with any applicable Law with respect to any Receivable or the related Contract, or the nonconformity
of any Receivable or the related Contract with any such applicable Law;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;the failure
by the Servicer to file, or any delay in filing, financing statements, continuation statements, or other similar instruments or
documents under the PPSA of any applicable jurisdiction or other applicable laws with respect to any of the Affected Assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;any failure
of the Servicer to perform its duties or obligations in accordance with the provisions hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;the failure
by the Servicer to comply with any term, provision or covenant contained in this Agreement or any of the other Transaction Documents
to which it is a party or to perform any of its duties or obligations under the Receivables or related Contracts;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;the commingling
by the Servicer of Collections at any time with any other funds (other than Collections related to U.S. Receivables);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;any inability
to obtain any judgment in or utilize the court or other adjudication system of, any state in which an Obligor may be located as
a result of the failure of the Servicer to qualify to do business or file any notice of business activity report or any similar
report;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;any dispute,
claim, offset or defense of an Obligor to the payment of any Receivable resulting from or related to the collection activities
of the Servicer in respect of such Receivable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;any action
taken by the Servicer in the enforcement or collection of any Receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION&nbsp;9.3&#9;<U>Indemnity
for Taxes, Reserves and Expenses</U>. (a)&nbsp;If any Change in Law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;shall subject any Indemnified
Party (or its applicable lending office) to any Taxes, duty or other charge (other than Taxes which are covered by <U>Section&nbsp;9.4</U>
or Excluded Taxes) with respect to this Agreement, the other Transaction Documents, the ownership, maintenance or financing of
the Portfolio, or payments of amounts due hereunder, or shall change the basis of taxation of payments to any Indemnified Party
of amounts payable in respect of this Agreement, the other Transaction Documents, the ownership, maintenance or financing of the
Portfolio, or payments of amounts due hereunder or its obligation to advance funds hereunder, under a Program Support Agreement
or the credit or liquidity support furnished by a Program Support Provider or otherwise in respect of this Agreement, the other
Transaction Documents, the ownership, maintenance or financing of the Portfolio (except for Taxes which are covered by <U>Section&nbsp;9.4</U>,
and the imposition or changes in the rate of any Excluded Tax imposed on such Indemnified Party);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;shall impose, modify
or deem applicable any reserve, special deposit or similar requirement (including any such requirement imposed by the Board of
Governors of the Federal Reserve System) against assets of, deposits with or for the account of, or credit extended by, any Indemnified
Party or shall impose on any Indemnified Party or on the United States market for certificates of deposit or the London interbank
market any other condition affecting this Agreement, the other Transaction Documents, the ownership, maintenance or financing of
the Portfolio, or payments of amounts due hereunder or its obligation to advance funds hereunder, under a Program Support Agreement
or the credit or liquidity support provided by a Program Support Provider or otherwise in respect of this Agreement, the other
Transaction Documents, or the ownership, maintenance or financing of the Portfolio (other than reserves already taken into account
in calculating the Eurodollar Reserve Percentage); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;shall impose upon
any Indemnified Party any other condition or expense (including any loss of margin, reasonable attorneys&rsquo; fees and expenses,
and expenses of litigation or preparation therefor in contesting any of the foregoing, but excluding Taxes and Excluded Taxes)
with respect to this Agreement, the other Transaction Documents, the ownership, maintenance or financing of the Portfolio, or payments
of amounts due hereunder or its obligation to advance funds hereunder or under a Program Support Agreement or the credit or liquidity
support furnished by a Program Support Provider or otherwise in respect of this Agreement, the other Transaction Documents, or
the ownership, maintenance or financing of the Portfolio,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and the result of any of the foregoing
is to increase the cost to, or to reduce the amount of any sum received or receivable by, such Indemnified Party with respect to
this Agreement, the other Transaction Documents, the ownership, maintenance or financing of the Portfolio, the Receivables, the
obligations hereunder, the funding of any Investments hereunder or under a Program Support Agreement, by an amount deemed by such
Indemnified Party to be material, then, on the Settlement Date occurring at least ten&nbsp;(10) days after the demand by such Indemnified
Party through the applicable Managing Agent, the SPV shall pay to the applicable Managing Agent, for the benefit of such Indemnified
Party, such additional amount or amounts as will compensate such Indemnified Party for such increased cost or reduction suffered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;If any Indemnified
Party shall have determined that any Change in Law, has or would have the effect of reducing the rate of return on capital of such
Indemnified Party (or its parent) as a consequence of such Indemnified Party&rsquo;s obligations hereunder or with respect hereto
to a level below that which such Indemnified Party (or its parent) could have achieved but for such Change in Law (taking into
consideration its policies with respect to capital adequacy and liquidity) by an amount deemed by such Indemnified Party to be
material or requiring such Indemnified Party to maintain additional high quality liquid assets, then on the Settlement Date occurring
at least ten&nbsp;(10) days after demand, in the form of a notice as set forth in <U>clause&nbsp;(c)</U> below, by such Indemnified
Party through the Agent or the applicable Managing Agent, the SPV shall pay to the applicable Managing Agent, for the benefit of
such Indemnified Party, such additional amount or amounts as will compensate such Indemnified Party (or its parent) for such reduction
or any internally determined imputed cost of maintaining such high quality liquid assets, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;Each Indemnified
Party shall promptly notify the SPV in writing of any event of which it has knowledge, occurring after the date hereof, which will
entitle such Indemnified Party to compensation pursuant to this <U>Section&nbsp;9.3</U>; <I><U>provided that</U></I> no failure
to give or any delay in giving such notice shall affect the Indemnified Party&rsquo;s right to receive such compensation (unless
such failure or delay has the effect of materially increasing the amount of such compensation payable hereunder, in which case
such increased amount shall not be payable). A notice by the Agent or a Managing Agent on behalf of the applicable Indemnified
Party claiming compensation under this <U>Section&nbsp;9.3</U> and setting forth the additional amount or amounts to be paid to
it hereunder shall be conclusive in the absence of manifest error. In determining such amount, the Agent or any applicable Indemnified
Party may use any reasonable averaging and attributing methods. Any demand for compensation under this <U>Section&nbsp;9.3</U>
shall be accompanied by a certificate as to the amount requested which shall set forth a reasonably detailed calculation for such
requested amount. Notwithstanding anything in this Agreement to the contrary, the SPV shall not be obligated to make any payment
to any Indemnified Party under this <U>Section&nbsp;9.3</U> for any period more than one hundred eighty&nbsp;(180) days prior to
the date on which such Indemnified Party gives written notice to the SPV of its intent to request such payment under this <U>Section&nbsp;9.3</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;Notwithstanding
anything herein to the contrary, any indemnity payable under this <U>Section&nbsp;9.3</U> shall be payable by the SPV in accordance
with the priority of payments in <U>Section&nbsp;2.12</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.4&#9;<U>Taxes</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;All payments
and distributions made hereunder by the SPV, the Originators, Colliers or the Servicer (each, a &ldquo;<U>payor</U>&rdquo;) to
any Investor, any Managing Agent or any other Secured Party (each, a &ldquo;<U>Recipient</U>&rdquo;) shall be made free and clear
of and without deduction for any present or future income, excise, stamp or franchise taxes and any other taxes, fees, duties,
withholdings or other charges of any nature whatsoever imposed by any taxing authority on any Recipient (or any assignee of such
parties) but excluding Excluded Taxes (such non-excluded items being called &ldquo;<U>Taxes</U>&rdquo;). In the event that any
withholding or deduction from any payment made by the payor hereunder is required (as determined in the good faith discretion of
the payor) in respect of any Taxes, then such payor shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;pay directly to the
relevant authority the full amount required to be so withheld or deducted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;promptly forward to
the applicable Managing Agent an official receipt or other documentation satisfactory to such Managing Agent evidencing such payment
to such authority; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;pay to the Recipient
such additional amount or amounts as is necessary to ensure that the net amount actually received by the Recipient will equal the
full amount such Recipient would have received had no such withholding or deduction been required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, if any Taxes
are directly asserted against any recipient with respect to any payment received by such Recipient hereunder, the Recipient may
pay such Taxes and the payor will promptly pay, after written demand therefor by the Recipient, such additional amounts (including
any penalties interest or expenses, other than those arising from the gross negligence or willful misconduct of the Agent or the
recipient) as shall be necessary in order that the net amount received by the Recipient after the payment of such Taxes (including
any Taxes on such additional amount) shall equal the amount such recipient would have received had such Taxes not been asserted.
Any demand for compensation under this <U>Section&nbsp;9.4</U> shall be accompanied by a certificate as to the amount requested
which shall set forth a reasonably detailed calculation for such requested amount. Any demand by a Recipient under this <U>Section&nbsp;9.4</U>
shall be made no later than 360 days after the earlier of (i)&nbsp;the date on which the recipient pays such Taxes or (ii)&nbsp;the
date on which the relevant taxing authority makes written demand for payment of such Taxes by the Recipient.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;If the payor
fails to pay any Taxes when due to the appropriate taxing authority or fails to remit to the Recipient the required receipts or
other required documentary evidence, the payor shall indemnify the Recipient for any incremental Taxes, interest, or penalties
that may become payable by any Recipient as a result of any such failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;If any party
determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this <U>Section 9.4</U> (including by the payment of additional amounts pursuant to this <U>Section 9.4</U>),
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under
this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such
indemnified party and without interest (other than any interest paid by the relevant Official Body with respect to such refund).
Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Official Body) in the event that
such indemnified party is required to repay such refund to such Official Body. Notwithstanding anything to the contrary in this
paragraph, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph
the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would
have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall
not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;Each Investor
shall, and does hereby, severally indemnify, and shall make payment in respect thereof within 10 days after demand therefor, (i)
the Managing Agent against any Taxes attributable to such Investor (but only to the extent that the payor has not already indemnified
the Managing Agent for such Taxes and without limiting the obligation of payor to do so) and (ii) the Administrative Agent and
the payor, as applicable, against any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the
Administrative Agent or payor in connection with any Transaction Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.5&#9;<U>Status
of Investors</U>. Any Investor that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction
in which the SPV is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder
or under any other Transaction Document shall deliver to the SPV (with a copy to the Agent), at the time or times prescribed by
applicable law or reasonably requested by the payor or the Agent, such properly completed and executed documentation prescribed
by applicable law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Investor, if requested by the SPV or the Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the SPV or the Agent as will enable the SPV or the Agent to determine whether or not such Investor is subject to backup
withholding or information reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Without limiting the
generality of the foregoing, each Recipient shall deliver to the SPV and the Agent (in such number of copies as shall be requested)
on or prior to the date on which such Recipient becomes a Recipient under this Agreement, whichever of the following is applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(A)&#9;any Recipient that is
a &ldquo;United States person&rdquo; as defined in Section 7701(a)(30) of the Code shall deliver to the SPV and the Agent on or
prior to the date on which such Recipient becomes a party to this Agreement (and from time to time thereafter upon the reasonable
request of the SPV or the Agent), executed originals of IRS Form W-9 certifying that such Recipient is exempt from U.S. federal
backup withholding tax;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(B)&#9;any Foreign Recipient
shall deliver to the SPV and the Agent (in such number of copies as shall be requested) on or prior to the date on which such Foreign
Recipient becomes a Recipient under this Agreement, whichever of the following is applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&#9;(i)&#9;duly completed copies
of IRS Form W-8BEN or IRS Form W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States is
a party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&#9;(ii)&#9;duly completed copies
of IRS Form W-8ECI;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&#9;(iii)&#9;in the case of a
Foreign Recipient claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x)&nbsp;a certificate
signed under penalties of perjury, in a form reasonably satisfactory to the payor, to the effect that such Foreign Recipient is
not (A)&nbsp;a &ldquo;bank&rdquo; within the meaning of section 881(c)(3)(A) of the Code, (B) a &ldquo;10 percent shareholder&rdquo;
of the payor within the meaning of section 881(c)(3)(B) of the Code, or (C) a &ldquo;controlled foreign corporation&rdquo; described
in section 881(c)(3)(C) of the Code and (y)&nbsp;duly completed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&#9;(iv)&#9;any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed
together with such supplementary documentation as may be prescribed by applicable law to permit the payor to determine the withholding
or deduction required to be made; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 20pt">&#9;(C)&#9;if a payment made to
a Recipient under any Transaction Document would be subject to U.S. federal withholding tax imposed by FATCA if such Recipient
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b)
of the Code, as applicable), such Recipient shall deliver to the SPV and the Agent at the time or times prescribed by law and at
such time or times reasonably requested by the SPV or the Agent, such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the SPV or the Agent
as may be necessary for the SPV and the Agent to comply with their obligations under FATCA or to determine that such Recipient
has complied with such Recipient&rsquo;s obligations under FATCA or to determine the amount to deduct and withhold from such payment.
Solely for purposes of this clause (C), &ldquo;FATCA&rdquo; shall include any amendments made to FATCA after the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, each Recipient
shall deliver such forms and certificates promptly upon the obsolescence, expiration, or invalidity of any form or certificate
previously delivered by the Recipient. Each such Recipient shall promptly notify the payor and the Agent at any time it determines
that it is no longer in a position to provide any previously delivered certificate to the payor and the Agent (or any other form
of certification adopted by the United States taxing authorities for such purpose). Notwithstanding any other provision of this
<U>Section&nbsp;9.5</U>, a Recipient shall not be required to deliver any documentation pursuant to this <U>Section&nbsp;9.5</U>
that such Recipient is not legally able to deliver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.6&#9;<U>Other
Costs and Expenses; Breakage Costs</U>. (a)&nbsp;The SPV agrees, upon receipt of a written invoice, to pay or cause to be paid,
and to hold the Investors, the Agent and each Managing Agent harmless against liability for the payment of, all reasonable and
documented out-of-pocket expenses (including Chapman and Cutler LLP&rsquo;s and McCarthy T&eacute;trault LLP&rsquo;s, or any other
single U.S. and single Canadian law firm&rsquo;s, accountants&rsquo;, rating agency&rsquo;s and other third parties&rsquo; fees
and expenses, any filing fees and expenses incurred by officers or employees of any Investor, the Agent and each Managing Agent)
or intangible, documentary or recording taxes incurred by or on behalf of any Investor, the Agent and any Managing Agent (i)&nbsp;in
connection with the preparation, negotiation, execution and delivery of this Agreement, the other Transaction Documents and any
documents or instruments delivered pursuant hereto and thereto and the transactions contemplated hereby or thereby (including the
perfection or protection of the Portfolio) and (ii)&nbsp;from time to time (A)&nbsp;relating to any amendments, waivers or consents
under this Agreement and the other Transaction Documents, (B)&nbsp;arising in connection with the Agent&rsquo;s, any Investor&rsquo;s
or any Managing Agent&rsquo;s reasonable review or analysis of its legal rights and duties under the Transaction Documents or enforcement
or preservation of such rights (including the perfection and protection of the Portfolio under this Agreement), or (C)&nbsp;arising
in connection with any audit, dispute, disagreement, litigation or preparation for litigation involving this Agreement or any of
the other Transaction Documents as reasonably necessary for the enforcement or preservation of Agent&rsquo;s, any Investor&rsquo;s
or any Managing Agent&rsquo;s legal rights under the Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;The SPV
shall pay the Managing Agents for the account of the Investors, as applicable, on demand, such amount or amounts as shall compensate
the Investors for any loss (including loss of profit), cost or expense incurred by the Investors (as reasonably determined by its
Managing Agent) as a result of any reduction of any Rate Tranche other than on the maturity date of the Commercial Paper (or other
financing source) funding such Rate Tranche, such compensation to be (i)&nbsp;limited to an amount equal to any loss or expense
suffered by the Investors during the period from the date of receipt of such repayment to (but excluding) the maturity date of
such Commercial Paper (or other financing source) and (ii)&nbsp;net of the income, if any, received by the recipient of such reductions
from investing the proceeds of such reductions of such Rate Tranche. The determination by any Managing Agent of the amount of any
such loss or expense shall be set forth in a written notice to the SPV in reasonable detail and shall be conclusive, absent manifest
error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 9.7&#9;<U>Mitigation
Obligations</U>. If any Investor requests compensation under <U>Section&nbsp;9.3</U>, or a payor is required to pay any additional
amount to any Investor (or any Official Body for the account of any Investor) pursuant to <U>Section&nbsp;9.4</U>, then such Investor
shall use reasonable efforts to designate a different Funding Office for funding or booking its Investment hereunder or to assign
its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Investor, such
designation or assignment (i)&nbsp;would eliminate or reduce amounts payable pursuant to <U>Section&nbsp;9.3 or 9.4</U>, as the
case may be, in the future, and (ii)&nbsp;in each case, would not subject such Investor to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Investor. The SPV hereby agrees to pay all reasonable costs and expenses incurred
by any Investor in connection with any such designation or assignment.</P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;X<BR>
<BR>
THE AGENT</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.1&#9;<U>Appointment
and Authorization of Agent</U>. Each Secured Party hereby irrevocably appoints, designates and authorizes the Agent and its applicable
Managing Agent to take such action on its behalf under the provisions of this Agreement and each other Transaction Document and
to exercise such powers and perform such duties as are expressly delegated to such Agent or Managing Agent, as applicable, by the
terms of this Agreement and any other Transaction Document, together with such other powers as are reasonably incidental thereto.
Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Transaction Document, no Agent
or Managing Agent shall have any duties or responsibilities except those expressly set forth in this Agreement, nor shall the Agent
or any Managing Agent have or be deemed to have any fiduciary relationship with any Investor or other Secured Party, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Transaction
Document or otherwise exist against any Agent or Managing Agent. Without limiting the generality of the foregoing sentence, the
use of the term &ldquo;agent&rdquo; in this Agreement with reference to any Agent or Managing Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term
is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.2&#9;<U>Delegation
of Duties</U>. The Agent and each Managing Agent may execute any of its duties under this Agreement or any other Transaction Document
by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. Neither the Agent nor any Managing Agent shall be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects with reasonable care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.3&#9;<U>Liability
of Agents and Managing Agents</U>. No Agent-Related Person shall (a)&nbsp;be liable for any action taken or omitted to be taken
by any of them under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby
(except for its own gross negligence or willful misconduct), or (b)&nbsp;be responsible in any manner to any Secured Party for
any recital, statement, representation or warranty made by the SPV, any Originator, Colliers or the Servicer, or any officer thereof,
contained in this Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred
to or provided for in, or received by the Agent or such Managing Agent under or in connection with, this Agreement or any other
Transaction Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other
Transaction Document, or for any failure of the SPV, any Originator, Colliers, the Servicer or any other party to any Transaction
Document to perform its obligations hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Secured
Party to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this
Agreement or any other Transaction Document, or to inspect the properties, books or records of the SPV, any Originator, Colliers,
the Servicer or any of their respective Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.4&#9;<U>Reliance
by Agent</U>. (a)&nbsp;The Agent and each Managing Agent shall be entitled to rely, and shall be fully protected in relying, upon
any writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement
or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by or on behalf
of the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to the SPV, any Originator,
Colliers and the Servicer), independent accountants and other experts selected by the Agent or such Managing Agent. The Agent and
each Managing Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Transaction
Document unless it shall first receive such advice or concurrence of the Managing Agents or the Investors in its Investor Group,
as applicable, as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Investors
against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action.
The Agent and each Managing Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement
or any other Transaction Document in accordance with a request or consent of the Managing Agents or the Investors in its Investor
Group, as applicable, or, if required hereunder, all Investors and such request and any action taken or failure to act pursuant
thereto shall be binding upon all of the Investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;For purposes
of determining compliance with the conditions specified in <U>Article&nbsp;V</U> on the Closing Date, each Investor that has executed
this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter
either sent by the Agent or the Managing Agent to such Investor for consent, approval, acceptance or satisfaction, or required
thereunder to be consented to or approved by or acceptable or satisfactory to such Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.5&#9;<U>Notice
of Termination Event, Potential Termination Event or Servicer Default</U>. Neither the Agent nor any Managing Agent shall be deemed
to have knowledge or notice of the occurrence of a Potential Termination Event, a Termination Event or a Servicer Default, unless
it has received written notice from an Investor or the SPV referring to this Agreement, describing such Potential Termination Event,
Termination Event or Servicer Default and stating that such notice is a &ldquo;Notice of Termination Event or Potential Termination
Event&rdquo; or &ldquo;Notice of Servicer Default,&rdquo; as applicable. Each Managing Agent will notify the Investors in its Investor
Group of its receipt of any such notice. The Agent and each Managing Agent shall (subject to <U>Section&nbsp;10.4</U>) take such
action with respect to such Potential Termination Event, Termination Event or Servicer Default as may be requested by the Managing
Agents (or its Investors in its Investor Group), <I><U>provided that</U></I>, unless and until the Agent shall have received any
such request, the Agent (or Managing Agent) may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Potential Termination Event, Termination Event or Servicer Default as it shall deem advisable or in the best
interest of the Secured Parties or Investors, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.6&#9;<U>Credit
Decision; Disclosure of Information by the Agent</U>. Each Secured Party acknowledges that none of the Agent-Related Persons has
made any representation or warranty to it, and that no act by the Agent or any Managing Agent hereinafter taken, including any
consent to and acceptance of any assignment or review of the affairs of the SPV, the Servicer, Colliers, the Originators or any
of their respective Affiliates, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any
Secured Party as to any matter, including whether the Agent-Related Persons have disclosed material information in their possession.
Each Secured Party, including any Investor by assignment, represents to the Agent and its Managing Agent that it has, independently
and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made
its own appraisal of and investigation into the business, prospects, operations, property, financial and other condition and creditworthiness
of the SPV, the Servicer, each Originator, Colliers or their respective Affiliates, and all applicable bank regulatory laws relating
to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to extend credit to the SPV
hereunder. Each Secured Party also represents that it shall, independently and without reliance upon any Agent-Related Person and
based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under this Agreement and the other Transaction Documents, and to make such investigations
as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness
of the SPV, the Servicer, Colliers or the Originators. Except for notices, reports and other documents expressly herein required
to be furnished to the Security Parties by the Agent or any Managing Agent herein, neither the Agent nor any Managing Agent shall
have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects,
operations, property, financial and other condition or creditworthiness of the SPV, the Servicer, Colliers, any Originator or their
respective Affiliates which may come into the possession of any of the Agent-Related Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.7&#9;<U>Indemnification
of the Agent</U>. Whether or not the transactions contemplated hereby are consummated, the Committed Investors (or the Committed
Investors in the applicable Investor Group) shall indemnify upon demand each Agent-Related Person (to the extent not reimbursed
by or on behalf of the SPV and without limiting the obligation of the SPV to do so), <U>pro rata</U>, and hold harmless each Agent-Related
Person from and against any and all Indemnified Amounts incurred by it; <I><U>provided that</U></I> no Committed Investor shall
be liable for the payment to any Agent-Related Person of any portion of such Indemnified Amounts resulting from such Person&rsquo;s
gross negligence or willful misconduct, as finally determined by a court of competent jurisdiction; <I><U>provided that</U></I>
no action taken by Agent (or any Managing Agent) in accordance with the directions of the Managing Agents (or the Investors in
its Investor Group) shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without
limitation of the foregoing, each Investor shall reimburse its Managing Agent and the Agent upon demand for its ratable share of
any costs or out-of-pocket expenses (including attorney&rsquo;s fees) incurred in connection with the preparation, execution, delivery,
administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement, any other Transaction Document, or any document contemplated
by or referred to herein, to the extent that the Agent or such Managing Agent is not reimbursed for such expenses by or on behalf
of the SPV. The undertaking in this Section&nbsp;shall survive payment on the Final Payout Date and the resignation or replacement
of the Agent or such Managing Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.8&#9;<U>Agent
in Individual Capacity</U>. The Agent and each Managing Agent (and any successor thereto in such capacity) and its Affiliates may
make loans to, issue letters of credit for the account of, accept deposits from, acquire Equity Interests in and generally engage
in any kind of banking, trust, financial advisory, underwriting or other business with any of the SPV, the Originators, Colliers,
the Servicer, or any of their Subsidiaries or Affiliates as though it were not the Agent, a Managing Agent or an Investor hereunder,
as applicable, and without notice to or consent of the Secured Parties. The Secured Parties acknowledge that, pursuant to such
activities, any such Person or its Affiliates may receive information regarding the SPV, the Originators, Colliers, the Servicer
or their respective Affiliates (including information that may be subject to confidentiality obligations in favor of such Person)
and acknowledge that the Agent shall be under no obligation to provide such information to them. With respect to its Commitment,
the Agent and each Managing Agent (and any successor thereto in such capacity) in its capacity as a Committed Investor hereunder
shall have the same rights and powers under this Agreement as any other Committed Investor and may exercise the same as though
it were not the Agent, a Managing Agent or a Committed Investor, as applicable, and the term &ldquo;Committed Investor&rdquo; or
&ldquo;Committed Investors&rdquo; shall, unless the context otherwise indicates, include the Agent and each Managing Agent in its
individual capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.9&#9;<U>Resignation
of Agents</U>. The Agent or any Managing Agent may resign upon thirty (30) days&rsquo; notice to the applicable Investors. If the
Agent resigns hereunder, it must also resign as U.S. Agent, and the same entity must be approved as Agent and U.S. Agent. If the
Agent resigns under this Agreement, the Majority Investors shall appoint from among the Committed Investors a successor agent for
the Secured Parties. If no successor agent is appointed prior to the effective date of the resignation of the Agent, the Agent
may appoint, after consulting with the Investors, a successor agent from among the Committed Investors. Upon the acceptance of
its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring
Agent and the term &ldquo;Agent&rdquo; shall mean such successor agent and the retiring Agent&rsquo;s appointment, powers and duties
as Agent shall be terminated. After any retiring Agent&rsquo;s resignation hereunder as Agent, the provisions of this <U>Section&nbsp;10.9</U>
and <U>Sections 10.3</U> and <U>10.7 </U>shall inure to its benefit as to any actions taken or omitted to be taken by it while
it was the Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is thirty (30)
days following a retiring Agent&rsquo;s notice of resignation, the retiring Agent&rsquo;s resignation shall nevertheless thereupon
become effective and the Committed Investors shall perform all of the duties of the Agent hereunder until such time, if any, as
the Majority Investors appoint a successor agent as provided for above. If a Managing Agent resigns under this Agreement, the Investors
in such Investor Group shall appoint a successor agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 10.10&#9;<U>Payments
by the Agent</U>. Unless specifically allocated to a Committed Investor pursuant to the terms of this Agreement, all amounts received
by the Agent or a Managing Agent on behalf of the Investors shall be paid to the applicable Managing Agent or Investors <U>pro
rata</U> in accordance with amounts then due on the Business Day received, unless such amounts are received after 1:00 p.m. on
such Business Day, in which case the applicable agent shall use its reasonable efforts to pay such amounts on such Business Day,
but, in any event, shall pay such amounts not later than the following Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE&nbsp;XI<BR>
<BR>
MISCELLANEOUS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.1&#9;<U>Term
of Agreement</U>. This Agreement shall terminate on the Final Payout Date; <I><U>provided that</U></I> (i)&nbsp;the rights and
remedies of the Agent, the Managing Agents, the Investors and the other Secured Parties with respect to any representation and
warranty made or deemed to be made by the SPV, the Originators, Colliers or the Servicer pursuant to this Agreement, (ii)&nbsp;the
indemnification and payment provisions of <U>Article&nbsp;IX</U>, (iii)&nbsp;the provisions of <U>Section 2.6</U>, and <U>Section&nbsp;10.7</U>
and (iv)&nbsp;the agreements set forth in <U>Sections 11.11</U> and <U>11.12</U>, shall be continuing and shall survive any termination
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.2&#9;<U>Waivers;
Amendments</U>. (a)&nbsp;No failure or delay on the part of the Agent, any Managing Agent, the Investors or any Committed Investor
in exercising any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other further exercise thereof or the exercise of any other power, right
or remedy. The rights and remedies herein provided shall be cumulative and nonexclusive of any rights or remedies provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Any provision
of this Agreement or any other Transaction Document may be amended or waived if, but only if, such amendment or waiver is in writing
and is signed by the SPV, the Originators, Colliers, the Servicer (but only with respect to the provisions applicable to it), the
Agent and each Committed Investor directly affected thereby; <I><U>provided that</U></I> the signature of the SPV and the Originators
shall not be required for the effectiveness of any amendment which modifies the representations, warranties, covenants or responsibilities
of the Servicer at any time when the Servicer is not an Originator or any Affiliate of an Originator or a successor Servicer is
designated pursuant to <U>Section&nbsp;7.1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.3&#9;<U>Notices;
Payment Information</U>. Except as provided below, all communications and notices provided for hereunder shall be in writing (including
facsimile, email or other electronic transmission or similar writing) and shall be given to the other party at its address, facsimile
number or email address set forth in <U>Schedule 11.3</U> or at such other address, facsimile number or email address as such party
may hereafter specify for the purposes of notice to such party. Each such notice or other communication shall be effective (i)&nbsp;if
given by facsimile, when such facsimile is transmitted to the facsimile number specified in <U>Schedule 11.3</U> and confirmation
is received, (ii)&nbsp;if given by mail, three (3)&nbsp;Business Days following such posting, if postage prepaid, and if sent via
U.S.&nbsp;certified or registered mail, (iii)&nbsp;if given by overnight courier, one (1)&nbsp;Business Day after deposit thereof
with a national overnight courier service, (iv)&nbsp;if given by email, when such email is transmitted to the email address specified
in <U>Schedule 11.3</U>, or (v)&nbsp;if given by any other means, when received at the address specified in this <U>Section&nbsp;11.3</U>,
<I><U>provided that</U></I> an Investment Request shall only be effective upon receipt by the Managing Agents. However, anything
in this <U>Section&nbsp;11.3</U> to the contrary notwithstanding, the SPV hereby authorizes the Agent and the Managing Agents to
make investments in Eligible Investments and to make Investments based on telephonic notices made by any Person which the Agent
or the Managing Agents in good faith believe to be acting on behalf of the SPV. The SPV agrees to deliver promptly to the Agent
or the Managing Agents a written confirmation of each telephonic notice signed by an authorized officer of SPV. However, the absence
of such confirmation shall not affect the validity of such notice. If the written confirmation differs in any material respect
from the action taken by the Agent or the Investors, the records of the Agent or the Managing Agents shall govern.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.4&#9;<U>Governing
Law; Submission to Jurisdiction; Appointment of Service Agent</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;<B>THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW&nbsp;YORK</B>. EACH OF THE SPV, THE
ORIGINATORS, THE SERVICER, THE AGENT AND THE INVESTORS HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW&nbsp;YORK AND OF ANY NEW&nbsp;YORK STATE COURT SITTING IN THE CITY OF NEW&nbsp;YORK FOR
PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH OF THE SPV, THE SERVICER, THE ORIGINATORS, THE AGENT AND THE INVESTORS HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT
IN AN INCONVENIENT FORUM. NOTHING IN THIS <U>SECTION 11.4</U> SHALL AFFECT THE RIGHT OF THE SECURED PARTIES TO BRING ANY ACTION
OR PROCEEDING AGAINST ANY OF THE SPV, THE ORIGINATOR OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER
JURISDICTIONS.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;EACH OF
THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT
OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION
WITH THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.5&#9;<U>Integration</U>.
This Agreement and the other Transaction Documents contain the final and complete integration of all prior expressions by the parties
hereto with respect to the subject matter hereof and shall constitute the entire Agreement among the parties hereto with respect
to the subject matter hereof superseding all prior oral or written understandings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.6&#9;<U>Severability
of Provisions</U>. If any one or more of the provisions of this Agreement shall for any reason whatsoever be held invalid, then
such provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the validity
or enforceability of such other provisions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.7&#9;<U>Counterparts;
Facsimile Delivery</U>.&#9;This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same Agreement. Delivery by facsimile of an executed signature page of this Agreement shall be effective as delivery
of an executed counterpart hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.8&#9;<U>Successors
and Assigns; Binding Effect</U>. (a)&nbsp;This Agreement shall be binding on the parties hereto and their respective successors
and assigns; <I><U>provided that</U></I>, except as provided in <U>Section&nbsp;7.1</U>, none of the SPV, the Servicer, Colliers
or the Originators may assign any of its rights or delegate any of its duties hereunder or under the First Tier Agreement or under
any of the other Transaction Documents to which it is a party without the prior written consent of each Managing Agent. Except
as provided in <U>clause (b)</U> below, no provision of this Agreement shall in any manner restrict the ability of any Investor
to assign, participate, grant security interests in, or otherwise transfer any portion of the Portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Any Committed
Investor that is in compliance in all material respects with its obligations hereunder may assign all or any portion of its Commitment
and its interest in the Net Investment, the Portfolio and its other rights and obligations hereunder to any Person with the written
approval of the applicable Managing Agent (such consent not to be unreasonably withheld), on behalf of its Conduit Investor, and
the applicable Managing Agent (such consent not to be unreasonably withheld) and, if no Termination Event is continuing, with the
consent of the SPV (such consent not to be unreasonably withheld). In connection with any such assignment, the assignor shall deliver
to the assignee(s) an Assignment and Assumption Agreement, duly executed, assigning to such assignee a <U>pro rata</U> interest
in such assignor&rsquo;s Commitment and other obligations hereunder and in the Net Investment, the Portfolio and other rights hereunder,
and such assignor shall promptly execute and deliver all further instruments and documents, and take all further action, that the
assignee may reasonably request, in order to protect, or more fully evidence, the assignee&rsquo;s right, title and interest in
and to such interest and to enable the Agent, on behalf of such assignee, to exercise or enforce any rights hereunder and under
the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party. Upon any such
assignment, (i)&nbsp;the assignee shall have all of the rights and obligations of the assignor hereunder and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party with respect to such portion of assignor&rsquo;s
Commitment and interest in the Net Investment and the Portfolio for all purposes of this Agreement and under the other Transaction
Documents to which such assignor is or, immediately prior to such assignment, was a party and (ii)&nbsp;the assignor shall have
no further obligations with respect to the portion of its Commitment which has been assigned and shall relinquish its rights with
respect to the portion of its interest in the Net Investment and the Portfolio which has been assigned for all purposes of this
Agreement and under the other Transaction Documents to which such assignor is or, immediately prior to such assignment, was a party.
No such assignment shall be effective unless a fully executed copy of the related Assignment and Assumption Agreement shall be
delivered to the Agent and the SPV. In addition, if the assignee is not already an Investor, such assignee shall deliver to the
Agent, the SPV and the Servicer, all applicable tax documentation (whether pursuant to <U>Section&nbsp;9.5</U> or otherwise) requested
by the Agent, the SPV or the Servicer. All costs and expenses of the Agent incurred in connection with any assignment hereunder
shall be borne by the assignee. Any Commitment Investor making an assignment hereunder shall also make a proportionate assignment
of its U.S. Commitment and its interest in the U.S. Net Investment, the U.S. Portfolio and its other rights and obligations under
the U.S. Facility to same entity or entities in accordance with <U>Section 11.8(b)</U> thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;By executing
and delivering an Assignment and Assumption Agreement, the assignor and assignee thereunder confirm to and agree with each other
and the other parties hereto as follows: (i)&nbsp;other than as provided in such Assignment and Assumption Agreement, the assignor
makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations
made in or in connection with this Agreement, the other Transaction Documents or any other instrument or document furnished pursuant
hereto or thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or value or this Agreement, the
other Transaction Documents or any such other instrument or document; (ii)&nbsp;the assignor makes no representation or warranty
and assumes no responsibility with respect to the financial condition of the SPV, any Originator, Colliers or the Servicer or the
performance or observance by the SPV, any Originator, Colliers or the Servicer of any of their respective obligations under this
Agreement, the First Tier Agreement, the other Transaction Documents or any other instrument or document furnished pursuant hereto;
(iii)&nbsp;such assignee confirms that it has received a copy of this Agreement, the First Tier Agreement, each other Transaction
Document and such other instruments, documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into such Assignment and Assumption Agreement and to purchase such interest; (iv)&nbsp;such assignee will, independently
and without reliance upon the Agent, any Managing Agent, any Investor or any of their Affiliates, or the assignor and based on
such agreements, documents and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under this Agreement and the other Transaction Documents; (v)&nbsp;such assignee appoints and authorizes
the Agent and its Managing Agent to take such action as agent on its behalf and to exercise such powers under this Agreement, the
other Transaction Documents and any other instrument or document furnished pursuant hereto or thereto as are delegated to the Agent
or its Managing Agent, as applicable, by the terms hereof or thereof, together with such powers as are reasonably incidental thereto
and to enforce its respective rights and interests in and under this Agreement, the other Transaction Documents and the Affected
Assets; (vi)&nbsp;such assignee agrees that it will perform in accordance with their terms all of the obligations which by the
terms of this Agreement and the other Transaction Documents are required to be performed by it as the assignee of the assignor;
and (vii)&nbsp;such assignee agrees that it will not institute against any Conduit Investor any proceeding of the type referred
to in <U>Section&nbsp;11.11</U> prior to the date which is one (1)&nbsp;year and one (1)&nbsp;day after the payment in full of
all Commercial Paper of such Conduit Investor.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;Without
limiting the foregoing, a Conduit Investor may, from time to time, with prior or concurrent notice to the SPV and the Servicer,
in one transaction or a series of transactions, assign all or a portion of the Net Investment and its rights and obligations under
this Agreement and any other Transaction Documents to which it is a party to a Conduit Assignee with commercial paper notes rated
at least A-1 by S&amp;P or P-1 by Moody&rsquo;s. Any Conduit Investor making an assignment pursuant to the preceding sentence shall
make a proportionate assignment of its U.S. Net Investment and its rights and obligations under the U.S. Facility and related documents
to the same Conduit Assignee pursuant to <U>Section 11.8(d)</U> thereof. Upon and to the extent of such assignment by a Conduit
Investor to a Conduit Assignee, (i)&nbsp;such Conduit Assignee shall be the owner of the assigned portion of the Net Investment,
(ii)&nbsp;the related Managing Agent for such Conduit Assignee will act as the Managing Agent for such Conduit Assignee, with all
corresponding rights and powers, express or implied, granted to the Managing Agent hereunder or under the other Transaction Documents,
(iii)&nbsp;such Conduit Assignee (and any related commercial paper issuer, if such Conduit Assignee does not itself issue commercial
paper) and their respective liquidity support provider(s) and credit support provider(s) and other related parties shall have the
benefit of all the rights and protections provided to the Conduit Investor and its Program Support Provider(s) herein and in the
other Transaction Documents (including any limitation on recourse against such Conduit Assignee or related parties, any agreement
not to file or join in the filing of a petition to commence an insolvency proceeding against such Conduit Assignee, and the right
to assign to another Conduit Assignee as provided in this paragraph), (iv)&nbsp;such Conduit Assignee shall assume all (or the
assigned or assumed portion) of the Conduit Investor&rsquo;s obligations, if any, hereunder or any other Transaction Document,
and the Conduit Investor shall be released from such obligations, in each case to the extent of such assignment, and the obligations
of the Conduit Investor and such Conduit Assignee shall be several and not joint, (v)&nbsp;all distributions in respect of the
Net Investment shall be made to the applicable Managing Agent, on behalf of the Conduit Investor and such Conduit Assignee on a
<U>pro rata</U> basis according to their respective interests, (vi)&nbsp;the definition of the term &ldquo;CP Rate&rdquo; with
respect to the portion of the Net Investment funded with commercial paper issued by the Conduit Investor from time to time shall
be determined in the manner set forth in the definition of &ldquo;CP Rate&rdquo; applicable to the Conduit Investor on the basis
of the interest rate or discount applicable to commercial paper issued by such Conduit Assignee (or the related commercial paper
issuer, if such Conduit Assignee does not itself issue commercial paper) rather than the Conduit Investor, (vii)&nbsp;the defined
terms and other terms and provisions of this Agreement and the other Transaction Documents shall be interpreted in accordance with
the foregoing, (viii)&nbsp;the Conduit Assignee, if it shall not be an Investor already, shall deliver to the Agent, the SPV and
the Servicer, all applicable tax documentation reasonably requested by the Agent, the SPV or the Servicer and (ix)&nbsp;if requested
by the related Managing Agent with respect to the Conduit Assignee, the parties will execute and deliver such further agreements
and documents and take such other actions as the related Managing Agent may reasonably request to evidence and give effect to the
foregoing.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(e)&#9;[<U>Reserved</U>].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(f)&#9;Each of
the SPV, the Servicer and the Originators hereby agrees and consents to the assignment by any Conduit Investor from time to time
pursuant to this <U>Section 11.8 </U>of all or any part of its rights under, interest in and title to this Agreement and the Portfolio
to any Program Support Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(g)&#9;The Agent
shall, on behalf of the SPV, maintain at its address referred to in <U>Section&nbsp;11.3</U> a copy of each Assignment and Assumption
Agreement delivered to it and a register (the &ldquo;<U>Register</U>&rdquo;) on or in which it will record the names and addresses
of the Investors and assignees, and the Commitments of, and interest in the Net Investment (and rights to payment of Yield) of
each Investor and assignee from time to time. The entries in the Register shall be conclusive, in the absence of manifest error,
and the SPV, the Agent, and the Secured Parties shall treat each person whose name is recorded in the Register as the owner of
the interest in the Net Investment recorded therein for all purposes of this Agreement. Any assignment of any Commitment and interest
in the Net Investment and Portfolio shall be effective only upon appropriate entries with respect thereto being made in the Register.
The Agent will make the Register available to the SPV and any Investor (with respect to any entry relating to such Investor) at
any reasonable time and from time to time upon reasonable prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(h)&#9;Notwithstanding
any other provision of this Agreement to the contrary, any Investor may at any time pledge or grant a security interest in all
or any portion of its rights (including any portion of the Net Investment and any rights to payment of the outstanding Net Investment
and Yield) under this Agreement (i) to secure obligations of such Investor to a Federal Reserve Bank, without notice to or consent
of the Originators, the SPV, Colliers or the Agent or (ii)&nbsp;with respect to a Conduit Investor, to a collateral trustee for
the benefit of the holders of its Commercial Paper, its Program Support Providers and service providers; <I><U>provided that</U></I>
no such pledge or grant of a security interest shall release an Investor from any of its obligations hereunder, or substitute any
such pledgee or grantee for such Investor as a party hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(i)&#9;Notwithstanding
any provision in this Agreement to the contrary, the Agent and Investors may freely transfer, sell or assign their rights in the
Portfolio, or any particular Receivable and its Affected Assets, acquired by them pursuant to this Agreement, at any time in their
discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.9&#9;<U>Waiver
of Confidentiality</U>. Each of the SPV, the Servicer and the Originators hereby consents to the disclosure of any non-public information
with respect to it received by the Agent, any Managing Agent or any Investor to any other Investor or potential Investor, any Managing
Agent, any nationally recognized statistical rating organization rating a Conduit Investor&rsquo;s Commercial Paper, any dealer
or placement agent of or depositary for the Conduit Investor&rsquo;s Commercial Paper, any Program Support Provider, any credit/financing
provider to any Conduit Investor or any of such Person&rsquo;s counsel or accountants in relation to this Agreement or any other
Transaction Document if they agree to hold it confidential pursuant to a written agreement of confidentiality in form and substance
reasonably satisfactory to the SPV. Subject to the forgoing, the Agent, the Managing Agents, the Investors and the Program Support
Providers hereby agree to maintain the confidentiality of any non-public information.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.10&#9;<U>Confidentiality
Agreement</U>. Each of the Agent, the Managing Agents, the Investors and the Program Support Providers agrees to maintain the confidentiality
of the Information (as defined below), except that Information may be disclosed (a)&nbsp;to its Affiliates and to its related parties
(it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information
and instructed to keep such Information confidential), (b)&nbsp;to the extent required or requested by any regulatory authority
purporting to have jurisdiction over such Person or its related parties (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c)&nbsp;to the extent required by applicable Laws or regulations or by any subpoena or
similar legal process (in which case, to the extent permitted by law, the party in receipt of such request shall promptly inform
the SPV in advance other than in connection with any routine examination of the Agent, such Managing Agent, such Investor or such
Program Support Provider), (d)&nbsp;other than as provided in <U>clause&nbsp;(a)</U> above, to any other party hereto, (e)&nbsp;in
connection with the exercise of any remedies hereunder or under any other Transaction Document or any action or proceeding relating
to this Agreement or any other Transaction Document or the enforcement of rights hereunder or thereunder, (f)&nbsp;subject to an
agreement (of which the SPV, the Servicer, any Originator or Colliers is an express third-party beneficiary) containing provisions
substantially the same as those of this Section, to (i)&nbsp;any assignee of or participant in, or any prospective assignee of
or participant in, any of its rights and obligations under this Agreement or any assignee invited to be an Investor pursuant to
<U>Section&nbsp;11.8</U> or (ii)&nbsp;any actual or prospective party (or its related parties) to any swap, derivative or other
transaction under which payments are to be made by reference to any of the SPV, the Servicer, an Originator or Colliers and its
obligations, this Agreement or payments hereunder, (g)&nbsp;on a confidential basis to any rating agency in connection with rating
the SPV, the Servicer, an Originator or Colliers or its Subsidiaries or the investments provided hereunder, (h)&nbsp;with the consent
of the SPV or (i)&nbsp;to the extent such Information (x)&nbsp;becomes publicly available other than as a result of a breach of
this Section or (y)&nbsp;becomes available to the Agent, any Managing Agent, any Investor, any Program Support Provider or any
of its respective Affiliates on a nonconfidential basis from a source not known to be bound by confidentiality; <U>provided</U>
that if the Agent, any Managing Agent, any Investor or any Program Support Provider discloses any such information as is required
by applicable Laws or regulations or by subpoena or similar legal process, or as requested by any regulatory agency or authority
having jurisdiction over such disclosing party, the Agent, such Managing Agent, such Investor or such Program Support Provider,
as applicable, will notify the party the information of which it has disclosed as soon as reasonably practicable so that such party
may seek an appropriate protective order or other appropriate remedy, unless such notification shall be prohibited by applicable
Law or legal process. For purposes of this Section, &ldquo;<U>Information</U>&rdquo; means all information relating to the SPV,
the Servicer, any Originator or Colliers or any Subsidiary or any of its respective businesses, other than any such information
that is available to the Agent, any Managing Agent, any Investor or any Program Support Provider on a nonconfidential basis prior
to disclosure by the SPV, the Servicer, such Originator or Colliers or any its Subsidiaries. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if
such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the Agent,
the Managing Agents, the Investors and the Program Support Providers acknowledges that (a)&nbsp;the Information may include material
non-public information concerning the SPV, the Servicer, an Originator or Colliers or any of its Subsidiaries, as the case may
be, (b)&nbsp;it has developed compliance procedures regarding the use of material non-public information and (c)&nbsp;it will handle
such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.11&#9;<U>No
Bankruptcy Petition Against any Conduit Investor</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the SPV, the
Servicer and the Originators hereby covenants and agrees that, prior to the date which is one (1)&nbsp;year and one (1)&nbsp;day
after the payment in full of all outstanding Commercial Paper or other rated indebtedness of any Conduit Investor (or its related
commercial paper issuer), it will not institute against, or join any other Person in instituting against, such Conduit Investor
any proceeding of a type referred to in the definition of Event of Bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.12&#9;<U>No
Recourse</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;Notwithstanding
anything to the contrary contained in this Agreement, the obligations of any Conduit Investor under this Agreement and all other
Transaction Documents are solely the corporate obligations of such Conduit Investor and shall be payable solely to the extent of
funds received from the SPV in accordance herewith or from any party to any Transaction Document in accordance with the terms thereof
are in excess of funds necessary to pay its matured and maturing Commercial Paper and shall only be required to pay amounts payable
by the SPV hereunder and under the other Transaction Documents from funds of the SPV from the proceeds of the Affected Assets to
the extent it has such funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;Any amounts
which such Conduit Investors do not pay pursuant to the operation of the preceding sentence shall not constitute a claim (as defined
in &sect;101 of the Bankruptcy Code) against or corporate obligation of such Conduit Investors for any such insufficiency unless
and until such Conduit Investors satisfies the provisions above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;This <U>Section&nbsp;11.12</U>
shall survive termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.13&#9;<U>Originator
Dispositions</U>. If any Originator (or any division of such Originator) is to be merged or consolidated with (or sold or otherwise
transferred to), or any partial ownership interest of such Originator is to be sold or otherwise transferred to, any Person that
is neither an Originator nor an Affiliate of any Originator (any such transaction, an &ldquo;Originator Disposition&rdquo;) and
such Originator determines in its commercially reasonable judgment that it is impracticable to consummate such Originator Disposition
unless all Receivables originated by such Originator (or division thereof) are also transferred by such Originator (or, in the
case of any merger or consolidation, are owned by such Originator at the time of such merger or consolidation) in connection with
the related Originator Disposition, the SPV may transfer all (and not less than all) Receivables (the &ldquo;Repurchased Receivables&rdquo;)
originated by such Originator (or division thereof), in any case, without recourse, representation, warranty or covenant of any
kind, to such Originator for a repurchase price equal to the fair market value of such Repurchased Receivables subject to the conditions
set forth below, and the SPV may transfer such Repurchased Receivables, without recourse, representation, warranty or covenant
of any kind, to such Originator for a repurchase price equal to the fair market value of such Repurchased Receivables subject to
the conditions set forth below, and the Agent on behalf of the Secured Parties shall release the liens on and security interests
in the Receivables being so repurchased if the following conditions are satisfied:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(a)&#9;after giving
effect to such transfer and release, there shall not exist any Termination Event or Potential Termination Event as evidenced by
the delivery of a pro forma Servicer Report to the Agent and each Managing Agent;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(b)&#9;at least
five (5) Business Days prior to any such transfer and release, the SPV shall have delivered, true, correct and complete copies
of all documents to be executed or delivered in connection with the repurchase of the Repurchased Receivables by the applicable
Originator, all of which shall be reasonably acceptable to the Agent (it being understood that the SPV shall not sign or be bound
by any agreements in connection with an Originator Disposition other than an instrument or assignment without recourse, representation,
warranty or covenant by the SPV);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(c)&#9;at least
five (5) Business Days prior to any such transfer and release, the SPV shall have delivered a written notice to the Agent of such
Originator Disposition, certifying that the foregoing condition described in clause (a) above shall be satisfied after giving effect
to such transfer and release, together with a pro forma calculation after giving effect to such repurchase of Receivable providing
that the sum of the Net Investment and Required Reserves does not exceed the Net Pool Balance; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#9;(d)&#9;all Investors
have consented to such repurchase; provided, that no such consent with respect to repurchases of Receivables in connection with
any Originator Disposition shall be required if the Unpaid Balance of the Receivables in connection with the related Originator
Disposition does not exceed 10% of the Aggregate Unpaid Balance on the date of such Originator Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding anything
in this Agreement or any other Transaction Document to the contrary, the SPV shall have no obligation to any Originator to reconvey
any Receivables to any Originator or any other Person in connection with any Originator Disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.14&#9;<U>USA
PATRIOT Act</U>. Each Investor that is subject to the Act (as hereinafter defined) and the Agent (for itself and not on behalf
of any Investor) hereby notifies the SPV that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.&nbsp;L.&nbsp;107-56
(signed into law October 26, 2001)) (the &ldquo;<U>Act</U>&rdquo;), it is required to obtain, verify and record information that
identifies the SPV, which information includes the name and address of the SPV and other information that will allow such Investor
or the Agent, as applicable, to identify the SPV in accordance with the Act. The SPV shall, promptly following a request by the
Agent or any Investor, provide all documentation and other information that the Agent or such Investor requests in order to comply
with its ongoing obligations under applicable &ldquo;know your customer&rdquo; and anti-money laundering rules and regulations,
including the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 11.15&#9;<U>Currency
Equivalence</U>. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the SPV hereunder
in the currency expressed to be payable herein (the &ldquo;<U>specified currency</U>&rdquo;) into another currency, the parties
agree that the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase
the specified currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation
of the SPV in respect of any such sum due to the Agent or any other Person hereunder shall, notwithstanding any judgment in a currency
other than the specified currency, be discharged only to the extent that on the Business Day following receipt by the Agent or
such other Person, as applicable, of any sum adjudged to be so due in such other currency, the Agent or such other Person, as applicable,
may in accordance with normal banking procedures purchase the specified currency with such other currency. If the amount of the
specified currency so purchased is less than the sum originally due to the Agent or such other Person in the specified currency,
the SPV agrees to the extent such amount was originally due from the SPV, as a separate obligation and notwithstanding any such
judgment, to indemnify the Agent or such other Person, as the case may be, against such loss, and if the amount of the specified
currency so purchased exceeds the amount originally due to the Agent or such other Person in the specified currency, the Agent
or such other Person, as the case may be, agrees to remit such excess to the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B><U>[SIGNATURES FOLLOW]</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps"><B>In
Witness Whereof</B></FONT>, the parties hereto have executed and delivered this Agreement as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left; padding-left: 10pt; text-indent: -10pt">COLLIERS RECEIVABLES FUNDING LP, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal"><BR>
by its general partner,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"><B>COLLIERS RECEIVABLES FUNDING INC.</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Secretary</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">COLLIERS MACAULAY NICOLLS INC.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">,</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">as the Servicer</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Secretary</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">COLLIERS MACAULAY NICOLLS INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">as an Initial Originator</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Secretary</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">COLLIERS INTERNATIONAL (QUEBEC) INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">as an Initial Originator</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Secretary</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>


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    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">COLLIERS INTERNATIONAL REALTY ADVISORS INC.</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">as an Initial Originator</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:&nbsp;</TD>
    <TD STYLE="font-style: italic; vertical-align: bottom; border-bottom: Black 1pt solid">(Signed) Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Matthew Hawkins</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Secretary</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>


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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: middle; text-align: left">Commitment:&nbsp;&nbsp;$125,000,000</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">MIZUHO BANK, LTD.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">,</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle; text-align: left">as Agent, as a Managing Agent and Committed <BR>
Investor for the Mizuho Investor Group and as U.S. Agent</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">(Signed) Brad C. Crilly</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Brad C. Crilly</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">Managing Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE 4.1(<FONT STYLE="font-variant: normal">d</FONT>)</U></P>

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<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PERFECTION REPRESENTATIONS,
WARRANTIES AND COVENANTS</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
representations, warranties and covenants contained in this Agreement, the SPV hereby represents, warrants, and covenants as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>General</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement creates a valid and continuing security interest (as defined in section 1(1) of the PPSA) in the Affected Assets in favor
of the Agent, which security interest is prior to all other Adverse Claims (other than Permitted Adverse Claims), and is enforceable
as such as against creditors of and purchasers from the SPV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Eligible Receivables constitute &ldquo;accounts&rdquo; within the meaning of Section 1(1) of the PPSA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Creation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediately
prior to (or concurrent with) the sale, transfer and assignment herein contemplated, the SPV had good title to the Eligible Receivables
transferred by it to the Agent under this Agreement, and was the sole owner thereof, free and clear of all Adverse Claims (other
than Permitted Adverse Claims) and, upon the transfer thereof, the Agent shall have good title to each such Receivable, and will
(i) be the sole owner thereof, free and clear of all Liens (other than Permitted Adverse Claims), or (ii) have a first priority
security interest in such Eligible Receivable, and the transfer or security interest will be perfected under the PPSA or, in respect
of Eligible Receivables that are Quebec Receivables (as defined in the First Tier Agreement), render opposable against third parties
under the Civil Code of Quebec the universality of claims forming part thereof. The SPV has not taken any action to convey any
right to any Person that would result in such Person having a right to payments due under the Receivables, except as contemplated
by this Agreement and the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Perfection</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SPV has taken or will have taken all steps reasonably necessary to assist the Agent to cause, within nine (9) days after the effective
date of this Agreement, the filing of all appropriate financing statements and registrations in the proper filing office in the
appropriate jurisdictions under applicable law in order to perfect the sale of, or security interest in, the Receivables and the
rights of the SPV under the First Tier Agreement from SPV to the Agent, and in order to render opposable against third parties
the assignment to the SPV and to the Agent of the universality of claims forming part of the applicable Quebec Receivables (as
defined in the First Tier Agreement) and Related Security relating thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Priority</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than the transfer of the Receivables under the First Tier Agreement and the Agent under this Agreement, none of the Originators
nor the SPV has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables or the Related
Security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Originators nor the SPV has any knowledge of any judgment or tax lien filings against it which would reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision of this Agreement or any other Transaction Document, the Perfection Representations contained in this Schedule
shall be continuing and remain in full force and effect until such time as all obligations under this Agreement have been finally
and fully paid and performed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
order to evidence the interests of the Agent under this Agreement, the Servicer shall, from time to time, take such action, or
execute and deliver such instruments (other than filing financing statements) as may be necessary (including such actions as are
reasonably requested in writing by the Agent) to maintain the Agent&rsquo;s ownership interest and to maintain and perfect, as
a first priority interest, the Agent&rsquo;s security interest in the Receivables and the other Related Security. The Servicer
shall, upon the reasonable request of the Agent, from time to time and within the time limits established by Law, prepare and present
to the Agent for the Agent&rsquo;s authorization and approval all financing statements, amendments, continuations or other filings
necessary to continue, maintain and perfect as a first priority interest the Agent&rsquo;s interest in the Receivables and other
Related Security. The Agent&rsquo;s approval of such filings shall authorize the Servicer to file such financing statements under
the PPSA or any other applicable provincial or territorial statute. Notwithstanding anything else in the Transaction Documents
to the contrary, the Servicer shall not have any authority to file a termination, partial termination, release, partial release,
or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements, without the prior written
consent of the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4.1(i)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Location of Certain Offices and Records</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REDACTED]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 139.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 4.1(s)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>List of Blocked Account Banks and
Blocked Accounts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>SCHEDULE 11.3</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Address and Payment Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[REDACTED]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Assignment and Assumption Agreement</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
the Transfer and Administration Agreement dated as of April 12, 2019 as it may be amended or otherwise modified from time to time
(as so amended or modified, the &ldquo;<U>Agreement</U>&rdquo;) among Colliers Receivables Funding LP, as transferor (in such capacity,
the &ldquo;<U>SPV</U>&rdquo;), Colliers Macaulay Nicolls Inc., as initial servicer (in such capacity, the &ldquo;<U>Servicer</U>&rdquo;),
and Colliers Macaulay Nicolls Inc., Colliers International (Quebec) Inc., Colliers International Realty Advisors Inc., and each
other entity from time to time party thereto as &ldquo;Originators&rdquo; (each an &ldquo;<U>Originator</U>&rdquo; and collectively,
the &ldquo;<U>Originators</U>&rdquo;), Mizuho Bank, Ltd., as agent, and each of the Conduit Investors, Committed Investors and
Managing Agents from time to time parties thereto. Terms defined in the Agreement are used herein with the same meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>[__________________________]
</B>(the &ldquo;<U>Assignor</U>&rdquo;) and <B>[______________________]</B> (the &ldquo;<U>Assignee</U>&rdquo;) agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignor hereby sells and assigns to the Assignee, without recourse and without representation and warranty, and the Assignee hereby
purchases and assumes from the Assignor, an interest in and to all of the Assignor&rsquo;s rights and obligations under the Agreement
and the other Transaction Documents. Such interest expressed as a percentage of all rights and obligations of the Committed Investors
shall be equal to the percentage equivalent of a fraction the numerator of which is $<B>[_________]</B> and the denominator of
which is the Facility Limit. After giving effect to such sale and assignment, the Assignee&rsquo;s Commitment will be as set forth
on the signature page hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>[In
consideration of the payment of $[_________], being [____]% of the existing Net Investment, and of $[_____________], being [___]%
of the aggregate unpaid accrued Yield, receipt of which payment is hereby acknowledged, the Assignor hereby assigns to the Agent
for the account of the Assignee, and the Assignee hereby purchases from the Assignor, a [___]% interest in and to all of the Assignor&rsquo;s
right, title and interest in and to the Net Investment purchased by the undersigned on [_______________], 20[__] under the Agreement.]
<I>[Include if an existing Net Investment is being assigned.]</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignor (i)&nbsp;represents and warrants that it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any Adverse Claim; (ii)&nbsp;makes no representation or warranty and assumes no responsibility
with respect to any statements, warranties or representations made in or in connection with the Agreement, any other Transaction
Document or any other instrument or document furnished pursuant thereto or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Agreement or the Receivables, any other Transaction Document or any other instrument or document furnished
pursuant thereto; and (iii)&nbsp;makes no representation or warranty and assumes no responsibility with respect to the financial
condition of any of the SPV or the Servicer or the Originators or the performance or observance by any of the SPV or the Servicer
or the Originators of any of its obligations under the Agreement, any other Transaction Document, or any instrument or document
furnished pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 114; Options: NewSection; Value: 1 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignee (i) confirms that it has received a copy of the Agreement and the First Tier Agreement together with copies of the financial
statements referred to in <U>Section&nbsp;6.1(a)</U> of the Agreement, to the extent delivered through the date of this Assignment
and Assumption Agreement (the &ldquo;<U>Assignment</U>&rdquo;), and such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Assignment; (ii)&nbsp;agrees that it will, independently and without
reliance upon the Agent, any of its Affiliates, the Assignor or any other Investor and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement
and any other Transaction Document; (iii)&nbsp;appoints and authorizes the Agent and its Managing Agent to take such action as
agent on its behalf and to exercise such powers and discretion under the Agreement and the other Transaction Documents as are delegated
thereto by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (iv)&nbsp;agrees that
it will perform in accordance with their terms all of the obligations which by the terms of the Agreement are required to be performed
by it as a Committed Investor; and (v)&nbsp;specifies as its address for notices and its account for payments the office and account
set forth beneath its name on the signature pages hereof; and (vi)&nbsp;attaches an Internal Revenue Service form W-9 evidencing
their status as a U.S. Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
effective date for this Assignment shall be the later of (i)&nbsp;the date on which the Agent receives this Assignment executed
by the parties hereto and receives the consent of the SPV, on behalf of the Conduit Investor, and (ii)&nbsp;the date of this Assignment
(the &ldquo;<U>Effective Date</U>&rdquo;). Following the execution of this Assignment and the consent of the SPV, on behalf of
the Conduit Investor, this Assignment will be delivered to the Agent for acceptance and recording.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
such acceptance and recording, as of the Effective Date, (i)&nbsp;the Assignee shall be a party to the Agreement and, to the extent
provided in this Assignment, have the rights and obligations of a Committed Investor thereunder and (ii)&nbsp;the Assignor shall,
to the extent provided in this Assignment, relinquish its rights and be released from its obligations under the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
such acceptance and recording, from and after the Effective Date, the Agent and the Managing Agent shall make all payments under
the Agreement in respect of the interest assigned hereby (including all payments in respect of such interest in Net Investment,
Discount and fees) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Agreement
for periods prior to the Effective Date directly between themselves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignee shall not be required to fund hereunder an aggregate amount at any time outstanding in excess of $<B>[____________]</B>,
<U>minus</U> the aggregate outstanding amount of any interest funded by the Assignee in its capacity as a participant under Program
Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignor agrees to pay the Assignee its <U>pro rata</U> share of fees in an amount equal to the product of (a) <B>[______]</B>
<U>per annum</U> and (b) the Commitment during the period after the Effective Date for which such fees are owing and paid by the
SPV pursuant to the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 115; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject
matter hereof and shall constitute the entire Agreement among the parties hereto with respect to the subject matter hereof superseding
all prior oral or written understandings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
Delivery by facsimile of an executed signature page of this agreement shall be effective as delivery of an executed counterpart
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
agreement shall be binding on the parties hereto and their respective successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Assignee shall be a <B>[Committed Investor/Conduit Investor]</B> in the <B>[________]</B> Investor Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
<B>[Assignee/other name]</B> shall be the Managing Agent for the <B>[_______]</B> Investor Group. <B>[If other than Assignee, such
person must sign this assignment agreement and agree to be bound by the terms of the Transfer and Administration Agreement in such
capacity.]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 116; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
the parties hereto have caused this Assignment and Assumption Agreement to be executed by their respective officers thereunto duly
authorized as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">[ASSIGNOR]</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 3%">By:</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 5%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 20%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">[ASSIGNEE]</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">By:</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 117; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: middle">Address for notices and Account for payments:</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">For Credit Matters:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle">For Administrative Matters:</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">[NAME]</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">[NAME]</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">Attention:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Attention:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="2">Telephone:</TD>
    <TD STYLE="font-weight: bold">[(___) ___-____]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>Telephone:</TD>
    <TD STYLE="font-weight: bold">[(___) ___-____]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="2">Telephone:</TD>
    <TD STYLE="font-weight: bold">[(___) ___-____]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>Telephone:</TD>
    <TD STYLE="font-weight: bold">[(___) ___-____]</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">Account for Payments:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">NAME</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">ABA Number: <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"><B>[___-___-___]</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; white-space: nowrap">Account Number:</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">[____________]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">Attention:</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">[______________]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-left: 20pt">Re:</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">[____________]</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; padding-left: 20pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">Consented to this <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"><B>[____]</B> <FONT STYLE="font-weight: normal">day of</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle">Accepted this <FONT STYLE="font: normal 10pt Times New Roman, Times, Serif"><B>[_______]</B> <FONT STYLE="font-weight: normal">day of</FONT></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">[______________________]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">, 20</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"><B>[__]</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">[______________________]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">, 20</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"><B>[__]</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">[______________]<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-style: normal">, as Managing Agent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; vertical-align: middle">[____________]<FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">, as Agent</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">By:</TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">COLLIERS RECEIVABLES FUNDING LP</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; width: 2%">By:</TD>
    <TD STYLE="vertical-align: middle; width: 5%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; width: 35%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 118; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;B</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Credit
and Collection Policies and Practices</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">[REDACTED]</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
</P>

<!-- Field: Page; Sequence: 119; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;C</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Investment Request</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Colliers Receivables
Funding LP (the &ldquo;<U>SPV</U>&rdquo;), pursuant to <U>Section&nbsp;2.2(a)</U> of the Transfer and Administration Agreement,
dated as of April 12, 2019 (as amended, modified, or supplemented from time to time, the &ldquo;<U>Agreement</U>&rdquo;), among
the SPV, as transferor, the Originators party thereto, Colliers Macaulay Nicolls Inc., as servicer (in such capacity, the &ldquo;<U>Servicer</U>&rdquo;),
Mizuho Bank, Ltd., as agent, and each of the Conduit Investors, Committed Investors and Managing Agents from time to time parties
thereto, hereby requests that the Investors effect an Investment from it pursuant to the following instructions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment Date: <B>[__________________________________]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash Purchase Price: <B>[____________________________________]</B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 42%; border: black 1pt solid; text-align: center"><B>Investor Group:</B></TD>
    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Investor Group Percentage:</B></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>Allocation of the Cash Purchase Price:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>Mizuho Investor Group</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>_______%</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>[________]</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid"><B>___________ Investor Group</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>_______%</B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><B>[________]</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Account to be credited:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">______________________________&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Account:______________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">SWIFT ID:____________________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please credit the above-mentioned
account on the Investment Date. Capitalized terms used herein and not otherwise defined herein have the meaning assigned to them
in the Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SPV hereby certifies
as of the date hereof that the conditions precedent to such Investment set forth in <U>Section&nbsp;5.3</U> of the Agreement have
been satisfied, and that all of the representations and warranties made in <U>Section&nbsp;4.1</U> of the Agreement are true and
correct in all material respects (except those representations and warranties qualified by materiality or by reference to a material
adverse effect, which are true and correct in all respects), with respect to on and as of the Investment Date, both before and
after giving effect to the Investment (unless such representations or warranties specifically refer to a previous day, in which
case, they shall be complete and correct in all material respects (or, with respect to such representations or warranties as are
qualified by materiality or by reference to a material adverse effect, complete and correct in all respects) on and as of such
previous day).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">_______________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%; vertical-align: top"><FONT STYLE="font-size: 9pt">&nbsp;<SUP>2</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 95%"><FONT STYLE="font-size: 9pt">At least C$1,000,000 and in integral multiples of C$500,000.&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 120; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">COLLIERS RECEIVABLES FUNDING LP</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: left; width: 5%">Dated:</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 26%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 3%">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 40%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 121; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit C-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;D</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Servicer Report</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">[REDACTED]</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 122; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit D-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;E</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>[Reserved]</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 123; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit E-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;F</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>[Reserved]</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 124; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;G</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>Form
of Originator Joinder Agreement</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This JOINDER AGREEMENT
(this &ldquo;Joinder&rdquo;) is made as of ________, 20__.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reference is made to
(i) that certain <U>Transfer</U> and Administration Agreement dated as of April 12, 2019 as it may be amended or otherwise modified
from time to time (as so amended or modified, the &ldquo;<U>Transfer and Administration Agreement</U>&rdquo;) among Colliers Receivables
Funding LP, as transferor (in such capacity, the &ldquo;<U>SPV</U>&rdquo;), Colliers Macaulay Nicolls Inc., Colliers International
(Quebec) Inc., Colliers International Realty Advisors Inc., and each other entity from time to time party thereto as &ldquo;Originators&rdquo;
(each an &ldquo;<U>Originator</U>&rdquo; and collectively, the &ldquo;<U>Originators</U>&rdquo;), Colliers Macaulay Nicolls Inc.,
as servicer (in such capacity, the &ldquo;<U>Servicer</U>&rdquo;), Mizuho Bank, Ltd., as agent, and each of the Conduit Investors,
Committed Investors and Managing Agents from time to time parties thereto; and (ii) the certain Sale Agreement dated as of April
12, 2019 as it may be amended or otherwise modified from time to time (as so amended or modified, the &ldquo;<U>Sale Agreement</U>&rdquo;)
among the Originators and the SPV. Terms defined in the Transfer and Administration Agreement and the Sale Agreement are used herein
with the same meaning.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The <B><I>&ldquo;New
Originator[s]&rdquo;</I></B> referred to on Schedule 1 hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each New Originator
agrees to become an Originator and to be bound by the terms of the Transfer and Administration Agreement, the Sale Agreement and
each of the other Transaction Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each New Originator:
(a) confirms that it has received a copy of the Transfer and Administration Agreement, the Sale Agreement and the other Transaction
Documents, and such other documents and information as it has deemed appropriate to make its own analysis and decision to enter
into this Joinder; (b) agrees that it will perform in accordance with their terms all of the obligations that by the terms of the
Transfer and Administration Agreement, the Sale Agreement and the other Transaction Documents are required to be performed by it
as an Originator; and (c) represents and warrants to the SPV and the Secured Parties that each of the representations and warranties
set forth in Section&nbsp;5.1 of the Sale Agreement are true and correct with respect to itself as of the date hereof, except to
the extent such representations or warranties relate to an earlier date, in which case such representations and warranties are
true and correct as of such earlier date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Joinder shall
be effective on the date (the <B><I>&ldquo;Effective Date&rdquo;</I></B>) that the Agent shall have received: (a)&nbsp;a fully
executed copy of this Joinder; (b)&nbsp;such officer certificates and legal opinions as it may reasonably request; (c)&nbsp;PPSA
search results and filings, reasonably acceptable to the Agent; (d)&nbsp;its reasonable costs incurred in connection with this
Joinder, including any applicable fees of its legal counsel; (e)&nbsp;satisfactory evidence that all other conditions to the New
Originator(s) becoming Originators under the Transfer and Administration Agreement have been satisfied; and (f)&nbsp;such other
documentation or information as the Agent may request in its reasonable discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 125; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the Effective
Date, each New Originator shall be a party to the Transfer and Administration Agreement, the Sale Agreement and the other Transaction
Documents as an Originator and shall have the rights and obligations of an Originator thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Joinder shall
be governed by, and construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Joinder may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of Schedule 1 to this Joinder by telecopier shall be effective as delivery of a manually executed counterpart of this
Joinder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[Remainder of Page Intentionally Left
Blank</B><BR>
<BR>
<B>Signature Page(s) Follow]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 126; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">Exhibit G-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>,
each New Originator has caused this Joinder to be executed by its officers thereunto duly authorized as of the date specified thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">[NEW ORIGINATOR SIGNATURE BLOCKS]</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; width: 3%">By:</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 5%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 42%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 243pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 127; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 46%">&nbsp;</TD><TD STYLE="width: 8%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 46%; text-align: right; font-size: 10pt; font-style: italic">Joinder Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="4">ACCEPTED AND APPROVED:</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="4">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD COLSPAN="4" STYLE="font-weight: bold">COLLIERS MACAULAY NICOLLS INC.,</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">as Servicer</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; width: 3%">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 5%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 70%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="font-weight: bold; vertical-align: middle">MIZUHO BANK, LTD.,</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: middle">as Agent</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: middle">By:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Name:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Title:</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 128 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 46%">&nbsp;</TD><TD STYLE="width: 8%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 46%; text-align: right; font-size: 10pt; font-style: italic">Joinder Agreement</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="margin: 0pt"></P><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE 1<BR>
<FONT STYLE="font-variant: normal">to</FONT><BR>
JOINDER</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border: black 1pt solid; text-align: center; font-variant: small-caps; font-weight: bold"><U>NEW ORIGINATOR[S]</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Name: _____________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Jurisdiction of Formation: _____________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Federal Employer Identification Number: _____________________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Actions, Suits, Litigation or Proceedings: __________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Principal Place of Business: ______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Chief Executive Office: ______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Location of Records: ____________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Tradenames: _______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Effective Date (if other than date of Joinder):</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contact and Notice Information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[name]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[address]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule 1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">to Joinder Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit&nbsp;H</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal"><U>PPSA
Financing Statements</U></FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: normal">[REDACTED]</FONT></P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Exhibit H-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>

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