<SEC-DOCUMENT>0001193125-19-093800.txt : 20190401
<SEC-HEADER>0001193125-19-093800.hdr.sgml : 20190401
<ACCEPTANCE-DATETIME>20190401092535
ACCESSION NUMBER:		0001193125-19-093800
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20190329
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190401
DATE AS OF CHANGE:		20190401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NICHOLAS FINANCIAL INC
		CENTRAL INDEX KEY:			0001000045
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				593019317
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26680
		FILM NUMBER:		19719047

	BUSINESS ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501 B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
		BUSINESS PHONE:		7277260763

	MAIL ADDRESS:	
		STREET 1:		2454 MCMULLEN BOOTH RD
		STREET 2:		BLDG C SUITE 501B
		CITY:			CLEARWATER
		STATE:			FL
		ZIP:			33759
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d730874d8k.htm
<DESCRIPTION>8-K
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<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO SECTION 13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): March&nbsp;29, 2019 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>NICHOLAS FINANCIAL, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>British Columbia, Canada</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">0-26680</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>8736-3354</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2454 McMullen Booth Road, Building C</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Clearwater, Florida</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>33759</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(727) <FONT STYLE="white-space:nowrap">726-0763</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, Including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name, former address and former fiscal year, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or <FONT
STYLE="white-space:nowrap">Rule&nbsp;12b-2&nbsp;of</FONT> the Securities Exchange Act of 1934. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;29, 2019, NF Funding I, LLC (the &#147;Borrower&#148;), a newly-formed, wholly-owned, special purpose financing subsidiary of Nicholas Financial,
Inc. (the &#147;Company&#148;) entered into a senior secured credit facility (the &#147;Credit Facility&#148;) pursuant to a credit agreement with Ares Agent Services, L.P., as administrative agent and collateral agent, and the lenders that are
party thereto (the &#147;Credit Agreement&#148;). A copy of the Credit Agreement is attached hereto as Exhibit 10.1 and incorporated herein by reference. The Company&#146;s prior credit facility was paid off in connection with this Credit Facility.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the Credit Agreement, the lenders have agreed to extend to the Borrower a line of credit of up to $175,000,000, which will be used to
purchase motor vehicle retail installment sale contracts from the Company on a revolving basis pursuant to a related receivables purchase agreement between the Borrower and the Company (the &#147;Receivables Purchase Agreement&#148;). Under the
terms of the Receivables Purchase Agreement, the Company will sell to the Borrower the receivables under the installment sale contracts. The Company will continue to service the motor vehicle retail installment sale contracts transferred to the
Borrower pursuant to a related servicing agreement (the &#147;Servicing Agreement&#148;). Copies of the Receivables Purchase Agreement and the Servicing Agreement are attached hereto as Exhibits 10.2 and 10.3, respectively, and incorporated herein
by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The availability of funds under the Credit Facility is generally limited to 82.5% of the value of
<FONT STYLE="white-space:nowrap">non-delinquent</FONT> receivables, and outstanding advances under the Credit Facility will accrue interest at a rate of LIBOR plus 3.75%. The commitment period for advances under the Credit Facility is three years.
At the end of the commitment period, the outstanding balance would be paid off over a four-year amortization period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Credit
Facility, the Company has guaranteed the Borrower&#146;s obligations under the Credit Agreement up to 10% of the highest aggregate principal amount outstanding under the Credit Agreement at any time pursuant to the Limited Guaranty, attached hereto
as Exhibit 10.4 and incorporated herein by reference. The Company is also obligated to cover any losses of the lender parties resulting from certain &#147;bad acts&#148; of the Company or its subsidiaries, such as fraud, misappropriation of funds or
unpermitted disposition of the assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to a related security agreement (the &#147;Security Agreement&#148;), the Borrower granted a security
interest in substantially all of its assets as collateral for its obligations under the Credit Facility. In addition, the Company pledged the equity interests of the Borrower as additional collateral. A copy of the Security Agreement is attached
hereto as Exhibit 10.5 and incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Credit Agreement and the other loan documents contain customary events of default and
negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, investments, and sales of receivables. If an event of default occurs, the lenders could increase borrowing costs, restrict the Borrower&#146;s
ability to obtain additional advances under the Credit Facility, accelerate all amounts outstanding under the Credit Facility, enforce their interest against collateral pledged under the Credit Facility or enforce their rights under the
Company&#146;s guarantees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Once sold to the Borrower, the assets described above will be separate and distinct from the Company&#146;s own assets and
will not be available to its creditors should the Company become insolvent, although they will be presented on a consolidated basis on the Company&#146;s balance sheet.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;8.01 Other Events. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On March&nbsp;29, 2019, the
Company issued a press release announcing the Credit Facility. The Company also announced that it has updated its <FONT STYLE="white-space:nowrap">charge-off</FONT> policy to revert to charging off accounts 121 or more days past due or upon the
bankruptcy of the account debtor, which the Company believes is more in line with industry standards.&nbsp;In connection with such update to the <FONT STYLE="white-space:nowrap">charge-off</FONT> policy, the Company anticipates incurring
approximately $6.1&nbsp;million in <FONT STYLE="white-space:nowrap">one-time</FONT> charge-offs as of the end of the fiscal quarter ending March&nbsp;31, 2019. Finally, the Company announced its decision to exit the Texas and Virginia markets, which
will result in the closure of four branches as of March&nbsp;31, 2019. The Company accrued approximately $0.3&nbsp;million, related to future lease obligations and severance payments, in connection with such closures. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Note regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except for the historical information contained herein, the matters discussed in this current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT>
include forward-looking statements, including but not limited to the anticipated <FONT STYLE="white-space:nowrap">one-time</FONT> charge-offs in connection with the change in <FONT STYLE="white-space:nowrap">charge-off</FONT> policy, that involve
risks and uncertainties including risk relating to competition and our ability to increase and maintain yield and profitability at desirable levels, as well as risks relating to general economic conditions, access to financing, and other risks
detailed from time to time in the Company&#146;s filings and reports with the Securities and Exchange Commission including the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended March&nbsp;31, 2018.
When used in this document, the words &#147;anticipate&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;will&#148;, &#147;may&#148;, &#147;plan,&#148; &#147;believe&#148;, &#147;intend&#148; and similar expressions are intended to identify
forward-looking statements. Such statements are based on the beliefs of Company management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially from those
anticipated, estimated or expected. All forward-looking statements and cautionary statements included in this document are made as of the date hereof based on information available to the Company as of the date hereof, and the Company assumes no
obligation to update any forward-looking statement or cautionary statement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01 Financial Statements and Exhibits. </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Exhibit&nbsp;#</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d730874dex101.htm">Credit Agreement dated as of March&nbsp;29, 2019 by and among NF Funding I, LLC, Ares Agent Services, L.P., as administrative agent and collateral agent, and the lenders that are party thereto
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d730874dex102.htm">Receivables Purchase Agreement dated as of March&nbsp;29, 2019 by and between NF Funding I, LLC and Nicholas Financial, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d730874dex103.htm">Servicing Agreement dated as of March&nbsp;29, 2019 by and between NF Funding I, LLC and Nicholas Financial, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top" NOWRAP>10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d730874dex104.htm">Limited Guaranty dated as of March&nbsp;29, 2019 by Nicholas Financial, Inc. in favor of Ares Agent Services, L.P., as administrative agent and collateral agent </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d730874dex105.htm">Security Agreement dated as of March&nbsp;29, 2019 by and between NF Funding I, LLC, Ares Agent Services, L.P., as collateral agent </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d730874dex991.htm">Press release of the Company, dated March&nbsp;29, 2019 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>NICHOLAS FINANCIAL, INC.</B></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</P></TD></TR>
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<TD VALIGN="top">Date: April&nbsp;1, 2019</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Douglas Marohn</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Douglas Marohn</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD></TR>
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<TYPE>EX-10.1
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<FILENAME>d730874dex101.htm
<DESCRIPTION>EX-10.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Copy </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CREDIT
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>dated as of March&nbsp;29, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>among </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NF FUNDING I,
LLC, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as Borrower, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARES AGENT SERVICES, L.P., </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as Administrative Agent and Collateral Agent, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Lenders party
hereto </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$175,000,000 Senior Secured Revolving Loan </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1. DEFINITIONS AND INTERPRETATION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accounting Terms</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Interpretation, etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2. LOANS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Revolving Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Use of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Register; Notes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Interest on Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Default Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Voluntary Prepayments; Commitment Reductions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Reserved</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Controlled Accounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Application of Collections</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">General Provisions Regarding Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Making LIBOR Rate Loans</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Increased Costs; Capital Adequacy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Taxes; Withholding; Payments Free of Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Obligation to Mitigate</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Determination of Borrowing Base</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Cure of Borrowing Base Deficiency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Increases</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Removal or Replacement of a Lender</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Intention of Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3. CONDITIONS PRECEDENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Closing Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions to Each Credit Extension</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions to Each Release of Funds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4. REPRESENTATIONS AND WARRANTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Organization; Requisite Power and Authority; Qualification; Other Names</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(continued) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Page</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Due Authorization</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Conflict</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Governmental Consents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Binding Obligation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Receivables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Adverse Selection</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Change of Control</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Adverse Proceedings, etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Payment of Taxes; Tax Status</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Title to Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Defaults</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Governmental Regulation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Margin Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Certain Fees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Solvency and Fraudulent Conveyance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Compliance with Statutes, Government Licenses etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Disclosure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Money Control Acts/FCPA</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.21.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Security Interest</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.22.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Payment Instructions; etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">60</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.23.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Places of Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.24.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">[Reserved.]</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.25.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">ERISA Events</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5. AFFIRMATIVE COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Reports</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">61</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Existence</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Payment of Taxes and Claims</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Compliance with Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Separateness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">64</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Cash Management Systems</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Due Diligence; Access to Certain Documentation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(continued) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Facility Rating</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Re-titling</FONT> with respect to the Approved Seller Receivables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Communication with Accountants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Receivables Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6. NEGATIVE COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indebtedness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Liens</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Investments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Fundamental Changes; Disposition of Assets; Acquisitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Material Contracts and Organizational Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sales and Lease-Backs</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Transactions with Affiliates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conduct of Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Fiscal Year</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accounts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Servicing Agreement, Backup Servicing Agreement, Custodial Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Independent Manager</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sales of Receivables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Changes to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Changes to the Form of Direct Contract or Dealer Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">73</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Material Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Post-Closing Items</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7. EVENTS OF DEFAULT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Events of Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">74</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8. AGENTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Appointment of Agents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Agents Entitled to Act as Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Powers and Duties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Responsibility for Certain Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Exculpatory Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Collateral Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Lenders&#146; Representations, Warranties and Acknowledgments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iii </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(continued) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Actions Taken By Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Right to Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Resignation of Administrative Agent and Collateral Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">8.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Delivery of Reports</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9. MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indemnity</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Set-Off</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Amendments and Waivers; Administrative Agent Consents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Successors and Assigns; Participations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Independence of Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Survival of Representations, Warranties and Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Waiver; Remedies Cumulative</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Marshalling; Payments Set Aside</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">90</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">APPLICABLE LAW</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">CONSENT TO JURISDICTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">WAIVER OF JURY TRIAL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Usury Savings Clause</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Effectiveness</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Patriot Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Prior Agreements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.21.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Third Party Beneficiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.22.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Confidentiality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.23.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Consolidation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.24.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Defaulting Lenders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">9.26.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Obligations Several; Actions in Concert</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">iv </P>

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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(continued) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10. CLASS B <FONT STYLE="white-space:nowrap">BUY-OUT</FONT> OPTION</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 11. [RESERVED]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 12. ADDITIONAL PROVISIONS RELATED TO REMEDIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 13. SUBORDINATION AGREEMENT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">13.1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U>Subordination</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">v </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="81%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>APPENDICES:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Revolving Loan Commitments</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Notice Addresses</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Eligibility Criteria</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Excess Concentration Amounts</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Tier&nbsp;1 Collateral Performance Triggers</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Approved States</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Post-Closing Items</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>EXHIBITS:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">A</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Funding Notice</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">B</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Revolving Note</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Borrowing Base Report and Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">D</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Assignment Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">E</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Closing Date Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">F</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Solvency Certificate</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">G</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Credit Policies</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">H</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Funds Release Request</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">I</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Form of Direct Contract and Existing Dealer Agreement</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">J</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Dealer Qualification Policies</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">K</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Servicing Policy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">L</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form of Collateral Assignment of the Approved Seller Purchase</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Agreement</P></TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CREDIT AGREEMENT </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This CREDIT AGREEMENT, dated as of March&nbsp;29, 2019, is entered into among NF FUNDING I, LLC, a Delaware limited liability company, as
Borrower (the &#147;<U>Borrower</U>&#148;) and Ares Agent Services, L.P., a Delaware limited partnership (&#147;<U>Ares</U>&#148;), as Administrative Agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;) and Collateral Agent (in such
capacity, the &#147;<U>Collateral Agent</U>&#148;) and the Lenders (as defined herein) party hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITNESSETH: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower has requested that the Lenders make available to the Borrower a revolving senior secured loan facility in an initial
amount up to $175,000,000 (the &#147;<U>Facility</U>&#148;), the proceeds of which shall be used by the Borrower to fund the purchase of certain Receivables (as defined below) from Parent and to pay transaction expenses at closing; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Borrower has agreed to secure all of its Obligations (as defined below) by granting to the Collateral Agent, for the benefit of
the Secured Parties (as defined below), a first priority Lien (as defined below) on all of its assets; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in
consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 1.
<B>DEFINITIONS AND INTERPRETATION</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1. <U>Definitions</U>. The following terms used herein, including in the preamble, recitals,
exhibits and schedules hereto, shall have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted LIBOR Rate</U>&#148; means, for any Interest Period,
the per annum rate equal to the greater of (a)&nbsp;1.00% per annum and (b)(i) the rate per annum (rounded to the nearest 1/100 of 1%) equal to the rate determined by the Administrative Agent to be the offered rate which appears on the page of the
Reuters Screen which displays the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) (such page currently being Reuters Screen LIBOR01 Page) for
deposits (for delivery on the first day of such period) for a <FONT STYLE="white-space:nowrap">one-month</FONT> period in Dollars, determined as of approximately 11:00&nbsp;a.m. (London, England time) on the related Interest Rate Reset Date, or
(ii)&nbsp;in the event the rate referenced in the preceding clause&nbsp;(i) does not appear on such page or service or if such page or service shall cease to be available, the rate per annum (rounded to the nearest 1/100 of 1%) equal to the rate
determined by the Administrative Agent to be the offered rate on such other page or other service which displays the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the
administration of such rate) for deposits (for delivery on the first day of such period) for a <FONT STYLE="white-space:nowrap">one-month</FONT> period in Dollars, determined as of approximately 11:00&nbsp;a.m. (London, England time) on the related
Interest Rate Reset Date, or (iii)&nbsp;in the event the rates referenced in the preceding clauses&nbsp;(i) and (ii)&nbsp;are not available, the rate per annum (rounded to the nearest 1/100 of 1%) equal to the offered quotation rate to first class
banks in the London interbank market for deposits (for delivery on the first day of the relevant period) in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan for which the Adjusted LIBOR Rate is then
being determined with maturities equal to a <FONT STYLE="white-space:nowrap">one-month</FONT> period as of approximately 11:00&nbsp;a.m. (London, England time) on such Interest Rate Reset Date. Notwithstanding the foregoing, if &#147;LIBOR&#148;
ceases being reported on the Reuters Screen LIBOR01 Page (or by any other Person that takes over the administration of such rate) or is otherwise no longer in effect, Adjusted LIBOR Rate shall mean (x)&nbsp;a broadly accepted comparable successor
rate, including any adjustments thereto, applied in a manner consistent with market practice, selected by the Administrative Agent in its </P>
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reasonable discretion (acting with the consent of the Required Lenders) or (y)&nbsp;solely if no such broadly accepted comparable successor rate consistent with market practice exists at such
time, a successor or alternative index rate as the Administrative Agent determines in its reasonable judgment (acting with the consent of the Required Lenders) to maintain the Lenders&#146; then-current yield on the LIBOR Rate Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted Tangible Net Worth</U>&#148; means, with respect to any Person, as of any date of determination, an amount equal to the
difference of (a)&nbsp;the sum of (i)&nbsp;such Person&#146;s total stockholder&#146;s or other equity <U>plus</U> (ii)&nbsp;with respect to Parent, Subordinated Indebtedness of Parent and its consolidated Subsidiaries (other than the Borrower)
approved by the Administrative Agent in its reasonable discretion (acting with the consent of the Required Lenders), so long as none of Parent nor any of its Subsidiaries or Affiliates is in default under such Indebtedness, <U>minus</U> (b)&nbsp;the
sum of (i)&nbsp;the intangible assets of such Person and its consolidated Subsidiaries and (ii)&nbsp;any prepaid expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Agent</U>&#148; as defined in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Agent Fee</U>&#148; as defined in the Payment Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Advance Rate</U>&#148; means (a)&nbsp;with respect to Delinquent Receivables that are not more than sixty (60)&nbsp;days
contractually past due, 60% and (b)&nbsp;with respect to all other Eligible Receivables, 82.5%; <U>provided</U>, <U>however</U>, that (i)&nbsp;during the Amortization Period, the &#147;Advance Rate&#148; shall be the lesser of (A)&nbsp;the
Amortization Advance Rate and (B)&nbsp;the Advance Rate calculated as if the Revolving Period were still in effect, until the Effective Advance Rate equals the Target Advance Rate, after which the Advance Rate shall equal the Target Advance Rate,
(ii)&nbsp;during the Revolving Period, at any time that a Tier 1 Collateral Performance Trigger has occurred and is continuing, the Advance Rate shall be reduced to, with respect Delinquent Receivables that are not more than sixty (60)&nbsp;days
contractually past due, 50%, and, with respect to all other Eligible Receivables, 72.5%, in each case, until the <FONT STYLE="white-space:nowrap">non-existence</FONT> of a Tier 1 Collateral Performance Trigger for three consecutive Settlement Dates,
and (iii)&nbsp;at any time, if an Event of Default has occurred and is continuing, the Advance Rate shall be 0%. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adverse
Proceeding</U>&#148; means, with respect to any Person, any action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of such Person) at law or in
equity, or before or by any Governmental Authority, domestic or foreign, whether pending or, to the knowledge of such Person, threatened in writing against or affecting such Person or its properties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Lender</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;2.12(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affected Loans</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;2.12(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Affiliate</U>&#148; means, as applied to any Person, any other Person directly or indirectly controlling (including any member of
senior management of such Person), controlled by, or under common control with, that Person. For the purposes of this definition, &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling,&#148; &#147;controlled by&#148;
and &#147;under common control with&#148;), as applied to any Person, means the possession, directly or indirectly, of the power (a)&nbsp;to vote 20% or more of the Securities having ordinary voting power for the election of directors of such Person
or (b)&nbsp;to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or other beneficial interests or by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agent</U>&#148; means each of the Administrative Agent and the Collateral Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agreement</U>&#148; means this Credit Agreement, dated as of March&nbsp;29, 2019,
as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Amortization
Advance Rate</U>&#148; means, as of any date of determination during the Amortization Period, the lowest of the rates, calculated for each of the previous Settlement Dates since the Scheduled Commitment Termination Date, expressed as a percentage,
equal to a fraction, the numerator of which is the aggregate principal amount of all Loans outstanding after the application of Collections pursuant to <U>Section</U><U></U><U>&nbsp;2.10(b)(i)</U> through <U>(vii)</U>&nbsp;on such Settlement Date,
and the denominator of which is the aggregate Invested Amount of all Eligible Receivables on the last day of the Collection Period for such Settlement Date <U>minus</U> the aggregate of the Excess Concentration Amounts on the last day of the
Collection Period for such Settlement Date; <U>provided</U>, <U>however</U>, that at any time that a Tier 1 Collateral Performance Trigger has occurred and is continuing, the &#147;Amortization Advance Rate&#148; shall be the Amortization Advance
Rate (determined without giving effect to this proviso) minus 10 percentage points until the <FONT STYLE="white-space:nowrap">non-existence</FONT> of a Tier 1 Collateral Performance Trigger for three consecutive Settlement Dates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Amortization Period</U>&#148; means the period beginning on, but excluding, the Scheduled Commitment Termination Date and ending on
the date that is forty-eight (48)&nbsp;months following the Scheduled Commitment Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Applicable Margin</U>&#148;
as defined in the Payment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Fund</U>&#148; means any Person (other than a natural person) that is administered,
advised or managed by (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a Lender or (c)&nbsp;an entity or an Affiliate of an entity that administers, advises or manages a Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Seller</U>&#148; means a seller of a portfolio of vehicle secured receivables approved by the Administrative Agent in its
sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Seller Purchase Agreement</U>&#148; means an asset purchase agreement, between Parent and an Approved
Seller, in form and substance reasonably satisfactory to the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved Seller Receivables</U>&#148; means
those Receivables purchased by Parent in accordance with an Approved Seller Purchase Agreement and sold by Parent to the Borrower in accordance with the Receivables Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Approved States</U>&#148; means those states listed on <U>Appendix F</U> which may be updated from time to time at the request of the
Borrower and with the consent of the Administrative Agent in its sole discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>APR</U>&#148; means, with respect to a
Receivable, the annual percentage rate of finance charges stated in the Contract (calculated in accordance with the Federal <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Truth-in-Lending</FONT></FONT> Act); <U>provided</U>, that,
if, on or after the Credit Date on which such Receivable was transferred to the Borrower by Parent, the annual percentage rate with respect to such Receivable is reduced pursuant to the Servicemembers Civil Relief Act or similar State law, the APR
shall refer to such reduced rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ares</U>&#148; as defined in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment</U>&#148; as defined in the Receivables Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Assignment Agreement</U>&#148; means an Assignment and Assumption Agreement substantially in the form of <U>Exhibit D</U>, with such
amendments or modifications as may be approved by the Administrative Agent (acting with the consent of the Required Lenders). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Authorized Officer</U>&#148; means, as applied to any Person, any individual
holding the position of chief executive officer, chief financial officer and treasurer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Backup Servicer</U>&#148; means Wells
Fargo Bank, National Association, or any independent third party reasonably selected by the Administrative Agent (after consultation with Parent) with the consent of the Required Lenders (provided that prior to an Event of Default, the
Administrative Agent shall not select an entity whose principal line of business is substantially similar to the principal line of business of the Parent without Parent&#146;s consent), to perform verification functions with respect to the
Receivables and to assume the role of Successor Servicer upon removal or resignation of the Servicer, in each case, as set forth in the Backup Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Backup Servicing Agreement</U>&#148; means that certain Backup Servicing Agreement, dated as of the date hereof, among the Backup
Servicer, the Servicer, the Administrative Agent, the Collateral Agent, and the Borrower, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, or replaced or substituted if the initial
Backup Servicer (or any successor) is replaced by the Administrative Agent with another Backup Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Backup Servicing
Fees</U>&#148; as defined in the Backup Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Bankruptcy Code</U>&#148; means Title&nbsp;11 of the United States
Code entitled &#147;Bankruptcy,&#148; as now and hereafter in effect, or any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate</U>&#148; means, for
any day, a rate per annum equal to the greatest of (a)&nbsp;1% per annum, (b)&nbsp;the Prime Rate in effect on such day, and (c)&nbsp;the Federal Funds Effective Rate in effect on such day plus <SUP STYLE="vertical-align:top">1</SUP>&#8260;<SUB
STYLE="vertical-align:bottom">2</SUB> of 1%. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the effective day of such change in the Prime Rate or the Federal Funds Effective
Rate, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Base Rate Loan</U>&#148; means a Loan bearing interest at a rate determined by reference to the Base Rate.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; as defined in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base</U>&#148; means, as of any date of determination, an amount equal to (a)&nbsp;the Maximum Advance Amount as of such
date, <U>plus</U> (b)&nbsp;all amounts related to Collections on deposit on such date in the Collection Account, and the Lockbox Account, minus (c)&nbsp;all accrued but unpaid interest, fees, expenses and indemnified amounts owed to any Person under
the Loan Documents. If the Borrowing Base is being determined in connection with a Reporting Date then the amount in clause (b)&nbsp;above should be determined after giving effect to all amounts to be released pursuant to
<U>Section</U><U></U><U>&nbsp;2.10</U> on the related Settlement Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Action</U>&#148; means any of the
following actions: (i)&nbsp;the borrowing of a Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.1(b)</U> and (ii)&nbsp;the application of funds in the Collection Account toward the purchase of Eligible Receivables pursuant to
<U>Section</U><U></U><U>&nbsp;2.10(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Deficiency</U>&#148; means, as of any date of determination, the
amount by which the aggregate principal amount of all Loans outstanding exceeds the Borrowing Base. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrowing Base Report and
Certificate</U>&#148; means a report and certificate, substantially in the form of <U>Exhibit C</U>, executed by an Authorized Officer of the Borrower and delivered to the Administrative Agent, which sets forth the calculation of the Borrowing Base,
including a calculation of each component thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Business Day</U>&#148; means (a)&nbsp;any day excluding Saturday, Sunday and any
day which is a legal holiday under the laws of the States of New York, Florida or Ohio or is a day on which banking institutions located in such states are authorized or required by law or other governmental action to close, and (b)&nbsp;with
respect to all notices, determinations, fundings and payments in connection with the Adjusted LIBOR Rate or any LIBOR Rate Loans, the term &#147;<U>Business Day</U>&#148; shall mean any day which is a Business Day described in clause&nbsp;(a) and
which is also a day for trading by and between banks in Dollar deposits in the London interbank market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Lease</U>&#148;
means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person (a)&nbsp;as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person or
(b)&nbsp;as lessee which is a transaction of a type commonly known as a &#147;synthetic lease&#148; (i.e., a transaction that is treated as an operating lease for accounting purposes but with respect to which payments of rent are intended to be
treated as payments of principal and interest on a loan for U.S.&nbsp;federal income tax purposes). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Capital Stock</U>&#148;
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, partnership interests and
membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash</U>&#148; means money, currency or a credit balance in any demand or deposit account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Equivalents</U>&#148; means, as at any date of determination, (a)&nbsp;marketable securities (i)&nbsp;issued or directly and
unconditionally guaranteed as to interest and principal by the United States Government, or (ii)&nbsp;issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case
maturing within one (1)&nbsp;year after such date, (b)&nbsp;marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof, in each case maturing
within one (1)&nbsp;year after such date and having, at the time of the acquisition thereof, a rating of at least <FONT STYLE="white-space:nowrap">A-1</FONT> from S&amp;P or at least <FONT STYLE="white-space:nowrap">P-1</FONT> from Moody&#146;s,
(c)&nbsp;commercial paper maturing no more than one (1)&nbsp;year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least <FONT STYLE="white-space:nowrap">A-1</FONT> from S&amp;P or at least <FONT
STYLE="white-space:nowrap">P-1</FONT> from Moody&#146;s, (d)&nbsp;certificates of deposit or bankers&#146; acceptances maturing within one (1)&nbsp;year after such date and issued or accepted by a Lender or by any commercial bank organized under the
laws of the United States of America or any state thereof or the District of Columbia that (i)&nbsp;is at least &#147;adequately capitalized&#148; (as defined in the regulations of its primary United States federal banking regulator), and
(ii)&nbsp;has Tier&nbsp;1 capital (as defined in such regulations) of not less than $100,000,000; and (e)&nbsp;shares of any money market mutual fund that (i)&nbsp;has substantially all of its assets invested continuously in the types of investments
referred to in clauses&nbsp;(a) and (b)&nbsp;above, (ii)&nbsp;has net assets of not less than $500,000,000, and (iii)&nbsp;has the highest rating obtainable from either S&amp;P or Moody&#146;s. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cash Management System</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;5.7(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>CFPB</U>&#148; means the Consumer Financial Protection Bureau or any successor agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change in Law</U>&#148; means the occurrence, after the date of this Agreement, 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 Governmental Authority or (c)&nbsp;the making or
issuance of any request, rule, guideline or directive </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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(whether or not having the force of law) by any Governmental Authority; <U>provided</U> that notwithstanding anything herein to the contrary, (x)&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 (y)&nbsp;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 Basel III, shall in each case be deemed to be a &#147;Change in Law&#148;, regardless of the
date enacted, adopted or issued. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Change of Control</U>&#148; means, at any time, (a)&nbsp;with respect to the Borrower, Parent
shall cease to beneficially own and control, directly, 100% on a fully diluted basis of the economic and voting interest in the Capital Stock of the Borrower, (b)&nbsp;with respect to Parent, Holding shall cease to beneficially own and control,
directly or indirectly, 100% on a fully diluted basis of the economic and voting interest in the Capital Stock of Parent and (c)&nbsp;with respect to Holding, the acquisition by any Person, or two (2)&nbsp;or more Persons acting in concert or as a
group, of beneficial ownership of outstanding shares of voting stock of Holding at any time if after giving effect to such acquisition such Person or Persons own thirty percent (30%) or more of such outstanding voting stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivable</U>&#148; means, with respect to any date of determination, a
Receivable with respect to which the earlier of any of the following shall have occurred (without duplication): (a)&nbsp;a Scheduled Receivable Payment under such Receivable is one hundred and twenty (120)&nbsp;or more days contractually past due,
(b)&nbsp;the related Financed Vehicle has been repossessed by the Servicer, (c)&nbsp;the Servicer has otherwise determined, in accordance with the Servicing Policy that the related Receivable is uncollectible or should be <FONT
STYLE="white-space:nowrap">charged-off,</FONT> (d)&nbsp;the related Obligor is deceased, (e)&nbsp;the related Obligor is subject to a proceeding under the Bankruptcy Code or other applicable Debtor Relief Laws, (f)&nbsp;proceeds have been received
in respect of such Receivable which, in the Servicer&#146;s good faith judgment, constitute the final amounts recoverable in respect of such Receivable or (g)&nbsp;the Servicer has determined that the Obligor or the Dealer has committed fraud in
connection with the related Receivable that would affect the validity or collectability of such Receivable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U>&#148;<B>
</B>means a class of Loans hereunder, designated Class&nbsp;A Loans or Class&nbsp;B Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Adjusted
Rate</U>&#148; as defined in the Payment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Borrowing Base Deficiency Amount</U>&#148; means, in
the case of any Borrowing Base Deficiency, the product of (i)&nbsp;the amount of such Borrowing Base Deficiency and (ii)&nbsp;the quotient of (A)&nbsp;the aggregate Class&nbsp;A Exposure of all Class&nbsp;A Lenders divided by (B)&nbsp;the sum of
(I)&nbsp;the aggregate Class&nbsp;A Exposure of all Class&nbsp;A Lenders and (II)&nbsp;the aggregate Class&nbsp;B Exposure of all Class&nbsp;B Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Exposure</U>&#148; means, with respect to any Class&nbsp;A Lender as of any date of determination,
(i)&nbsp;prior to the termination of the Class&nbsp;A Revolving Loan Commitments, that Lender&#146;s Class&nbsp;A Revolving Loan Commitment; and (ii)&nbsp;after the termination of the Class&nbsp;A Revolving Loan Commitments, the aggregate
outstanding principal amount of the Class&nbsp;A Loans of that Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Indemnitee</U>&#148; means an
Indemnitee who is a Class&nbsp;A Lender, an Affiliate of a Class&nbsp;A Lender or an officer, partner, director, trustee, employee or agent of a Class&nbsp;A Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Interest Amount</U>&#148; means, for any period of time, an amount of interest on the Class&nbsp;A Loans
equal to the amount that would accrue to the Class&nbsp;A Loans during such period if the applicable interest rate for the Class&nbsp;A Loans were equal to the Class&nbsp;A Adjusted Rate and not the Interest Rate (but otherwise as calculated in
accordance with <U>Section</U><U></U><U>&nbsp;2.4</U> hereof). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Lender</U>&#148; means each Person listed on the
signature pages hereto as a Class&nbsp;A Lender, and any other Person that becomes a party hereto as a Class&nbsp;A Lender pursuant to an Assignment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Loan</U>&#148;<B> </B>means a Loan made by a Class&nbsp;A Lender to the Borrower pursuant to
<U>Section</U><U></U><U>&nbsp;2.1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Obligations</U>&#148; means, as of any date, all
Obligations owing to the Class&nbsp;A Lenders on such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Pro Rata Share</U>&#148; means, with
respect to any Class&nbsp;A Lender, the Class&nbsp;A Exposure of such Class&nbsp;A Lender <U>divided</U> <U>by</U> the Class&nbsp;A Exposure of all Class&nbsp;A Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Remedies Instruction</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Remedies Instruction Date&#148;</U> as defined in <U>Section</U><U></U><U>&nbsp;12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;A Revolving Loan Commitment</U>&#148;<B> </B>means the commitment of a Class&nbsp;A Lender to make or
otherwise fund any Class&nbsp;A Loan during the Revolving Period. The amount of each Class&nbsp;A Lender&#146;s Class&nbsp;A Revolving Loan Commitment is set forth on <U>Appendix</U><U></U><U>&nbsp;A</U> or in the applicable Assignment Agreement,
subject to any suspension, adjustment or reduction pursuant to the terms and conditions hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B
Borrowing Base Deficiency Amount</U>&#148; means, in the case of any Borrowing Base Deficiency, the product of (i)&nbsp;the amount of such Borrowing Base Deficiency and (ii)&nbsp;the quotient of (A)&nbsp;the aggregate Class&nbsp;B Exposure of all
Class&nbsp;B Lenders divided by (B)&nbsp;the sum of (I)&nbsp;the aggregate Class&nbsp;A Exposure of all Class&nbsp;A Lenders and (II)&nbsp;the aggregate Class&nbsp;B Exposure of all Class&nbsp;B Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Exposure</U>&#148; means, with respect to any Class&nbsp;B Lender as of any date of determination,
(i)&nbsp;prior to the termination of the Class&nbsp;B Revolving Loan Commitments, that Lender&#146;s Class&nbsp;B Revolving Loan Commitment; and (ii)&nbsp;after the termination of the Class&nbsp;B Revolving Loan Commitments, the aggregate
outstanding principal amount of the Class&nbsp;B Loans of that Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Indemnitee</U>&#148; means an
Indemnitee who is a Class&nbsp;B Lender, an Affiliate of a Class&nbsp;B Lender or an officer, partner, director, trustee, employee or agent of a Class&nbsp;B Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Interest Amount</U>&#148; means, for any period of time, the difference between (i)&nbsp;the Total
Interest Amount for such period of time (including the portion of interest accrued on the Class&nbsp;A Loans in excess of the Class&nbsp;A Interest Amount), and (ii)&nbsp;the Class&nbsp;A Interest Amount for such period of time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Lender</U>&#148; means each Person listed on the signature pages hereto as a Class&nbsp;B Lender, and any
other Person that becomes a party hereto as a Class&nbsp;B Lender pursuant to an Assignment Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Loan</U>&#148;<B> </B>means a Loan made by a Class&nbsp;B Lender to the Borrower pursuant to
<U>Section</U><U></U><U>&nbsp;2.1(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Pro Rata Share</U>&#148; means, with respect to any
Class&nbsp;B Lender, the Class&nbsp;B Exposure of such Class&nbsp;B Lender <U>divided</U> <U>by</U> the Class&nbsp;B Exposure of all Class&nbsp;B Lenders. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Class</U><U></U><U>&nbsp;B Revolving Loan Commitment</U>&#148;<B> </B>means the
commitment of a Class&nbsp;B Lender to make or otherwise fund any Class&nbsp;B Loan during the Revolving Period. The amount of each Class&nbsp;B Lender&#146;s Class&nbsp;B Revolving Loan Commitment is set forth on
<U>Appendix</U><U></U><U>&nbsp;A</U> or in the applicable Assignment Agreement, subject to any suspension, adjustment or reduction pursuant to the terms and conditions hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date</U>&#148; means March&nbsp;29, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date Certificate</U>&#148; means a Closing Date Certificate of an Authorized Officer of each NF Party substantially in the
form of <U>Exhibit</U><U></U><U>&nbsp;E</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Date Material Adverse Change</U>&#148; means a material adverse change in
(a)&nbsp;the business, operations, assets or financial condition of any NF Party since March&nbsp;31, 2018, (b)&nbsp;the ability of any NF Party to fully and timely perform its material Obligations under any of the Loan Documents to which it is a
party, or (c)&nbsp;the legality, validity, binding effect, or enforceability against any NF Party of any of the Loan Documents to which it is a party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Closing Payment</U>&#148; as defined in the Payment Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; means, collectively, all of the personal property in which Liens are purported to be granted pursuant to the
Collateral Documents as security for the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Agent</U>&#148; as defined in the preamble hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Assignment of the Approved Seller Purchase Agreement</U>&#148; means a collateral assignment of an Approved Seller
Purchase Agreement, to be entered into concurrently with an Approved Seller Purchase Agreement, between Parent and Collateral Agent, and acknowledged and agreed by the Approved Seller, substantially in the form of <U>Exhibit L</U> hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Documents</U>&#148; means this Agreement, the Security Agreement, the Equity Pledge Agreement, the Control Agreement, the
Lockbox Account Control Agreement, the Servicer Account Control Agreements, the Existing Parent Payment Account Control Agreement, the Custodial Agreement , each Collateral Assignment of the Approved Seller Purchase Agreement, each Power of Attorney
for Approved Seller regarding the Approved Seller Receivables and all other instruments, documents and agreements delivered by any NF Party pursuant to this Agreement or any of the other Loan Documents in order to grant to the Collateral Agent, for
the benefit of the Secured Parties, a Lien on any personal property of such NF Party as security for the Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral
Receipt</U>&#148; as defined in the Custodial Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Account</U>&#148; as defined in the Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Account Bank</U>&#148; means Wells Fargo Bank, National Association and its permitted successors and assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Account Bank Fee</U>&#148; means, collectively, the fees due and owing to the Collection Account Bank pursuant to the
terms of the Control Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Period</U>&#148; means, (a)&nbsp;with respect to the initial Settlement Date, the
period beginning on the Closing Date and ending on April&nbsp;30, 2019, and (b)&nbsp;with respect to any other Settlement Date, the immediately preceding calendar month. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collections</U>&#148; means all collections on the Receivables, including, all
Scheduled Receivable Payments, all <FONT STYLE="white-space:nowrap">non-scheduled</FONT> payments, all prepayments, all other fees, Insurance Proceeds, all Net Liquidation Proceeds, Recoveries, investment earnings, residual proceeds, payments
received under any personal guaranty with respect to a Receivable, recourse payments made by Dealers under the Dealer Agreements, and all other payments received with respect to the Receivables or any Financed Vehicle, but excluding any and all
Excluded Amounts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Commitment Availability</U>&#148; means, as of any date of determination during the Revolving Period, the
lesser of (a)&nbsp;an amount equal to (i)&nbsp;the Borrowing Base <U>minus</U> (ii)&nbsp;the aggregate principal amount of all Loans outstanding and (b)&nbsp;the Undrawn Amount. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Committed Class B Buy-Out Notice</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;10.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conditional Guarantor</U>&#148; means Parent, in its capacity as a guarantor under the Conditional Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Conditional Guaranty</U>&#148; means that certain Conditional Guaranty, dated as of the date hereof, by the Conditional Guarantor in
favor of the Administrative Agent and the Collateral Agent, on behalf of the Lenders, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Confidential Information</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;9.22</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Connection Income Taxes</U>&#148; means Other Connection Taxes that are imposed on or measured by net income (however denominated) or
that are franchise Taxes or branch profits Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Consolidated Net Income</U>&#148; means, for any period, an amount equal to
the net income (or loss) of Parent and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contract</U>&#148; means a fully executed, <FONT STYLE="white-space:nowrap">non-cancelable,</FONT> unconditional, fixed rate motor
vehicle retail installment sale contract or installment note and security agreement (including in each case all attendant forms of disclosure and notice), and guaranty, if applicable, in each case relating to the extension of credit by a Dealer or
an Originator in the ordinary course of business to an Obligor for the sale or refinancing of a Financed Vehicle and which is secured by the related Financed Vehicle, which (a)&nbsp;in the case of a Direct Contract, must be in substantially the form
of Contract attached as <U>Exhibit I</U> (but with any changes thereto as may be permitted under Section&nbsp;6.15), and (b)&nbsp;in the case of a Dealer Contract, must be substantially in the form of the retail installment contracts provided by
Reynolds&nbsp;&amp; Reynolds or Wolters Kluwer Financial Services (including, for the avoidance of doubt, other contracts reasonably similar in content to such forms) and, in any case, which agreement (i)&nbsp;complies with all applicable
requirements of law, (ii)&nbsp;contains customary and enforceable provisions so as to render the rights and remedies of the holder or assignee thereof adequate for realization against the collateral of the benefits of the security and
(iii)&nbsp;provides for level payments (not less than frequently than monthly) which shall fully amortize the amount financed by maturity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Contractual Obligation</U>&#148; means, as applied to any Person, any provision of any Security issued by that Person or of any
indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control</U>&#148; means, the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities or other beneficial interests or by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Control Agreement</U>&#148; means the Account Control Agreement, dated as of the date hereof, among the Borrower, the Collateral
Agent and the Collection Account Bank, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, related to the Collection Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Date</U>&#148; means the date of a Credit Extension. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Extension</U>&#148; means the making of a Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Policies</U>&#148; means (i)&nbsp;with respect to the Approved Seller Receivables, the credit policies and practices, credit
models and underwriting guidelines of the related Approved Seller in effect as of the date of the related Approved Seller Purchase Agreement, and (ii)&nbsp;with respect to all other Receivables, the credit policies and practices, credit models and
underwriting guidelines of Parent in effect as of the date hereof and attached hereto as <U>Exhibit <FONT STYLE="white-space:nowrap">G-1</FONT></U>, in each case, as such credit policies and practices, credit models and underwriting guidelines may
be amended, restated, supplemented or otherwise modified from time to time in accordance herewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cumulative Net Loss
Rate</U>&#148; means, as of any Reporting Date and with respect to any Vintage Pool, a rate, expressed as a percentage equal to a fraction, (i)&nbsp;the numerator of which is the Cumulative Net Losses with respect to all Receivables in the related
Vintage Pool and (ii)&nbsp;the denominator of which is the aggregate principal balance (as of the time of origination or acquisition by the Originator) of all Receivables in the related Vintage Pool. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Cumulative Net Losses</U>&#148; means, as of any Reporting Date and with respect to any Vintage Pool, the aggregate cumulative
principal balance of Receivables in such Vintage Pool that have become <FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivables during the period beginning on the applicable date of origination through the last day of the related Vintage Pool
Seasoning Month, net of all Net Liquidation Proceeds and Recoveries with respect to such Receivables as of the end of the last day of the related Vintage Pool Seasoning Month. For the avoidance of doubt, the Cumulative Net Loss for each Monthly Pool
comprising a Vintage Pool shall be evaluated at the latest month for which data is available for all three Monthly Pools within a Vintage Pool for the relevant Vintage Pool Seasoning Month identified on the applicable charts set forth in <U>Appendix
E</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custodial Agreement</U>&#148; means that certain Custodial and Collateral Agency Agreement, dated as of the date hereof,
among the Borrower, the Servicer, the Custodian, the Administrative Agent and the Collateral Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custodian Fee</U>&#148; as
defined in the Custodial Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Custodian</U>&#148; means Wells Fargo Bank, National Association and its permitted
successors and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dealer</U>&#148; means, with respect to a Receivable, the seller of the related Financed Vehicle, who
originated and sold, assigned or otherwise conveyed such Receivable to Originator pursuant to a Dealer Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dealer Agreement</U>&#148; means each agreement between a Dealer and Originator
pursuant to which such Dealer assigned, sold or otherwise conveyed a Receivable to Originator, which agreement must be in substantially the form of Dealer Agreement attached as <U>Exhibit </U>I (but with any changes thereto as may be permitted under
Section&nbsp;6.15). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dealer Contract</U>&#148; means a Contract originated by a Dealer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dealer Qualification Policies</U>&#148; means the internal Dealer qualification policies of Parent attached hereto as <U>Exhibit
L</U>, as such policies may be amended, restated, supplemented or otherwise modified from time to time in accordance herewith. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Debt-to-Tangible</FONT></FONT> Net Worth Ratio</U>&#148; means the ratio of (a)&nbsp;the aggregate outstanding principal balance of Indebtedness of Parent and its consolidated Subsidiaries
(excluding any Subordinated Indebtedness to be included in the Adjusted Tangible Net Worth definition) to (b)&nbsp;the Adjusted Tangible Net Worth of Parent and its consolidated Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Debtor Relief Laws</U>&#148; means the Bankruptcy Code, and all other applicable liquidation, conservatorship, bankruptcy,
moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, readjustment of debt, marshalling of assets, assignment for the benefit of creditors or similar debtor relief laws of the United States, any state or any
foreign country from time to time in effect, affecting the rights of creditors generally or the rights of creditors of banks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default</U>&#148; means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Excess</U>&#148; means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender&#146;s
pro&nbsp;rata share of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of
such Defaulting Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Funding Rate</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;2.5</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Default Period</U>&#148; means, with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding
Default and ending on the earliest of the following dates: (a)&nbsp;the date on which all Revolving Loan Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable, (b)&nbsp;the date on which
(i)&nbsp;the Default Excess with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the
<FONT STYLE="white-space:nowrap">non-pro&nbsp;rata</FONT> application of any voluntary or mandatory prepayments of the Loans in accordance with the terms hereof), and (ii)&nbsp;such Defaulting Lender shall have delivered to the Borrower and the
Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Revolving Loan Commitments (and shall have demonstrated the ability to do so to Borrower&#146;s and Administrative Agent&#146;s
reasonable satisfaction (acting with the consent of the Required Lenders)) and (c)&nbsp;the date on which the Borrower and the Administrative Agent (acting with the consent of the Required Lenders) waive all Funding Defaults of such Defaulting
Lender in writing, if applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulted Loan</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;9.24</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender</U>&#148; has the meaning set forth in <U>Section</U><U></U><U>&nbsp;9.24</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Defaulting Lender <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice&#148;</U> has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;2.19(b)</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delinquency Rate</U>&#148; means, with respect to any Reporting Date, a rate,
expressed as a percentage, equal to a fraction (i)&nbsp;the numerator of which is the aggregate UPB of all Receivables that are Delinquent Receivables as of the last day of the most recently ended Collection Period and (ii)&nbsp;the denominator of
which is the aggregate UPB all Receivables as of the last day of most recently ended Collection Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Delinquent
Receivable</U>&#148; means, with respect to any date of determination, a Receivable with respect to which the related Obligor is more than thirty (30)&nbsp;days contractually delinquent with respect to any portion of a Scheduled Receivable Payment
and which is not a <FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Direct Contract</U>&#148; means a Contract
originated by Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Discount Percentage</U>&#148; means, with respect to any Receivable, (a) 100% <U>minus</U>&nbsp;(b) a
fraction expressed as a percentage, the numerator of which is the aggregate amount funded by Originator to the Dealer or Obligor, as applicable for such Receivable, and the denominator of which is the aggregate original UPB of such Receivable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Dollars</U>&#148; and the sign &#147;$&#148; mean the lawful money of the United States of America. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Effective Advance Rate</U>&#148; means the rate, expressed as a percentage, equal to a fraction, the numerator of which is the
aggregate principal amount of all Loans outstanding, and the denominator of which is the Net Eligible Receivables Balance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender</U>&#148; has the meaning set forth in
<U>Section</U><U></U><U>&nbsp;2.19(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligibility Criteria</U>&#148;<B> </B>means the criteria set forth on <U>Appendix
C</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Dealer</U>&#148; means a Dealer that satisfies the following criteria: (a)&nbsp;the related Dealer Agreement
provides for full recourse to the Dealer in the event of any fraud or misrepresentation on the part of the Dealer, (b)&nbsp;to the extent applicable, the Dealer has obtained all applicable governmental authorizations, (c)&nbsp;the Dealer otherwise
qualifies as an &#147;Eligible Dealer&#148; in accordance with Parent&#146;s Dealer Qualification Policies and (d)&nbsp;as of the date the subject Receivable is transferred to the Borrower by Parent, to any NF Party&#146;s actual knowledge, the
relevant Dealer that originated such Receivable is not the subject of any litigation, regulatory, investigation or regulatory action, in each case, which, if adversely determined, would reasonably be expected to have a material impact on the
Receivables acquired from such Dealer, or any insolvency event. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Obligor</U>&#148; means, with respect to any Receivable
(i)&nbsp;as of any date of determination, an Obligor that (a)&nbsp;is not an employee, or affiliated with any employee of any Dealer (solely as it relates to sales and finance roles, principal ownership or management of such Dealer) Servicer,
Parent, the Borrower or any of their respective Affiliates, (b)&nbsp;is domiciled in the continental United States (as evidenced by proof of residency in accordance with the Credit Policies), (c) is a natural person,&nbsp;(d) is not deceased, and
(ii)&nbsp;at the time of origination of the related Receivable, an Obligor that (x)&nbsp;is not subject to a proceeding under the Bankruptcy Code or other applicable Debtor Relief Laws, and (y)&nbsp;has a valid social security number and holds a
valid driver&#146;s license. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Eligible Receivable</U>&#148; means a Receivable with respect to which the Eligibility Criteria are
satisfied as of the applicable date of determination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Employee Benefit Plan</U><B>&#148;</B> means any &#147;employee benefit
plan&#148; as defined in Section&nbsp;3(3) of ERISA which is sponsored, maintained or contributed to by, or required to be sponsored, maintained or contributed by, the Borrower, Holding or any of their respective Subsidiaries, or under which the
Borrower, Holding or any of their respective Subsidiaries has, or could reasonably be expected to have, any liability (including contingent liability and liability on account of an ERISA Affiliate). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Equity Pledge Agreement</U>&#148; means that certain Pledge Agreement dated as of
the date hereof, between Parent and the Collateral Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act of
1974. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Affiliate</U>&#148; means any trade or business (whether or not incorporated) that, together with Borrower, Holding,
or any of their respective Subsidiaries, is treated as a single employer for purposes of Section&nbsp;414 of the Internal Revenue Code or Section&nbsp;4001 of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>ERISA Event</U>&#148; means (i)&nbsp;a &#147;reportable event&#148; within the meaning of Section&nbsp;4043(c) of ERISA and the
regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for thirty (30)&nbsp;day notice to the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of
Section&nbsp;412 of the Internal Revenue Code or Section&nbsp;302 of ERISA with respect to any Pension Plan (whether or not waived in accordance with Section&nbsp;412(c) of the Internal Revenue Code) or that would result in the imposition of a lien
or other encumbrance or the provision of security under Section&nbsp;430(k) of the Internal Revenue Code or Section&nbsp;303(k0 or 4068 of ERISA) or the failure to make by its due date a required installment under Section&nbsp;430(j) of the Internal
Revenue Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (iii)&nbsp;the provision by the administrator of any Pension Plan pursuant to Section&nbsp;4041(a)(2) of ERISA of a notice of
intent to terminate such plan in a distress termination described in Section&nbsp;4041(c) of ERISA or the filing of a notice of intent to terminate any Pension Plan, if such termination would require material additional contributions in order to be
considered a standard termination within the meaning of Section&nbsp;4041(b) of ERISA; (iv)&nbsp;the withdrawal by Borrower, Holding, any of their respective Subsidiaries or any ERISA Affiliate from any Pension Plan with two or more contributing
sponsors or the termination of any such Pension Plan resulting in liability to the Borrower, Holding, or any of their respective Subsidiaries pursuant to Section&nbsp;4063 or 4064 of ERISA; (v)&nbsp;the institution by the PBGC of proceedings to
terminate any Pension Plan, or the occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (vi)&nbsp;the imposition of liability on the
Borrower, Holding, any of their respective Subsidiaries or any ERISA Affiliate pursuant to Section&nbsp;4062(e) or 4069 of ERISA or by reason of the application of Section&nbsp;4212(c) of ERISA; (vii)&nbsp;the withdrawal of the Borrower, Holding,
any of their respective Subsidiaries or any ERISA Affiliate in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan, or the receipt by the Borrower, Holding, any of their respective
Subsidiaries or any ERISA Affiliate of notice from any Multiemployer Plan that it is in insolvency pursuant to Section&nbsp;4245 of ERISA, or that it intends to terminate or has terminated under Section&nbsp;4041A or 4042 of ERISA; (viii)&nbsp;the
occurrence of an act or omission which gives rise to the imposition on the Borrower, Holding, or any of their respective Subsidiaries with respect to any Employee Benefit Plan of fines, penalties, taxes or related charges under Chapter 43 of the
Internal Revenue Code or under Section&nbsp;409, Section&nbsp;502(c), (i) or (l), or Section&nbsp;4071 of ERISA in respect of any Employee Benefit Plan; (ix)&nbsp;the assertion of a material claim against any Employee Benefit Plan or the assets
thereof, or against Borrower, Holding, any of their respective Subsidiaries with respect to any Employee Benefit Plan other than routine claims for benefits due but not delinquent; (x)&nbsp;the failure of any Employee Benefit Plan intended to be
qualified under Section&nbsp;401(a) of the Internal Revenue Code to qualify under Section&nbsp;401(a) of the Internal Revenue Code, or the failure of any trust forming part of any such Employee Benefit Plan to qualify for exemption from taxation
under Section&nbsp;501(a) of the Internal Revenue Code; (xi)&nbsp;the imposition of a Lien pursuant to Section&nbsp;430(k) of the Internal Revenue Code or pursuant to Section&nbsp;303(k) of ERISA with respect to any Pension Plan; or (xii)&nbsp;the
occurrence of an act or omission which would give rise to the imposition on the Borrower, Holding or any of their ERISA Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Sections 409A, 502(c), (i) or
(l)&nbsp;or Section&nbsp;4071 of ERISA in respect of any Employee Plan or (xii)&nbsp;the occurrence of any event similar to the foregoing with respect to a Foreign Plan. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Event of Default</U>&#148; means any of the conditions or events set forth in
<U>Section</U><U></U><U>&nbsp;7.1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Concentration Amounts</U>&#148; means each of the amounts set forth on <U>Appendix
D</U>, but without duplication. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excess Spread</U>&#148; means as of any Reporting Date, a rate, expressed as a percentage equal
to the product of (x) 12 and (y)&nbsp;a fraction, (a)&nbsp;the numerator of which is (1)&nbsp;the aggregate interest and fees paid in respect of each Receivable by the related Obligor during the related Collection Period minus (2)&nbsp;the aggregate
accrued interest, fees and expenses to be paid to the Servicer, the Backup Servicer, the Custodian, the Collection Account Bank, the Administrative Agent and the Lenders (excluding the Unused Payment and Closing Payments) pursuant to
<U>Section</U><U></U><U>&nbsp;2.10</U> with respect to the related Collection Period and (b)&nbsp;the denominator of which is the aggregate UPB of all Eligible Receivables at the beginning of the related Collection Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exchange Act</U>&#148; means the Securities Exchange Act of 1934 and any successor statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Amounts</U>&#148; means any amount deposited into the Collection Account in error and any sales and property tax payments
required to be paid to a governmental authority. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Excluded Taxes</U>&#148; means, with respect to any payment made by or on
account of any obligation of any NF Party under any Loan Document, any of the following Taxes: (a)&nbsp;Taxes imposed on or measured by any Recipient&#146;s net income, franchise taxes and branch profits taxes, in each case, (i)&nbsp;imposed as a
result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii)&nbsp;that are Other Connection Taxes; (b)&nbsp;any U.S. federal withholding tax that is imposed on amounts payable to a Recipient pursuant to a law in effect at the time such Recipient acquires the applicable interest in a Loan or Revolving
Loan Commitment (including pursuant to an assignment) or designates a new lending office or branch without the consent of Borrower, except in each case to the extent that, pursuant to <U>Section</U><U></U><U>&nbsp;2.14</U>, amounts with respect to
such Taxes were payable either to such Recipient&#146;s assignor immediately before such Recipient became a party hereto or to such Recipient immediately before it designated a new lending office or branch, (c)&nbsp;Taxes that are attributable to a
Recipient&#146;s failure to comply with <U>Section</U><U></U><U>&nbsp;2.14(f)</U>, and (d)&nbsp;any withholding Taxes imposed pursuant to FATCA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exclusivity Side Letter</U>&#148; means the letter agreement, dated as of the date hereof, among the Administrative Agent, the
Lenders, Parent and the Borrower, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Loan Agreement</U>&#148; means that certain Second Amended and Restated Loan and Security Agreement dated as of
January&nbsp;12, 2010 (as amended) among Parent, Bank of America, N.A., in its capacity as agent, and each of the Lenders party thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Parent Payment Account</U>&#148; means the account described as &#147;Existing Parent Payment Account&#148; in Schedule
2.01(xx) of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Parent Payment Account Bank</U>&#148; means Bank of America, N.A. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Existing Parent Payment Account Control Agreement</U>&#148; means an Account
Control Agreement, among Parent, the Collateral Agent and the Existing Parent Payment Account Bank, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, related to the Existing Parent
Payment Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Exposure</U>&#148; means, (a)&nbsp;with respect to any Class&nbsp;A Lender as of any date of determination,
such Class&nbsp;A Lender&#146;s Class&nbsp;A Exposure and (b)&nbsp;with respect to any Class&nbsp;B Lender as of any date of determination, such Class&nbsp;B Lender&#146;s Class&nbsp;B Exposure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility</U>&#148; as defined in the recitals hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Facility Availability</U>&#148; means, with respect to any date of determination during the Revolving Period, (i)&nbsp;all Cash on
deposit in the Collection Account, <U>minus</U> (ii)&nbsp;the product of (x)&nbsp;1.10 and (y)&nbsp;the total amount of funds to be distributed pursuant to <U>Section</U><U></U><U>&nbsp;2.10(a)(i) through (iv)</U>&nbsp;on the immediately succeeding
Settlement Date (or, for any date of determination occurring on or after the first day of any calendar month and prior to the Settlement Date occurring in such calendar month, on the immediately succeeding two (2)&nbsp;Settlement Dates), as
determined by the Borrower and reasonably approved by the Administrative Agent (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fair Valuation</U>&#148; means, in respect of any Person, the value of the consolidated assets of such Person on the basis of the
amount which may be realized by a willing seller within a reasonable time through collection or sale of such assets at market value on a going concern basis to an interested buyer who is willing to purchase under ordinary selling conditions in an <FONT
STYLE="white-space:nowrap">arm&#146;s-length</FONT> transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>FATCA</U>&#148; means Sections&nbsp;1471 through 1474 of the
Internal Revenue 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, any
agreements entered into pursuant to Section&nbsp;1471(b)(1) of the Internal Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental
Authorities and implementing such Sections of the Internal Revenue Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Federal Funds Effective Rate</U>&#148; means for any
day, the rate per annum (expressed, as a decimal, rounded upwards, if necessary, to the next higher 1/100 of 1%) equal to the weighted average of the rates on overnight United States Federal funds transactions with members of the Federal Reserve
System arranged by United States Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the next succeeding Business Day; <U>provided</U>, (a)&nbsp;if such day is not a Business Day, the Federal Funds Effective
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
Effective Rate shall be disregarded in the calculation of the Base Rate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Final Maturity Date</U>&#148; means the date that is
the last day of the Amortization Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Financed Vehicle</U>&#148; means a new or used automobile, van, minivan, sport utility
vehicle or light duty truck, together with all accessions thereto, securing an Obligor&#146;s indebtedness under a Receivable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Quarter</U>&#148; means, with respect to a particular Fiscal Year, each fiscal quarter corresponding to such Fiscal Year. </P>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Fiscal Year</U>&#148; means for any NF Party, any consecutive twelve-month period
commencing on the date following the last day of the previous fiscal year and ending on March&nbsp;31 of each calendar year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Foreign Plan</U>&#148; means any &#147;employee benefit plan&#148; as defined in Section&nbsp;3(3) of ERISA that is (a) neither
subject to ERISA nor a governmental plan within the meaning of Section&nbsp;3(32) of ERISA and (b) mandated by a government other than the United States, a state or other local government within the United States or an instrumentality thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funding Default</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;9.24</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funding Notice</U>&#148; means a notice substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;A</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Funds Release Request</U>&#148; means a notice substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;H</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>GAAP</U>&#148; means, subject to the limitations on the application thereof set forth in <U>Section</U><U></U><U>&nbsp;1.2</U>,
United States generally accepted accounting principles in effect as of the date of determination thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Governmental
Authority</U>&#148; means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government, and
which has jurisdiction over the applicable Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Highest Lawful Rate</U>&#148; means the maximum lawful interest rate, if any,
that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and
which allow a higher maximum nonusurious interest rate than applicable laws now allow. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Historical Financial Statements</U>&#148;
means as of the Closing Date, (i)&nbsp;the audited financial statements of Parent and its Subsidiaries, on a consolidated basis, for the Fiscal Year ended March&nbsp;31, 2018 consisting of balance sheets and the related consolidated statements of
income, stockholders&#146; equity and cash flows for such Fiscal Year, and (ii)&nbsp;for the interim period from April&nbsp;1, 2018 to December&nbsp;31, 2018, internally prepared, unaudited financial statements of Parent and its Subsidiaries, on a
consolidated basis, consisting of a balance sheet and the related consolidated statements of income, stockholders&#146; equity and cash flows for each quarterly period completed before the Closing Date, in the case of clauses&nbsp;(i) and (ii),
certified by the chief financial officer (or the equivalent thereof) of Parent that they fairly present, in all material respects, the financial condition of Parent and its Subsidiaries as at the dates indicated and the results of their operations
and their cash flows for the periods indicated, subject, if applicable, to changes resulting from audit and normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Holding</U>&#148; means Nicholas Financial, Inc., a Canadian holding company incorporated under the laws of British Columbia. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Increase Payment</U>&#148; as defined in the Payment Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indebtedness</U>&#148; as applied to any Person, means, without duplication, (a)&nbsp;all indebtedness for borrowed money,
(b)&nbsp;that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP, (c)&nbsp;notes payable and drafts accepted representing extensions of credit whether or not
representing obligations for borrowed money, (d)&nbsp;any obligation owed for all or any part of the deferred purchase price of property or services (excluding trade </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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payables incurred in the ordinary course of business and that are unsecured and any such obligations incurred under ERISA), (e)&nbsp;all indebtedness secured by any Lien on any property or asset
owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person, (f)&nbsp;the face amount of any letter of credit issued for the account of
that Person or as to which that Person is otherwise liable for reimbursement of drawings, (g)&nbsp;the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), <FONT
STYLE="white-space:nowrap">co-making,</FONT> discounting with recourse or sale with recourse by such Person of the obligation of another, (h)&nbsp;any obligation of such Person the primary purpose or intent of which is to provide assurance to an
obligee that the obligation of the obligor thereof shall be paid or discharged, or any agreement relating thereto shall be complied with, or the holders thereof shall be protected (in whole or in part) against loss in respect thereof, (i)&nbsp;any
liability of such Person for an obligation of another through any agreement (contingent or otherwise) (A)&nbsp;to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of
such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (B)&nbsp;to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any
agreement described under subclauses&nbsp;(A) or (B)&nbsp;of this clause&nbsp;(i), the primary purpose or intent thereof is as described in clause&nbsp;(h) above, and (j)&nbsp;all obligations of such Person in respect of any exchange traded or over
the counter derivative transaction, whether entered into for hedging or speculative purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Liabilities</U>&#148;
means, collectively, any and all liabilities, obligations, losses, damages, penalties, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable, documented, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding commenced by any Person, whether or not any such Indemnitee shall be
designated as a party or potential party thereto, and any reasonable, documented, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees or expenses incurred by Indemnitees in enforcing the indemnification
provisions of <U>Section</U><U></U><U>&nbsp;9.3</U>), whether direct, indirect or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or
regulations, on common law or equitable cause or on contract or otherwise) that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby (including each Lender&#146;s agreement to make Credit Extensions or the use or intended use of the proceeds thereof, or any enforcement of any of the Loan Documents (including any sale of, collection
from, or other realization upon any of the Collateral or the enforcement of the Conditional Guaranty or the Limited Guaranty). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnified Taxes</U>&#148; means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on
account of any obligation of any NF Party under any Loan Document and (b)&nbsp;to the extent not otherwise described in (a), Other Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnitee</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;9.3(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnitee Agent Party</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;8.9</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Indemnitor</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;9.3(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Independent Accountants</U>&#148; means (a)&nbsp;RSM or (b)&nbsp;such other firm of independent certified public accountants
acceptable to the Administrative Agent in its reasonable discretion (acting with the consent of the Required Lenders). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Independent Manager</U>&#148; means an employee of Citadel SPV LLC or another
natural person selected by Parent and meeting the qualifications set forth in <U>Section</U><U></U><U>&nbsp;6.12</U> and otherwise acceptable to the Administrative Agent in its reasonable discretion (acting with the consent of the Required Lenders).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Insurance Policy</U>&#148; means, with respect to any Receivable, (i)&nbsp;an insurance policy covering physical damage to or
loss of the related Financed Vehicle or (ii)&nbsp;any lender&#146;s single interest, credit life, disability, hospitalization and similar insurance policies with respect to the related Obligor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Insurance Proceeds</U>&#148; means any amounts paid by any insurer, including all insurance proceeds or insurance premium rebates,
pursuant to any Insurance Policy on any Financed Vehicle or, in respect of, any Receivable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Intercreditor Agreement</U>&#148;
means any intercreditor agreement entered into by the Administrative Agent and any other lender to Parent or any of its Subsidiaries (other than the Borrower), the form and substance of which has approved by the Administrative Agent in its
reasonable discretion (acting with the consent or the Required Lenders) as such agreement may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Period</U>&#148; means, with respect to any Loan, (a)&nbsp;with respect to the initial Settlement Date, the period beginning
on the initial Credit Date and ending on the last day of the calendar month following the calendar month in which such initial Credit Date occurs and (b)&nbsp;with respect to any other Settlement Date, the immediately preceding calendar month;
<U>provided</U>, that no Interest Period with respect to any portion of the Loans shall extend beyond the Termination Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Rate</U>&#148; means, (a)&nbsp;with respect to any Loan that is a LIBOR Rate Loan and any related Interest Period, the
Adjusted LIBOR Rate plus the Applicable Margin for such Interest Period, and (b)&nbsp;with respect to any Loan that is a Base Rate Loan and any related Interest Period, the Base Rate plus the Applicable Margin for such Interest Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Interest Rate Reset Date</U>&#148; means, with respect to any Interest Period, the date that is two (2)&nbsp;Business Days prior to
the first day of such Interest Period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Internal Revenue Code</U>&#148; means the Internal Revenue Code of 1986. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Invested Amount</U>&#148; means, with respect to each Receivable and any date of determination, an amount equal to the product of
(a)&nbsp;the UPB of such Receivable and (b) 100% minus the Discount Percentage for such Receivable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment</U>&#148; means
(a)&nbsp;any direct or indirect purchase or other acquisition by the Borrower of, or of a beneficial interest in, any of the Securities of any other Person, (b)&nbsp;any direct or indirect redemption, retirement, purchase or other acquisition for
value, from any Person, of any Capital Stock of such Person, and (c)&nbsp;any direct or indirect loan, advance or capital contributions by such Person to any other Person, including all indebtedness and accounts receivable from that other Person
that are not current assets or did not arise from sales to that other Person in the ordinary course of business. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any
adjustments for increases or decreases in value, or <FONT STYLE="white-space:nowrap">write-ups,</FONT> write-downs or write-offs with respect to such Investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Investment Company Act</U>&#148; means the Investment Company Act of 1940. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Key Employee</U>&#148; means each of Doug Marohn and Kelly Malson, and any
replacement approved by the Administrative Agent in its reasonable discretion (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Key Employee Event</U>&#148; means the occurrence of any event or transaction, as a result of which any Key Employee shall cease to
be actively engaged in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of Parent and is not replaced within one hundred twenty (120)&nbsp;days by a Person approved by the Administrative Agent
and the Required Lenders in their reasonable discretion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender</U>&#148; means each financial institution listed on the
signature pages hereto as a Lender (whether a Class&nbsp;A Lender or a Class&nbsp;B Lender) and any other Person that becomes a party hereto pursuant to an Assignment Agreement. If a Person becomes the holder of both Class&nbsp;A Loans and
Class&nbsp;B Loans, then such Person is a Class&nbsp;A Lender hereunder only with respect to the Class&nbsp;A Loans held by such Person, and a Class&nbsp;B Lender hereunder only with respect to the Class&nbsp;B Loans held by such Person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lender Affiliate</U>&#148; means, as applied to any Lender or Agent, any Approved Fund or Person directly or indirectly controlling
(including any member of senior management of such Person), controlled by, or under common control with, such Lender or Agent. For the purposes of this definition, &#147;control&#148; (including, with correlative meanings, the terms
&#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;), as applied to any Person, means the possession, directly or indirectly, of the power (a)&nbsp;to vote 20% or more of the Securities having ordinary voting
power for the election of directors of such Person or (b)&nbsp;to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Rate Loan</U>&#148; means a Loan bearing interest at a rate determined by reference to the Adjusted LIBOR Rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LIBOR Unavailability</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;2.12(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien</U>&#148; means (a)&nbsp;any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including
any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing,
and (b)&nbsp;in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lien Certificate</U>&#148; as defined in the Custodial Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Limited Guarantor</U>&#148; means Parent, in its capacity as a guarantor under the Limited Guaranty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Limited Guaranty</U>&#148; means that certain Limited Guaranty, dated as of the date hereof, by the Limited Guarantor in favor of the
Administrative Agent and the Collateral Agent, on behalf of the Lenders, as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan</U>&#148; or &#147;<U>Revolving Loan</U>&#148; means each Class&nbsp;A Loan or Class&nbsp;B Loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Loan Document</U>&#148; means (a)&nbsp;any of this Agreement, the Notes, if any, the Collateral Documents, the Conditional Guaranty,
the Limited Guaranty, the Payment Letter, the Exclusivity Side Letter, the Servicing Agreement, the Backup Servicing Agreement, the Receivables Purchase Agreement, and (b)&nbsp;all other documents, instruments or agreements executed and delivered by
any NF Party for the benefit of any Agent or any Lender in connection herewith and therewith. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment</U>&#148; as
defined in the Payment Letter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Account</U>&#148; means the account described as &#147;Lockbox Account&#148; in Schedule
2.01(xx) of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Account Bank</U>&#148; means Wells Fargo Bank, National Association and its
permitted successors and assigns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Account Bank Fee</U>&#148; means, collectively, the fees due and owing to the Lockbox
Account Bank pursuant to the terms of the Lockbox Account Control Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lockbox Account Control Agreement</U>&#148; means
the Account Control Agreement, to be entered into after the Closing Date, among the Borrower, the Collateral Agent and the Lockbox Account Bank, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms
thereof, related to the Lockbox Account. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>LTV</U>&#148; means, with respect to any Receivable, the ratio, at the time of
origination, of (i)&nbsp;the UPB of such Receivable to (ii)&nbsp;the wholesale book value of the related Financed Vehicle as set forth in Black Book Clean. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Margin Stock</U>&#148; as defined in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Material Adverse Effect</U>&#148; means (i)&nbsp;with respect to an Approved Seller, a material adverse effect on the
enforceability or collectability of the related Approved Seller Receivables which causes a material adverse effect on the Receivables, taken as a whole, or any material portion thereof or any event or circumstance related to such Approved Seller
that could reasonably be expected to have a material adverse effect on Parent or (ii)&nbsp;with respect to any other Person, event or circumstance, a material adverse effect on (a)&nbsp;the business, operations, assets or financial condition of such
Person, taken as a whole, (b)&nbsp;the ability of such Person to fully and timely perform its respective obligations under the Loan Documents to which it is a party (including, with respect to the Borrower, the Obligations), (c)&nbsp;the legality,
validity, binding effect or enforceability against such Person of any Loan Document to which it is a party, (d)&nbsp;the rights and remedies available to, or conferred upon, any Agent, any Lender or any Secured Party under any Loan Document,
(e)&nbsp;the enforceability or collectability of the Receivables taken as a whole or any material portion thereof or (f)&nbsp;the ability of such Person to own, hold, purchase, sell, pledge, service, collect or enforce, as applicable, a material
portion of the Receivables. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maximum Advance Amount</U>&#148; means, as of any date, the product of (a)&nbsp;the Net Eligible
Receivables Balance and (b)&nbsp;the applicable Advance Rate as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Maximum Committed Amount</U>&#148; means
$175,000,000; <U>provided</U>, that, the &#147;Maximum Committed Amount&#148; may be increased, in the Administrative Agent&#146;s and the Lenders&#146; sole discretion, at the request of the Borrower. Any such increase shall constitute an amendment
of this definition for purposes of <U>Section</U><U></U><U>&nbsp;9.5(a)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Backup Servicing Certificate</U>&#148;
means that monthly certificate to be delivered to the Administrative Agent by the Backup Servicer, in the form attached as Exhibit E to the Backup Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Pool</U>&#148; means a pool of Receivables owned by the Borrower, at any time, with Origination Dates occurring in a common
month. For the avoidance of doubt, notwithstanding Parent&#146;s subsequent repurchase of a Receivable in any Monthly Pool or the Borrower&#146;s subsequent sale for any reason, such Receivable shall remain part of such Monthly Pool. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Monthly Servicing Report</U>&#148; means that Monthly Servicing Report in the form
attached as Exhibit 2 to the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Moody&#146;s</U>&#148; means Moody&#146;s Investor Services, Inc., and any
successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;</B><U>Multiemployer Plan</U><B>&#148;</B> means any Employee Benefit Plan which is a &#147;multiemployer
plan&#148; as defined in Section&nbsp;4001(a)(3) of ERISA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Eligible Receivables Balance</U>&#148; means, as of any date of
determination, (a)&nbsp;with respect to Delinquent Receivables less than sixty (60)&nbsp;days contractually past due, (i)&nbsp;the aggregate Invested Amount of the Eligible Receivables that are Delinquent Receivables less than sixty (60)&nbsp;days
contractually past due minus (ii)&nbsp;any Excess Concentration Amounts related to paragraph 1 of Appendix D as of such date of determination and (b)&nbsp;with respect to all other Eligible receivables, (i)&nbsp;the aggregate Invested Amount of all
other Eligible Receivables minus (ii)&nbsp;any Excess Concentration Amounts, excluding the Excess Concentration Amounts related to paragraph 1 of Appendix D as of such date of determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Net Liquidation Proceeds</U>&#148; means, for any <FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivable, an amount (which
shall not be less than zero) equal to (a)&nbsp;all amounts received in connection with a Receivable after such Receivable was first identified as a <FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivable whether from the sale or other
disposition of the related Financed Vehicle, the proceeds of repossession or any collection effort, the proceeds of recourse or similar payments payable under the related Receivable receipt of Insurance Proceeds or otherwise, <U>minus</U>
(b)&nbsp;the reasonable expenses incurred by the Servicer in connection with the collection of such Receivable, including reasonable collection agency fees and the reasonable cost of legal counsel in connection with the enforcement of such
Receivable and excluding overhead, in each case, to the extent not previously reimbursed to the Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>New Dealer</U>&#148;
means any Dealer that does not have an executed Dealer Agreement with Parent as of the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NF Party</U>&#148; means,
each of the Borrower and Parent (in its capacities as Limited Guarantor, Conditional Guarantor, Seller (as defined in the Receivables Purchase Agreement) and Servicer). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>NF Receivables</U>&#148; means all automobile receivables purchased or originated by Parent or its Affiliates from time to time,
including the Receivables. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender</U>&#148; as defined in
<U>Section</U><U></U><U>&nbsp;2.19</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender</U>&#148; means a Lender that is
not a U.S.&nbsp;Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Note</U>&#148; means a promissory note substantially in the form of <U>Exhibit</U><U></U><U>&nbsp;B</U>
attached hereto, as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligations</U>&#148; means all obligations of every nature of the Borrower from time to time owed to the Agents (including former
Agents), any Lender or any Indemnitee or any of them, under any Loan Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to the Borrower, would have accrued on any
Obligation, whether or not a claim is allowed against the Borrower for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Obligor</U>&#148; means, with respect to each Receivable, the purchaser or <FONT
STYLE="white-space:nowrap">co-purchaser</FONT> of the related Financed Vehicle or any other Person who owes or may be liable for payments under such Receivable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Organizational Documents</U>&#148; means (a)&nbsp;with respect to any corporation, its certificate or articles of incorporation or
organization, as amended, and its <FONT STYLE="white-space:nowrap">by-laws,</FONT> as amended, (b)&nbsp;with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended,
(c)&nbsp;with respect to any general partnership, its partnership agreement, as amended, (d)&nbsp;with respect to any limited liability company, its certificate of formation, as amended, and its operating agreement, as amended, and (e)&nbsp;with
respect to any statutory trust, its certificate of trust, as amended, and its trust agreement, as amended. In the event any term or condition of this Agreement or any other Loan Document requires any Organizational Document to be certified by a
secretary of state or similar governmental official, the reference to any such &#147;Organizational Document&#148; shall only be to a document of a type customarily certified by such governmental official. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Origination Date</U>&#148; means for each Receivable, the initial date on which funds were first disbursed by or on behalf of the
applicable Originator to a Dealer or Obligor with respect to the related Contract. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Originator</U>&#148; means, as the context
requires, Parent or any Approved Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Connection Taxes</U>&#148; means, with respect to any Recipient, Taxes imposed as
a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient 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 Loan Document, or sold or assigned an interest in any Loan or Loan Document). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Other Taxes</U>&#148; means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parent</U>&#148; means Nicholas Financial, Inc., a Florida corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Participant Register</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;9.6(h)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Patriot Act</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;4.20</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Payment Letter</U>&#148; means the letter agreement entitled &#147;payment letter&#148;, dated as of the date hereof, among the
Administrative Agent, the Lenders, Parent and the Borrower, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>PBGC</U>&#148; means the Pension Benefit Guaranty Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Pension Plan</U>&#148; means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section&nbsp;412 of the
Internal Revenue Code or Section&nbsp;302 or Title IV of ERISA. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permit</U>&#148; shall mean collectively all licenses, leases, powers, permits,
franchises, certificates, authorizations and approvals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Expenses</U>&#148; means the reasonable costs and expenses
incurred by the Agents and the Lenders (and their respective agents or professional advisors) in connection with the preparation, administration, amendment, due diligence and enforcement of this Agreement and the other Loan Documents and, which
costs and expenses the Borrower shall reimburse to the Administrative Agent or the Lenders (as the case may be) or shall pay or cause to be paid. &#147;Permitted Expenses&#148; shall include the expenses set forth in
<U>Sections</U><U></U><U>&nbsp;5.8</U> and <U>9.2</U> hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Liens</U>&#148; means: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Liens arising in favor of the Collateral Agent under the Loan Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Liens in favor of the Borrower created pursuant to the Receivables Purchase Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Liens imposed by law for Taxes, assessments or other governmental charges payable by the Borrower that are not yet due or
are being contested in compliance with <U>Section</U><U></U><U>&nbsp;5.3</U> or mechanic&#146;s liens in respect of repair work on a Financed Vehicle; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Liens in favor of the Collection Account Bank, the Lockbox Account Bank and the Servicer Account Banks arising under <FONT
STYLE="white-space:nowrap">Section&nbsp;4-210</FONT> of the UCC; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) Liens (including the right of setoff) in favor of the
Collection Account Bank, the Lockbox Account Bank and the Servicer Account Banks arising as a matter of applicable law encumbering deposits; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) other Liens consented to in writing by the Administrative Agent and the Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Permitted Modification</U>&#148; means, with respect to a Receivable, a deferment or other extension of time (not to exceed one
month) for the payment of a Scheduled Receivables Payment from the related Obligor under such Receivable in accordance with the Servicing Policy; <U>provided</U>, <U>however</U>, (i)&nbsp;the accrued finance charge associated with the deferred
Scheduled Receivables Payment has been paid by the Obligor and deposited into the Cash Management System, (ii)&nbsp;the Obligor is no more than 30 days delinquent at the time of the deferment or extension, (iii)&nbsp;the Obligor has executed a
contract modification agreement pursuant to the Servicing Policy, (iv)&nbsp;in the immediately preceding 12 month period, not more than two such deferments or extensions have been granted to such related Obligor and not more than three such
deferments or extensions have been granted to such related Obligor over the term of such Receivable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Person</U>&#148; means and
includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land
trusts, business trusts, statutory trusts, series trusts, or other organizations, whether or not legal entities, and Governmental Authorities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Plan Assets</U>&#148; means the &#147;plan assets&#148; of any &#147;benefit plan investor&#148; within the meaning of 29 C.F.R. <FONT
STYLE="white-space:nowrap">&#167;210.31-101,</FONT> as amended by Section&nbsp;3(42) of ERISA </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prepayment Payment</U>&#148; as
defined in the Payment Letter. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Prime Rate</U>&#148; means the rate of interest quoted in <I>The Wall Street
Journal</I>, Money Rates Section as the Prime Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation&#146;s 30 largest banks), as in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Principal Office</U>&#148; means, for the Administrative Agent, 245 Park Avenue, 42nd&nbsp;Floor, New York, NY 10167 (or such other
location in the United States of America as the Administrative Agent may from time to time designate in writing to the Borrower and the Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Power of Attorney for an Approved Seller regarding the Approved Seller Receivables</U>&#148; means a power of attorney executed by
the Parent with respect to a pool of Approved Seller Receivables in form and substance satisfactory to the Administrative Agent and delivered concurrently with the related Collateral Assignment of the Approved Seller Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Purchase Date</U>&#148; as defined in the Receivables Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivable Database</U>&#148; means the databases, platforms and systems maintained by the Servicer with respect to the Receivables,
which provides, on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">receivable-by-receivable</FONT></FONT> basis, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">up-to-date</FONT></FONT> information regarding all
activities with respect to the Receivables, including but not limited to originations, payments, charge-offs and recoveries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivable File</U>&#148; as defined in the Custodial Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivable Repurchase Event</U>&#148; means any required repurchase of a Receivable pursuant to <U>Section</U><U></U><U>&nbsp;3.2</U>
of the Receivables Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivable Repurchase Price</U>&#148; means, with respect to any Receivable and any date
of determination, the Invested Amount of such Receivable plus accrued but unpaid interest on such Receivable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivables</U>&#148; means each Contract and the obligation of an Obligor and associated right of payment evidenced thereby secured
by a first priority security interest in a Financed Vehicle that was originated or acquired by Parent and sold by Parent to the Borrower pursuant to the Receivable Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Receivables Purchase Agreement</U>&#148; means that certain Receivables Purchase Agreement dated as of the date hereof between
Borrower, as purchaser, and Parent, as seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Recipient</U>&#148; means any Agent or Lender, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Recoveries</U>&#148; means, with respect to any Receivable, all payments (net of any third party collection fees and related legal
fees and expenses) that the Servicer received from or on behalf of the related Obligor after such Receivable became a <FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivable, including Scheduled Receivable Payments and payments under any
applicable guaranty, provided that Recoveries with respect to any Receivable shall not be less than zero. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Register</U>&#148; as
defined in <U>Section</U><U></U><U>&nbsp;2.3(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Regulatory Trigger Event</U>&#148; means (a)&nbsp;the commencement by any
Governmental Authority of any formal inquiry or investigation (which for the avoidance of doubt excludes any routine examination, inquiry or investigation), legal action or proceeding, against any NF Party or any Originator, challenging such
Person&#146;s authority to originate, hold, own, purchase, sell, service, pledge or enforce any Receivable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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with respect to the residents of any jurisdiction, or otherwise alleging any noncompliance by any NF Party or any Originator, with such jurisdiction&#146;s applicable laws related to originating,
holding, owning, purchasing, selling, pledging, servicing or enforcing such Receivable or otherwise related to such Receivable, which inquiry, investigation, legal action or proceeding (i)&nbsp;has not been released or terminated in a manner
acceptable to the Administrative Agent and the Required Lenders in their reasonable discretion within ninety (90)&nbsp;days of the commencement thereof and (ii)&nbsp;could reasonably be expected to have a Material Adverse Effect with respect to any
NF Party or any Originator as determined by the Administrative Agent in its reasonable discretion, or (b)&nbsp;the issuance or entering of any stay, order, judgment, cease and desist order, injunction, temporary restraining order, or other judicial
or <FONT STYLE="white-space:nowrap">non-judicial</FONT> sanction, order or ruling in connection with any inquiry, investigation, legal action or proceeding (governmental, civil or otherwise), against any NF Party or any Originator related in any way
to the originating, holding, owning, purchasing, selling, pledging, servicing or enforcing of any Receivable or rendering the Receivables Purchase Agreement unenforceable in such jurisdiction, the effect of which could reasonably be expected to have
a Material Adverse Effect with respect to any NF Party or any Originator as determined by the Administrative Agent in its reasonable discretion; <U>provided</U>, <U>that</U>, in each case, upon the favorable resolution of such inquiry,
investigation, action or proceeding (whether by judgment, withdrawal or termination of such action or proceeding or settlement of such action or proceeding) as determined by the Administrative Agent in its good faith discretion (acting with the
consent of the Required Lenders) and confirmed by written notice from the Administrative Agent, such Regulatory Trigger Event for such jurisdiction shall cease to exist immediately upon such determination by the Administrative Agent (acting with the
consent of the Required Lenders). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Release Date</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;3.3(b)</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Replacement Lender</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;2.19</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Reporting Date</U>&#148; as defined in the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Class</U><U></U><U>&nbsp;A Lenders</U>&#148; means one or more Class&nbsp;A Lenders having or holding Class&nbsp;A Exposure
and representing more than 50% of the sum of the aggregate Class&nbsp;A Exposure of all Class&nbsp;A Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required
Class</U><U></U><U>&nbsp;B Lenders</U>&#148; means one or more Class&nbsp;B Lenders having or holding Class&nbsp;B Exposure and representing more than 50% of the sum of the aggregate Class&nbsp;B Exposure of all Class&nbsp;B Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Lenders</U>&#148; means the Required Class&nbsp;A Lenders and the Required Class&nbsp;B Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Required Remedies Lenders</U>&#148; means (a)&nbsp;until the Revolving Period has ended and all Class&nbsp;A Loans and all other
Obligations owing to the Class&nbsp;A Lenders have been paid in full in cash, the Required Class&nbsp;A Lenders and (b)&nbsp;thereafter, the Required Class&nbsp;B Lenders. For the avoidance of doubt, the Required Remedies Lenders shall have the sole
right to suspend or terminate any remedial action that the Required Remedies Lenders authorized or directed be commenced. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Loan Commitments</U>&#148; means the Class&nbsp;A Revolving Loan Commitments or the Class&nbsp;B Revolving Loan
Commitments, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Revolving Period</U>&#148; means the period beginning on the Closing Date and ending on the
Scheduled Commitment Termination Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>S&amp;P</U>&#148; means Standard&nbsp;&amp; Poor&#146;s Rating Services, Inc., a
Standard&nbsp;&amp; Poor&#146;s Financial Services, LLC business, and any successor thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Scheduled Commitment Termination
Date</U>&#148; means the earlier to occur of (a)&nbsp;the date that is <FONT STYLE="white-space:nowrap">thirty-six</FONT> (36)&nbsp;months after the Closing Date or such later date as may be agreed to by the Borrower and the Lenders and (b)&nbsp;the
Termination Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Scheduled Receivable Payment</U>&#148; means (a)&nbsp;with respect to a Receivable that has been modified in
accordance with the Servicing Policy, the Obligor&#146;s payment obligation with respect to a specified due date, as reflected in the Receivable Database and (b)&nbsp;the amount indicated in the related Contract as required to be paid by the Obligor
on the specified due date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Party</U>&#148; as defined in the Security Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities</U>&#148; means any stock, shares, partnership interests, limited liability company interests, voting trust certificates,
certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general
any instruments commonly known as &#147;securities&#148; or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the
foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Securities Act</U>&#148; means the Securities Act of 1933, as amended to the date hereof and from time to time
hereafter, and any successor statute. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Security Agreement</U>&#148; means the Security Agreement, dated as of the date hereof,
between the Borrower and the Collateral Agent on behalf of the Secured Parties, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer</U>&#148; means Parent, in its capacity as the initial primary servicer, or upon its appointment pursuant to a Successor
Servicing Agreement, the Successor Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer Account</U>&#148; means each of the accounts described as a &#147;Servicer
Account&#148; in Schedule 2.01(xx) of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer Account Bank</U>&#148; means each of Existing Parent
Payment Account Bank, the Collection Account Bank, Fifth Third Bank and Huntington Bank. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer Account Control
Agreement</U>&#148; means each of the Existing Parent Payment Account Control Agreement and each Account Control Agreement, among Parent and the Collateral Agent, on the one hand, and the Collection Account Bank, Fifth Third Bank and Huntington
Bank, on the other hand, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, related to the Servicer Accounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer Default</U>&#148; as defined in the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Agreement</U>&#148; means the Servicing Agreement, dated as of the date hereof among the Borrower, the Servicer, the
Administrative Agent and the Collateral Agent, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Fee</U>&#148; as defined in the Servicing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicing Policy</U>&#148; means, (i)&nbsp;with respect to the initial Servicer,
the internal servicing policy of Parent attached hereto as <U>Exhibit K</U>, as such policies may be amended, restated, supplemented or otherwise modified from time to time in accordance herewith, or (ii)&nbsp;with respect to any Successor Servicer,
the usual and customary collection policies of such Successor Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Settlement Date</U>&#148; means (a)&nbsp;the fifteenth
(15th)&nbsp;calendar day following the end of each Collection Period, or if such day is not a Business Day, the immediately following Business Day, beginning May&nbsp;15, 2019 and (b)&nbsp;the Final Maturity Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Similar Laws&#148; as defined in Section</U><U></U><U>&nbsp;4.27.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Solvency Certificate</U>&#148; means a Solvency Certificate of an Authorized Officer of each NF Party substantially in the form of
<U>Exhibit</U><U></U><U>&nbsp;F</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Solvent</U>&#148; means, with respect to any Person, that as of the date of determination,
both (a)(i) the sum of such Person&#146;s debt (including contingent liabilities) does not exceed the assets of such entity, at Fair Valuation, (ii)&nbsp;such Person&#146;s capital is not unreasonably small in relation to its business as
contemplated on the Closing Date, and (iii)&nbsp;such Person has not incurred and does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at
maturity or otherwise), and (b)&nbsp;such Person is &#147;solvent&#148; within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any
contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective
of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No.&nbsp;5). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Documents</U>&#148; as defined in the Custodial Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Fields</U>&#148; as defined in the Custodial Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Specified Legal/Regulatory Change</U>&#148; means a legal or regulatory change, other than a Regulatory Trigger Event, the effect of
which would reasonably be expected to have a Material Adverse Effect with respect to any NF Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>State</U>&#148; means any
state of the United States or the District of Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subordinated Indebtedness</U>&#148; means any Indebtedness of Parent or
its Subsidiaries (other than the Borrower) as of such date that is subject to an Intercreditor Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Subsidiary</U>&#148;
means, with respect to any Person, any corporation, partnership, limited liability company, association, joint venture or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled
(without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the
management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; <U>provided</U>, in determining the percentage of ownership
interests of any Person controlled by another Person, no ownership interest in the nature of a &#147;qualifying share&#148; of the former Person shall be deemed to be outstanding. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Successor Servicer</U>&#148; means the Backup Servicer or any other successor to
the Servicer appointed pursuant to a Successor Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Successor Servicing Agreement</U>&#148; means any successor
servicing agreement entered into by the Borrower, the Administrative Agent, the Collateral Agent and the Successor Servicer named therein, in form and substance reasonably acceptable to the Administrative Agent (acting with the consent of the
Required Lenders). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Target Advance Rate</U>&#148; means, during the Amortization Period, the Advance Rate in effect on the last
day of the Revolving Period minus 10 percentage points; <U>provided</U>, <U>however</U>, that at any time that a Tier 1 Collateral Performance Trigger has occurred and is continuing, the &#147;Target Advance Rate&#148; shall be the Target Advance
Rate (determined without giving effect to this proviso) minus 10 percentage points until the <FONT STYLE="white-space:nowrap">non-existence</FONT> of a Tier 1 Collateral Performance Trigger for three consecutive Settlement Dates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Taxes</U>&#148; means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Terminated Lender</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;2.19</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Termination Date</U>&#148; means the earlier to occur of (a)&nbsp;the Final Maturity Date, (b)&nbsp;the occurrence and continuance of
an Event of Default and the declaration of all outstanding Obligations to be due and payable pursuant to <U>Section</U><U></U><U>&nbsp;7.1</U> and (c)&nbsp;the date the Commitments are terminated in full pursuant to
<U>Section</U><U></U><U>&nbsp;2.7</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tier</U><U></U><U>&nbsp;1 Collateral Performance Trigger</U>&#148; means the breach of
any of the collateral performance tests set forth on <U>Appendix E</U> (and identified as Tier 1 Triggers) as of any Reporting Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Tier</U><U></U><U>&nbsp;2 Collateral Performance Trigger</U>&#148; means the breach of any of the collateral performance tests set
forth on <U>Appendix E</U> (and identified as Tier 2 Triggers) as of any Reporting Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Interest Amount</U>&#148; means,
for any period of time, the total amount of interest accrued on all Class&nbsp;A Loans and Class&nbsp;B Loans during such time at the Interest Rate pursuant to <U>Section</U><U></U><U>&nbsp;2.4</U> hereof; it being agreed that the allocation of
interest payments made by the Borrower on the outstanding Loans between the Class&nbsp;A Lenders (with respect to the Class&nbsp;A Interest Amounts) and the Class&nbsp;B Lenders (with respect to the Class&nbsp;B Interest Amounts) is made by the
Administrative Agent dividing between the Class&nbsp;A Lenders and the Class&nbsp;B Lenders the total interest paid by the Borrower at the Interest Rate, or such higher rate as may result from any applicable imposition of the Default Funding Rate
(and shall not be construed to require the Borrower to pay interest on the Loans at an aggregate rate in excess thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;</B><U>Total Invested Amount</U><B>&#148;</B> means, as of any date of determination, the sum of the Invested Amount for all Eligible
Receivables owned by the Borrower as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Utilization of Class</U><U></U><U>&nbsp;B Commitments</U>&#148; means,
as at any date of determination, the aggregate principal amount of all outstanding Class&nbsp;B Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Total Utilization of
Revolving Loan Commitments</U>&#148; means, as at any date of determination, the aggregate principal amount of all outstanding Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Transition Expenses</U>&#148; as defined in the Backup Servicing Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UCC</U>&#148; means the Uniform Commercial Code (or any similar or equivalent
legislation) as in effect in any applicable jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unasserted Obligations</U>&#148; means, at any time, indemnity
obligations under the Loan Documents that are not then due and payable or for which no events or claims that would give rise thereto are pending. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Undrawn Amount</U>&#148; means, on any date of determination during the Revolving Period, (i)&nbsp;the Maximum Committed Amount
<U>minus</U> the (ii)&nbsp;outstanding principal amount of Loans made to Borrower under this Agreement, in each case as of such date of determination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Unused Payment</U>&#148; as defined in the Payment Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>UPB</U>&#148; means, with respect to any Receivable, the unpaid principal balance of such Receivable owed by the related Obligor.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Person</U>&#148; means any Person that is a &#147;United States person&#148; as defined in section 7701(a)(30) of the
Internal Revenue Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>U.S. Tax Compliance Certificate</U>&#148; as defined in <U>Section</U><U></U><U>&nbsp;2.14(f)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Vintage Pool</U>&#148; means a group of three Monthly Pools in a common calendar quarter. For the avoidance of doubt, notwithstanding
Parent&#146;s subsequent repurchase of a Receivable in any Vintage Pool or the Borrower&#146;s subsequent sale for any reason, such Receivable shall remain part of such Vintage Pool. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Vintage Pool Period</U>&#148; means any full calendar quarter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Vintage Pool Seasoning Month</U>&#148; means, for any Monthly Pool, the number of months such Monthly Pool has been outstanding,
starting with the month following the month in which such pool of Receivables was originated (this month shall be designated as month number &#147;1&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Volcker Rule</U>&#148; means the regulations implemented under Section&nbsp;13 of the Bank Holding Company Act of 1956 and published
in 79 Fed. Reg. 21 at 5779-5804 pursuant to Section&nbsp;619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U><FONT
STYLE="white-space:nowrap">Walk-In</FONT> Payments</U>&#148; means payment made by or on behalf of Obligors in respect of the Receivables at branch locations of the Servicer by physical check, money order or Cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2. <U>Accounting Terms</U>. (a)<U>&nbsp;Generally</U>. All accounting terms not specifically or completely defined herein shall be construed
in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from
time to time, applied in a manner consistent with that used in preparing Parent&#146;s audited financial statements, except as otherwise specifically prescribed herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Changes in GAAP</U>. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in
any Loan Document, and any of the Borrower or any Lender shall so request, the Administrative Agent, each Lender and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of
such change in GAAP; <U>provided</U> <U>that</U>, until so amended, (i)&nbsp;such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii)&nbsp;the Borrower shall provide to the Administrative
Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to
such change in GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3. <U>Interpretation, etc</U>. Any of the terms defined herein may, unless the context
otherwise requires, be used in the singular or the plural, depending on the reference. References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless
otherwise specifically provided. The use herein of the word &#147;include&#148; or &#147;including<B>,</B>&#148; when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific
items or matters set forth immediately following such word or to similar items or matters, whether or not limiting language (such as &#147;without limitation&#148; or &#147;but not limited to&#148; or words of similar import) is used with reference
thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereunder&#148; and words of
similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless the context requires otherwise or otherwise specified in any applicable Loan Document,
(a)&nbsp;reference to any Person includes that Person&#146;s successors and assignees, (b)&nbsp;any definition of or reference to any Loan Document, agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements, or modifications set forth herein or therein), and (c)&nbsp;any reference to any law or
regulation herein shall refer to such law or regulation as amended, modified or supplemented from time to time. If in any Loan Document the consent of both the Administrative Agent and the Required Lenders is required and the Administrative Agent is
subject to a reasonable discretion standard for such consent, the Required Lenders also shall be subject to a reasonable discretion standard for such consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 2. <B>LOANS</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1. <U>Revolving
Loans</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Generally</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) During the Revolving Period, subject to the terms and conditions hereof, each Class&nbsp;A Lender agrees from time to time
to make loans to the Borrower on a pro rata basis (each a &#147;<U>Class</U><U></U><U>&nbsp;A Loan</U>&#148; and collectively, the &#147;<U>Class</U><U></U><U>&nbsp;A Loans</U>&#148;) in an aggregate amount up to but not exceeding its Class&nbsp;A
Revolving Loan Commitment. During the Revolving Period, subject to the terms and conditions hereof, each Class&nbsp;B Lender agrees from time to time to make loans to the Borrower on a pro rata basis (each a &#147;<U>Class</U><U></U><U>&nbsp;B
Loan</U>&#148; and collectively, the &#147;<U>Class</U><U></U><U>&nbsp;B Loans</U>&#148;) in an aggregate amount up to but not exceeding its Class&nbsp;B Revolving Loan Commitment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) During the Revolving Period, the remaining Revolving Loan Commitments of the Lenders hereunder on any date shall be equal
to the Commitment Availability. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The Revolving Loan Commitments shall expire on the Scheduled Commitment Termination
Date and no new Loans shall be funded after such date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Subject to <U>Section</U><U></U><U>&nbsp;2.7</U>, amounts
borrowed pursuant to this <U>Section</U><U></U><U>&nbsp;2.1(a)</U> may be repaid and reborrowed during the Revolving Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
<U>Borrowing Mechanics for Loans</U>. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) A Credit Extension made on any Credit Date shall be in a minimum amount
of $200,000. Any Credit Extension on any Credit Date shall be made such that Class&nbsp;A Loans and Class&nbsp;B Loans are funded <I>pro rata</I> based on the amount of the Class&nbsp;A Revolving Loan Commitments and Class&nbsp;B Revolving Loan
Commitments, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Whenever the Borrower desires that the Lenders make Loans, the Borrower shall deliver to
the Administrative Agent a fully executed Funding Notice together with a Borrowing Base Report and Certificate no later than 12:00&nbsp;noon (New York City time) at least three (3)&nbsp;Business Days in advance of the proposed Credit Date. Each such
Funding Notice shall be delivered reflecting sufficient Commitment Availability for the requested Loan. The Administrative Agent shall deliver a copy of any such Funding Notice and Borrowing Base Report and Certificate to the Lenders on the same
Business Day on which the Administrative Agent receives such notice (so long as the Administrative Agent receives such Funding Notice at or before 1:00 p.m. (New York City time)) and no later than noon (New York City time) on the Business Day
following its receipt of such Funding Notice from the Borrower (if the Administrative Agent receives such notice after 1:00 p.m. (New York City time)). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The Lenders shall, upon satisfaction of the conditions precedent specified herein, make the amount of the Loans requested
available to the Borrower not later than 4:00&nbsp;p.m. (New York City time) on the proposed Credit Date by wire transfer of same day funds in Dollars, to an account as may be designated in writing to the Administrative Agent by the Borrower (which
may be an account of Parent). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Unless otherwise permitted by the Lenders in their sole and absolute discretion,
(x)&nbsp;no more than one (1)&nbsp;Credit Extension shall be made per calendar week and (y)&nbsp;in no event shall the Borrower engage in Borrowing Base Actions on more than two (2)&nbsp;Business Days per calendar week. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2. <U>Use of Proceeds</U>. The proceeds of the Loans shall be applied by the Borrower only to finance the acquisition of Receivables from
Parent pursuant to the Receivables Purchase Agreement and to pay reasonable ongoing transaction expenses of the Borrower in accordance with the Loan Documents. No portion of the proceeds of any Credit Extension shall be used in any manner that
causes the application by the Borrower of such proceeds to violate Regulation T or Regulation U of the Board of Governors of the Federal Reserve System, Regulation B, Regulation X or Regulation Z of the CFPB or any other regulation thereof or to
violate the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3. <U>Register; Notes</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Register</U>. The Administrative Agent shall maintain at its Principal Office a register for the recordation of (i)&nbsp;the names and
addresses of the Lenders and (ii)&nbsp;information relating to their respective Revolving Loan Commitments and Loans from time to time (the &#147;<U>Register</U>&#148;). The Register shall be available for inspection by the NF Parties or the Lenders
at any reasonable time and from time to time upon reasonable prior notice to the Administrative Agent. The Administrative Agent shall record in the Register the Loans, and each repayment or prepayment in respect of the principal amount (and stated
interest) of the Loans, and any such recordation shall be conclusive and binding on the Borrower and the Lenders, absent manifest error. The Borrower hereby designates the entity serving as Administrative Agent to serve as the Borrower&#146;s agent
solely for purposes of maintaining the Register as provided in this <U>Section</U><U></U><U>&nbsp;2.3</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Notes</U>. If so
requested in writing by a Lender at any time after the Closing Date, the Borrower shall execute and deliver to such Lender (or, if applicable and if so specified in such request, to any Person who is an assignee of such Lender pursuant to
<U>Section</U><U></U><U>&nbsp;9.6</U>), promptly after the Borrower&#146;s receipt of such notice, a Note or Notes, as so requested, to evidence such Lender&#146;s Loans. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4. <U>Interest on Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as otherwise set forth herein, each Loan shall bear interest daily on the unpaid principal amount thereof from the date made through
repayment (whether by acceleration or otherwise) at a rate per annum equal to the Interest Rate. Each Loan hereunder shall be a LIBOR Rate Loan, except as otherwise set forth in <U>Section</U><U></U><U>&nbsp;2.12</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Interest payable pursuant to <U>Section</U><U></U><U>&nbsp;2.4</U> shall be computed on the basis of a
<FONT STYLE="white-space:nowrap">360-day</FONT> year, in each case for the actual number of days elapsed in the Interest Period during which it accrues. In computing interest on any Loan, the related Credit Date or the first day of an Interest
Period applicable to such Loan shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; <U>provided</U>, that if a Loan is repaid on the same day on which it is
made, one (1)&nbsp;day&#146;s interest shall be paid on that Loan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as otherwise set forth herein, interest on each Loan shall
be payable in arrears on (i)&nbsp;each Settlement Date, (ii)&nbsp;with respect to any prepayment, in whole or in part, of such Loan, the date of such prepayment in an amount equal to the interest accrued and unpaid on the amount so prepaid to the
date of prepayment, and (iii)&nbsp;the Final Maturity Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Total Interest Amount for any period of time shall be allocated as
follows: (i)&nbsp;the Class&nbsp;A Lenders shall be entitled to an amount, as interest, equal to the Class&nbsp;A Interest Amount and (ii)&nbsp;the Class&nbsp;B Lenders shall be entitled to an amount, as interest, equal to the Class&nbsp;B Interest
Amount. The Class&nbsp;A Lenders are not entitled to interest on any Class&nbsp;A Loans in an amount in excess of the Class&nbsp;A Interest Amount and the Class&nbsp;B Lenders are not entitled to interest on any Class&nbsp;B Loans in an amount in
excess of the Class&nbsp;B Interest Amount. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) If any accrued Class&nbsp;A Interest Amount through the last day of any Interest Period is
not paid on any Settlement Date, then such unpaid Class&nbsp;A Interest Amounts (and any interest thereon pursuant to this clause (e)), shall accrue interest until the next Settlement Date at a per annum rate equal to the Class&nbsp;A Adjusted Rate
for the immediately preceding Interest Period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) If any accrued Class&nbsp;B Interest Amount through the last day of any Interest Period
is not paid on any Settlement Date, then such unpaid Class&nbsp;B Interest Amounts (and any interest thereon pursuant to this clause (f)), shall accrue interest until the next Settlement Date at a per annum rate equal to the product of (i) 12 and
(ii)&nbsp;the quotient of (A)&nbsp;the Class&nbsp;B Interest Amount for the immediately preceding Interest Period, and (B)&nbsp;the average daily Total Utilization of Class&nbsp;B Commitments during such Interest Period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5. <U>Default Interest</U>. Upon the occurrence and during the continuance of an Event of Default, the principal amount of all Loans
outstanding and, to the extent permitted by applicable law, any interest payments on the Loans or any fees or other amounts owed hereunder, shall thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code
or other applicable Debtor Relief Laws) payable in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;2.10</U> at a rate that is 2.00% per annum in excess of the Interest Rate (the &#147;<U>Default Funding Rate</U>&#148;) otherwise
payable hereunder with respect to the Loans until no Event of Default is then continuing. Payment or acceptance of the increased rates of interest provided for in this <U>Section</U><U></U><U>&nbsp;2.5</U> is not a permitted alternative to timely
payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of the Administrative Agent or any Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6. <U>Fees</U>. The Borrower agrees to pay the Administrative Agent Fee (other than the
first Administrative Agent Fee) and any Unused Fee in accordance with the Payment Letter on each Settlement Date pursuant to <U>Section</U><U></U><U>&nbsp;2.10</U>. The Borrower agrees, jointly and severally with the Parent pursuant to the Payment
Letter, to pay the Closing Payment and the first Administrative Agent Fee, in each case, in accordance with the terms of the Payment Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7. <U>Voluntary Prepayments; Commitment Reductions</U>. (a)&nbsp;Subject to <U>paragraph (e)</U>&nbsp;below, the Borrower shall not make any
prepayments, in whole or in part (other than pursuant to <U>Section</U><U></U><U>&nbsp;2.10</U> or to cure a Borrowing Base Deficiency pursuant to <U>Section</U><U></U><U>&nbsp;2.17</U>) and the Borrower shall not reduce or terminate the Revolving
Loan Commitments at any time prior to the one (1)&nbsp;year anniversary of the Closing Date. Notwithstanding the foregoing, if the Facility is prepaid, in whole or in part (other than pursuant to <U>Section</U><U></U><U>&nbsp;2.10</U> or to cure a
Borrowing Base Deficiency pursuant to <U>Section</U><U></U><U>&nbsp;2.17</U>), or the Revolving Loan Commitments are reduced or terminated either (i)&nbsp;by the Borrower or its Affiliates or (ii)&nbsp;by the Administrative Agent in accordance with
<U>Section</U><U></U><U>&nbsp;7</U> following an Event of Default caused by an intentional or willful breach of the Credit Agreement or any other Loan Document by any NF Party, prior to the one (1)&nbsp;year anniversary of the Closing Date, the
Borrower shall pay the <FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment to the Lenders on the date of any such prepayment, reduction or termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Subject to <U>paragraph (e)</U>&nbsp;below, the Borrower may make voluntary prepayments or voluntarily terminate the Revolving Loan
Commitments, in whole but not in part, during the period from the one (1)&nbsp;year anniversary of the Closing Date through but not including the two (2)&nbsp;year anniversary of the Closing Date; provided, however, that if the Facility is prepaid
in whole, or the Revolving Loan Commitments are reduced or terminated either (i)&nbsp;by the Borrower or its Affiliates or (ii)&nbsp;by the Administrative Agent in accordance with Section&nbsp;7 following an Event of Default caused by an intentional
or willful breach of the Credit Agreement or any other Loan Document by any NF Party, during such period, the Borrower shall pay the entire amount of Obligations outstanding at such time together with the applicable Prepayment Payment to the Lenders
on the date of any such prepayment or termination. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to <U>paragraph (e)</U>&nbsp;below, the Borrower may make voluntary
prepayments or voluntarily terminate the Revolving Loan Commitments, in whole but not in part, during the period from the two (2)&nbsp;year anniversary of the Closing Date through but not including the date that is thirty (30)&nbsp;calendar months
following the Closing Date; provided, however, that if the Facility is prepaid in whole, or the Revolving Loan Commitments are reduced or terminated either (i)&nbsp;by the Borrower or its Affiliates or (ii)&nbsp;by the Administrative Agent in
accordance with Section&nbsp;7 following an Event of Default caused by an intentional or willful breach of the Credit Agreement or any other Loan Document by any NF Party, during such period, the Borrower shall pay the entire amount of Obligations
outstanding at such time together with the applicable Prepayment Payment to the Lenders on the date of any such prepayment or termination. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) From and after the date that is thirty (30)&nbsp;calendar months following the Closing Date, the Borrower may prepay the Loans or reduce or
terminate the Revolving Loan Commitments, in whole but not in part, at any time upon ten (10)&nbsp;Business Days&#146; prior written notice to the Lenders and the Administrative Agent without the obligation to pay any Prepayment Payment or <FONT
STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) For the avoidance of doubt, the repayment of the Loans pursuant to
<U>Sections</U><U></U><U>&nbsp;2.10 </U>or <U>2.17</U> shall not result in the obligation to pay the Prepayment Payment or the <FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Concurrently with any prepayment pursuant to this <U>Section</U><U></U><U>&nbsp;2.7</U>,
the Borrower shall deliver, or cause to be delivered, to the Administrative Agent a certificate of an Authorized Officer demonstrating the calculation of the amount of such prepayment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Any prepayment pursuant to this <U>Section</U><U></U><U>&nbsp;2.7</U> shall be allocated to the Class&nbsp;A Loans and the Class&nbsp;B
Loans (i)&nbsp;unless an Event of Default has occurred and is continuing, at any time that a Borrowing Base Deficiency exists, (A)&nbsp;first, any amount necessary to reduce the Class&nbsp;A Borrowing Base Deficiency Amount, it any, to zero,
(B)&nbsp;second, any amount necessary to reduce the Class&nbsp;B Borrowing Base Deficiency Amount, if any, to zero and (C)&nbsp;third, <I>pro rata</I> based on the amount of the Class&nbsp;A Revolving Loan Commitments and Class&nbsp;B Revolving Loan
Commitments immediately before such reduction, (ii)&nbsp;unless an Event of Default has occurred and is continuing, at any time no Borrowing Base Deficiency exists, <I>pro rata</I> based on the amount of the Class&nbsp;A Revolving Loan Commitments
and Class&nbsp;B Revolving Loan Commitments immediately before such reduction and (iii)&nbsp;if an Event of Default has occurred and is continuing, first to the Class&nbsp;A Loans until the principal balance of the Class&nbsp;A Loans is reduced to
zero and thereafter to the Class&nbsp;B Loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8. <U>Reserved</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.9. <U>Controlled Accounts</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) On or prior to the date hereof, the Borrower shall cause to be established and maintained a trust account at the Collection Account Bank,
in the name of the Borrower, designated as the Collection Account, as to which the Collateral Agent has control for the benefit of the Secured Parties within the meaning of Sections <FONT STYLE="white-space:nowrap">8-106(d)</FONT> <FONT
STYLE="white-space:nowrap">and&nbsp;9-104(a)(2),</FONT> as applicable, of the UCC pursuant to the Control Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) On or prior to
the forty-fifth day (unless the Administrative Agent, in its sole discretion, extends such period at the request of the Borrower) following the Closing Date, the Borrower shall cause to be established and maintained a deposit account at the Lockbox
Account Bank, in the name of the Borrower, designated as the Lockbox Account, as to which the Collateral Agent has control for the benefit of the Secured Parties within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;9-104(a)(2)</FONT>
of the UCC pursuant to the Lockbox Control Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) All income from amounts on deposit in the Collection Account shall be retained
in the Collection Account, until the next Settlement Date, at which time such income shall be applied by the Collection Account Bank, at the direction of the Collateral Agent in accordance with <U>Section</U><U></U><U>&nbsp;2.10</U>. The Borrower
shall treat all income from amounts on deposit in the Collection Account as its income for U.S.&nbsp;federal, state and local income tax purposes. All amounts on deposit in (i)&nbsp;the Lockbox Account and the Existing Parent Payment Account shall
be transferred to the Collection Account on the same Business Day they are deposited in the Lockbox Account and the Existing Parent Payment Account, as applicable and (ii)&nbsp;the Servicer Accounts shall be transferred to the Collection Account on
the next Business Day they are deposited in the Servicer Accounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Subject to the Facility Availability and to the conditions set
forth in <U>Section</U><U></U><U>&nbsp;2.10(d)</U> and <U>Section</U><U></U><U>&nbsp;3.3</U>, the Borrower, in accordance with <U>Section</U><U></U><U>&nbsp;2.10(d)</U>, may use amounts on deposit in the Collection Account to purchase additional
Receivables. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.10. <U>Application of Collections</U>. (a)&nbsp;During the Revolving Period, so long as no Event of Default has occurred
and is continuing, the Collateral Agent shall instruct the Collection Account Bank in writing on or before the Business Day prior to each Settlement Date to apply Collections on deposit in the Collection Account with respect to the related
Collection Period on such Settlement Date (after giving effect to any withdrawals in accordance with <U>Section</U><U></U><U>&nbsp;2.10(d)</U>) based on the Monthly Servicing Report as confirmed by the Collateral Agent as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) to the Servicer, any accrued and unpaid Servicing Fees due under the
Servicing Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) on a <I>pari</I><I></I><I>&nbsp;passu</I> basis, (A)&nbsp;(x) to the Collection Account Bank,
the Collection Account Bank Fees, reimbursable expenses and indemnification amounts of the Collection Account Bank and (y)&nbsp;to the Lockbox Account Bank, the Lockbox Account Bank Fees, reimbursable expenses and indemnification amounts of the
Lockbox Account Bank, in each case, accrued and unpaid as of the last day of the related Collection Period, provided that the reimbursable expenses and indemnification amounts distributed to the Collection Account Bank and Lockbox Account Bank
pursuant to this clause (ii)&nbsp;shall not exceed $100,000 in the aggregate in any calendar year, (B)&nbsp;to the Backup Servicer, the Backup Servicing Fees, reimbursable expenses (including any Transition Expenses) and indemnification amounts of
the Backup Servicer accrued and unpaid as of the last day of the related Collection Period, provided that the reimbursable expenses (excluding any Transition Expenses) and indemnification amounts distributed to the Backup Servicer pursuant to this
clause (ii)&nbsp;shall not exceed $100,000 in any calendar year and with respect to Transition Expenses shall not exceed $250,000 in the aggregate, (C)&nbsp;to the Custodian, the Custodian Fee, reimbursable expenses and indemnification amounts of
the Custodian accrued and unpaid as of the last day of the related Collection Period, provided that the reimbursable expenses and indemnification amounts distributed to the Custodian pursuant to this clause (ii)&nbsp;shall not exceed $100,000 in any
calendar year, and (D)&nbsp;to the Administrative Agent, any accrued but unpaid fees and expenses and indemnification amounts of the Administrative Agent and the Collateral Agent in connection with this Agreement and any other Loan Document
(including the Administrative Agent Fee), provided that the expenses and indemnification amounts distributed to the Administrative Agent and the Collateral Agent pursuant to this clause (ii)&nbsp;shall not exceed $100,000 in any calendar year; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) to the Class&nbsp;A Lenders, to pay any accrued but unpaid Class&nbsp;A Interest Amounts and payments owing to the
Class&nbsp;A Lenders in connection with this Agreement and any other Loan Document (including any amount of the Closing Payment, Increase Payment, Unused Payment, Prepayment Payment and <FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole
Payment payable or allocable to the Class&nbsp;A Lenders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) to the Class&nbsp;B Lenders, to pay any accrued but unpaid
Class&nbsp;B Interest Amounts and payments owing to the Class&nbsp;B Lenders in connection with this Agreement and any other Loan Document (including any amount of the Closing Payment, Increase Payment, Unused Payment, Prepayment Payment and <FONT
STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment payable or allocable to the Class&nbsp;B Lenders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) to
the Class&nbsp;A Lenders based on their Class&nbsp;A Pro Rata Shares at the direction of the Administrative Agent, to pay in reduction of the Class&nbsp;A Loans, any amounts necessary to reduce the Class&nbsp;A Borrowing Base Deficiency Amount, if
any, to zero; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) to the Class&nbsp;B Lenders based on their Class&nbsp;B Pro Rata Shares at the direction of the
Administrative Agent, to pay in reduction of the Class&nbsp;B Loans, any amounts necessary to reduce the Class&nbsp;B Borrowing Base Deficiency Amount, if any, to zero; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) on a <I>pari</I><I></I><I>&nbsp;passu</I> basis to the extent not paid
pursuant to clause (ii)&nbsp;above, (A)&nbsp;to the Collection Account Bank, reimbursable expenses and indemnification amounts of the Collection Account Bank accrued and unpaid as of the last day of the related Collection Period, (B)&nbsp;to the
Backup Servicer, reimbursable expenses (including any Transition Expenses) and indemnification amounts of the Backup Servicer accrued and unpaid as of the last day of the related Collection Period (C)&nbsp;to the Custodian, reimbursable expenses and
indemnification amounts of the Custodian accrued and unpaid as of the last day of the related Collection Period, and (D)&nbsp;to the Administrative Agent, any accrued but unpaid fees and expenses and indemnification amounts of the Administrative
Agent and the Collateral Agent in connection with this Agreement and any other Loan Document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) to the Class&nbsp;A
Lenders (based on their related Class&nbsp;A Exposures), to pay any other Obligations then due and owing to the Class&nbsp;A Lenders or Class&nbsp;A Indemnitees; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) to the Class&nbsp;B Lenders (based on their related Class&nbsp;B Exposures), to pay any other Obligations then due and
owing to the Class&nbsp;B Lenders or Class&nbsp;B Indemnitees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) on a <I>pari</I><I></I><I>&nbsp;passu</I> basis, to the
holders of any other Obligations then due and payable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) to the Borrower, for its own account, any remaining
amount. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) During the Amortization Period, so long as no Event of Default has occurred and is continuing, the Collateral Agent shall
instruct the Collection Account Bank in writing on or before the Business Day prior to each Settlement Date to apply all Collections on deposit in the Collection Account with respect to the related Collection Period on such Settlement Date based on
the Monthly Servicing Report as confirmed by the Collateral Agent as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) to the Servicer, any accrued and unpaid
Servicing Fees due under the Servicing Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) on a <I>pari</I><I></I><I>&nbsp;passu</I> basis, (A)&nbsp;(x) to
the Collection Account Bank, the Collection Account Bank Fees, reimbursable expenses and indemnification amounts of the Collection Account Bank and (y)&nbsp;to the Lockbox Account Bank, the Lockbox Account Bank Fees, reimbursable expenses and
indemnification amounts of the Lockbox Account Bank, in each case, accrued and unpaid as of the last day of the related Collection Period, provided that the reimbursable expenses and indemnification amounts distributed to the Collection Account Bank
and Lockbox Account Bank pursuant to this clause (ii)&nbsp;shall not exceed $100,000 in the aggregate in any calendar year, (B)&nbsp;to the Backup Servicer, the Backup Servicing Fees, reimbursable expenses (including any Transition Expenses) and
indemnification amounts of the Backup Servicer accrued and unpaid as of the last day of the related Collection Period, provided that the reimbursable expenses (excluding any Transition Expenses) and indemnification amounts distributed to the Backup
Servicer pursuant to this clause (ii)&nbsp;shall not exceed $100,000 in any calendar year and with respect to Transition Expenses shall not exceed $250,000 in the aggregate, (C)&nbsp;to the Custodian, the Custodian Fee, reimbursable expenses and
indemnification amounts of the Custodian accrued and unpaid as of the last day of the related Collection Period, provided that the reimbursable expenses and indemnification amounts distributed to the Custodian pursuant to this clause (ii)&nbsp;shall
not exceed $100,000 in any calendar year, and (D)&nbsp;to the Administrative Agent, any accrued but unpaid fees and expenses and indemnification amounts of the Administrative Agent and the Collateral Agent in connection with this Agreement and any
other Loan Document (including the Administrative Agent Fee), provided that the expenses and indemnification amounts distributed to the Administrative Agent and the Collateral Agent pursuant to this clause (ii)&nbsp;shall not exceed $100,000 in any
calendar year; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) to the Class&nbsp;A Lenders, to pay any accrued but unpaid
Class&nbsp;A Interest Amounts and payments owing to the Class&nbsp;A Lenders in connection with this Agreement and any other Loan Document (including any amount of the Closing Payment, Increase Payment, Unused Payment, Prepayment Payment and <FONT
STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment payable or allocable to the Class&nbsp;A Lenders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) to
the Class&nbsp;B Lenders, to pay any accrued but unpaid Class&nbsp;B Interest Amounts and payments owing to the Class&nbsp;B Lenders in connection with this Agreement and any other Loan Document (including any amount of the Closing Payment, Increase
Payment, Unused Payment, Prepayment Payment and <FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment payable or allocable to the Class&nbsp;B Lenders); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) to the Class&nbsp;A Lenders based on their Class&nbsp;A Pro Rata Shares at the direction of the Administrative Agent, to
pay in reduction of the Class&nbsp;A Loans, any amounts necessary to reduce the Class&nbsp;A Borrowing Base Deficiency Amount, if any, to zero; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) to the Class&nbsp;B Lenders based on their Class&nbsp;B Pro Rata Shares at the direction of the Administrative Agent, to
pay in reduction of the Class&nbsp;B Loans, any amounts necessary to reduce the Class&nbsp;B Borrowing Base Deficiency Amount, if any, to zero; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) to the Lenders, 50% of all Collections remaining after application of <U>clauses (i)</U>&nbsp;through <U>(vi)</U> above
to reduce the outstanding principal amount of the Loans (which amounts shall be allocated to the Class&nbsp;A Loans and the Class&nbsp;B Loans <I>pro rata</I> based on the amount of the Class&nbsp;A Revolving Loan Commitments and Class&nbsp;B
Revolving Loan Commitments (and thereafter allocated to each Class&nbsp;A Lender or Class&nbsp;B Lender, as applicable, based on their related Class&nbsp;A Pro Rata Shares or Class&nbsp;B Pro Rata Shares, as applicable)) until the Effective Advance
Rate equals the Target Advance Rate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) with respect to (A)&nbsp;the Settlement Date occurring on the Final Maturity
Date and (B)&nbsp;each Settlement Date occurring on or after the first date on which the aggregate principal amount of the Loans outstanding has been reduced to an amount equal to or less than 10% of the Maximum Committed Amount, to the Lenders, all
remaining amounts until the outstanding principal amount of the Loans and Obligations has been reduced to zero (which amounts shall be allocated to the Class&nbsp;A Loans and the Class&nbsp;B Loans <I>pro rata</I> based on the amount of the
Class&nbsp;A Revolving Loan Commitments and Class&nbsp;B Revolving Loan Commitments (and thereafter allocated to each Class&nbsp;A Lender or Class&nbsp;B Lender, as applicable, based on their related Class&nbsp;A Pro Rata Shares or Class&nbsp;B Pro
Rata Shares, as applicable)); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) on a <I>pari</I><I></I><I>&nbsp;passu</I> basis to the extent not paid pursuant to
clause (ii)&nbsp;above, (A)&nbsp;to the Collection Account Bank, reimbursable expenses and indemnification amounts of the Collection Account Bank accrued and unpaid as of the last day of the related Collection Period, (B)&nbsp;to the Backup
Servicer, reimbursable expenses (including any Transition Expenses) and indemnification amounts of the Backup Servicer accrued and unpaid as of the last day of the related Collection Period, (C)&nbsp;to the Custodian, reimbursable expenses and
indemnification amounts of the Custodian accrued and unpaid as of the last day of the related Collection Period, and (D)&nbsp;to the Administrative Agent, any accrued but unpaid fees and expenses and indemnification amounts of the Administrative
Agent and the Collateral Agent in connection with this Agreement and any other Loan Document; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) to the Class&nbsp;A
Lenders (based on their related Class&nbsp;A Exposures), to pay any other Obligations then due and owing to the Class&nbsp;A Lenders or Class&nbsp;A Indemnitees; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xi) to the Class&nbsp;B Lenders (based on their related Class&nbsp;B
Exposures), to pay any other Obligations then due and owing to the Class&nbsp;B Lenders or Class&nbsp;B Indemnitees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xii)
on a <I>pari</I><I></I><I>&nbsp;passu</I> basis, to the holders of any other Obligations then due and payable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(xiii)
to the Borrower, for its own account, any remaining amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Following the occurrence and during the continuance of an Event of
Default, the Collateral Agent shall instruct the Collection Account Bank in writing on or before the Business Day prior to each Settlement Date to apply all Collections on deposit in the Collection Account with respect to the related Collection
Period on such Settlement Date based on the Monthly Servicing Report as confirmed by the Collateral Agent as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)
to the Servicer, any accrued and unpaid Servicing Fees due under the Servicing Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) on a
<I>pari</I><I></I><I>&nbsp;passu</I> basis, (A)&nbsp;(x) to the Collection Account Bank, the Collection Account Bank Fees, reimbursable expenses and indemnification amounts of the Collection Account Bank and (y)&nbsp;to the Lockbox Account Bank, the
Lockbox Account Bank Fees, reimbursable expenses and indemnification amounts of the Lockbox Account Bank, in each case, accrued and unpaid as of the last day of the related Collection Period, (B)&nbsp;to the Backup Servicer, the Backup Servicing
Fees, reimbursable expenses (including any Transition Expenses) and indemnification amounts of the Backup Servicer accrued and unpaid as of the last day of the related Collection Period, (C)&nbsp;to the Custodian, the Custodian Fee, reimbursable
expenses and indemnification amounts of the Custodian accrued and unpaid as of the last day of the related Collection Period, and (D)&nbsp;to the Administrative Agent, any accrued but unpaid fees and expenses and indemnification amounts of the
Administrative Agent and the Collateral Agent in connection with this Agreement and any other Loan Document (including the Administrative Agent Fee); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) to the Class&nbsp;A Lenders, to pay any accrued but unpaid Class&nbsp;A Interest Amounts and payments owing to the
Class&nbsp;A Lenders in connection with this Agreement and any other Loan Document (including any amount of the Closing Payment, Increase Payment, Unused Payment, Prepayment Payment and <FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole
Payment payable or allocable to the Class&nbsp;A Lenders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) to the Class&nbsp;A Lenders, all remaining amounts until
the outstanding principal amount of the Class&nbsp;A Loans is reduced to zero; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) to the Class&nbsp;B Lenders, to pay any
accrued but unpaid Class&nbsp;B Interest Amounts and payments owing to the Class&nbsp;B Lenders in connection with this Agreement and any other Loan Document (including any amount of the Closing Payment, Increase Payment, Unused Payment, Prepayment
Payment and <FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment payable or allocable to the Class&nbsp;B Lenders); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) to the Class&nbsp;B Lenders, all remaining amounts until the outstanding principal amount of the Class&nbsp;B Loans is
reduced to zero; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) to the Class&nbsp;A Lenders (based on their related Class&nbsp;A Exposures), to pay any other
Obligations then due and owing to the Class&nbsp;A Lenders or Class&nbsp;A Indemnitees; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) to the Class&nbsp;B Lenders (based on their related Class&nbsp;B
Exposures), to pay any other Obligations then due and owing to the Class&nbsp;B Lenders or Class&nbsp;B Indemnitees; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix)
on a <I>pari</I><I></I><I>&nbsp;passu</I> basis, to the holders of any other Obligations then due and payable; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) to
the Borrower, for its own account, any remaining amount. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(d) In addition, during the Revolving Period, so long as (x)&nbsp;the Facility
Availability is greater than zero and (y)&nbsp;no Event of Default has occurred and is continuing, the Borrower may request and the Collateral Agent shall instruct the Collection Account Bank to release funds from the Collection Account to the
Borrower in an amount up to the Facility Availability to be used by Borrower to purchase additional Eligible Receivables in accordance with this <U>Section</U><U></U><U>&nbsp;2.10(d)</U> and subject to the conditions set forth in
<U>Section</U><U></U><U>&nbsp;3.3</U>. The Collateral Agent shall, upon satisfaction of the conditions precedent specified in <U>Section</U><U></U><U>&nbsp;3.3,</U> direct the Collection Account Bank to release funds in the Collection Account in the
amount specified in the related Funds Release Request (not to exceed the Facility Availability), to the Borrower not later than 4:00&nbsp;p.m. (New York City time) on the Release Date by wire transfer of same day funds in Dollars, to such account as
may be designated in writing to the Administrative Agent by the Borrower. Unless otherwise permitted by the Administrative Agent in its sole and absolute discretion (acting with the consent of the Required Lenders), (x)&nbsp;no more than one
(1)&nbsp;such request for funds shall be made per calendar week and (y)&nbsp;in no event shall the Borrower engage in Borrowing Base Actions on more than two (2)&nbsp;Business Days per calendar week. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Borrower may request (and the Collateral Agent shall instruct the Collection Account Bank) to withdraw funds from the Collection
Account to pay to the Person entitled thereto any amounts credited thereto constituting Excluded Amounts if the Borrower has, prior to such withdrawal and consent, delivered to the Administrative Agent a certificate setting forth the calculation of
such Excluded Amounts in form and substance reasonably satisfactory to the Administrative Agent (acting with the consent of the Required Lenders), which certificate shall include a brief description of the facts and circumstances supporting such
request and designate a date for the payment of such reimbursement, which date shall not be earlier than three (3)&nbsp;Business Days following delivery of such certificate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.11. <U>General Provisions Regarding Payments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) All payments by the Borrower of principal, interest, fees and other Obligations shall be made in Dollars in immediately available funds,
without defense, recoupment, setoff or counterclaim (except as otherwise provided in <U>Section</U><U></U><U>&nbsp;2.14</U>), free of any restriction or condition, and delivered to the Administrative Agent, the Collateral Agent or the applicable
Lender at such account as is directed by such Agent or Lender, not later than 12:00 noon (New York City time) on the date due via wire transfer of immediately available funds. Funds received by an Agent or a Lender after that time on such due date
shall be deemed to have been paid by the Borrower on the next Business Day. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) For the avoidance of doubt (i)&nbsp;all payments of
principal on the Class&nbsp;A Loans shall be applied to the applicable Class&nbsp;A Loans, pro&nbsp;rata based on Class&nbsp;A Exposure, in reduction of the outstanding principal amount thereof, (ii)&nbsp;all payments of principal on the
Class&nbsp;B Loans shall be applied to the applicable Class&nbsp;B Loans, pro&nbsp;rata based on Class&nbsp;B Exposure, in reduction of the outstanding principal amount thereof, (iii)&nbsp;unless an Event of Default has occurred and is continuing,
except as otherwise expressly contemplated by Section&nbsp;2.10(a)(v), 2.10(a)(vi), 2.10(b)(v) and 2.10(b)(vi), all payments of principal on the Loans shall be applied to the Class&nbsp;A Loans and the Class&nbsp;B Loans pro rata based on the
outstanding principal amount thereof, (iv)&nbsp;if an Event of Default has occurred and is continuing, all payments of principal on the Loans shall be applied to the Class&nbsp;A Loans first until the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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principal balance thereof is reduced to zero and then to the Class&nbsp;B Loans, (v)&nbsp;any <FONT STYLE="white-space:nowrap">Lock-Out</FONT> Make-Whole Payment and/or Prepayment Payment paid by
the Borrower shall be distributed to the Lenders in accordance with the terms hereof, and (vi)&nbsp;any Unused Payment paid by the Borrower shall be distributed to the Lenders, pro&nbsp;rata, in accordance with the Undrawn Amount with respect to
each such Lender&#146;s applicable Class&nbsp;A Revolving Loan Commitment or Class&nbsp;B Revolving Loan Commitment, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
All payments in respect of the principal amount of any Loan shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Notwithstanding the foregoing provisions hereof, if any Affected Lender makes Base Rate Loans in lieu of any LIBOR Rate Loans, the Borrower
shall give effect thereto in apportioning payments made thereafter. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Whenever any payment to be made hereunder shall be stated to be
due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The Borrower hereby authorizes the Administrative Agent to charge the Borrower&#146;s accounts with the Administrative Agent or any of the
Administrative Agent&#146;s Affiliates in order to cause timely payment to be made to the Administrative Agent of all principal, interest, fees and expenses due hereunder (subject to sufficient funds being available in its accounts for that
purpose). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The Administrative Agent and each Lender, as applicable, shall give prompt telephonic notice to the Borrower, the
Administrative Agent and the Lenders, as applicable, (confirmed in writing) if any payment is not made in conformity with this <U>Section</U><U></U><U>&nbsp;2.11</U>. Interest shall continue to accrue on any principal as to which a <FONT
STYLE="white-space:nowrap">non-conforming</FONT> payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the Interest Rate or the
Default Funding Rate, as applicable, from the date such amount was due and payable until the date such amount is paid in full. Notwithstanding anything to the contrary in this Agreement, if Borrower timely authorizes a payment to a Lender in
accordance with <U>Section</U><U></U><U>&nbsp;2.11(a)</U>, and the Administrative Agent fails to timely instruct the Collection Account Bank to distribute such payment to the Lenders, Borrower shall not be responsible for interest that may otherwise
have accrued over such period of delay. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.12. <U>Making LIBOR Rate Loans</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Inability to Determine Applicable Interest Rate</U>. In the event that the Administrative Agent (with the consent of the Required
Lenders) shall have reasonably determined in good faith (which determination shall be final and conclusive and binding upon all parties hereto but shall be made only after consultation with the Borrower), on any Interest Rate Reset Date with respect
to any LIBOR Rate Loans, that by reason of circumstances affecting the London interbank market adequate and fair means do not exist for ascertaining the interest rate applicable to such LIBOR Rate Loans on the basis provided for in the definition of
Adjusted LIBOR Rate (&#147;<U>LIBOR Unavailability</U>&#148;), the Administrative Agent shall on such date give notice (by telefacsimile or email or by telephone confirmed in writing) to the Borrower and the Lenders of such determination, whereupon
(i)&nbsp;no Loans may be made as LIBOR Rate Loans until such time as the Administrative Agent (with the consent of the Required Lenders) notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,
(ii)&nbsp;all then-existing Loans shall convert automatically to Base Rate Loans at the end of the then-applicable Interest Period if such circumstances still exist at such time, (iii)&nbsp;the Borrower shall have the right to rescind any Funding
Notice previously given by the Borrower with respect to the Loans in respect of which such determination was made by giving notice (by telefacsimile or email or by telephone </P>
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confirmed in writing) to the Administrative Agent (which notice the Administrative Agent shall promptly transmit to each other Lender) of such rescission on the date on which the Administrative
Agent gives notice of its determination as described above and (iv)&nbsp;any Loans made during such period shall be made as Base Rate Loans. At such time as the Administrative Agent (with the consent of the Required Lenders) shall notify the
Borrower and the Lenders that any period of LIBOR Unavailability has ended, on the first day of the Interest Period next following such determination, all Base Rate Loans carried by the Lenders as a consequence of this
<U>Section</U><U></U><U>&nbsp;2.12(a)</U> shall automatically convert to LIBOR Rate Loans having an initial Interest Period commencing on the first day of such Interest Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Illegality or Impracticability of LIBOR Rate Loans</U>. In the event that on any date any Lender shall have reasonably determined in
good faith (which determination shall be final and conclusive and binding upon all parties hereto but shall be made only after consultation with the Borrower and the Administrative Agent) that the making or maintaining of its LIBOR Rate Loans has
become (i)&nbsp;unlawful after the date hereof as a result of compliance by such Lender in good faith with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any such treaty, governmental rule, regulation,
guideline or order not having the force of law even though the failure to comply therewith would not be unlawful), or (ii)&nbsp;impracticable, as a result of contingencies occurring after the date hereof which materially and adversely affect the
London interbank market or the position of such Lender in that market, then, and in any such event, such Lender shall be an &#147;<U>Affected Lender</U>&#148; and it shall on that day give notice (by telefacsimile or email or by telephone confirmed
in writing) to the Borrower and the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each other Lender). Thereafter (i)&nbsp;the obligation of the Affected Lender to make Loans as LIBOR
Rate Loans shall be suspended until such notice shall be withdrawn by the Affected Lender at such time as the circumstances giving rise to such notice no longer exist, (ii)&nbsp;to the extent such determination by the Affected Lender relates to a
Loan then being requested by the Borrower pursuant to a Funding Notice or any other Loan thereafter, the Affected Lender shall make such Loan as a Base Rate Loan, (iii)&nbsp;the Affected Lender&#146;s obligation to maintain its outstanding LIBOR
Rate Loans (the &#147;<U>Affected Loans</U>&#148;) shall be terminated at the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law and (iv)&nbsp;the Affected Loans shall
automatically convert into Base Rate Loans on the date of such termination. Notwithstanding the foregoing, to the extent a determination by an Affected Lender as described above relates to a Loan then being requested by the Borrower pursuant to a
Funding Notice, the Borrower shall have the option to rescind such Funding Notice by giving notice (by telefacsimile or by telephone confirmed in writing) to the Administrative Agent of such rescission on the date on which the Affected Lender gives
notice of its determination as described above. Except as provided in the immediately preceding sentence, nothing in this <U>Section</U><U></U><U>&nbsp;2.12(b)</U> shall affect the obligation of any Lender (if there is more than one Lender hereunder
at such time) other than an Affected Lender to make Loans in accordance with the terms hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Compensation for Breakage or <FONT
STYLE="white-space:nowrap">Non-Commencement</FONT> of Interest Periods</U>. The Borrower shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting such amounts), for all reasonable
losses, expenses and liabilities (including any interest paid or calculated to be due and payable by such Lender to lenders of funds borrowed by it to make or carry its LIBOR Rate Loans and any loss, expense or liability sustained by such Lender in
connection with the liquidation or <FONT STYLE="white-space:nowrap">re-employment</FONT> of such funds but excluding loss of anticipated profits) which such Lender actually sustains: (i)&nbsp;if for any reason (other than a default by such Lender) a
borrowing of any LIBOR Rate Loan does not occur on a date specified therefor in a Funding Notice, (ii)&nbsp;if any prepayment or other principal payment of any of its LIBOR Rate Loans occurs on any day other than a Settlement Date (whether
voluntary, mandatory, automatic, by reason of acceleration, or otherwise) or on the Final Maturity Date, or (iii)&nbsp;if any prepayment of any of its LIBOR Rate Loans is not made on any date specified in a notice of prepayment given by the
Borrower. Notwithstanding the foregoing, the Borrower shall not be responsible to the Lenders for any losses, expenses or liabilities pursuant to this <U>Section</U><U></U><U>&nbsp;2.12(c)</U> resulting from payments made to the Lenders under
<U>Section</U><U></U><U>&nbsp;2.10</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Booking of LIBOR Rate Loans</U>. A Lender may make, carry or transfer LIBOR Rate
Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.13. <U>Increased Costs;
Capital Adequacy</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Compensation for Increased Costs</U>. In the event that any Lender shall have reasonably determined in good
faith (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any Change in Law: (i)&nbsp;subjects such Lender to any additional Tax (other than any Indemnified Tax, Taxes described in
clauses (b)&nbsp;through (d) of the definition of Excluded Tax and Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto, (ii)&nbsp;imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC insurance or similar requirement against assets held by, or
deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender (other than any such reserve or other requirements), or (iii)&nbsp;imposes
any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its applicable lending office) or its obligations hereunder or the London interbank market; and the result of any of the foregoing is to increase the cost
to such Lender of agreeing to make, making or maintaining the Loans hereunder or to reduce any amount received or receivable by such Lender (or its applicable lending office) with respect thereto; then, in any such case, the Borrower shall pay to
such Lender within fifteen (15)&nbsp;Business Days of receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as
such Lender in its sole discretion shall determine) as may be reasonably necessary to compensate such Lender for any such increased cost or reduction in amounts received or receivable hereunder. Such Lender shall deliver to the Borrower (with a copy
to the Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this <U>Section</U><U></U><U>&nbsp;2.13(a)</U>, which statement shall be conclusive and
binding upon all parties hereto absent manifest error. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Capital Adequacy Adjustment</U>. In the event that any Lender shall have
determined that any Change in Law affecting such Lender regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the capital of such Lender or any corporation controlling such Lender as a consequence
of, or with reference to, such Lender&#146;s Loans or Revolving Loan Commitments or participations therein or other obligations hereunder with respect to the Loans to a level below that which such Lender or such controlling corporation could have
achieved but for such Change in Law (taking into consideration the policies of such Lender or such controlling corporation with regard to capital adequacy), then from time to time, within fifteen (15)&nbsp;Business Days after receipt by the Borrower
from such Lender of the statement referred to in the next sentence, the Borrower shall pay to such Lender such additional amount or amounts as shall reasonably compensate such Lender or such controlling corporation on an <FONT
STYLE="white-space:nowrap">after-tax</FONT> basis for such reduction. Such Lender shall deliver to the Borrower (with a copy to the Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the
additional amounts owed to such Lender under this <U>Section</U><U></U><U>&nbsp;2.13(b)</U>, which statement shall be conclusive and binding upon all parties hereto absent manifest error. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Delay in Requests</U>. Failure or delay on the part of any Lender to demand
compensation pursuant to this <U>Section</U><U></U><U>&nbsp;2.13</U> shall not constitute a waiver of such Lender&#146;s right to demand such compensation; <U>provided</U> that the Borrower shall not be required to compensate a Lender pursuant to
this <U>Section</U><U></U><U>&nbsp;2.13</U> for any increased costs incurred or reductions suffered more than 180&nbsp;days prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions, and of such Lender&#146;s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the <FONT STYLE="white-space:nowrap">180-day</FONT> period
referred to above shall be extended to include the period of retroactive effect thereof). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.14. <U>Taxes; Withholding; Payments Free of
Taxes</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Payments Without Deduction or Withholding</U>. Any and all payments by or on account of any obligation of a NF Party
under any Loan Document shall be made free and clear of and without deduction or withholding for any Taxes; <U>provided</U> that if any applicable law requires the deduction or withholding of any Tax by a NF Party from any such payment, then such NF
Party shall be entitled to make such deduction and timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law and, if any withheld or deducted Tax is an Indemnified Tax, then the sum payable shall be
increased as necessary (with such increase to be paid by the Borrower and, if not so paid, shall be subject to any applicable guaranty of any NF Party) so that after making all such deductions and withholdings (including such deductions and
withholdings applicable to additional sums payable under this <U>Section</U><U></U><U>&nbsp;2.14</U>) the applicable Recipient receives an amount equal to the sum it would have received had no such deductions or withholdings of Indemnified Taxes
been made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Payment of Other Taxes</U>. Borrower shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
<U>Indemnification</U>. Without duplication of any amounts payable pursuant to <U>clause</U><U></U><U>&nbsp;(a) or (b)</U>, Borrower shall indemnify the Administrative Agent and any Lender pursuant to this <U>Section</U><U></U><U>&nbsp;2.14</U>
within ten (10)&nbsp;days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this <U>Section</U><U></U><U>&nbsp;2.14</U>) payable or paid
by or required to be withheld or deducted from a payment to the Administrative Agent or such Lender and any reasonable expenses arising therefrom or with respect thereto whether or not such Indemnified Taxes were correct, or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender, setting forth in reasonable detail the basis and calculation of such amounts, shall be conclusive absent manifest errors. In addition, the Borrower shall indemnify the Administrative Agent or such Lender within ten (10)&nbsp;days
after demand therefor, for any incremental Taxes that may become payable by the Administrative Agent or such Lender as a result of any failure of any NF Party to pay any Taxes when due to the appropriate Governmental Authority or to deliver to the
Administrative Agent, pursuant to <U>clause</U><U></U><U>&nbsp;(e)</U>, documentation evidencing the payment of Taxes. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Indemnification by the Lenders</U>. Each Lender shall severally indemnify the Administrative Agent, within&nbsp;ten (10)&nbsp;days after demand therefor, for (i)&nbsp;any Indemnified Taxes attributable to such Lender (but only to the extent that
the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii)&nbsp;any Taxes attributable to such Lender&#146;s failure to comply with the provisions
of <U>Section</U><U></U><U>&nbsp;9.6(h)</U> relating to the maintenance of a Participant Register and (iii)&nbsp;any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with
any Loan 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 Governmental Authority. 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. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any
Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph&nbsp;(d). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Evidence of Payments</U>. As soon as practicable after any payment of Taxes by any NF
Party to a Governmental Authority pursuant to this <U>Section</U><U></U><U>&nbsp;2.14</U>, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Status of Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) If a Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document, such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, a Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or
information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
<U>Sections</U><U></U><U>&nbsp;2.14(f)(ii)(A)</U>, <U>2.14(f)(ii)(B)(I)</U> through <U>(IV)</U>&nbsp;and <U>2.14(f)(ii)(C)</U> below) shall not be required if in such Lender&#146;s judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) Without limiting the generality of the foregoing, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(A) any Lender that is a U.S.&nbsp;Person and the Administrative Agent shall deliver to the Borrower and the Administrative
Agent (in the case of a Lender) on or about the date on which such Person becomes a party under this Agreement (and from time to time thereafter upon the request of the Borrower or the Administrative Agent), executed originals of IRS Forms <FONT
STYLE="white-space:nowrap">W-9</FONT> certifying that such Lender or the Administrative Agent, as applicable, is not subject to U.S.&nbsp;federal backup withholding tax; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B) any <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender shall, to the extent it is legally entitled to do so, deliver
to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender becomes a Lender under this Agreement (and,
to the extent it is legally entitled to do so, from time to time thereafter upon the request of the Borrower or the Administrative Agent), whichever of the following is applicable: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(I) in the case of a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender claiming the benefits of an income tax treaty to
which the United States is a party (x)&nbsp;with respect to payments of interest under any Loan Document, executed originals of IRS Forms <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Forms <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> establishing an exemption from, or reduction of, U.S.&nbsp;federal withholding Tax pursuant to the &#147;interest&#148; article of such tax treaty and (y)&nbsp;with respect to any other applicable
payments under any Loan Document, IRS Forms <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Forms <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> establishing an exemption from, or reduction of,
U.S.&nbsp;federal withholding Tax pursuant to the &#147;business profits&#148; or &#147;other income&#148; article of such tax treaty; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(II) executed originals of IRS Forms
<FONT STYLE="white-space:nowrap">W-8ECI;</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(III) in the case of a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
Lender claiming the benefits of the exemption for portfolio interest under Section&nbsp;881(c) of the Internal Revenue Code, (x)&nbsp;a certificate to the effect that such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender is not a
&#147;bank&#148; within the meaning of Section&nbsp;881(c)(3)(A) of the Internal Revenue Code, a &#147;10&nbsp;percent shareholder&#148; of the Borrower within the meaning of Section&nbsp;881(c)(3)(B) of the Internal Revenue Code, or a
&#147;controlled foreign corporation&#148; described in Section&nbsp;881(c)(3)(C) of the Internal Revenue Code (a &#147;<U>U.S. Tax Compliance Certificate</U>&#148;) and (y)&nbsp;executed originals of IRS Forms
<FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Forms <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E;</FONT></FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(IV) to the extent a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender is not the beneficial owner, executed originals of
IRS Forms <FONT STYLE="white-space:nowrap">W-8IMY,</FONT> accompanied by IRS Forms <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> IRS Forms <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or IRS Forms <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">W-8BEN-E,</FONT></FONT> U.S.&nbsp;Tax Compliance Certificate, IRS Forms <FONT STYLE="white-space:nowrap">W-9,</FONT> and/or other certification documents from each beneficial owner, as applicable; <U>provided</U> that if
the <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender is a partnership (and not a participating Lender) and one or more beneficial owners of such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender are claiming the portfolio interest
exemption, such <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender may provide a U.S.&nbsp;Tax Compliance Certificate on behalf of each such beneficial owner; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(V) to the extent legally entitled to do so, executed originals of any other form prescribed by applicable law as a basis for
claiming exemption from or a reduction in U.S.&nbsp;federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the
withholding or deduction required to be made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(C) If a payment made to a Lender under any Loan Document would be subject
to U.S.&nbsp;federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b) or 1472(b) of the Internal Revenue Code, as
applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by
applicable law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender&#146;s obligations under FATCA or to determine the amount to deduct and withhold from such payment under FATCA, if any.
Solely for purposes of this clause&nbsp;(C), &#147;FATCA&#148; shall include any amendments made to FATCA after the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it
shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Treatment of Certain Refunds</U>. 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</U><U></U><U>&nbsp;2.14</U> (including additional amounts pursuant to this <U>Section</U><U></U><U>&nbsp;2.14</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 <U>Section</U><U></U><U>&nbsp;2.14</U> with respect to the Taxes giving rise to such refund), net of all <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority 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 <U>Section</U><U></U><U>&nbsp;2.14(g)</U> (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;2.14(g)</U>, in
no event shall the indemnified party be required to pay any amount to an indemnifying party pursuant to this <U>Section</U><U></U><U>&nbsp;2.14(g)</U> the payment of which would place the indemnified party in a less favorable net <FONT
STYLE="white-space:nowrap">after-Tax</FONT> 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="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Survival</U>. Each party&#146;s obligations under this
<U>Section</U><U></U><U>&nbsp;2.14</U> shall survive any assignment of rights by, or the replacement of, a Lender, the termination of the Facility and the repayment, satisfaction or discharge of all obligations under any Loan Document. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.15. <U>Obligation to Mitigate</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Lender agrees that, as promptly as practicable after an officer of such Lender responsible for administering its Loans becomes aware
of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under <U>Sections</U><U></U><U>&nbsp;2.12</U>, <U>2.13</U> or <U>2.14</U>,
it shall, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use commercially reasonable efforts to (a)&nbsp;make, issue, fund or maintain its Credit Extensions, including
any Affected Loans, through a Lender Affiliate (or a different lending office), or (b)&nbsp;take such other measures as such Lender may, in its sole discretion, deem appropriate if, as a result thereof, the circumstances which would cause such
Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to <U>Sections</U><U></U><U>&nbsp;2.12</U>, <U>2.13</U> or <U>2.14</U> would be materially reduced
and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of its Revolving Loan Commitments or Loans through such Lender Affiliate (or a different lending office), or in accordance with such other
measures, as the case may be, would not otherwise adversely affect its Revolving Loan Commitments or Loans or the interests of the Borrower or the applicable Lender; <U>provided</U>, no Lender shall be obligated to utilize a Lender Affiliate,
pursuant to this <U>Section</U><U></U><U>&nbsp;2.14</U> unless the Borrower agrees to pay all reasonable, documented, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> incremental expenses incurred by such
Lender as a result of utilizing such Lender Affiliate as described above. A certificate as to the amount of any such expenses payable by the Borrower pursuant to this <U>Section</U><U></U><U>&nbsp;2.14</U> (setting forth in reasonable detail the
basis for requesting such amount) submitted by the applicable Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive absent manifest error. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the Administrative Agent or any Lender determines, in its sole discretion, that it has received a refund of any Taxes as to which it has
been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to <U>Section</U><U></U><U>&nbsp;2.14</U>, it shall pay the Borrower pursuant to <U>Section</U><U></U><U>&nbsp;2.14(g)</U>; <U>provided</U>
that the Borrower, upon the request of the Administrative Agent or </P>
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a Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such
Lender in the event the Administrative Agent or such Lender is required to repay such refund to such governmental authority. This subsection shall not be construed to require the Administrative Agent or each Lender to make available its tax returns
(or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.16. <U>Determination
of Borrowing Base</U>. The Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Report and Certificate delivered to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.17. <U>Cure of Borrowing Base Deficiency</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) With respect to any Borrowing Base Deficiency attributable solely to the reduction of the Advance Rate as a result of the occurrence of a
Tier 1 Collateral Performance Trigger, the Borrower may, within thirty (30)&nbsp;days of the date on which the Advance Rate was reduced, pledge additional Eligible Receivables to the Collateral Agent or prepay the Loans in an aggregate amount up to
the amount necessary to cure such Borrowing Base Deficiency (and, pending the expiration of such thirty (30)&nbsp;day period, the existence of such Borrowing Base Deficiency shall not constitute a Default or Event of Default; provided, however,
that, so long as such Borrowing Base Deficiency exists, the obligation of the Lenders to make further advances under the Loans is automatically suspended). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) With respect to any Borrowing Base Deficiency not described in clause (a)&nbsp;above, the Borrower shall pledge additional Eligible
Receivables to the Collateral Agent and/or prepay the Loans in an aggregate amount up to the amount necessary to cure such Borrowing Base Deficiency. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Any prepayment pursuant to this <U>Section</U><U></U><U>&nbsp;2.17</U> shall be allocated to the Class&nbsp;A Loans and the Class&nbsp;B
Loans (i)&nbsp;unless an Event of Default has occurred and is continuing, (A)&nbsp;first, any amount necessary to reduce the Class&nbsp;A Borrowing Base Deficiency Amount, if any, to zero, (B)&nbsp;second, any amount necessary to reduce the
Class&nbsp;B Borrowing Base Deficiency Amount, if any, to zero and (C)&nbsp;third, <I>pro rata</I> based on the amount of the Class&nbsp;A Revolving Loan Commitments and Class&nbsp;B Revolving Loan Commitments immediately before such reduction (and
thereafter allocated to each Class&nbsp;A Lender or Class&nbsp;B Lender, as applicable, based on their related Class&nbsp;A Pro Rata Share or Class&nbsp;B Pro Rata Share, as applicable), and (ii)&nbsp;if an Event of Default has occurred and is
continuing, first to the Class&nbsp;A Loans until the principal balance of the Class&nbsp;A Loans is reduced to zero and thereafter to the Class&nbsp;B Loans. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.18. <U>Increases</U>. The Administrative Agent shall give the Borrower written notice of any successful syndication (as determined by the
Administrative Agent) of the Class&nbsp;A Exposure and Class&nbsp;A Loan. At any time after the Undrawn Amount has been reduced to $50,000,000 or less and prior to the Scheduled Commitment Termination Date, the Borrower may request, in writing
delivered to the Administrative Agent, an increase in the Maximum Committed Amount, in increments of $25,000,000. Any such increase to the Maximum Committed Amount shall be made at the sole and absolute discretion of the Administrative Agent (which
consent may, for the avoidance of doubt, be conditioned upon the effectiveness of an amendment or modification to one or more of the Loan Documents), subject to, among other things, no Event of Default, no Borrowing Base Deficiency and no
Tier&nbsp;1 Collateral Performance Trigger or Tier&nbsp;2 Collateral Performance Trigger existing under the Facility. Any such increase shall be apportioned among the Classes <I>pro rata</I>, based on the ratio of Class&nbsp;A Revolving Loan
Commitments and Class&nbsp;B Revolving Loan Commitments. Each existing Lender (if any) shall have the right to provide its share of such increase, based on its Class&nbsp;A Pro Rata Share or Class&nbsp;B Pro Rata Share, as applicable, within ten
(10)&nbsp;Business Days of the Borrower&#146;s increase election pursuant to this <U>Section</U><U></U><U>&nbsp;2.18</U> (each such </P>
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consenting Lender, a &#147;<U>Class</U><U></U><U>&nbsp;A Increasing Lender</U>&#148; or &#147;<U>Class</U><U></U><U>&nbsp;B Increasing Lender</U>&#148;, as applicable, and collectively the
&#147;<U>Increasing Lenders</U>&#148;) before any other Persons may participate in any such increase. If one or more existing Lenders forego the opportunity to increase its Revolving Loan Commitment, the Increasing Lenders in such existing
Lender&#146;s Class&nbsp;may opt to increase their Revolving Loan Commitment by more than their proportional share of the increase (which proportional share is determined consistent with the immediately prior sentence) within five (5)&nbsp;Business
Days of being notified of an existing Lender&#146;s decision not to fund the increase. If the existing Lenders collectively fail to commit to fund the full amount of such increase, within the time allotted, the Borrower may arrange for any such
increase to be provided by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an &#147;<U>Augmenting Lender</U>&#148;); <U>provided</U> that each Augmenting Lender shall be
subject to the approval of the Administrative Agent in its sole discretion. No consent of any Lender (other than any Lender participating in the increase) shall be required for any increase in Revolving Loan Commitments pursuant to this Section.
Increased and new Revolving Loan Commitments pursuant to this <U>Section</U><U></U><U>&nbsp;2.18</U> shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, as
applicable, pursuant to a joinder agreement (each, a &#147;<U>Joinder Agreement</U>&#148;) in form and substance reasonably satisfactory to the Borrower, the Administrative Agent and such Increasing Lender or Augmenting Lender, as applicable,
whereby each such Increasing Lender or Augmenting Lender, as applicable, assumes the rights and obligations of a Lender hereunder. Each Joinder Agreement shall also set forth any other applicable terms of the Revolving Loan Commitments being
provided thereby, including the Advance Rate (which shall be identical among all Lenders), other than pricing terms described in a Payment Letter. The Administrative Agent shall notify each Lender of each increase in Revolving Loan Commitments made
pursuant to this <U>Section</U><U></U><U>&nbsp;2.18</U>. Notwithstanding the foregoing, no increase in the Revolving Loan Commitments (or in the Revolving Loan Commitments of any Lender) shall become effective under this paragraph if on the proposed
date of the effectiveness of such increase, an Event of Default has occurred and is continuing. On the effective date of any increase in the Revolving Loan Commitments, each relevant Increasing Lender and Augmenting Lender shall make available to
the Administrative Agent such amounts in immediately available funds as the Administrative Agent determines, for the benefit of the other Lenders, as being required to cause, after giving effect to such increase and paying such amounts to such other
Lenders, each Lender&#146;s portion of the outstanding Class&nbsp;A Loans and Class&nbsp;B Loans to equal its Class&nbsp;A Pro Rata Share or Class&nbsp;B Pro Rata Share, as applicable of such outstanding Class&nbsp;A Loans and Class&nbsp;B Loans,
respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.19. <U>Removal or Replacement of a Lender</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Anything contained herein to the contrary notwithstanding, in the event that: in connection with any proposed amendment, modification,
termination, waiver or consent with respect to any of the provisions hereof, the consent of the Administrative Agent and Required Lenders shall have been obtained but the consent of one or more of such other Lenders that are not Affiliates of the
Administrative Agent (each a <FONT STYLE="white-space:nowrap">&#147;Non-Consenting</FONT> Lender&#148;) whose consent is required shall not have been obtained; then, with respect to each such <FONT STYLE="white-space:nowrap">Non-Consenting</FONT>
Lender (the &#147;Terminated Lender&#148;), the Borrower may, by giving written notice to each Terminated Lender of its election to do so, elect to cause each Terminated Lender (and each Terminated Lender hereby irrevocably agrees) to assign its
outstanding Loans and its Revolving Loan Commitments, if any, in full to one or more assignees eligible under Section&nbsp;9.6 identified by the Borrower (each a &#147;Replacement Lender&#148;) in accordance with the provisions of Section&nbsp;9.6;
provided, (1)&nbsp;on the date of such assignment, the Replacement Lender shall pay to each Terminated Lender an amount equal to the sum of (A)&nbsp;an amount equal to the principal of, and all accrued interest on, all outstanding Loans of such
Terminated Lender and (B)&nbsp;an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Lender pursuant to Section&nbsp;2.6; (2) on the date of such assignment, the Borrower shall pay any amounts payable to such
Terminated Lender pursuant to Section&nbsp;2.13 and/or Section&nbsp;2.14 and any other amounts due to such Terminated Lender; and </P>
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(3) in the event such Terminated Lender is a <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter
in respect of which such Terminated Lender was a <FONT STYLE="white-space:nowrap">Non-Consenting</FONT> Lender. Upon the prepayment of all amounts owing to a Terminated Lender and the termination of such Terminated Lender&#146;s Revolving Loan
Commitments, such Terminated Lender shall no longer constitute a &#147;Lender&#148; for purposes hereof; provided, any rights of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Option to Purchase Obligations from Defaulting Lenders</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The parties agree that if any Lender is a Defaulting Lender, then the
<FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Lenders shall have the right, but not the obligation, by giving a written notice (a &#147;<U>Defaulting Lender <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice</U>&#148;) to the
Administrative Agent (with copies to the other Lenders), for the benefit of such Defaulting Lenders, to acquire from such Defaulting Lender all (but not less than all) of the right, title and interest of the Obligations held by such Defaulting
Lender and the Revolving Loan Commitments related thereto. Each Lender that delivers a Defaulting Lender <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice is referred to herein as an &#147;<U>Electing
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender</U>&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) If any Electing <FONT
STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender that delivers any Defaulting Lender <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice is not a member of the same Class&nbsp;as the applicable Defaulting Lender, such Electing <FONT
STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender may not acquire the Obligations from such Defaulting Lender pursuant to this <U>Section</U><U></U><U>&nbsp;2.19(b)</U> if the Administrative Agent receives a different Defaulting Lender <FONT
STYLE="white-space:nowrap">Buy-Out</FONT> Notice from any member of the same Class&nbsp;as the Defaulting Lender on or before the fifth (5th) Business Day after the Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender of the other
Class&nbsp;delivers its Defaulting Lender <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice. In such case, only the applicable Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders that are members of the same Class&nbsp;as
the Defaulting Lender may purchase such Defaulting Lender&#146;s Obligations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) In the event all <FONT
STYLE="white-space:nowrap">non-Defaulting</FONT> Lenders that are members of the same Class&nbsp;as the Defaulting Lender are Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders, each such Electing
<FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender shall be entitled to purchase an amount of the Obligations of such Defaulting Lender equal to the product of (A)&nbsp;the aggregate amount of all outstanding Obligations of such
Defaulting Lender and (B)&nbsp;such Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender&#146;s ratable share of all Loans of such Class. In the event less than all <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Lenders
that are members of the same Class&nbsp;as the Defaulting Lender are Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders, the Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders that are members of the same
Class&nbsp;as the Defaulting Lender shall be entitled to purchase the Obligations held by such Defaulting Lender in accordance with the proportion of the Obligations held by each such Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT>
Lender bears to the Loans of such Class&nbsp;held by all such Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders (or such amount as is agreed by all such Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) If a <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Lender acquires any or all of the Obligations held by an
assigned Defaulting Lender pursuant to this <U>Section</U><U></U><U>&nbsp;2.19(b)</U>, such <FONT STYLE="white-space:nowrap">non-Defaulting</FONT> Lender shall not be deemed to assume any of the liability or obligations of such Defaulting Lender
related to the circumstances pursuant to which such Defaulting Lender became a Defaulting Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) Any such purchase of
a Defaulting Lender&#146;s Obligations shall occur ten (10)&nbsp;Business Days of the date of the delivery of the first Defaulting Lender <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice with respect to the applicable Defaulting Lender and
shall be for all (but not less than all) of the right, title and interest of such Defaulting Lender in and to the Obligations held by such Defaulting Lender by paying to the Defaulting Lender in cash a purchase price equal to 100% of the
</P>
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outstanding balance with respect to such Defaulting Lender&#146;s Loans, including principal and accrued and unpaid Class&nbsp;A Interest Amounts (excluding any portion of the Class&nbsp;A
Interest Amount attributable to any increase in the Class&nbsp;A Adjusted Rate due to the occurrence of an Event of Default) or Class&nbsp;B Interest Amounts (excluding any portion of the Class&nbsp;B Interest Amount attributable to any increase in
the Interest Rate due to the occurrence of an Event of Default), as applicable, related thereto. A Defaulting Lender <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice may be revoked at any time. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) In connection with any such purchase and sale, on the effective date thereof, the applicable Defaulting Lender and each
Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lender shall execute and deliver an Assignment Agreement (a copy of which shall be substantially contemporaneously delivered to the Borrower), pursuant to which the applicable
Defaulting Lender shall assign to the applicable Electing <FONT STYLE="white-space:nowrap">Non-Defaulting</FONT> Lenders, the applicable amount of such Defaulting Lender&#146;s Obligations and the Revolving Loan Commitments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) Anything in this Agreement to the contrary notwithstanding, each party hereto agrees that each assignee Lender may assign
and delegate to any one or more of its Affiliates or Approved Funds any of the rights and obligations acquired by such Lender as a result of its exercise of its rights pursuant to this Section&nbsp;2.19(b). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) The assigning Defaulting Lender shall pay all costs and expenses (including reasonable expenses of legal counsel) in
connection with any assignment pursuant to this Section&nbsp;2.19(b). Such costs and expenses may be netted from any purchase price paid to the assigning Defaulting Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Restrictions on Class</U><U></U><U>&nbsp;B Lenders</U>. Notwithstanding anything to the contrary herein, (i)&nbsp;the Class&nbsp;B
Loans may only be held by either (a)&nbsp;a Person that is not a flow-through entity (or disregarded entity thereof) or (b)&nbsp;a Person that is a flow-through entity (or disregarded entity thereof), provided, however, that either (1)&nbsp;more
than 50% of the value of its ownership interest in the flow-through entity is not attributable to the flow-through entity&#146;s interest in such Class&nbsp;B Loans or (2)&nbsp;a principal purpose of the use of the flow-through entity is not to
enable compliance with the safe harbor under U.S. Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.7704-1(h);</FONT> (ii) no Class&nbsp;B Loans (or beneficial interests therein) shall be marketed on or through an &#147;established
securities market&#148; within the meaning of Section&nbsp;7704(b) of the Internal Revenue Code, including an interdealer quotation system that regularly disseminates firm buy or sell quotations; (iii)&nbsp;there shall be no more than 80 beneficial
owners of the Class&nbsp;B Loans (or beneficial interests therein), including participating interests, derivatives or other financial instruments or contracts the value of which is determined by reference in whole or in part to any Class&nbsp;B
Loans (or beneficial interest therein), taking into account the rules of U.S. Treasury Regulation <FONT STYLE="white-space:nowrap">Section&nbsp;1.7704-1(h)(3)</FONT> (relating to interests held by certain flow-through entities); and
(iv)&nbsp;Class&nbsp;B Loans shall not be registered or required to be registered under the Securities Act of 1933. Each Class&nbsp;B Lender represents and warrants that it shall comply with the preceding sentence, and agrees to provide any
information reasonably requested by the Borrower in connection with making this determination. A &#147;flow-through entity&#148; for this purpose means, under U.S. federal income tax law, a grantor trust, S corporation, or partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.20. <U>Intention of Parties</U>. It is the intention of the parties that the Loans be characterized as indebtedness for federal income tax
purposes.&nbsp;The terms of the Loans shall be interpreted to further this intention and neither the Lenders nor Borrower shall take an inconsistent position on any federal, state or local tax return. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 3. <B>CONDITIONS PRECEDENT</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1. <U>Closing Date</U>. The obligation of the Lenders to make the initial Loans hereunder is subject to the satisfaction, or waiver in
accordance with <U>Section</U><U></U><U>&nbsp;9.5</U>, of the following conditions on or before the Closing Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Loan
Documents</U>. The Administrative Agent shall have received copies of each Loan Document executed (in originals with respect to the Loan Documents) and delivered by each of the parties thereto, and the original, executed membership interests of the
Borrower representing 100% of all outstanding membership interests of the Borrower, along with executed assignments in blank with respect thereto. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Organizational Documents; Incumbency</U>. The Administrative Agent shall have received copies of (i)&nbsp;each Organizational Document
executed and delivered by each NF Party, and, to the extent applicable, certified as of a recent date by the appropriate governmental official, (ii)&nbsp;signature and incumbency certificates of the officers of each NF Party, (iii)&nbsp;resolutions
of the board of directors, board of managers, managing member or similar governing body of each NF Party approving and authorizing the execution, delivery and performance of this Agreement (if a party hereto) and the other Loan Documents to which it
is a party, as applicable, or by which it or its assets may be bound as of the Closing Date, certified as of the Closing Date by its secretary or an assistant secretary or its director of operations or another officer acceptable to the
Administrative Agent (acting with the consent of the Required Lenders) as being in full force and effect without modification or amendment, and (iv)&nbsp;a good standing certificate from the applicable Governmental Authority of each NF Party&#146;s
jurisdiction of incorporation, organization or formation, each dated a recent date prior to the Closing Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Due Organization and
Good Standing</U>. Each NF Party shall be duly organized and in good standing in the jurisdiction of its organization and qualified to do business in any other jurisdiction where it conducts its business other than in jurisdictions where the failure
to be so qualified has not had, and could not be reasonably expected to have, a Material Adverse Effect with respect to any NF Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Governmental Authorizations and Consents</U>. Each NF Party shall have obtained all authorizations from each applicable Governmental Authority and all consents of other Persons, in each case that are necessary or advisable in connection with the
transactions contemplated by the Loan Documents to which it is a party and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to the Administrative Agent (acting with the consent of the Required
Lenders). All applicable waiting periods shall have expired without any action being taken or threatened by any Governmental Authority which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Loan
Documents and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and the time for any applicable agency to take action to set aside its consent on its own
motion shall have expired. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Collateral</U>. In order to create in favor of the Collateral Agent, for the benefit of Secured Parties,
a valid, perfected first priority Lien in the Collateral (subject only to Permitted Liens), the Collateral Agent shall have received: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) evidence satisfactory to the Administrative Agent (acting with the consent of the Required Lenders) of the compliance by
the NF Parties with their obligations under the Collateral Documents (including their obligations to authorize or execute, as the case may be, and deliver UCC financing statements, originals of securities, instruments and chattel paper and any
agreements governing deposit accounts as provided therein); </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the results of a recent search of all effective UCC financing
statements (or equivalent filings) made with respect to any personal property of Parent in Florida, the Borrower in Delaware, Holding in Washington, DC, together with copies of all such filings disclosed by such search, which shall be provided by
the NF Parties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) UCC termination statements (or similar documents) duly approved by all applicable Persons for filing
in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements (or equivalent filings) disclosed in such searches with respect to the Collateral (other than any UCC financing statement filed in connection
with the transactions contemplated under the Loan Documents); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) evidence that each NF Party and Originator shall have
taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument and made or caused to be made any other filing and recording (other than as set forth herein)
reasonably required by the Collateral Agent or the Administrative Agent; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) evidence that any Indebtedness (other
than the Obligations) secured by the Collateral has been paid in full or that the Collateral has been released from any Liens with respect to such Indebtedness, including an executed payoff letter, in form and substance reasonably satisfactory to
the Administrative Agent, from Bank of America, N.A. regarding the release of Bank of America, N.A.&#146;s security interest on certain Collateral. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Financial Statements; Forecasts</U>. The Administrative Agent shall have received from the NF Parties (i)&nbsp;any historical financial
information regarding the NF Parties requested by the Administrative Agent, (ii)&nbsp;any financial projections, origination projections, and cash uses and sources reports with respect to the NF Parties requested by the Administrative Agent, and
(iii)&nbsp;any other financial information regarding the NF Parties as the Administrative Agent may reasonably request. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Opinions of
Counsel to NF Parties</U>. The Administrative Agent shall have received originally executed copies of the favorable written opinions of Dechert LLP, counsel for the NF Parties (or, with respect to Florida law, Hill Ward Henderson), as to
(i)&nbsp;corporate and enforceability matters, (ii)&nbsp;the creation and perfection of the security interests in favor of the Collateral Agent in the Collateral under the Collateral Documents (including the equity interests under the Equity Pledge
Agreement) and the creation of the security interests against Parent in favor of the Borrower in the Receivables under the Receivables Purchase Agreement, (iii)&nbsp;true sale of the Receivables from Parent to the Borrower and <FONT
STYLE="white-space:nowrap">non-consolidation</FONT> of the Borrower with Parent on the other hand, (iv)&nbsp;certificate of title opinions with respect to Florida and Ohio law, and (v)&nbsp;such other matters as the Administrative Agent may
reasonably request, dated as of the Closing Date and otherwise in form and substance reasonably satisfactory to the Administrative Agent and its counsel. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Payments and Expenses</U>. The Borrower shall have paid the fees payable on the Closing Date referred to in the Payment Letter and all
outstanding Permitted Expenses shall have been paid by the Borrower or reimbursed to the Agents and Lenders, as applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)
<U>Solvency Certificates</U>. On the Closing Date, the Administrative Agent shall have received Solvency Certificates from each NF Party dated as of the Closing Date and addressed to the Administrative Agent, attesting that before and after giving
effect to the consummation of the initial Credit Extension, such NF Party is Solvent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">52 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Closing Date Certificates</U>. Each NF Party shall have delivered to the
Administrative Agent an executed Closing Date Certificate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) <U>No Litigation</U>. There shall not exist any action, suit,
investigation, litigation or proceeding or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority with respect to any of the NF Parties, any of the Key Employees or the
transactions contemplated by the Loan Documents, that would reasonably be expected to have a Material Adverse Effect on any of the NF Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) <U>No Closing Date Material Adverse Change</U>. No Closing Date Material Adverse Change shall have occurred. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) <U>Service of Process</U>. On the Closing Date, the Administrative Agent shall have received evidence that each NF Party has appointed CT
Corporation as its agent for the purpose of service of process and such agent shall agree in writing to give the applicable Person notice of any resignation of such service agent or other termination of the agency relationship. Upon receipt by the
applicable Person of any notice of resignation from CT Corporation, such Person shall promptly notify the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n)
<U>Evidence of Insurance</U>. The Collateral Agent shall have received certificates from the Servicer&#146;s insurance broker, or other evidence reasonably satisfactory to it that all insurance required to be maintained under the Servicing Agreement
is in full force and effect, and the Administrative Agent shall have completed its review of the insurance coverage for the Servicer and the results of such review shall be satisfactory to the Administrative Agent (acting with the consent of the
Required Lenders). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) <U>Documentary Stamp Tax</U>. The Borrower shall have paid, or caused to be paid, any stamp or documentary taxes
incurred in connection with the execution of the Loan Documents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) <U>Reserved</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) <U>Access to Servicing Systems</U>. The Servicer shall have provided the Administrative Agent with remote, read-only <FONT
STYLE="white-space:nowrap">on-line</FONT> access to the Servicer Accounts, the Existing Parent Payment Account, the Lockbox Account and the Collection Account acceptable to the Administrative Agent in its reasonable discretion (acting with the
consent of the Required Lenders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) <U>Cash Management and Reporting Systems</U>. The Administrative Agent shall be satisfied, in its
reasonable discretion (acting with the consent of the Required Lenders), with each of the Borrower&#146;s, the Servicer&#146;s and Parent&#146;s cash management systems and each of the Borrower&#146;s, the Servicer&#146;s, Parent&#146;s and the
Backup Servicer&#146;s operating and reporting procedures and systems, and the Borrower shall have executed account control agreements and acknowledgements satisfactory to the Administrative Agent and the Required Lenders in their reasonable
discretion; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) <U>Diligence</U>. The Administrative Agent and the Lenders shall have completed their due diligence review of the
financial, business, operations (including the Servicing Policy, the Dealer Qualification Policies and the Credit Policies), assets (including the Receivables), liabilities, corporate, capital, legal and management structure (including receipt of
satisfactory background checks on principals of any NF Party) and contractual obligations of the NF Parties, which review shall have provided the Administrative Agent and the Lenders with results and information which, in the judgment of the
Administrative Agent and the Lenders, are satisfactory to permit the Administrative Agent and each Lender to enter into the financing transactions contemplated hereby; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) <U>Independent Manager</U>. On the Closing Date, the Administrative Agent shall have
received evidence satisfactory to it that the Borrower has appointed an Independent Manager who is acceptable to it in its reasonable discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2. <U>Conditions to Each Credit Extension</U>. The obligation of the Lenders to make any Loan, on any Credit Date during the Revolving
Period, including the Closing Date, is subject to the satisfaction, or waiver in accordance with <U>Section</U><U></U><U>&nbsp;9.5</U>, of the following conditions precedent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) each Loan Document shall be in full force and effect, shall include terms and provisions reasonably satisfactory to the Administrative
Agent (acting with the consent of the Required Lenders) (<U>provided</U> that the terms and provisions set forth in the Loan Documents as of the Closing Date shall be deemed satisfactory to the Administrative Agent) and no provision thereof shall
have been amended, restated, supplemented, modified or waived in any respect determined by the Administrative Agent to be material, in each case, without the consent of the Administrative Agent (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Administrative Agent shall have received a fully executed Funding Notice signed by an Authorized Officer of the Borrower, together with
a Borrowing Base Report and Certificate no later than 12:00&nbsp;noon (New York City time) three (3)&nbsp;Business Days prior to such Credit Date, evidencing sufficient Commitment Availability with respect to the requested Loan together with an
updated schedule of Receivables including the Receivables to be pledged in connection with the Loan, such schedule to (A)&nbsp;be in an electronic file format reasonably satisfactory to the Administrative Agent (acting with the consent of the
Required Lenders) and (B)&nbsp;set forth the information required to be provided under the Custodial Agreement (including, without limitation, and with respect to each Receivable, (i)&nbsp;the account number, (ii)&nbsp;the Obligor name,
(iii)&nbsp;the UPB and (iv)&nbsp;the Invested Amount) and any other information reasonably requested by the Administrative Agent with respect to such Credit Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) as of such Credit Date, the representations and warranties made with respect to the applicable NF Parties contained herein and in the other
Loan Documents to which it is a party shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) as of such Credit Date, after giving effect to such Loan, no event shall have occurred and be continuing or would result from the
consummation of the applicable Credit Extension that would constitute an Event of Default or a Default; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) as of such Credit Date, the
Collateral Agent shall have received a fully executed Assignment; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) the Administrative Agent (acting with the consent of the Required
Lenders) shall have approved all adverse changes made to the Credit Policies, the Dealer Qualification Policies and the Servicing Policy in accordance with the terms set forth herein; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) in accordance with the terms of the Custodial Agreement, the Borrower shall have
delivered, or caused to be delivered, to the Custodian, the related Receivable Files, and the Administrative Agent shall have received a Collateral Receipt (including confirmation of Specified Fields) from the Custodian, which Collateral Receipt is
acceptable to the Administrative Agent and the Required Lenders in their sole discretion; provided however, that with respect to the Receivables sold to the Borrower on the Closing Date, the Administrative Agent shall have received a Collateral
Receipt from the Custodian no later than the thirtieth (30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) day (or such later day as agreed by the Administrative Agent in writing) following the Closing Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) no Closing Date Material Adverse Change shall have occurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) no Regulatory Trigger Event shall have occurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) immediately prior to and after making the Credit Extensions requested on such Credit Date and the purchase by the Borrower of additional
Eligible Receivables on such Credit Date, no Borrowing Base Deficiency shall exist; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) no event or transaction has occurred, as a result
of which both Key Employees shall cease to be actively engaged in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Company; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) immediately after making the Credit Extensions the ratio of the outstanding principal balance of Class&nbsp;A Loans to the outstanding
principal balance of the Class&nbsp;B Loans shall be equal to the ratio of the Class&nbsp;A Revolving Loan Commitments to the Class&nbsp;B Revolving Loan Commitments. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any Agent shall be entitled, but not obligated, to request and receive, prior to the making of any Credit Extension, additional information
reasonably satisfactory to the requesting party confirming the satisfaction of any of the foregoing if, in the good faith judgment of such Agent, such request is warranted under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3. <U>Conditions to Each Release of Funds</U>. The obligation of the Collateral Agent to release funds in the Collection Account to the
Borrower in accordance with <U>Section</U><U></U><U>&nbsp;2.10(d)</U> during the Revolving Period is subject to the satisfaction, or waiver in accordance with <U>Section</U><U></U><U>&nbsp;9.5</U>, of the following conditions precedent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) each Loan Document shall be in full force and effect, shall include terms and provisions reasonably satisfactory to the Administrative
Agent (acting with the consent of the Required Lenders) (<U>provided</U> that the terms and provisions set forth in the Loan Documents as of the Closing Date shall be deemed satisfactory to the Administrative Agent) and no provision thereof shall
have been amended, restated, supplemented, modified or waived in any respect determined by the Administrative Agent to be material, in each case, without the consent of the Administrative Agent (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the Administrative Agent shall have received a fully executed Funds Release Request signed by an Authorized Officer of the Borrower
together with a Borrowing Base Report and Certificate no later than 12:00&nbsp;noon (New York City time) three (3)&nbsp;Business Days prior to the date on which Borrower proposes to use the requested funds to purchase additional Eligible Receivables
(the &#147;<U>Release Date</U>&#148;), evidencing sufficient Facility Availability with respect to the requested funds together with an updated schedule of Receivables including the Receivables to be purchased on the Release Date, such schedule to
(i)&nbsp;be in an electronic file format reasonably satisfactory to the Administrative Agent (acting with the consent of the Required Lenders) and (ii)&nbsp;set forth the information required to be provided under the Custodial Agreement (including,
without limitation, and with respect to each Receivable, (1)&nbsp;the account number, (2)&nbsp;the Obligor name, (3)&nbsp;the UPB and (4)&nbsp;the Invested Amount) and any other information reasonably requested by the Administrative Agent with
respect to such Release Date; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) as of such Release Date, the representations and warranties made with respect to the
applicable NF Parties contained herein and in the other Loan Documents to which it is a party shall be true and correct in all material respects on and as of that Release Date to the same extent as though made on and as of that date, except to the
extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) as of such Release Date, after giving effect to the requested release of funds from the Collection Account, no event shall have occurred
and be continuing or would result from such release of funds from the Collection Account to the Borrower that would constitute an Event of Default or a Default; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) as of such Release Date, the Collateral Agent shall have received a fully executed Assignment; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) the Administrative Agent (acting with the consent of the Required Lenders) shall have approved all adverse changes made to the Credit
Policies, the Dealer Qualification Policies and the Servicing Policy in accordance with the terms set forth herein; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) in accordance with
the terms of the Custodial Agreement, the Borrower shall have delivered, or caused to be delivered, to the Custodian, the related Receivable Files, and the Administrative Agent shall have received a Collateral Receipt (including confirmation of
Specified Fields) from the Custodian, which Collateral Receipt is acceptable to the Administrative Agent and the Required Lenders in their sole discretion; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) no Closing Date Material Adverse Change shall have occurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) no Regulatory Trigger Event shall have occurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) no event or transaction has occurred, as a result of which both Key Employees shall cease to be actively engaged in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Company; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) immediately after
the release of the requested funds to Borrower and the purchase by the Borrower of additional Eligible Receivables on such Release Date, no Borrowing Base Deficiency shall exist. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any Agent shall be entitled, but not obligated, to request and receive, prior to the release of any funds from the Collection Account to the Borrower,
additional information reasonably satisfactory to the requesting party confirming the satisfaction of any of the foregoing if, in the good faith judgment of such Agent, such request is warranted under the circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 4. <B>REPRESENTATIONS AND WARRANTIES</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order to induce the Agents and the Lenders to enter into this Agreement and to make each Credit Extension to be made hereunder, the Borrower
represents and warrants, as to itself, to the Agents and the Lenders, on the Closing Date, on each Credit Date and on each Release Date, that the following statements are true and correct (it being understood and agreed that the representations and
warranties made on the Closing Date are deemed to be made concurrently with the consummation of the transactions contemplated by the Loan Documents): </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1. <U>Organization; Requisite Power and Authority; Qualification; Other Names</U>. The
Borrower (a)&nbsp;is duly organized or formed, validly existing and in good standing under the laws of the State of its organization, (b)&nbsp;has all requisite power and authority to own and operate its properties, to carry on its business as now
conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party, and to carry out the transactions contemplated thereby and fulfill its obligations thereunder and (c)&nbsp;is qualified to do business and is in good
standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably
expected to have, a Material Adverse Effect on the Borrower. The Borrower does not operate or do business under any assumed, trade or fictitious name. The Borrower has no Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2. <U>Due Authorization</U>. The execution, delivery and performance of the Loan Documents to which the Borrower is a party have been duly
authorized by all necessary action on the part of the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3. <U>No Conflict</U>. The execution, delivery and performance by the
Borrower of the Loan Documents to which it is a party and the consummation of the transactions contemplated by the Loan Documents do not and shall not (a)(i) violate any provision of any law or any governmental rule or regulation applicable to the
Borrower, (ii)&nbsp;violate any of the Organizational Documents of the Borrower, or (iii)&nbsp;violate any order, judgment or decree of any court or other agency of government binding on the Borrower, (b)&nbsp;conflict with, result in a breach of or
constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of the Borrower, except as could not reasonably be expected to result in a Material Adverse Effect on the Borrower, (c)&nbsp;other than Permitted
Liens,&nbsp;result in or require the creation or imposition of any Lien upon any of the properties or assets of the Borrower, or (d)&nbsp;require any approval of stockholders, members or partners or any approval or consent of any Person under any
Contractual Obligation of the Borrower, except for such approvals or consents which shall be obtained on or before the Closing Date and delivered to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.4. <U>Governmental Consents</U>. The execution, delivery and performance by the Borrower of the Loan Documents to which it is a party and
the consummation of the transactions contemplated by the Loan Documents do not and shall not require any registration with; consent or approval of; permit, license, authorization, plan or directive from; notice to; or other action to, with or by,
any Governmental Authority or any other Person, except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Collateral Agent for filing or recordation, as of the Closing Date other than those that have
already been obtained and are in full force and effect or where failure to obtain could not reasonably be expected to have a Material Adverse Effect on the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.5. <U>Binding Obligation</U>. Each Loan Document to which the Borrower is a party has been duly executed and delivered by the Borrower and
is the legally valid and binding obligation of the Borrower and is in full force and effect, enforceable against the Borrower in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws relating to or limiting creditors&#146; rights generally or by equitable principles relating to enforceability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.6.
<U>Receivables</U>. Each Receivable that is identified by the Borrower as an Eligible Receivable on a Borrowing Base Report and Certificate or Funding Notice, or by the Servicer on a Monthly Servicing Report, satisfies the Eligibility Criteria. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.7. <U>No Adverse Selection</U>. As of the date of the transfer by Parent to the Borrower,
the Receivables sold or transferred by Parent to the Borrower on such date have been allocated to the Borrower on a random basis and, when taken together with the Receivables previously sold by Parent to the Borrower and considered as a whole, are
of no lesser quality than (a)&nbsp;the NF Receivables, considered as a whole, or (b)&nbsp;the NF Receivables pledged under any other financing facility or sold pursuant to any sale agreement under which Parent or an Affiliate of Parent is a
borrower, either directly or indirectly (acting through a special purpose borrowing entity, or otherwise indirectly), in each case, as of the time of that transfer, and no selection procedures adverse to the Borrower, the Facility, any Agent or the
Lenders, all as determined by the Administrative Agent in its reasonable discretion (acting with the consent of the Required Lenders), have been used (i)&nbsp;in selecting any Receivable from all other similar NF Receivables, or (ii)&nbsp;in
allocating NF Receivables among any financing facility or sale agreement under which Parent or an Affiliate of Parent is a borrower, either directly or indirectly (acting through a special purpose borrowing entity, or otherwise indirectly);
<U>provided</U>, <U>however</U>, that, notwithstanding anything to the contrary in this <U>Section</U><U></U><U>&nbsp;4.7</U>, selection procedures that merely reflect differing eligibility criteria and excess concentration limits of the Facility
and other financing facilities shall not be deemed a violation of this provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.8. <U>No Change of Control</U>. No Change of Control
has occurred other than with the prior written consent of the Administrative Agent (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.9. <U>Adverse Proceedings, </U><U>etc.</U>. There are no Adverse Proceedings pending, individually or in the aggregate, that could
reasonably be expected to have a Material Adverse Effect on the Borrower. Each Approved Seller (to the knowledge of Borrower and after reasonably inquiry by Borrower) and Parent are not (a)&nbsp;in violation of any applicable laws that, individually
or in the aggregate, could reasonably be expected to have a Material Adverse Effect on each of Parent or such Approved Seller or (b)&nbsp;subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations
of any court or Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect on each of Parent or such Approved Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.10. <U>Payment of Taxes; Tax Status</U>. Except as otherwise permitted under Section&nbsp;5.3, (i)&nbsp;all U.S.&nbsp;federal income tax
returns and all other material tax returns and reports of the Borrower, Parent and Parent&#146;s Subsidiaries required to be filed by it have been timely filed, and (ii)&nbsp;all material U.S.&nbsp;federal income Taxes and all other material Taxes
due and payable, and all assessments, fees and other governmental charges upon the Borrower, Parent and Parent&#146;s Subsidiaries and upon its properties, assets, income, businesses and franchises which are due and payable have been timely paid
when due and payable except to the extent that failure to file such returns or pay such Taxes, assessments, fees or other governmental charges could not reasonably be expected to have a Material Adverse Effect on each of Borrower, Parent and
Parent&#146;s Subsidiaries. None of the Borrower, Parent or any of Parent&#146;s Subsidiaries knows of any threatened or proposed Tax assessment against it which is not being actively contested by the Borrower, Parent or such Subsidiary of Parent,
as applicable, in good faith and by appropriate proceedings; provided, that such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor. The Borrower is, and shall at
all relevant times continue to be, a &#147;disregarded entity&#148; (within the meaning of U.S. Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;301.7701-3)</FONT> of a U.S. Person. The Borrower is not an association or publicly
traded partnership taxable as a corporation for U.S. federal income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.11. <U>Title to Assets</U>. The Borrower has good and
valid title to all of its assets. Except as permitted by this Agreement, all properties and assets of the Borrower are free and clear of Liens, other than Permitted Liens. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.12. <U>No Indebtedness</U>. The Borrower does not have any Indebtedness, other than
Indebtedness incurred under (or contemplated by) the terms of this Agreement, the other Loan Documents or otherwise permitted hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.13. <U>No Defaults</U>. The Borrower is not in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in any of its Contractual Obligations, and to the Borrower&#146;s knowledge, no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except where, (a)&nbsp;such
defaults have been waived, or (b)&nbsp;individually or in the aggregate, the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect on Borrower. Except to the extent
otherwise expressly set forth herein or in the schedules hereto, and subject to the qualifications set forth therein, each of the representations and warranties given by the Borrower in any Loan Document&nbsp;is true and correct in all material
respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.14. <U>Governmental Regulation</U>. The Borrower is not an &#147;investment company&#148; within the meaning of the
Investment Company Act. The Borrower is not a &#147;covered fund&#148; as such term is defined under the Volcker Rule. In determining that the Borrower is not a &#147;covered fund&#148; under the Volcker Rule, the Borrower is entitled to rely on the
exemption from the definition of &#147;investment company&#148; set forth in Section&nbsp;3(c)(5) of the Investment Company Act (although other exemptions or exclusions may also be available). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.15. <U>Margin Stock</U>. The Borrower is not engaged in the business of extending credit for the purpose of purchasing or carrying any
Margin Stock. No part of the proceeds of the Loans made to the Borrower will be used directly or indirectly to purchase or carry any such Margin Stock, for the purpose of reducing or retiring any Indebtedness which was originally incurred to
purchase or carry Margin Stock, to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulations T or U of the Board of Governors of
the Federal Reserve System or Regulations B, X or Z of the CFPB. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.16. <U>Certain Fees</U>. No broker&#146;s or finder&#146;s fee or
commission shall be payable by the Borrower with respect to this Agreement or any of the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.17.
<U>Solvency and Fraudulent Conveyance</U>. The Borrower is and, upon the incurrence of any Credit Extension by the Borrower on any date on which this representation and warranty is made, shall be, Solvent. The Borrower has given fair consideration
and reasonably equivalent value in exchange for the sale of the Receivables under the Receivables Purchase Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.18. <U>Compliance
with Statutes, Government Licenses </U><U>etc.</U>. The Borrower is in compliance in all material respects with and has all Permits necessary or required by all applicable statutes, regulations and orders of, and all applicable restrictions imposed
by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property. The Contracts, Dealer Agreements, Credit Policies, Servicing Policy and other standard forms and documents evidencing and executed in
connection with the Receivables and all actions and transactions by the Borrower in connection therewith comply in all material respects with all applicable laws. The Borrower has all necessary licenses and permits to purchase and own the
Receivables and to take assignments of Contracts and Receivables except where failure to have such licenses or permits could not reasonably be expected to have a Material Adverse Effect on the Borrower. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">59 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.19. <U>Disclosure</U>. No report, financial statement, certificate or other information
furnished (whether in writing or orally) by or at the direction of the Borrower to any Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan
Document (in each case, as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; <U>provided</U> that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed by the preparer thereof to be
reasonable at the time. There are no facts known to the Borrower (other than matters of a general economic nature) that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect on the Borrower and that
have not been disclosed herein or in such other documents, certificates and statements furnished to any Agent or any Lender for use in connection with the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.20. <U>Money Control Acts/FCPA</U>. To the extent applicable, the Borrower is in compliance, in all material respects, with the
(a)&nbsp;Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter&nbsp;V, as amended) and any other enabling legislation or executive order
relating thereto, and (b)&nbsp;Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (the &#147;<U>Patriot Act</U>&#148;). No part of the proceeds of the Loans shall
be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.21. <U>Security Interest</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Security Agreement creates a valid and continuing security interest (as defined in the UCC) in the Collateral (as defined thereunder)
in favor of the Collateral Agent, for the benefit of the Secured Parties, which security interest is prior to all other liens (other than Permitted Liens that have priority to the security interest of the Collateral Agent under applicable law); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Immediately upon the pledge by the Borrower of the Receivables and the other Collateral to the Collateral Agent under the Security
Agreement, the Collateral Agent, for the benefit of the Secured Parties, shall have a valid and enforceable security interest in the Collateral, free and clear of all liens, encumbrances, security interests and rights of others (other than Permitted
Liens that have priority to the security interest of the Collateral Agent under applicable law); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon execution and delivery of a
Collateral Assignment of the Approved Seller Purchase Agreement, such Collateral Assignment of the Approved Seller Purchase Agreement will create a valid and continuing security interest (as defined in the UCC) in the related Approved Seller
Purchase Agreement in favor of the Collateral Agent, for the benefit of the Secured Parties, which security interest is prior to all other liens (other than Permitted Liens that have priority to the security interest of the Collateral Agent under
applicable law); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) All filings (including UCC filings or other actions) necessary in any jurisdiction to give the Collateral Agent,
for the benefit of the Secured Parties, a first priority perfected security interest in all assets of the Borrower have been made, given, taken or performed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.22. <U>Payment Instructions; etc.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The conditions and requirements set forth in <U>Section</U><U></U><U>&nbsp;5.7</U> have at all times been duly satisfied and performed.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Collection Account is maintained solely in the name of the Borrower. The Borrower
has not granted any Person, other than the Collateral Agent as contemplated by this Agreement, dominion and control of the Collection Account, or the right to take dominion and control of the Collection Account at a future time or upon the
occurrence of a future event. The Collection Account Bank has been instructed to distribute funds on deposit in the Collection Account pursuant to the Monthly Servicing Report approved by the Collateral Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If the Lockbox Account has been opened, (i)&nbsp;the Lockbox Account is maintained solely in the name of the Borrower; (ii)&nbsp;the
Borrower has not granted any Person, other than the Collateral Agent as contemplated by this Agreement, dominion and control of the Lockbox Account, or the right to take dominion and control of the Lockbox Account at a future time or upon the
occurrence of a future event, and (iii)&nbsp;the Lockbox Account Bank has been instructed to distribute funds on deposit in the Lockbox Account to the Collection Account on the same Business Day such funds were deposited in the Lockbox Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.23. <U>Places of Business</U>. The principal places of business and chief executive office of the Borrower and the offices where it keeps
all of its records are located at the addresses listed in Appendix B of this Agreement or such other locations of which Collateral Agent has been notified in accordance with <U>Section</U><U></U><U>&nbsp;5.1(e)</U> in jurisdictions where all action
required by <U>Section</U><U></U><U>&nbsp;5.1(e)</U> has been taken and completed.&nbsp;The Borrower is organized as a limited liability company under the laws of the State of Delaware. Parent is organized as a corporation under the laws of the
State of Florida. Holding is organized as a holding company under the laws of the Province of British Columbia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.24. <U>[Reserved.]</U>
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.25. <U>ERISA Events</U>. Except as could not reasonably be expected, either individually or in the aggregate, to result in a Material
Adverse Effect: (i)&nbsp;no ERISA Event has occurred or is reasonably expected to occur and (ii)&nbsp;the Borrower does not maintain, contribute to or have any liability with respect to any Employee Benefit Plan or Foreign Plan and has never
contributed to or had any liability (including contingent liability and liability on account of an ERISA Affiliate) with respect to any Multiemployer Plan or Pension Plan. The assets of Borrower do not constitute Plan Assets. The Borrower is not an
employee benefit plan subject to Title I of ERISA, a &#147;plan&#148; as defined in Section&nbsp;4975(e)(1) of the Internal Revenue Code and subject to 4975 of the Internal Revenue Code, or a governmental plan, church plan, or Foreign Plan that is
subject to federal, state, local or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> laws substantially similar in form or application to Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Internal Revenue Code (&#147;<U>Similar Laws</U>&#148;).
The transactions contemplated by this Agreement and/or the other Loan Documents shall not cause a <FONT STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction under Section&nbsp;406 of ERISA, Section&nbsp;4975 of the Internal Revenue
Code or Similar Laws; <U>provided</U>, <U>however</U>, this sentence shall not apply to any such <FONT STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction arising solely as a result of directly or indirectly funding a Loan or portion
thereof with assets of a plan described in ERISA section 3(1) or Internal Revenue Code section 4975(e). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 5. <B>AFFIRMATIVE COVENANTS</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower covenants and agrees, as to itself, that so long as any Revolving Loan Commitment is in effect and until payment in full of all of
the Obligations (other than Unasserted Obligations), it shall perform all covenants in this <U>Section</U><U></U><U>&nbsp;5</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1.
<U>Reports</U>. The Borrower shall deliver, or cause to be delivered, to the Administrative Agent, the Backup Servicer and the Collection Account Bank: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Collateral Reporting</U>. Three (3)&nbsp;Business Days prior to each Credit Date or
Release Date, and in any event at least once a month, and at such other times as the Administrative Agent shall reasonably request, the Borrower shall deliver a Borrowing Base Report and Certificate to the Administrative Agent and the Required
Lenders, in form and substance satisfactory to the Administrative Agent and the Required Lenders. Each Borrowing Base Report and Certificate delivered to the Administrative Agent shall bear a signed statement by an Authorized Officer certifying the
accuracy and completeness of all information included therein. The execution and delivery of a Borrowing Base Report and Certificate shall in each instance constitute a representation and warranty by the Borrower to the Lenders that each Eligible
Receivable included therein satisfies the Eligibility Criteria. In the event any Funding Notice or Borrowing Base Report and Certificate with respect to a Loan or other information required by this <U>Section</U><U></U><U>&nbsp;5.1(a)</U> is
delivered to the Administrative Agent by an Authorized Officer of the Borrower electronically or otherwise without signature, such Funding Notice, Borrowing Base Report and Certificate or other information shall, upon such delivery, be deemed to be
signed and certified on behalf of the Borrower by an Authorized Officer and constitute a representation to the Administrative Agent as to the authenticity thereof. The Administrative Agent and the Required Lenders shall have the right to review and
adjust any such calculation of the Borrowing Base to appropriately reflect exclusions from Eligible Receivables or such other matters as are necessary to determine the Borrowing Base in accordance with the Loan Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Notice of Default, Collateral Performance Trigger, Regulatory Trigger Event and Servicer Default</U>. After reasonable inquiry, promptly
upon any Authorized Officer of the Borrower obtaining knowledge (i)&nbsp;of any condition or event that constitutes a Default, an Event of Default, a Tier&nbsp;1 Collateral Performance Trigger, a Tier&nbsp;2 Collateral Performance Trigger,
Regulatory Trigger Event or a Servicer Default, (ii)&nbsp;that any Person has given any notice to any NF Party or taken any other action with respect to any event or condition set forth in <U>Section</U><U></U><U>&nbsp;7.1</U>, or (iii)&nbsp;of the
occurrence of any event or change that has caused or evidences, either individually or in the aggregate, a Material Adverse Effect on any NF Party, a certificate of one of such NF Party&#146;s Authorized Officers specifying the nature and period of
existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, Tier&nbsp;1 Collateral Performance Trigger, Tier&nbsp;2 Collateral Performance
Trigger, Regulatory Trigger Event or Servicer Default, event or condition, and what action the applicable NF Party has taken, is taking and proposes to take with respect thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Notice of Litigation</U>. After reasonable inquiry, promptly upon any Authorized Officer of the Borrower obtaining knowledge of
(i)&nbsp;the institution of, or <FONT STYLE="white-space:nowrap">non-frivolous</FONT> threat of, any Adverse Proceeding against a NF Party or against an Originator in relation to the Receivables or the ability of such Originator to perform its
obligations under the Loan Documents to which it is a party not previously disclosed in writing by the Borrower to the Lenders and of any material development in any such proceeding, (ii)&nbsp;any development in any Adverse Proceeding against the
Borrower, (iii)&nbsp;any material development in any Adverse Proceeding against any NF Party (other than the Borrower) that, if adversely determined, is reasonably likely to result in a judgment in an amount in excess of $500,000, or seeks to enjoin
or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated hereby, written notice thereof together with such other information as may be reasonably available to the Borrower to
enable the Administrative Agent and its counsel to evaluate such matters; (iv)&nbsp;any material development in any Adverse Proceeding against any Approved Seller that, if adversely determined, is reasonably likely to be material and adverse to any
Approved Seller, (v)&nbsp;the commencement of any proceedings by or against any NF Party or any Originator under any applicable bankruptcy, reorganization, liquidation, rehabilitation, insolvency or other similar law now or hereafter in effect or of
any proceeding in which a receiver, liquidator, conservator, trustee or similar official shall have been, or may be, appointed or requested for any NF Party or any Originator, (vi)&nbsp;the receipt of notice that (A)&nbsp;any NF Party (or an
Originator in relation to the Receivables or the ability of such Originator to perform its obligations under the Loan Documents to which it is a party) is being placed under regulatory </P>
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supervision, (B)&nbsp;any license, permit, charter, registration or approval necessary for the conduct of any NF Party&#146;s (or, in relation to the Receivables, any Originator&#146;s) business
is to be, or may be, suspended or revoked, or (C)&nbsp;any NF Party is to cease and desist any practice, procedure or policy employed by any NF Party (or, in relation to the Receivables, any Originator) in the conduct of their respective businesses
or (vi)&nbsp;any formal investigation or action taken or threatened in writing to be taken by any Governmental Authority (or any notice of any of the foregoing) with respect to any NF Party or (or, in relation to the Receivables, any Originator);
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Breach of Representations and Warranties</U>. After reasonable inquiry, promptly upon any Authorized Officer of the Borrower
becoming aware of a material breach with respect to any representation or warranty made or deemed made by any NF Party or any Originator in any Loan Document or in any certificate at any time given by any NF Party in writing pursuant hereto or
thereto or in connection herewith or therewith, a certificate of an Authorized Officer specifying the nature and period of existence of such breach and what action such NF Party has taken, is taking and proposes to take with respect thereto; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Information Regarding Collateral</U>. The Borrower shall furnish to the Collateral Agent prior written notice of any change to its
(i)&nbsp;corporate name, (ii)&nbsp;identity, organizational structure or jurisdiction of organization, (iii)&nbsp;Federal Taxpayer Identification Number or (iv)&nbsp;any material change, or any change that could result in a Change of Control. The
Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for the Collateral Agent to continue at all times following such change
to have a valid, legal and perfected security interest in all the Collateral. The Borrower agrees to promptly notify the Collateral Agent if any material portion of the Collateral is lost, becomes irretrievable, is damaged or is destroyed; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Tax Returns</U>. As soon as practicable and in any event within fifteen (15)&nbsp;days following the filing thereof, the Borrower shall
provide to the Administrative Agent copies of each U.S.&nbsp;federal income tax return or information return or report filed by Parent and its consolidated Subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Credit Policies, Dealer Qualification Policies and Servicing Policy</U>. In accordance with <U>Section</U><U></U><U>&nbsp;6.14</U>, the
Borrower shall provide at least ten (10)&nbsp;Business Days prior written notice to the Administrative Agent of any adverse change to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Termination of Agent for Service of Process</U>. The Borrower shall provide the Administrative Agent with prompt notice of any
resignation of the service agent referred to <U>Section</U><U></U><U>&nbsp;3.1(m)</U> with respect to the Borrower, or any termination of the related agency relationship; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Key Employees</U>. Promptly upon any Key Employee ceasing to be involved in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of Parent, the Borrower shall provide a notice to the Administrative Agent identifying such Key Employee; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Direct Contract; Dealer Agreement</U>. The Borrower shall provide at least ten (10)&nbsp;Business Days prior written notice to the
Administrative Agent of any material change to the form of Direct Contract or the form of Dealer Agreement; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) <U>ERISA</U>. (i)&nbsp;Promptly upon an Authorized Officer of the Borrower becoming
aware of the occurrence of, or forthcoming occurrence of, an ERISA Event (including an ERISA Event that would reasonably be expected to occur), a written notice specifying the nature thereof, what action the NF Parties or their ERISA Affiliates have
taken, are taking or are proposing to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, Department of Labor, the PBGC or other applicable governmental entity with respect thereto, and
(ii)&nbsp;with reasonable promptness, copies of such documents or governmental reports or filings relating to an Employee Benefit Plan or Foreign Plan as may be reasonably requested by the Administrative Agent or any Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2. <U>Existence</U>. The Borrower shall at all times preserve and keep in full force and effect its existence and all rights and franchises,
licenses and permits material to its business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3. <U>Payment of Taxes and Claims</U>. The Borrower shall pay all Taxes imposed upon it
or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due
and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, that no such Tax or claim need be paid if it is being contested
in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (a)&nbsp;adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made therefor, and (b)&nbsp;in
the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contested proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim. The Borrower shall not
(a)&nbsp;file or consent to the filing of any consolidated income tax return with any Person (other than Holding or Parent and their Subsidiaries) or (b)&nbsp;in the case of the Borrower, elect to be classified as an association taxable as a
corporation for federal or state tax purposes. No equity interest in the Borrower shall be owned by a person other than a U.S. Person. The Borrower will not at any relevant time become an association or publicly traded partnership taxable as a
corporation for U.S. federal income tax purposes. In the event the Borrower is subject to an adjustment described in Section&nbsp;6221(a) of the Internal Revenue Code with respect to any taxable year beginning after December&nbsp;31, 2017 (taking
into account any extensions to the effective date of Sections 6221 through 6241 of the Internal Revenue Code, as amended by the Bipartisan Budget Act of 2015), the Borrower shall make an election under Section&nbsp;6226 (or any similar election
available pursuant to United States Treasury Regulations under Sections 6221 through 6241 of the Internal Revenue Code) with respect to determinations of adjustments at the partnership level. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4. <U>Compliance with Laws</U>. The Borrower shall comply with the requirements of all applicable laws, rules, regulations and orders of any
Governmental Authority noncompliance with which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect on the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5. <U>Further Assurances</U>. At any time or from time to time upon the request of any Agent or the Required Lenders, the Borrower shall, at
its expense, promptly execute, acknowledge and deliver such further documents and take such other actions as such Agent or the Required Lenders may reasonably request of the Borrower in order to effect fully the purposes of the Loan Documents,
including providing any Lender with any information reasonably requested pursuant to Section&nbsp;9.19. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.6. <U>Separateness</U>. The
Borrower acknowledges that each Lender is entering into this Agreement in reliance upon the Borrower&#146;s identity as a legal entity that is separate from any other Person. Therefore, from and after the date of this Agreement, the Borrower shall
take all reasonable steps, including all steps that the Administrative Agent may from time to time reasonably request and that comply with the Borrower&#146;s Organizational Documents, to maintain the Borrower&#146;s identity as a separate legal
entity and to make it manifest to third parties that the Borrower is a separate legal entity. Without limiting the generality of the foregoing, the Borrower agrees that it has and shall: </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) enter into transactions with its affiliates and Parent only on an arm&#146;s length
basis on commercially reasonable terms and substantially similar to those that would be available on an <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> basis with third parties other than its affiliates; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) maintain its books and records separate and apart from any other person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) maintain its bank accounts separate and apart from any other person; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) not commingle its assets with the assets of any of its affiliates or those of any other entity and hold all of its liabilities and assets
in its own name, except as otherwise permitted or provided for under the Loan Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) hold itself out to the public as a legal
entity separate and distinct from any other entity and conduct its business solely in its own name in order not (A)&nbsp;to mislead others as to the identity with which such other party is transacting business, or (B)&nbsp;to suggest that it is
responsible for the debts of any third party (including any of its principals or affiliates); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) maintain separate financial statements,
showing its assets and liabilities separate and apart from those of any other entity, and shall not have its assets listed on the financial statement of any other entity, it being understood that the Borrower&#146;s financial statements may be
consolidated with those of its affiliates in accordance with generally accepted accounting principles so long as such consolidated financial statements disclose, through appropriate footnotes or otherwise, the separate legal existence of the
Borrower and that the Receivables have been sold to the Borrower pursuant to the Receivables Purchase Agreement; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) file its tax returns
(if required to file any tax returns and to the extent not included in a consolidated tax return) separate and apart from those of any other entity; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) pay its own liabilities and expenses from out of its own funds; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i)&nbsp;(A) observe all organizational formalities to maintain its separate existence and operate in such a manner as its board of managers
deems reasonable and necessary or appropriate to preserve the limited liability of Parent, (B)&nbsp;preserve its existence as an entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization or
formation, (C)&nbsp;maintain the separateness of the Borrower from the business and affairs of Parent or any affiliate of Parent, until one year and one day after all Obligations have been paid in full and (D)&nbsp;maintain the special purpose,
bankruptcy remote status of the Borrower. To the extent permitted by law, until one year and one day after all Obligations have been paid in full, ensure decisions with respect to the business and daily operations of the Borrower are independent of,
and not dictated by, Parent or any affiliate of Parent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) pay the salaries of its own employees, if any, out of its own funds and
maintain a sufficient number of employees in light of its contemplated business purposes; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) not own any Subsidiary or make any
investment in, any Person or entity without the consent of the Administrative Agent (acting with the consent of the Required Lenders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l)
not guarantee or become obligated for the debts of any other entity or person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) not incur any Indebtedness except the Obligations or as
otherwise permitted under <U>Section</U><U></U><U>&nbsp;6.1</U> of this Agreement; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) not acquire the obligations or securities of its affiliates, owners or Parent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) allocate fairly and reasonably any overhead expenses that are shared with affiliates, including the paying for office space and services
performed by any employee of an affiliate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) use separate stationery, invoices and checks bearing its own name; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) not share any common logo with or hold itself out as or be considered as a department or division of (A)&nbsp;any of its principals or
affiliates, (B)&nbsp;any affiliate of a principal or (C)&nbsp;any other Person; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) not pledge its assets for the benefit of any other
person, except as otherwise provided for under the Loan Documents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) correct any known misunderstandings regarding its separate
identity; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) maintain adequate capital in light of its contemplated business operations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) not form, acquire or hold any subsidiaries; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) except for any funds received from Parent or its members as a capital contribution or as otherwise contemplated by the Borrower&#146;s
Organizational Documents or any Loan Document, shall not (A)&nbsp;accept for its own account funds from Parent or its other affiliates; and other than as contemplated by the Loan Documents or (B)&nbsp;allow Parent or its other affiliates otherwise
to supply funds to or guarantee any obligation of, the Borrower; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(w) not become involved in the <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of any affiliate; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) have a board of managers separate from that of Parent
with at least one Independent Manager and ensure all decisions with respect to the Borrower&#146;s business and daily operations have been and shall be independently made by the officers of the Borrower pursuant to its Organizational Documents or
resolutions of its board of managers; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(y) materially violate or cause to be materially violated the facts and assumptions as certified
by the Borrower in connection with the opinion letter pertaining to substantive consolidation delivered to the Lenders on the Closing Date except as permitted by the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event of any inconsistency between the covenants set forth in this <U>Section</U><U></U><U>&nbsp;5.6</U> or the other covenants set forth in this
Agreement, or in the event that any covenant set forth in this <U>Section</U><U></U><U>&nbsp;5.6</U> poses a greater restriction or obligation than is set forth elsewhere in this Agreement, the covenants set forth in this
<U>Section</U><U></U><U>&nbsp;5.6</U> shall control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.7. <U>Cash Management Systems</U>. The Borrower shall establish and maintain cash
management systems (the &#147;<U>Cash Management System</U>&#148;) as set forth below. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Cash Management System</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The Borrower shall have established, or have caused the Servicer to establish, pursuant to the Lockbox Control Agreement
for the benefit of the Collateral Agent, on behalf of the Secured Parties, a Lockbox Account as described in <U>Section</U><U></U><U>&nbsp;2.9</U> into which, commencing on the 45<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day (or such
later date as the Administrative Agent may approve in </P>
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writing in its sole discretion) following the Closing Date, all Collections in respect of the Receivables (other than <FONT STYLE="white-space:nowrap">Walk-In</FONT> Payments) shall be deposited.
The Borrower shall have established, or have caused the Servicer to establish, pursuant to the Control Agreement for the benefit of the Collateral Agent, on behalf of the Secured Parties, a Collection Account as described in
<U>Section</U><U></U><U>&nbsp;2.9</U> into which all Collections in respect of the Receivables shall be transferred from the Lockbox Account, the Servicer Accounts and the Existing Parent Payment Account. The Borrower and the Servicer will
instruct&nbsp;the Lockbox Account Bank to transfer all funds on deposit in the Lockbox Account to the Collection Account on the same Business Day that such funds are deposited in the Lockbox Account. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) The Borrower will instruct the Servicer (or otherwise cause the Servicer to instruct)&nbsp;(1) prior to the 45<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day (or such later date as the Administrative Agent may approve in writing in its sole discretion) following the Closing Date, to deposit Obligor payments other than
<FONT STYLE="white-space:nowrap">Walk-In</FONT> Payments and all other payments with respect to the Receivables received by Servicer directly to the Existing Parent Payment Account, (2)&nbsp;following the 45<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day (or such later date as the Administrative Agent may approve in writing in its sole discretion) following the Closing Date, to deposit Obligor payments other than
<FONT STYLE="white-space:nowrap">Walk-In</FONT> Payments and all other payments with respect to the Receivables received by Servicer directly to the Lockbox Account, (3)&nbsp;all <FONT STYLE="white-space:nowrap">Walk-In</FONT> Payments received by
the Servicer to be deposited directly into the applicable Servicer Account on the same day as such payment is received in the same form as received (and properly endorsed, if applicable) and (4)&nbsp;all other payments in respect of the Receivables
received by the Servicer to be deposited directly into the Lockbox Account on the same day as such payment is received. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) The Borrower shall not establish any new Cash Management System without the prior written consent of the Administrative
Agent and the Required Lenders in their sole discretion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) Without the prior written consent of the Administrative
Agent and the Required Lenders in their sole discretion, the Borrower shall not, in a manner adverse to the Collateral Agent, (A)&nbsp;change the general instructions given to the Obligors, the Servicer, Parent, the Originators, the Servicer Account
Bank, the Existing Parent Payment Account Bank, the Lockbox Account Bank or the Collection Account Bank in respect of payments on account of Receivables and Collections to be deposited in the Cash Management System, or (B)&nbsp;change any
instructions given to any bank or financial institution which in any manner redirects the proceeds of any Collections in the Cash Management System to any account which is not subject to a control agreement in favor of the Collateral Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) The Borrower acknowledges and agrees that the funds on deposit in the Cash Management System relating to the Receivables
shall continue to be collateral security for the Obligations secured thereby. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Receivables Payment Collection</U>. The Borrower
agrees (and shall cause the Servicer) (i)&nbsp;to instruct or otherwise cause each Obligor to make all payments with respect to Receivables directly to the Cash Management System, and (ii)&nbsp;promptly (and, except as set forth in the proviso to
this <U>Section</U><U></U><U>&nbsp;5.7(b)</U>, in no event later than one (1)&nbsp;Business Day following receipt) to deposit all Collections received by the Borrower or the Servicer, whether in the form of cash, checks, notes, drafts, bills of
exchange, money orders, credit card payments, electronic payments, ACH payments or otherwise, into the Cash Management System in precisely the form in which they are received (but with any endorsements of the Borrower or the Servicer, as applicable,
necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Collateral Agent; <U>provided</U>, </P>
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<U>however</U>, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act
beyond the control of the Borrower or the Servicer, such deposit shall be made no later than the second (2nd)&nbsp;Business Day following the date on which such account number is identified or such payment can be processed, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.8. <U>Due Diligence; Access to Certain Documentation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each of Administrative Agent and each Lender (and their respective agents or professional advisors) shall have the right under this
Agreement, from time to time, so long as no Event of Default has occurred and is continuing upon three (3)&nbsp;Business Days&#146; prior notice to the Borrower (or, following the occurrence of an Event of Default, at any time, in their sole
discretion), to visit and inspect during regular business hours any of the properties of the Borrower and to examine and audit, during regular business hours, any and all of the books, records, financial statements, credit, collection and servicing
policies, legal and regulatory compliance, operating and reporting procedures and information systems (including customer service or whistleblower hotlines), directors, officers and key employees of the Borrower, or held by another Person for the
Borrower or on its behalf, concerning or otherwise affecting the Receivables or the Loan Documents. The Administrative Agent and each Lender (and their respective agents and professional advisors) shall treat as confidential any information obtained
during the aforementioned examinations which is not already publicly known or available; <U>provided</U>, <U>however</U>, that the Administrative Agent (and its agents or professional advisors) may disclose such information if required to do so by
law or by any regulatory authority. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) So long as no Event of Default has occurred and is continuing upon three (3)&nbsp;Business
Days&#146; prior notice to the Borrower (or, following the occurrence of an Event of Default, at any time) and during regular business hours, the Borrower shall promptly provide the Administrative Agent and each Lender (and their respective agents
or professional advisors) with access to, copies of and extracts from any and all documents, records, agreements, instruments or information (including any of the foregoing in computer data banks and computer software systems) which the
Administrative Agent or any such Lender (and their respective agents or professional advisors) may reasonably require in order to conduct periodic due diligence relating to the Borrower in connection with the Receivables and the Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Borrower shall make available to the Administrative Agent and each Lender (and their respective agents or professional advisors)
knowledgeable financial, accounting, legal and compliance officers for the purpose of answering questions with respect to the Borrower and the Receivables and to assist in the Administrative Agent&#146;s or such Lender&#146;s diligence. In addition,
the Borrower shall provide, or shall cause the Servicer to provide, the Administrative Agent with remote access to any electronic Receivable Files and any related documents and to the Collection Account, the Lockbox Account, the Existing Parent
Payment Account and the Servicer Accounts. Borrower and Parent each agree that the Servicer shall cooperate with the Administrative Agent in order for the Administrative Agent to confirm any information relating to the Receivables directly with the
applicable Obligors. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) All reasonable costs and expenses incurred by the Administrative Agent and the Lenders (and their respective
agents or professional advisors) in connection with the matters outlined in this <U>Section</U><U></U><U>&nbsp;5.8 </U>or <U>Section</U><U></U><U>&nbsp;4.11</U>, without duplication, shall be Permitted Expenses, which the Borrower shall reimburse to
the Administrative Agent or the Lenders, as applicable, or shall pay or cause to be paid; <U>provided</U>, <U>however</U>, that, unless a Tier 1 Collateral Performance Trigger or an Event of Default has occurred and is then continuing, (i)&nbsp;the
Administrative Agent and the Lenders, collectively, shall not conduct more than four (4)&nbsp;examinations or audit pursuant to this <U>Section</U><U></U><U>&nbsp;5.8</U> or Section&nbsp;3.04 of the Servicing Agreement, collectively, at the expense
of the Borrower per Fiscal Year and (ii)&nbsp;the Borrower shall not be responsible for reimbursing the Administrative Agent and the Lenders for such costs and expenses in excess of $125,000 during any calendar year. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Except during the continuance of an Event of Default, the Administrative Agent and the
Lenders shall use commercially reasonable efforts to coordinate examinations and audits conducted pursuant to this <U>Section</U><U></U><U>&nbsp;5.8</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.9. <U>Facility Rating</U>. The Administrative Agent may, at any time after the Closing Date, upon written notice to the Borrower, request
private ratings of this Facility from one or more credit rating agencies selected by such Administrative Agent. The Borrower and Parent agree that they shall cooperate with the Administrative Agent&#146;s efforts to obtain such ratings, and shall
provide the applicable credit rating agencies (either directly or through distribution to the Administrative Agent), access to their respective books, records, financial statements, policies, directors, officers and employees, other documents or
other information, in each case, as requested by such credit rating agencies for the purpose of providing and monitoring such ratings. The Borrower agrees that the Lenders and the Administrative Agent shall have the right to disclose the terms of
this Agreement and the transactions contemplated hereby to the applicable credit rating agencies; <U>provided</U>, <U>however</U>, that each such rating agency shall agree to comply with requirements substantially similar to those set forth in
<U>Section</U><U></U><U>&nbsp;9.22</U> with respect to any Confidential Information provided thereto. Neither Borrower nor any of its Affiliates shall be responsible to pay or bear any costs or expenses in connection with this
<U>Section</U><U></U><U>&nbsp;5.9</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.10. <U><FONT STYLE="white-space:nowrap">Re-titling</FONT> with respect to the Approved Seller
Receivables</U>. If a Default, Event of Default, Regulatory Trigger Event or the occurrence of any other material adverse change with respect to the business, operations, assets, financial condition or liabilities of any Approved Seller, which in
the determination of the Administrative Agent, in its reasonable discretion, is reasonably likely to affect such Approved Seller Receivables or the rights of the Agents or Lenders, or at any other time that the Administrative Agent determines, in
its reasonable discretion, that such transfer is necessary to protect the interests of the Collateral Agent in the Collateral (and, where applicable, promptly following notification from the Administrative Agent of such determination), the Borrower
shall use commercially reasonable efforts to promptly file (and in no event more than thirty (30 days following such request (the &#147;<U><FONT STYLE="white-space:nowrap">Re-Titling</FONT> Deadline</U>&#148;)) applications with the appropriate
Governmental Authority to <FONT STYLE="white-space:nowrap">re-title</FONT> the Lien Certificates related to the Approved Seller Receivables of such Approved Seller so that the Borrower is reflected as senior lien holder on the related Certificate of
Title. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.11. <U>Communication with Accountants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At any time during the existence of an Event of Default, Borrower authorizes Administrative Agent to communicate directly with its
independent certified public accountants and authorizes and shall instruct such accountants to communicate directly with Administrative Agent and authorizes such accountants to (and, upon Administrative Agent&#146;s request therefor (at the request
of any Agent), shall request that such accountants) communicate to Administrative Agent information relating to the Borrower and its Affiliates with respect to the business, results of operations and financial condition of the Borrower and its
Affiliates (including the delivery of audit drafts and letters to management), provided that advance notice of such communication is given to Borrower, and Borrower is given a reasonable opportunity to cause an officer to be present during any such
communication. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) If the independent certified public accountants report delivered in connection with Section&nbsp;3.06(a) of the
Servicing Agreement is qualified (except for any qualification of the March&nbsp;31, 2019 report relating to (i)&nbsp;material financial control weaknesses as defined by Section&nbsp;404 of Sarbanes-Oxley or (ii)&nbsp;the maturity of the Existing
Loan Agreement), then the Borrower authorizes the Administrative Agent to communicate directly with the Borrower&#146;s independent certified public accountants with respect to such qualification, provided that advance notice of such communication
is given to Borrower, and Borrower is given a reasonable opportunity to cause an officer to be present during any such communication. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The failure of the Borrower to be present during any communication permitted under
<U>Section</U><U></U><U>&nbsp;5.11(a) or (b)</U>&nbsp;after the Borrower has been given a reasonable opportunity to cause an officer to be present shall in no way impair the rights of the Administrative Agent under
<U>Section</U><U></U><U>&nbsp;5.11(a) or (b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.12. <U>Receivables Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Borrower shall notify the Administrative Agent promptly of any event or circumstance which, to the knowledge of one or more of the
Authorized Officers of the Borrower, could reasonably be expected to adversely affect in any material respect the collectability or value of any material portion of the Receivables, or any other Collateral. The Borrower shall not (and shall not
authorize Parent or the Servicer to), without the Administrative Agent&#146;s prior written consent (acting with the consent of the Required Lenders), modify any of the Receivables unless such modification is a Permitted Modification. At any time
that an Event of Default is continuing, the Administrative Agent shall, at its option (acting with the consent of the Required Remedies Lenders), have the exclusive right (but in good faith) to settle, adjust or compromise any claim, offset,
counterclaim or dispute in respect of the Receivables or any other Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Each Agent shall have the right at any time or times,
in such Agent&#146;s name or in the name of a nominee of such Agent, to verify with any Obligor or interested parties the validity, amount or any other matter relating to any Receivable or other Collateral, by mail, telephone, facsimile transmission
or otherwise in accordance with such Agent&#146;s customary practices (provided, however, that if no Event of Default exists at the time of such verification, the Agent or its nominee shall conduct such verification in the name of the Borrower).
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Each Agent may, at any time or times that an Event of Default is continuing, (i)&nbsp;notify or cause the Servicer to notify any or
all Obligors that the Receivables with respect to such Obligor have been assigned to the Collateral Agent and that the Collateral Agent has a security interest therein and such Agent may direct any or all Obligors to make payments thereunder
directly to the Collateral Agent, (ii)&nbsp;extend the time of payment of, compromise, settle or adjust for cash or otherwise, and upon any terms or conditions, any and all payments thereunder and thereby discharge or release the Obligor or any
other party or parties in any way liable for payment thereof without affecting any of the Obligations, (iii)&nbsp;demand, collect or enforce payment of any Receivables or such other obligations, but without any duty to do so, and the Agents shall
not be liable for their failure to collect or enforce the payment thereof nor for the negligence of their agents or attorneys with respect thereto (other than gross negligence or willful misconduct) and (iv)&nbsp;take whatever other action such
Agent may deem necessary or desirable (in good faith) for the protection of the interests of the Secured Parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Borrower shall
perform in all material respects all of its obligations under the Servicing Agreement and the Receivables Purchase Agreement, and shall enforce in all material respects in a timely and vigorous manner all of its respective rights under the Servicing
Agreement and the Receivables Purchase Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Borrower shall deliver or otherwise make available, or cause to be delivered or
made available to the Servicer, the Receivable File related to each Receivable not later than two (2)&nbsp;Business Days prior to the applicable Credit Date or Release Date, together with written notice to the Servicer that the related Receivables
have been pledged to the Collateral Agent for the benefit of the Secured Parties. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 6. <B>NEGATIVE COVENANTS</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Borrower covenants and agrees that so long as any Revolving Loan Commitment is in effect and until payment in full of all of the
Obligations (other than Unasserted Obligations), it shall perform all covenants applicable to it set forth in this <U>Section</U><U></U><U>&nbsp;6</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1. <U>Indebtedness</U>. The Borrower shall not directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain
directly or indirectly liable with respect to any Indebtedness, except (i)&nbsp;the Obligations and (ii)&nbsp;endorsements of negotiable instruments for collection in the ordinary course of business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2. <U>Liens</U>. The Borrower shall not, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any
property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of the Borrower whether now owned or hereafter acquired, or any income or profits therefrom, or file or permit the filing of, or permit
to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the UCC of any State or under any similar recording or notice statute, except (a)&nbsp;Liens in favor
of the Collateral Agent for the benefit of Secured Parties granted pursuant to any Loan Document, and (b)&nbsp;Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3.
<U>Investments</U>. The Borrower shall not make or own any Investment, except Investments in Cash, Cash Equivalents and Receivables. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.4.
<U>Fundamental Changes; Disposition of Assets; Acquisitions</U>. The Borrower shall not (a)&nbsp;enter into any transaction of merger or consolidation, or except with the consent of the Independent Manager, liquidate,
<FONT STYLE="white-space:nowrap">wind-up</FONT> or dissolve itself (or suffer any liquidation or dissolution) or take any action that would cause the Borrower to become insolvent, (b)&nbsp;except with the consent of the Independent Manager, file or
consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, or make an assignment for the benefit of creditors, (c)&nbsp;fail to have
Organizational Documents that provide that, so long as the Obligations of the Borrower shall be outstanding, the Borrower shall not (i)&nbsp;seek the dissolution or winding up in whole, or in part, of the Borrower, or (ii)&nbsp;file or consent to
the filing of any petition, either voluntary or involuntary, or commence a case under any applicable insolvency, bankruptcy, liquidation or reorganization statute, or make an assignment for the benefit of creditors without the consent of the
Independent Manager; (d)&nbsp;convey, sell, lease or <FONT STYLE="white-space:nowrap">sub-lease</FONT> (as lessor or sublessor), exchange, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its
business, assets (including the Receivables) or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter acquired, except as permitted in the Loan Documents, (e)&nbsp;acquire
by purchase or otherwise the business, property or fixed assets of, or stock or other evidence of beneficial ownership of, any Person or any division or line of business or other business unit of any Person, except Investments made in compliance
with <U>Section</U><U></U><U>&nbsp;6.</U>3 or (f)&nbsp;change its legal structure, without in each case, to the extent permitted by law, the Administrative Agent&#146;s consent (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.5. <U>Material Contracts and Organizational Documents</U>. The Borrower shall not except to the extent required to comply with applicable
law and approved by the Administrative Agent and the Required Lenders in their reasonable discretion, (a)&nbsp;enter into any contract or agreement with any Person other than the Loan Documents, contracts or agreements with the Independent Manager
or any agent </P>
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appointed by the Borrower for the purpose of service of process or as otherwise permitted or contemplated under the Loan Documents, (b)&nbsp;permit any material amendment, restatement, supplement
or other modification to, or waiver of, any of its material rights under any Approved Seller Purchase Agreement after the Closing Date, or (c)&nbsp;materially amend or permit any material amendments to its Organizational Documents, without in each
case obtaining the prior written consent of the Administrative Agent and the Required Lenders to such entry, amendment, restatement, supplement, modification or waiver, as the case may be. The Borrower shall provide the Administrative Agent with at
least ten (10)&nbsp;Business Days prior written notice of any amendments, restatements, supplements or other modifications to the Borrower&#146;s Organizational Documents that do not require the consent of the Administrative Agent and a copy of any
such amendments, restatements, supplements or other modifications promptly after their execution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.6. <U>Sales and Lease-Backs</U>. The
Borrower shall not directly or indirectly become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which the Borrower
(a)&nbsp;has sold or transferred or is to sell or to transfer to any other Person, or (b)&nbsp;intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by the Borrower to any Person in
connection with such lease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.7. <U>Transactions with Affiliates</U>. The Borrower shall not, directly or indirectly, enter into or
permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any of its Affiliates other than the transactions contemplated or permitted by the Loan Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.8. <U>Conduct of Business</U>. From and after the Closing Date, the Borrower shall not engage, either directly or indirectly, in any
business or activity other than the acquisition, ownership, financing and disposition of the Receivables in accordance with the Loan Documents and activities incidental thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.9. <U>Fiscal Year</U>. The Borrower shall not change its Fiscal Year without prior written consent of the Administrative Agent (such consent
not to be unreasonably withheld, delayed or conditioned. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.10. <U>Accounts</U>. The Borrower shall not establish or maintain any deposit
account or securities account that is not subject to a &#147;control agreement&#148; in favor of the Collateral Agent. The Borrower shall not, nor shall it direct any Person to, deposit Collections in a deposit account or a securities account that
is not part of the Cash Management System. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.11. <U>Servicing Agreement, Backup Servicing Agreement, Custodial Agreement</U>. The
Borrower shall not take any action that would cause the Servicer to fail to comply at all times with the terms of the Servicing Agreement. The Borrower shall not&nbsp;terminate the Servicing Agreement, the Backup Servicing Agreement or the Custodial
Agreement without the consent of the Administrative Agent and the Required Lenders. The Borrower shall not (i)&nbsp;terminate, remove or replace the Servicer, the Backup Servicer or the Custodian or (ii)&nbsp;subcontract out any portion of the
servicing or permit third party servicing other than the Backup Servicer, except, in each case, as expressly set forth in the applicable Loan Document and subject to satisfaction of the related requirements therein. The Administrative Agent shall
not terminate, remove or replace the Servicer, Backup Servicer or Custodian except as expressly set forth in the applicable Loan Document and subject to satisfaction of the related requirements therein. The Borrower shall enforce its rights under
the Backup Servicing Agreement and the Custodial Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.12. <U>Independent Manager</U>. The Borrower shall not fail at any time to have at least
one (1)&nbsp;Independent Manager who (a)&nbsp;for the five-year period prior to his or her appointment as Independent Manager has not been, and is not at the time of such appointment or during the continuation of his or her service as Independent
Manager, any of the following: (i)&nbsp;an employee, director, stockholder (or other equity owner), member, partner, manager, director, attorney or counsel, or officer of the Borrower or any of its Affiliates (other than as a special member in the
case of single member Delaware limited liability companies); (ii) a customer or supplier or creditor or other Person who derives any of its purchases or revenues from its activities with the Borrower or any of its Affiliates; or (iii)&nbsp;any
member of the immediate family of or Person controlling or under common control with any Person excluded from serving as Independent Manager in (i)&nbsp;or (ii), (b) has at least three years prior experience as an independent director for a
corporation or limited liability company whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency
proceedings against it or could file a petition seeking relief under any applicable federal or state bankruptcy or insolvency law and (c)&nbsp;has at least three years of employment experience with one or more entities that provide, in the ordinary
course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.13. <U>Sales of Receivables</U>. The Borrower shall not sell, transfer or otherwise dispose of any Receivables without the prior written
consent of the Administrative Agent and the Required Lenders (which consent shall not be unreasonably withheld or conditioned), with the exception of the sale, transfer or disposition of any Receivable: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) in accordance with Section&nbsp;3.2 of the Receivables Purchase Agreement in connection with a Receivable Repurchase Event; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) that, following commercially reasonable collection efforts on the part of the Servicer is a
<FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivable to a Person who is not an Affiliate of any NF Party, so long as no Event of Default has occurred and is continuing at such time and the Administrative Agent (in its sole reasonable
discretion (acting with the consent of the Required Lenders)) has consented to such sale in writing; <U>provided</U> that the proceeds of any such sale, transfer or disposition shall be remitted directly to the Collection Account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.14. <U>Changes to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy</U>. The Borrower shall not make or
authorize any adverse changes or adverse modifications to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy without the prior written consent of the Administrative Agent and the Required Lenders; <U>provided</U>,
<U>however</U>, that changes required by applicable law shall be permitted without the need for consent by the Administrative Agent; <U>provided</U>, <U>further</U>, that the Borrower shall provide the Administrative Agent with at least ten
(10)&nbsp;Business Days prior written notice (or such shorter notice as may be required to comply with applicable law) of any changes or modifications to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy, and the
Administrative Agent shall use commercially reasonable efforts to provide a copy of such notice to the Lenders on the same Business Day of its receipt thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.15. <U>Changes to the Form of Direct Contract or Dealer Agreement</U>. The Borrower shall not make or authorize any material changes or
material modifications to the form of Direct Contract or form of Dealer Agreement without the prior written consent of the Administrative Agent and the Required Lenders; <U>provided</U>, <U>however</U>, that changes required by applicable law shall
be permitted without the need for consent by the Administrative Agent; <U>provided</U>, <U>further</U>, that the Borrower shall provide the Administrative Agent with at least ten (10)&nbsp;Business Days prior written notice (or such shorter notice
as may be required to comply with applicable law) of any changes or modifications to the form of Direct Contract or form of Dealer Agreement, and the Administrative Agent shall use commercially reasonable efforts to provide a copy of such notice to
the Lenders on the same Business Day of its receipt thereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.16. <U>Material Assets</U>. From and after the Closing Date, the Borrower shall not
acquire or own any material asset other than the Collateral and proceeds thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.17. <U>Post-Closing Items</U>. The Borrower shall not
fail to satisfy the post-closing covenants contained in <U>Appendix G</U> by the dates contained therein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 7. <B>EVENTS OF DEFAULT</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.1. <U>Events of Default</U>. Each of the following conditions or events shall constitute an &#147;Event of Default&#148; hereunder: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Failure to Make Payments When Due</U>. Other than with respect to a Borrowing Base Deficiency, the failure by any NF Party, as
applicable, to (i)&nbsp;make payments of any principal due to the Administrative Agent, the Collateral Agent or any Lender on the date such payment or deposit is due, (ii)&nbsp;make payments of any interest, premiums or fees due to the
Administrative Agent, the Collateral Agent or any Lender within two (2)&nbsp;Business Days of the date such payment or deposit is due, (iii)&nbsp;make any other payment or deposit required to be made under any Loan Documents within three
(3)&nbsp;Business Days of the date such payment or deposit is due or (iv)&nbsp;if any such payment is due on the Final Maturity Date, such failure to make such payment on the Final Maturity Date; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Borrowing Base Deficiency</U>. Failure by the Borrower to cure any Borrowing Base Deficiency within two (2)&nbsp;Business Days (or such
longer period as may be applicable to certain Borrowing Base Deficiencies pursuant to <U>Section</U><U></U><U>&nbsp;2.17</U>) of the earlier of (i)&nbsp;an Authorized Officer of the Borrower becoming aware that a Borrowing Base Deficiency exists,
and (ii)&nbsp;receipt by the Borrower of notice from the Administrative Agent or any Lender that a Borrowing Base Deficiency exists; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Cross Defaults</U>. The failure by Borrower to make payments when due, after giving effect to any applicable grace period, on any
Indebtedness (or the failure by any other NF Party to make any payments when due, after giving effect to any applicable grace period, on any Indebtedness in excess of $1,000,000) or (ii)&nbsp;the default by any NF Party in the performance of any
term, provision or condition contained in any agreement under which any such Indebtedness was created or is governed, the effect of which is to cause, or to permit the holder or holders of such Indebtedness to cause, such Indebtedness to become due
prior to its stated maturity; or any such Indebtedness of any NF Party shall be declared to be due and payable or required to be prepaid (other than by a regularly scheduled payment) prior to the date of maturity thereof. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Breach of Certain Covenants</U>. Failure of any NF Party, as applicable, to perform or comply with any covenant or other agreement
contained in <U>Sections 5.2</U>, <U>5.3</U>, <U>5.4</U>, <U>5.6</U>, <U>5.7</U>, <U>5.11</U>, <U>5.12</U>, or <U>6</U> hereof, Section&nbsp;3.2 of the Receivables Purchase Agreement, or in the Exclusivity Side Letter, unless otherwise previously
consented to by the Administrative Agent and the Required Lenders in writing; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Breach of Representations, etc.</U> Any
representation, warranty, certification or other statement made or deemed made by any NF Party in any Loan Document to which it is a party or in any statement or certificate at any time given by any NF Party or any of its Subsidiaries in writing
pursuant hereto or thereto or in connection herewith or therewith, shall be false as of the date made or deemed made and which shall not have been remedied or waived within ten (10)&nbsp;Business Days after the earlier of (i)&nbsp;an Authorized
Officer of such NF Party becoming aware of such falsity, or (ii)&nbsp;receipt by such NF Party of written notice from the Administrative Agent or any Lender of such falsity; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Other Defaults Under Loan Documents</U>. Any NF Party shall default in the
performance of or compliance with any covenant or other term contained herein or any of the other Loan Documents (after the expiration of any applicable notice or cure period therein) to which it is a party, other than any such term referred to in
any other provision of this <U>Section</U><U></U><U>&nbsp;7.1</U>, and shall not have been remedied or waived within ten (10)&nbsp;Business Days after the earlier of (i)&nbsp;an Authorized Officer of such NF Party becoming aware of such default, or
(ii)&nbsp;receipt by such NF Party of written notice from the Administrative Agent or any Lender of such default; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Involuntary
Bankruptcy</U>; <U>Appointment of Receiver, etc.</U> (i)&nbsp;A court of competent jurisdiction shall enter a decree or order for relief (other than a decree or order described in clause&nbsp;(ii)) in respect of any NF Party or Holding in an
involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal
or state law, or (ii)&nbsp;an involuntary case shall be commenced against any NF Party or Holding under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a
court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over such NF Party or Holding shall have been entered; or there shall have occurred the
involuntary appointment of an interim receiver, trustee or other custodian of such NF Party or Holding, and any such event described in this clause&nbsp;(ii) shall continue for sixty (60)&nbsp;days without having been dismissed, bonded or
discharged; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Voluntary Bankruptcy</U>; <U>Appointment of Receiver, etc.</U> (i)&nbsp;Any NF Party or Holding shall commence a
voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an
involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or any such NF Party or Holding shall make
any assignment for the benefit of creditors, or (ii)&nbsp;any NF Party or Holding shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar
governing body) of such NF Party or Holding (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in <U>Section</U><U></U><U>&nbsp;7.1(g)</U>; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Judgments and Attachments</U>. Any <FONT STYLE="white-space:nowrap">non-appealable</FONT> money judgment, writ or warrant of attachment
or similar process involving the Borrower shall be entered or filed against the Borrower or any of its assets and (A)&nbsp;shall remain undischarged, unvacated, unbonded, unstayed or unpaid for a period of thirty (30)&nbsp;days (or in any event
later than five (5)&nbsp;days prior to the date of any proposed sale thereunder in connection with any enforcement proceedings commenced by a creditor upon such judgment, writ, warrant of attachment or similar process) or (B)&nbsp;a decree or order
is entered for the appointment of a receiver, liquidator, sequestrator, trustee or custodian assignee for the benefit of creditors (or other officer having similar powers) over such assets; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>Dissolution</U>. Any order, judgment or decree shall be entered against any NF Party or Holding decreeing the dissolution or split up of
such NF Party or Holding and such order shall remain undischarged or unstayed for a period in excess of sixty (60)&nbsp;days; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k)
<U>Change of Control</U>. A Change of Control shall occur without the prior written consent of the Administrative Agent and the Required Lenders; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) <U>Collateral Documents and other Loan Documents</U>. At any time after the execution
and delivery thereof, (i)&nbsp;this Agreement or any Collateral Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the
Obligations (other than Unasserted Obligations) in accordance with the terms hereof) or shall be declared null and void or the enforceability thereof shall be impaired in any material respect, or the Collateral Agent shall not have or shall cease to
have a valid and perfected Lien in any Collateral purported to be covered by the Loan Documents with the priority required by the relevant Loan Document, in each case for any reason other than the failure of the Collateral Agent or any Secured Party
to take any action within its control, or (ii)&nbsp;any of the Loan Documents for any reason, other than the satisfaction in full of all Obligations (other than Unasserted Obligations), shall cease to be in full force and effect (other than in
accordance with its terms) or shall be declared to be null and void or a party thereto, as the case may be, shall repudiate its obligations thereunder or shall contest the validity or enforceability of any Loan Document in writing; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) <U>Servicing Agreement</U>. A Servicer Default shall have occurred and has not been cured as permitted under the Servicing Agreement; or
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) <U>Financial Statements</U>. The auditor&#146;s opinion accompanying the audited financial statements of any NF Party or Holding
delivered hereunder or under any other Loan Document is adverse or is qualified in any material manner, <U>provided</U> that the auditor&#146;s opinion accompanying the March&nbsp;31, 2019 audited financial statements of Holding or the Parent may be
qualified with respect to (i)&nbsp;material financial control weaknesses as defined by Section&nbsp;404 of Sarbanes-Oxley and (ii)&nbsp;the maturity of the Existing Loan Agreement; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) <U>Material Exceptions</U>. A material exception in any audit conducted pursuant to <U>Section</U><U></U><U>&nbsp;5.8</U> or
Section&nbsp;3.04 of the Servicing Agreement which is not cured within ten (10)&nbsp;Business Days of the earlier to occur of an Authorized Officer of the applicable NF Party or Holding having knowledge thereof or an Authorized Officer of the
applicable NF Party or Holding receiving written notice thereof from the Administrative Agent or any Lender; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) <U>Material Adverse
Effect</U>. The occurrence of any event which is reasonably determined by the Administrative Agent (acting with the consent of the Required Remedies Lenders), acting in good faith, to have a Material Adverse Effect on any NF Party; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) <U>Specified Legal/Regulatory Change</U>. The occurrence of a Specified Legal/Regulatory Change; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) <U>Regulatory Trigger Event</U>. The occurrence of a Regulatory Trigger Event; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) <U>Tier 2 Collateral Performance Trigger</U>. The occurrence of any Tier&nbsp;2 Collateral Performance Trigger; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) <U>Key Employee Event</U>. The occurrence of any Key Employee Event; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) <U>Conditional Guaranty Trigger Event</U>. The occurrence of a Trigger Event (as defined in the Conditional Guaranty), and such occurrence
extends beyond the applicable grace period, if any, provided therefor; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) <U>Guaranty Default</U>. The occurrence of a default by the
Limited Guarantor or the Conditional Guarantor under the Limited Guaranty or the Conditional Guaranty, as applicable, and such default extends beyond the applicable grace period, if any, provided therefor; or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(w) <U>ERISA</U>. Either (i)&nbsp;there shall occur one or more ERISA Events that
individually or in the aggregate results in, or could reasonably be expected to result in, either a material liability of any NF Party or a Material Adverse Effect on any NF Party<B>,</B> (ii)&nbsp;the Borrower or any of its Subsidiaries
establishes, contributes or becomes obligated to contribute to, or otherwise incurs any material liability with respect to, an Employee Benefit Plan, Pension Plan or Multiemployer Plan, (iii)&nbsp;Holding or any of its Subsidiaries or any ERISA
Affiliate shall establish, contribute to or incur any liability with respect to any Pension Plan or Multiemployer Plan that could have a Material Adverse Effect, (iv)&nbsp;the assets of Borrower constitute &#147;plan assets&#148; within the meaning
of Section&nbsp;3(42) of ERISA, or (v)&nbsp;the occurrence of any ERISA Event of similar event with respect to a Foreign Plan that could reasonably be expected to have a Material Adverse Effect; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(x) <U>Investment Company</U>. The Borrower shall become required to register as an &#147;investment company&#148; under the Investment Company
Act; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(y) <U>Backup Servicing Agreement</U>. The Backup Servicing Agreement shall terminate for any reason and, provided that the
Administrative Agent shall have used commercially reasonable efforts to timely engage a replacement backup servicer, the Borrower shall not have entered into a replacement backup servicing agreement acceptable to the Administrative Agent and the
Required Lenders in their commercially reasonable discretion within ninety (90)&nbsp;days of such termination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THEN, upon the occurrence of any Event of
Default, the Administrative Agent may, with the consent of the Required Remedies Lenders, and shall at the written direction of the Required Remedies Lenders (any such direction being subject to the terms of Section&nbsp;12.1 hereof), take any of
the following actions, (i)&nbsp;by written notice to the Borrower, terminate the Revolving Loan Commitments, if any; (ii)&nbsp;by written notice to the Borrower, declare each of the following to become immediately become due and payable, in each
case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by the Borrower: (1)&nbsp;the unpaid principal amount of and accrued interest on the Loans and (2)&nbsp;all other Obligations
(other than contingent indemnification obligations for which no claim, demand or notice has been made); (iii)&nbsp;cause the Collateral Agent to enforce any and all Liens and security interests created pursuant to the Collateral Documents, and/or
(iv)&nbsp;take any and all other actions and exercise any and all other rights and remedies of any Secured Party under the Loan Documents; <U>provided</U> that upon the occurrence of any Event of Default described in
<U>Section</U><U></U><U>&nbsp;7.1(g)</U>, <U>7.1(h)</U> or <U>7.1(j)</U>, the unpaid principal amount of and accrued interest on the Loans and all other Obligations (other than contingent indemnification obligations for which no claim, demand or
notice has been made) shall immediately become due and payable, and&nbsp;the Revolving Loan Commitments shall automatically and immediately terminate, in each case without presentment, demand, protest or other requirements of any kind, all of which
are hereby expressly waived by the Borrower. Notwithstanding anything in this Agreement or any other Loan Documents to the contrary, no NF Party (other than the Borrower) shall be liable for the payment of any principal or accrued and unpaid
interest on the Loans or any other Obligations or any losses incurred by Administrative Agent or any Lender incurred in connection with any failure by the Borrower to pay such amounts other than in accordance with the Limited Guaranty or the
Conditional Guaranty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon the occurrence and during the continuance of an Event of Default, the principal amount of all Loans outstanding and, to the
extent permitted by applicable law, any interest payments on the Loans or any payments or other amounts owed hereunder, shall thereafter bear interest (including post-petition interest in any proceeding under the Bankruptcy Code or other applicable
Debtor Relief Laws) payable in accordance with the provisions of <U>Section</U><U></U><U>&nbsp;2.10</U> at the Default Funding Rate until no Event of Default is then continuing. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 8. <B>AGENTS</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.1. <U>Appointment of Agents</U>. Ares is hereby appointed Administrative Agent and Collateral Agent hereunder and under the other Loan
Documents and each Lender hereby authorizes Ares, in such capacity, to act as its agent in accordance with the terms hereof and the other Loan Documents. Each Agent hereby agrees to act upon the express conditions contained herein and the other Loan
Documents, as applicable. The provisions of this <U>Section</U><U></U><U>&nbsp;8</U> are solely for the benefit of Agents and the Lenders and the Borrower shall not have any rights as a beneficiary of any of the provisions thereof. In performing its
functions and duties hereunder, each Agent shall act solely as an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.2. <U>Agents Entitled to Act as Lenders</U>. The agency hereby created shall in no way impair or affect any of the rights and powers of, or
impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. With respect to its participation in the Loans, each Agent shall have the same rights and powers hereunder as any other Lender and may exercise the
same as if it were not performing the duties and functions delegated to it hereunder, and the term &#147;Lender&#148; shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.3. <U>Powers and Duties</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Lender irrevocably authorizes each Agent to take such action on such Lender&#146;s behalf and to exercise such powers, rights and
remedies hereunder and under the other Loan Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto. Each Agent shall have
only those duties and responsibilities that are expressly specified herein and in the other Loan Documents. Each Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees. No Agent shall have,
by reason hereof or in any of the other Loan Documents, a fiduciary relationship in respect of any Lender; and nothing herein or any of the other Loan Documents, expressed or implied, is intended to or shall be so construed as to impose upon any
Agent any obligations in respect hereof or any of the other Loan Documents except as expressly set forth herein or therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The
Administrative Agent shall use commercially reasonable efforts to provide to each Lender, (i)&nbsp;within two (2)&nbsp;Business Days of receipt thereof, all reports, notices and other information provided to the Administrative Agent by the Borrower
pursuant to <U>Section</U><U></U><U>&nbsp;5.1</U> or the Servicer pursuant to Section&nbsp;3.06 of the Servicing Agreement and (ii)&nbsp;on the same Business Day of its receipt thereof (A)&nbsp;from the Borrower, each Funding Notice received
pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U> hereof and (B)&nbsp;from the Servicer pursuant to the Servicing Agreement, the Monthly Servicing Report. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.4. <U>No Responsibility for Certain Matters</U>. No Agent shall be responsible to any Lender for the execution, effectiveness, genuineness,
validity, enforceability, collectability or sufficiency hereof or any other Loan Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other
statements, instruments, reports or certificates or any other documents furnished or made by any Agent to any Lender or by or on behalf of the Borrower to any Agent or any Lender in connection with the Loan Documents and the transactions
contemplated thereby or for the financial condition or business affairs of the Borrower or any other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any
of the terms, conditions, provisions, covenants or agreements contained in any of the Loan Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default or to make any
disclosures with respect to the foregoing. Anything contained herein to the contrary notwithstanding, Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the component amounts thereof.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.5. <U>Exculpatory Provisions</U>. No Agent nor any of its officers, partners, directors,
employees or agents shall be liable to any Lender for any action taken or omitted by any Agent under or in connection with any of the Loan Documents except to the extent caused by such Agent&#146;s gross negligence or willful misconduct as
determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction. Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action)
in connection herewith or any of the other Loan Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from the
Required Lenders, the Required Remedies Lenders or such other Lenders as may be required to give such instruction under <U>Section</U><U></U><U>&nbsp;9.5</U> and, upon receipt of such instructions from the Lenders, such Agent shall be entitled to
act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions. Without prejudice to the generality of the foregoing, (i)&nbsp;each Agent shall be entitled to rely, and
shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in
relying on opinions and judgments of counsel (who may be counsel for the Borrower), accountants, experts and other professional advisors selected by it; and (ii)&nbsp;no Lender shall have any right of action whatsoever against any Agent as a result
of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Loan Documents in accordance with the instructions of such Lender, the Required Remedies Lenders or the Required Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.6. <U>Collateral Documents</U>. Each Lender hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on
behalf of and for the benefit of such Lender, to be the agent for and representative of such Lender with respect to the Collateral and the Collateral Documents. Subject to <U>Section</U><U></U><U>&nbsp;9.5</U>, the Administrative Agent or the
Collateral Agent may, without further written consent or authorization from any Lender, execute any documents or instruments necessary to release any Lien encumbering any item of Collateral that is the subject of a sale or other disposition of
assets permitted hereby or to which the Lenders or the Administrative Agent (acting with the consent of the Required Lenders) has otherwise consented. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.7. <U>Lenders</U><U>&#146;</U><U> Representations, Warranties and Acknowledgments</U>. Each Lender represents and warrants that it has made
its own independent investigation of the financial condition and affairs of the Borrower in connection with Loans hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of the Borrower. No Agent shall
have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of a Lender or to provide such Lender with any credit or other information with respect thereto, whether
coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to a Lender. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Lender, by funding a Loan, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each
other document required to be approved by any Agent, Required Lenders or any Lender, as applicable on the Closing Date or any Credit Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.8. <U>Actions Taken By Lenders</U>. Other than with respect to <U>Section</U><U></U><U>&nbsp;9.5(a)(ii)</U>, each Lender shall obtain the
prior approval and consent of the Administrative Agent before taking any action or providing any approval hereunder or under any other Loan Document. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.9. <U>Right to Indemnity</U>. Each Lender, in proportion to its pro&nbsp;rata share of the
aggregate outstanding principal amount of Loans of all Lenders (or if no Loans are outstanding, the Revolving Loan Commitments of all Lenders), severally agrees to indemnify each Agent, their Affiliates and their respective officers, partners,
directors, trustees, employees and agents of each Agent (each, an &#147;<U>Indemnitee Agent Party</U>&#148;), to the extent that such Indemnitee Agent Party shall not have been reimbursed by the Borrower or any other NF Party, for and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted
against such Indemnitee Agent Party in exercising its powers, rights and remedies or performing its duties hereunder or under the other Loan Documents or otherwise in its capacity as such Indemnitee Agent Party in any way relating to or arising out
of this Agreement or the other Loan Documents, <B>IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE AGENT PARTY</B>; provided, no Lender shall be
liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Indemnitee Agent Party&#146;s gross negligence or willful misconduct as determined
by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court of competent jurisdiction. In addition, without limiting the foregoing, if any Lender or group of Lenders directs the Administrative Agent to take any action
(including any direction pursuant to Section&nbsp;7 or Section&nbsp;12 hereof) or refraining from any actions, such Lender (or group of Lenders) in proportion to its pro&nbsp;rata share of the aggregate outstanding principal amount of Loans of all
such directing Lenders (or if no Loans are outstanding, the Revolving Loan Commitments of all such directing Lenders), severally agrees to indemnify each Indemnity Agent Party to the extent that such Indemnitee Agent Party shall not have been
reimbursed by the Borrower or any other NF Party, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or
nature whatsoever which may be imposed on, incurred by or asserted against such Indemnitee Agent Party in taking any actions (or refraining from any action) at the direction of such Lender (or group of Lenders), <B>IN ALL CASES, WHETHER OR NOT
CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE AGENT PARTY</B>; provided, no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements resulting from such Indemnitee Agent Party&#146;s gross negligence or willful misconduct as determined by a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment of a court
of competent jurisdiction. If any indemnity furnished to any Indemnitee Agent Party for any purpose shall, in the opinion of such Indemnitee Agent Party, be insufficient or become impaired, such Indemnitee Agent Party may call for additional
indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Indemnitee Agent Party against any liability,
obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender&#146;s pro&nbsp;rata share of the aggregate outstanding principal amount of Loans of all Lenders; and provided further, this sentence
shall not be deemed to require any Lender to indemnify any Indemnitee Agent Party against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding
sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.10. <U>Resignation of Administrative Agent and Collateral Agent</U>. Each of the Administrative Agent and the Collateral
Agent may resign at any time by giving thirty (30)&nbsp;days&#146; prior written notice thereof to Lenders and, so long as no Event of Default has occurred and is continuing, the Borrower. Upon any such notice of resignation, the Required Remedies
Lenders shall have the right, upon five (5)&nbsp;Business Days&#146; prior notice to Borrower and each other Lender, to appoint a successor Administrative Agent or Collateral Agent, as the case may be, with the consent of a majority of the
Class&nbsp;B Lenders (calculated by excluding the Class&nbsp;B Exposures of all Lenders that are the same entity as the resigning Administrative Agent or Affiliates of the Resigning Administrative Agent), which consent shall not be
</P>
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unreasonably withheld or delayed. If no successor agent is appointed by the Required Remedies Lenders within thirty (30)&nbsp;days after the Administrative Agent or the Collateral Agent, as
applicable, gives written notice of resignation pursuant to the first sentence of this <U>Section</U><U></U><U>&nbsp;8.10</U>, the resigning Agent may appoint a successor Administrative Agent or Collateral Agent, as applicable, in its discretion,
subject to the consent of the Required Remedies Lenders, which consent shall not be unreasonably withheld, conditioned, or delayed. If no successor Agent is appointed by the Required Remedies Lenders within thirty (30)&nbsp;days after the applicable
Agent gives written notice of resignation pursuant to the first sentence of this <U>Section</U><U></U><U>&nbsp;8.10</U>, the resigning Agent may petition a court of competent jurisdiction to appoint a successor &#147;Administrative Agent&#148; or
successor &#147;Collateral Agent&#148; (as the case may be). Upon the acceptance of any appointment as Administrative Agent or Collateral Agent hereunder by such successor Administrative Agent or Collateral Agent, such successor Administrative Agent
or Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent or Collateral Agent, and the retiring Administrative Agent or Collateral Agent shall promptly
(i)&nbsp;transfer to such successor Administrative Agent or Collateral Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection
with the performance of the duties of the successor Administrative Agent or Collateral Agent under the Loan Documents, and (ii)&nbsp;execute and deliver to such successor Administrative Agent or Collateral Agent such amendments to financing
statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Administrative Agent or Collateral Agent of the Liens created under the Collateral Documents, whereupon such retiring
Administrative Agent or Collateral Agent shall be discharged from its duties and obligations hereunder. After any retiring Administrative Agent&#146;s or Collateral Agent&#146;s resignation hereunder, the provisions of this
<U>Section</U><U></U><U>&nbsp;8.10</U> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent or Collateral Agent hereunder. If an Agent Resignation Event has occurred and is continuing, the
Person then acting as Administrative Agent or as Collateral Agent, as applicable, shall promptly resign from such capacities in accordance with this <U>Section</U><U></U><U>&nbsp;8.10</U> following its receipt of a written direction from the
Required Remedies Lenders to the effect that such Person then acting as Administrative Agent or as Collateral Agent shall resign from such capacities. For purposes of the foregoing, &#147;<U>Agent Resignation Event</U>&#148; means any of the
following: (a) (i)&nbsp;a court of competent jurisdiction shall enter a decree or order for relief (other than a decree or order described in clause&nbsp;(ii)) in respect of the Collateral Agent or Administrative Agent in an involuntary case under
the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law, or
(ii)&nbsp;an involuntary case shall be commenced against the Collateral Agent or Administrative Agent under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a
court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over the Collateral Agent or Administrative Agent shall have been entered; or there
shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of the Collateral Agent or Administrative Agent, and any such event described in this clause&nbsp;(ii) shall continue for thirty (30)&nbsp;days
without having been dismissed, bonded or discharged, (b)&nbsp;(i) the Collateral Agent or Administrative Agent shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or
hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a
receiver, trustee or other custodian for all or a substantial part of its property; or the Collateral Agent or Administrative Agent shall make any assignment for the benefit of creditors, or (ii)&nbsp;the Collateral Agent or Administrative Agent
shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of the Collateral Agent or Administrative Agent (or any committee
thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in <U>clause (i)</U><U></U><U>&nbsp;above</U>; (c) each of the </P>
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following occur: (x)&nbsp;the Collateral Agent or Administrative Agent fails to comply with its express obligations as the Collateral Agent or Administrative Agent hereunder or any other Loan
Document in any material respect, (y)&nbsp;such failure materially and adversely affects any Lender and (z)&nbsp;such failure remains <FONT STYLE="white-space:nowrap">un-remedied</FONT> in any material respects more than thirty (30)&nbsp;days after
the Collateral Agent&#146;s or Administrative Agent&#146;s receipt of written notice of such failure from a Lender; or (d)&nbsp;any act by the Collateral Agent or Administrative Agent or any of their Affiliates in connection with the Loan Documents
involving, as reasonably determined by the Required Remedies Lenders, fraud, bad faith, gross negligence, willful misconduct or criminal activity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8.11. <U>Delivery of Reports</U>. The Administrative Agent and the Collateral Agent shall use commercially reasonable efforts to provide to
each Lender (i)&nbsp;copies of any Loan requests, Funding Notices and reports delivered by or on behalf of any NF Party or the Collection Account Bank to the Administrative Agent or the Collateral Agent on the same business day of such Agent&#146;s
receipt thereof (and, in any event, shall provide within one Business Day of receipt) and (ii)&nbsp;any other written information provided to the Administrative Agent or the Collateral Agent by or on behalf of any NF Party or the Collection Account
Bank or otherwise reasonably requested by any Lender, in each case within two (2)&nbsp;Business Days of such Agent&#146;s receipt of such information or such Lender&#146;s request, as applicable; <U>provided</U>, that the Administrative Agent shall
have no obligation to deliver to any Lender any such Loan request, Funding Notices, report or other information if any NF Party is required to deliver such Funding Notice, report or other information, as applicable, directly to the Lenders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 9. <B>MISCELLANEOUS</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.1.
<U>Notices</U>. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to the Borrower, the Collateral Agent or the Administrative Agent shall be sent to such Person&#146;s address
as set forth on Appendix&nbsp;B or in the other relevant Loan Document, and in the case of any Lender, the address as indicated on Appendix&nbsp;B or otherwise indicated to the Administrative Agent in writing. Each notice hereunder shall be in
writing and may be personally served, sent by telefacsimile (with telephonic confirmation of receipt), courier service or email (to the extent that an email address shall have been provided for the recipient) and shall be deemed to have been given
when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or email. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.2.
<U>Expenses</U>. The Borrower agrees to pay promptly, without duplication (a)&nbsp;all of each Agent&#146;s actual, reasonable, documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and
expenses of negotiation, preparation, execution, administration and enforcement of the Loan Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by the Borrower, (b)&nbsp;all of
each Lender&#146;s actual, reasonable, documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses of any consents, amendments, waivers or other modifications to the Loan Documents and
any other documents or matters requested by the Borrower, (c)&nbsp;all the reasonable, actual, documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses of creating, perfecting and
enforcing Liens in favor of the Collateral Agent, for the benefit of the Secured Parties, including filing and recording fees, expenses and Taxes, stamp or documentary taxes, search fees, title insurance premiums (and the related reasonable, actual,
documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> fees, expenses and disbursements of counsel for each Agent), (d)&nbsp;each Agent&#146;s and each Lender&#146;s actual, reasonable, documented <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs, fees, expenses for and disbursements of such Agent&#146;s or such Lender&#146;s auditors, accountants, consultants or appraisers incurred by such Agent or
such Lender (i)&nbsp;in regard to the Facility prior to the Closing Date (solely with respect to the Agents), (ii) in accordance with <U>Section</U><U></U><U>&nbsp;5.8</U> or (iii)&nbsp;when an Event of Default exists, (e)&nbsp;all the actual,
reasonable, documented <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses (including the reasonable fees, expenses and disbursements of any appraisers, consultants, advisors and agents
employed or retained by the Collateral Agent and its counsel) in connection with the custody or preservation of any of the Collateral, (f)&nbsp;all other actual and reasonable, documented <FONT STYLE="white-space:nowrap">out-of-</FONT> pocket
</P>
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costs and expenses incurred by each Agent in connection with the syndication (whether by direct assignment of Revolving Loan Commitments and Loans, the sale of participations or the incurrence of
backleverage) of the Loans and the Revolving Loan Commitments and the negotiation, preparation and execution of the Loan Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby,
(g)&nbsp;during the continuance of a Default or an Event of Default, all actual, documented, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> costs and expenses, including reasonable attorneys&#146; fees
and costs of settlement, incurred by any Agent or any Lender in enforcing any Obligations of or in collecting any payments due from the Borrower hereunder or any other NF Party under the other Loan Documents by reason of such Default or Event of
Default (including in connection with the sale of, collection from, or other realization upon any of the Collateral) or in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a <FONT
STYLE="white-space:nowrap">&#147;work-out&#148;</FONT> or pursuant to any insolvency or bankruptcy cases or proceedings and (h)&nbsp;without duplication, all other Permitted Expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.3. <U>Indemnity</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) IN
ADDITION TO THE PAYMENT OF EXPENSES PURSUANT TO <U>SECTION 9.2</U>, THE BORROWER AGREES TO DEFEND (SUBJECT TO INDEMNITEES&#146; SELECTION OF COUNSEL), INDEMNIFY, PAY AND HOLD HARMLESS, EACH LENDER AND EACH AGENT, THEIR AFFILIATES AND THEIR
RESPECTIVE OFFICERS, PARTNERS, DIRECTORS, TRUSTEES, EMPLOYEES AND AGENTS (EACH, AN &#147;<U>INDEMNITEE</U>&#148;), FROM AND AGAINST ANY AND ALL INDEMNIFIED LIABILITIES, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF
THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE; <U>PROVIDED</U>, THAT THE BORROWER SHALL HAVE NO OBLIGATION TO ANY INDEMNITEE HEREUNDER WITH RESPECT TO ANY INDEMNIFIED LIABILITIES TO THE EXTENT SUCH INDEMNIFIED LIABILITIES
ARISE FROM THE GROSS NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE, AS DETERMINED BY A COURT OF COMPETENT JURISDICTION IN A FINAL <FONT STYLE="white-space:nowrap">NON-APPEALABLE</FONT> ORDER OR JUDGMENT. TO THE EXTENT THAT THE
UNDERTAKINGS TO DEFEND, INDEMNIFY, PAY AND HOLD HARMLESS SET FORTH IN THIS <U>SECTION 9.3</U> MAY BE UNENFORCEABLE IN WHOLE OR IN PART BECAUSE THEY ARE VIOLATIVE OF ANY LAW OR PUBLIC POLICY, THE BORROWER SHALL CONTRIBUTE THE MAXIMUM PORTION THAT IT
IS PERMITTED TO PAY AND SATISFY UNDER APPLICABLE LAW TO THE PAYMENT AND SATISFACTION OF ALL OF ITS INDEMNIFIED LIABILITIES INCURRED BY ALL INDEMNITEES OR ANY INDEMNITEE. THE BORROWER FURTHER AGREES THAT NO INDEMNITEE SHALL HAVE ANY LIABILITY BASED
ON ITS COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OR OTHERWISE TO THE BORROWER EXCEPT TO THE EXTENT SUCH INDEMNIFIED LIABILITIES ARISE FROM THE GROSS NEGLIGENCE, BAD FAITH OR WILLFUL MISCONDUCT OF SUCH INDEMNITEE, AS DETERMINED BY A COURT OF
COMPETENT JURISDICTION; <U>PROVIDED</U>, <U>HOWEVER</U>, THAT IN NO EVENT SHALL SUCH INDEMNITEE HAVE ANY LIABILITY FOR ANY INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) [Reserved]. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If any claim
or action for Indemnified Liabilities shall be brought against an Indemnitee, it shall notify the Borrower (&#147;<U>Indemnitor</U>&#148;) thereof, and Indemnitor shall be entitled to participate therein and, to the extent that it wishes, to assume
the defense thereof with counsel reasonably satisfactory to the Indemnitee, unless such Indemnitee reasonably objects to such assumption on the ground that there may be legal defenses available to it which are different from or in addition to those
available to Indemnitor. After notice from Indemnitor to the Indemnitee of its election to assume the defense of such claim or action, except to the extent provided in the following paragraph, Indemnitor shall not be liable to the Indemnitee under
this <U>Section</U><U></U><U>&nbsp;9.3</U> for any fees and expenses of counsel that are Indemnified Liabilities other than reasonable costs of investigation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Any Indemnitee shall have the right to employ separate counsel in any such action and to
participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnitee unless: (i)&nbsp;the employment thereof has been specifically authorized by Indemnitor in writing, (ii)&nbsp;such Indemnitee
shall have been advised by such counsel that there may be one or more legal defenses available to it which are different from or additional to those available to Indemnitor and in the reasonable judgment of such counsel it is advisable for such
Indemnitee to employ separate counsel, or (iii)&nbsp;the Indemnitor has failed to assume the defense of such action and employ counsel reasonably satisfactory to the Indemnitee, in which case, if such Indemnitee notifies the Indemnitor in writing
that it elects to employ separate counsel at the expense of the Indemnitor, the Indemnitor shall not have the right to assume the defense of such action on behalf of such Indemnitee, it being understood, however, the Indemnitor shall not, in
connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm of attorneys (in addition to local counsel) at any time for all such Indemnitees, which firm shall be designated in writing by the Administrative Agent, but in either case reasonably satisfactory to the Indemnitee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Each Indemnitee, as a condition of the indemnity agreement contained in the foregoing subparagraph&nbsp;(a), shall use its reasonable
efforts to cooperate with the Indemnitor in the defense of any such action or claim. Indemnitor shall not be liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld,
conditioned or delayed), but if settled with its written consent or if there be a final judgment for the plaintiff in any such action, the Indemnitor agrees to indemnify and hold harmless any Indemnitee from and against any Indemnified Liabilities
by reason of such settlement or judgment except to the extent that such Indemnified Liabilities arise from the gross negligence, bad faith or willful misconduct of such Indemnitee, as determined by a court of competent jurisdiction in a final <FONT
STYLE="white-space:nowrap">non-appealable</FONT> order or judgment. Indemnitor shall not, without the prior written consent of the Indemnitee, affect any settlement of any pending or threatened action in respect of which such Indemnitee is or could
have been a party and indemnity could have been sought hereunder by such Indemnitee unless such settlement (i)&nbsp;includes an unconditional release of such Indemnitee from all liability on any claims that are the subject matter of such action, and
(ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of such Indemnitee. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) To the extent permitted by applicable law, neither the Borrower nor any Agent or any Lender, shall assert, and each such Person hereby
waives, any claim against any such other Person and their respective Affiliates, directors, employees, attorneys or agents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
(whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of or in any way related to this Agreement or any Loan Document or any agreement or
instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and each such
Person hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">84 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.4. <U><FONT STYLE="white-space:nowrap">Set-Off</FONT></U>. In addition to any rights now
or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of any Event of Default, each Lender and its Affiliates each is hereby authorized by the Borrower at any time or from time to time subject
to the consent of the Administrative Agent (acting with the consent of the Required Lenders), without notice to the Borrower or to any other Person (other than the Administrative Agent) except to the extent required by applicable law, any such
notice being hereby expressly waived to the maximum extent under applicable law, and subject to any requirements or limitations imposed by applicable law, to set off and to appropriate and to apply any and all deposits (general or special, including
Indebtedness evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts (in whatever currency)) and any other Indebtedness at any time held or owing by such Lender to or for the credit or the account of the
Borrower (in whatever currency) against and on account of the obligations and liabilities of the Borrower to such Lender arising hereunder or under the other Loan Documents, including all claims of any nature or description arising out of or
connected hereto or with any other Loan Document, irrespective of whether or not (a)&nbsp;such Lender shall have made any demand hereunder, (b)&nbsp;the principal of or the interest on the Loans or any other amounts due hereunder shall have become
due and payable pursuant to <U>Section</U><U></U><U>&nbsp;2</U> and although such obligations and liabilities, or any of them, may be contingent or unmatured or (c)&nbsp;such obligation or liability is owed to a branch or office of such Lender
different from the branch or office holding such deposit or obligation or such Indebtedness. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.5. <U>Amendments and Waivers</U>;
<U>Administrative Agent Consents</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Amendments and Waivers</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) Subject to <U>Sections</U><U></U><U>&nbsp;9.5(a)(ii)</U>, <U>9.5(a)(iii)</U> and <U>9.5(b)</U>, no amendment, modification,
termination or waiver of any provision of the Loan Documents, or consent to any departure by any NF Party therefrom, shall in any event be effective without the written concurrence of each NF Party that is party thereto, the Required Lenders and the
Administrative Agent. In addition, no consent to any departure by any Agent from the Loan Documents shall be effective without the written concurrence of the Required Lenders. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) <U>Lender Consent</U>. Without the written consent of each Lender to the extent affected thereby, no amendment,
modification, termination, or consent shall be effective if the effect thereof would: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">extend the scheduled final maturity of any Loan or Note; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">waive, reduce or postpone any scheduled repayment; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable
to any Loan pursuant to <U>Section</U><U></U><U>&nbsp;2.5</U>) or any fee payable hereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">extend the time for payment of any such interest or fees; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">reduce the principal amount of any Loan; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(A) amend the definition of &#147;Borrowing Base,&#148; &#147;Borrowing Base Deficiency,&#148;
&#147;Class&nbsp;B Borrowing Base Deficiency,&#148; &#147;Class&nbsp;A Borrowing Base Deficiency Amount,&#148; &#147;Maximum Committed Amount,&#148; &#147;Commitment Availability,&#148; &#147;Advance Rate,&#148; &#147;Amortization Advance
Rate,&#148; &#147;Required Remedies Lenders,&#148; &#147;Required Lenders,&#148; &#147;Required Class&nbsp;A Lender,&#148; &#147;Required Class&nbsp;B Lenders,&#148; &#147;Class&nbsp;A Exposure,&#148; &#147;Class&nbsp;B Exposure,&#148;
&#147;Class&nbsp;A Pro Rata Share&#148; or &#147;Class&nbsp;B Pro Rata Share&#148; or any definition used therein or (B)&nbsp;amend, modify, terminate or waive any provision of <U>Sections 2.10</U>, <U>2.11</U> or <U>9.5</U>; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">85 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">release all or any significant portion of the Collateral, except as expressly provided in the Loan Documents;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">consent to the assignment or transfer by any NF Party of any of its rights and obligations under any Loan
Document, except as specifically permitted thereby; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">increase the Revolving Loan Commitment of any Lender; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">amend, modify, terminate or waive any provision of <U>Section</U><U></U><U>&nbsp;3.2(a)</U> with regard to any
Credit Extension (for the avoidance of doubt, the consent of each Lender shall be required in connection with such action); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">amend, modify, terminate or waive any provision of <U>Section</U><U></U><U>&nbsp;8</U> or
<U>Section</U><U></U><U>&nbsp;9.3</U>; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">waive or amend a breach by any NF Party that would constitute an Event of Default; </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) <U>Other Consents</U>. No amendment, modification, termination or waiver of any provision of the Loan Documents, or
consent to any departure by any NF Party therefrom, shall: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">amend, modify, terminate or waive any provision of <U>Section</U><U></U><U>&nbsp;8</U> as the same applies to
any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of such Agent; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">adversely affect the Collection Account Bank, the Custodian or the Backup Servicer (including, for the
avoidance of doubt, if it is then acting as Successor Servicer) without the consent of such affected party. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) <U>Sections 10, 11 and 12</U>. Sections 10, 11 and 12 of this Agreement may be amended, waived or otherwise modified in
accordance with the terms thereof and any such amendment in accordance with the terms thereof shall be binding on each of the parties hereto; <U>provided</U>, <U>however</U>, that no such amendment shall impose any financial or operational burdens
or restrictions on any NF Party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Execution of Amendments, etc.</U> The Administrative Agent may, but shall have no obligation to,
with the concurrence of the Required Lenders or any Lender, execute amendments, modifications, waivers or consents on behalf of the Required Lenders or such Lender. Any waiver or consent shall be effective only in the specific instance and for the
specific purpose for which it was given. No notice to or demand on a NF Party in any case shall entitle such NF Party to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or
consent effected in accordance with this <U>Section</U><U></U><U>&nbsp;9.5</U> shall be binding upon the parties hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Technical Amendments without Lender</U><U>&#146;</U><U>s Consent</U>. Notwithstanding
anything to the contrary contained in this <U>Section</U><U></U><U>&nbsp;9.5</U>, if the Administrative Agent and the NF Parties shall have jointly identified an obvious error or any error or omission of a technical nature, in each case that is
immaterial (as determined by the Administrative Agent in its sole discretion), in any provision of the Loan Documents, then the Administrative Agent (in its capacity thereunder as Administrative Agent) and the NF Parties shall be permitted to amend
such provision and such amendment shall become effective without any further action or consent by the Required Lenders if the same is not objected to in writing either by the Required Class&nbsp;A Lenders or Required Class&nbsp;B Lenders within five
(5)&nbsp;Business Days following receipt of notice thereof; <U>provided</U> that such notice will expressly state that no objection within five (5)&nbsp;Business Days shall be deemed a consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.6. <U>Successors and Assigns; Participations</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Generally</U>. This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to
the benefit of the parties hereto and the successors and assigns of the Lenders. Neither the Borrower&#146;s rights or obligations hereunder nor any interest herein may be assigned or delegated without the prior written consent of the Administrative
Agent and the Lenders. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, Indemnitees under <U>Section</U><U></U><U>&nbsp;9.3</U>, their respective successors and assigns
permitted hereby and, to the extent expressly contemplated hereby, Lender Affiliates of each of the Agents and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Register</U>. The Borrower, the Administrative Agent and the Lenders shall deem and treat each Person listed as &#147;Lender&#148; in
the Register as a holder and owner of the corresponding Revolving Loan Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Revolving Loan Commitment or Loan shall be effective, in each case, unless
and until an Assignment Agreement effecting the assignment or transfer thereof shall have been delivered to and accepted by the Administrative Agent and recorded in the Register. Prior to such recordation, all amounts owed with respect to the
applicable Revolving Loan Commitment or Loan shall be owed to the Lender listed in the Register as the owner thereof, and any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is
listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Revolving Loan Commitments or Loans. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Right to Assign</U>. Each Agent and each Lender shall, with the consent of the Administrative Agent, have the right at any time to sell,
assign or transfer all or a portion of its respective rights and obligations under this Agreement, including all or a portion of its Revolving Loan Commitment or Loans owing to it or other Obligations owing to it, to any Person; <U>provided</U>,
<U>however</U>, that so long as no Event of Default has occurred and is continuing, no Lender may make any sale, assignment or transfer (except to a Lender Affiliate or an Approved Fund)&nbsp;(i) without the consent of the Borrower (such consent not
to be unreasonably withheld, delayed or conditioned) or (ii)&nbsp;to any competitor of any NF Party whose principal line of business is substantially similar to the principal line of business of Parent and its Subsidiaries as of the Closing Date (or
to any Person beneficially owning such competitor), without the prior written consent of Parent in its sole discretion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d)
<U>Mechanics</U>. The assigning Lender and the assignee thereof shall execute and deliver to Administrative Agent and the Borrower an Assignment Agreement, together with such forms, certificates or other evidence, if any, with respect to
U.S.&nbsp;federal income Tax withholding matters as the assignee under such Assignment Agreement may be required to deliver to Administrative Agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>Notice of Assignment</U>. Upon its receipt and acceptance of a duly executed and
completed Assignment Agreement and any forms, certificates or other evidence required by this Agreement in connection therewith, the Administrative Agent shall record the information contained in such Assignment Agreement in the Register, shall give
prompt notice thereof to the Borrower and shall maintain a copy of such Assignment Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>Representations and Warranties of
Assignee</U>. Each assignee of a Lender, upon executing and delivering an Assignment Agreement, represents and warrants to the Lenders and the NF Parties as of the applicable Effective Date (as defined in the applicable Assignment Agreement) that it
shall make or invest in, as the case may be, its Revolving Loan Commitments or Loans for its own account in the ordinary course of its business and without a view to distribution of such Revolving Loan Commitments or Loans within the meaning of the
Securities Act or the Exchange Act or other applicable securities laws (it being understood that, subject to the provisions of this <U>Section</U><U></U><U>&nbsp;9.6</U>, the disposition of such Revolving Loan Commitments or Loans or any interests
therein shall at all times remain within its exclusive control). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Effect of Assignment</U>. Subject to the terms and conditions of
this <U>Section</U><U></U><U>&nbsp;9.6</U>, as of the &#147;Effective Date&#148; specified in the applicable Assignment Agreement: (i)&nbsp;the assignee thereunder shall have the rights and obligations of an &#147;Agent&#148; or a &#147;Lender&#148;
hereunder to the extent such rights and obligations hereunder have been assigned to it pursuant to such Assignment Agreement and shall thereafter be a party hereto and an &#147;Agent&#148; or a &#147;Lender&#148; for all purposes hereof,
(ii)&nbsp;the assigning Agent or Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned thereby pursuant to such Assignment Agreement, relinquish its rights (other than any rights which survive the
termination hereof under <U>Section</U><U></U><U>&nbsp;9.8</U>) and be released from its obligations hereunder (and, in the case of an Assignment Agreement covering all or the remaining portion of an assigning Agent&#146;s or assigning Lender&#146;s
rights and obligations hereunder, such assigning Agent or assigning Lender shall cease to be a party hereto; <U>provided</U>, anything contained in any of the Loan Documents to the contrary notwithstanding, such assigning Agent or assigning Lender
shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising out of the prior involvement of such assigning Lender as a Lender hereunder), (iii)&nbsp;if applicable, the Revolving Loan
Commitments shall be modified to reflect the Revolving Loan Commitment of such assignee and any Revolving Loan Commitment of such assigning Lender, if any, and (iv)&nbsp;if any such assignment occurs after the issuance of any Note hereunder, the
assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Notes to the Administrative Agent for cancellation, and thereupon the Borrower shall issue and deliver new Notes, if
so requested by the assignee and/or assigning Lender, to such assignee and/or to such assigning Lender, with appropriate insertions, to reflect the new Revolving Loan Commitments and/or outstanding Loans of the assignee and/or the assigning Lender.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Participations</U>. Each Lender shall have the right at any time to sell one or more participations to any Person (other than
Holding, any of its Subsidiaries or any of its Affiliates) in all or any part of the Revolving Loan Commitments, the Loans or in any other Obligation; <U>provided</U>, <U>however</U>, that so long as no Event of Default has occurred and is
continuing, no Lender may sell any participations to any competitor of a NF Party whose principal line of business is substantially similar to the principal line of business of Parent and its Subsidiaries as of the Closing Date (or to any Person
beneficially owning such competitor), without the prior written consent of Parent in its sole discretion. No such participation arrangement shall relieve a Lender of any of its obligations under the Loan Documents, including the Revolving Loan
Commitments. The holder of any such participation, other than a Lender Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any
amendment, modification, termination, waiver or consent that would: (i)&nbsp;extend the final scheduled maturity of any Loan or Note in which such </P>
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participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon or reduce the principal amount thereof, or increase the amount of the participant&#146;s
participation over the amount thereof then in effect (it being understood that an increase in any Revolving Loan Commitment or Loan shall be permitted without the consent of any participant if the participant&#146;s participation is not increased as
a result thereof), (ii)&nbsp;result in the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement, (iii)&nbsp;release all or substantially all of the Collateral under the Collateral Documents (except as
expressly provided in the Loan Documents) supporting the Loans hereunder in which such participant is participating, (iv)&nbsp;otherwise be required of any Lender under <U>Sections</U><U></U><U>&nbsp;9.5(a)(ii)</U> or <U>9.5(a)(iii)</U> hereof,
(v)&nbsp;waive or declare an Event of Default hereunder, (vi)&nbsp;result in any material change to the Eligibility Criteria, or (vii)&nbsp;result in an adverse regulatory impact on any such participant. Each of Borrower and Parent agrees that each
participant shall be entitled to the benefits of <U>Sections</U><U></U><U>&nbsp;2.13</U> and <U>2.14</U> to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause&nbsp;(c) of this
<U>Section</U><U></U><U>&nbsp;9.6</U>; <U>provided</U>, (i)&nbsp;a participant shall not be entitled to receive any greater payment under <U>Sections</U><U></U><U>&nbsp;2.13</U> and <U>2.14</U> than the applicable Lender would have been entitled to
receive with respect to the participation sold to such participant, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the participant acquired the applicable participation, (ii)&nbsp;a
participant that would be a <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Lender if it were a Lender shall not be entitled to the benefits of <U>Section</U><U></U><U>&nbsp;2.14</U> unless such participant complies with
<U>Section</U><U></U><U>&nbsp;2.14(f)</U> as though it were a Lender (by providing any documentation required thereby to the participating Lender). To the extent permitted by law, each participant also shall be entitled to the benefits of
<U>Section</U><U></U><U>&nbsp;9.4</U> as though it were a Lender. Notwithstanding any participation made hereunder (i)&nbsp;such selling Lender&#146;s obligations under this Agreement shall remain unchanged, (ii)&nbsp;such selling Lender shall
remain solely responsible to the Borrower for the performance of its obligations hereunder, and (iii)&nbsp;except as set forth above, the NF Parties, the Agents and the other Lenders shall continue to deal solely and directly with such selling
Lender in connection with such selling Lender&#146;s rights and obligations under this Agreement, and such selling Lender shall retain the sole right to enforce the obligations of the NF Parties relating to the Obligations and to approve, without
the consent of or consultation with any participant, any amendment, modification or waiver of any provision of this Agreement; <U>provided</U>, <U>however</U>, if the Borrower is provided notice of the sale of the participation to such participant,
then during the occurrence and continuance of an Event of Default, the participant (to the extent of its interest in any Loans) shall have the right to exercise any remedies hereunder and vote any claims with respect to the Borrower or the Loans in
any bankruptcy, insolvency or similar type of proceeding of the Borrower. Each Lender that sells a participation shall maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of
each participant&#146;s participation (the &#147;<U>Participant Register</U>&#148;); <U>provided</U>, that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or
any information relating to a participant&#146;s interest in any Revolving Loan Commitments, Loans, or in any of its other Obligations) to any Person except to the extent that such disclosure is necessary to establish that such Revolving Loan
Commitment, Loan, or other Obligation is in registered form under <FONT STYLE="white-space:nowrap">Section&nbsp;5f.103-1(c)</FONT> of the United States Treasury Regulations or any successor thereto or to the extent reasonably necessary for Borrower
or the Administrative Agent to comply with their obligations under FATCA. The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for
maintaining a Participant Register. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Certain Other Assignments</U>. In addition to any other assignment permitted pursuant to this
<U>Section</U><U></U><U>&nbsp;9.6</U>, each Lender may assign, pledge and/or grant a security interest in, all or any portion of its Loans, the other Obligations owed by or to such Lender, and its Notes, if any, to secure obligations of such Lender
including any Federal Reserve Bank as collateral security pursuant to </P>
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Regulation A of the Board of Governors of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank; <U>provided</U>, such Lender, as between the Borrower and such
Lender, shall not be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and <U>provided</U> <U>further</U>, in no event shall the applicable Federal Reserve Bank, pledgee or trustee be considered to be a
&#147;<U>Lender</U>&#148; or be entitled to require the assigning Lender to take or omit to take any action hereunder. Each of the Borrower and Parent agrees that it shall cooperate with the Administrative Agent with respect to any such assignment,
pledge or granting of a security interest, and shall provide the applicable assignee, lender or secured party (either directly or through distribution to the Administrative Agent), as applicable, access to their respective books, records, financial
statements, policies, directors, officers and employees, other documents or other information, in each case, as requested by such assignee, lender or secured party, as applicable. Each of the Borrower and Parent agrees that each Lender and the
Administrative Agent shall have the right to disclose the terms of this Agreement and the transactions contemplated hereby to any assignee, lender or secured party; <U>provided</U>, <U>however</U>, that each such party shall agree to comply with
requirements substantially similar to those set forth in <U>Section</U><U></U><U>&nbsp;9.22</U> with respect to any Confidential Information provided thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.7. <U>Independence of Covenants</U>. All covenants hereunder shall be given independent effect so that if a particular action or condition
is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is
taken or condition exists. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.8. <U>Survival of Representations, Warranties and Agreements</U>. All representations, warranties and
agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension. Notwithstanding anything herein or implied by law to the contrary, the agreements of the Borrower set forth in Sections 2.7, 2.11, 2.13,
2.14, 9.2, 9.3, 9.4 and 9.10 shall survive the payment of the Loans and the termination hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.9. <U>No Waiver; Remedies
Cumulative</U>. No failure or delay on the part of any Agent or any Lender in the exercise of any power, right or privilege hereunder or under any other Loan Document shall impair such power, right or privilege or be construed to be a waiver of any
default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. The rights, powers and remedies given to each Agent
and each Lender hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Loan Documents. Any forbearance or failure to exercise, and
any delay in exercising, any right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.10. <U>Marshalling; Payments Set Aside</U>. Neither any Agent nor any Lender shall be under any obligation to marshal any assets in favor of
the Borrower or any other Person or against or in payment of any or all of the Obligations. To the extent that any NF Party makes a payment or payments to the Administrative Agent or any Lender (or to the Administrative Agent, on behalf of a
Lender), or the Administrative Agent, the Collateral Agent or any Lender enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then,
to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or
payments had not been made or such enforcement or setoff had not occurred. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.11. <U>Severability</U>. In case any provision or obligation hereunder or any Note or
other Loan Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any
way be affected or impaired thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.12. <U>Headings</U>. Section headings herein are included herein for convenience of reference only
and shall not constitute a part hereof for any other purpose or be given any substantive effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.13. <U>APPLICABLE LAW</U>. THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTIONS <FONT
STYLE="white-space:nowrap">5-1401</FONT> AND <FONT STYLE="white-space:nowrap">5-1402</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.14. <U>CONSENT TO JURISDICTION</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER LOAN DOCUMENT, OR ANY OF THE OBLIGATIONS,
MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH OF THE PARTIES HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY
(i)&nbsp;ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS, (ii)&nbsp;AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, TO SUCH PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH <U>SECTION 9.1</U> OR TO ANY PROCESS AGENT APPOINTED IN ACCORDANCE WITH SUBPARAGRAPH (b)&nbsp;BELOW AND SUCH SERVICE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER SUCH PERSON
IN ANY SUCH PROCEEDING IN ANY SUCH COURT AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT AND (iv)&nbsp;AGREES THAT EACH PARTY RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS
AGAINST ANY OTHER PARTY, IN THE COURTS OF ANY OTHER JURISDICTION. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) THE BORROWER HEREBY APPOINTS CT CORPORATION AT 28 LIBERTY STREET,
NEW YORK, NEW YORK 10005, AS ITS AGENT TO RECEIVE SERVICE OF PROCESS. ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST SUCH PERSON IF GIVEN TO ITS AGENT TO RECEIVE SERVICE OF
PROCESS PROVIDED ABOVE. IN THE EVENT CT CORPORATION SHALL NOT BE ABLE TO RECEIVE SERVICE OF PROCESS AND IF THE BORROWER SHALL NOT MAINTAIN AN OFFICE IN NEW YORK CITY, SUCH PERSON SHALL PROMPTLY APPOINT AND MAINTAIN AN AGENT QUALIFIED TO ACT AS AN
AGENT FOR SERVICE OF PROCESS WITH RESPECT TO THE COURTS SPECIFIED IN THIS <U>SECTION 9.14</U> ABOVE, AND ACCEPTABLE TO THE ADMINISTRATIVE AGENT (ACTING WITH THE CONSENT OF THE REQUIRED LENDERS), AS SUCH PERSON&#146;S AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON SUCH PERSON&#146;S BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION, SUIT OR PROCEEDING. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.15. <U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN IT RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP
THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE <FONT STYLE="white-space:nowrap">ALL-ENCOMPASSING</FONT> OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.&nbsp;EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS
ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT IT SHALL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS
LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE AND MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER
SPECIFICALLY REFERRING TO THIS <U>SECTION 9.15</U> AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.16. <U>Usury Savings Clause</U>. Notwithstanding any other provision herein, the aggregate interest rate charged or agreed to be paid with
respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate. If the rate of interest (determined without regard to the
preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the
amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder
(taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent
permitted by law, the Borrower shall pay to the Administrative Agent for further distribution to the applicable Lenders an amount equal to the difference between the amount of interest paid and the lesser of (a)&nbsp;the amount of interest which
would have been paid if the stated rates of interest set forth in this Agreement had at all times been in effect and (b)&nbsp;the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect.
Notwithstanding the foregoing, it is the intention of the Lenders and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in
excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender&#146;s option be applied to the outstanding amount of the Loans made hereunder or be refunded to the Borrower. In
determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Highest Lawful Rate, such Person may, to the extent permitted by applicable law, (a)&nbsp;characterize any payment that is not
principal as an expense, fee, or premium rather than interest, (b)&nbsp;exclude voluntary prepayments and the effects thereof, and (c)&nbsp;amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest, throughout
the contemplated term of the Obligations hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.17. <U>Counterparts</U>. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed signature page to this Agreement by facsimile
transmission or other electronic image scan transmission (e.g., &#147;PDF&#148; or &#147;tif&#148; via email) shall be as effective as delivery of a manually signed counterpart of this Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.18. <U>Effectiveness</U>. This Agreement shall become effective upon the execution and
delivery of a counterpart hereof by each of the parties hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.19. <U>Patriot Act</U>. Each Lender and the Administrative Agent (for
itself and not on behalf of the Lenders) hereby notifies the Borrower that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that shall allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with the Patriot Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.20. <U>Prior Agreements</U>. This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in
respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, are superseded by the terms of this Agreement and the other Loan Documents and unless specifically set
forth in a writing contemporaneous herewith the terms, conditions and provisions of any and all such prior agreements do not survive execution of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.21. <U>Third Party Beneficiaries</U>. The Backup Servicer (including, for the avoidance of doubt, if it is then acting as Successor
Servicer), the Custodian and the Collection Account Bank shall be express third party beneficiaries of the provisions of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.22. <U>Confidentiality</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Unless required by law or regulation to do so or otherwise expressly permitted by the Loan Documents, none of the Lenders, the
Administrative Agent and the Collateral Agent, on the one hand, nor the Borrower, on the other hand, shall publish or otherwise disclose any information and material of any type, scope or subject matter relating to another party, the material terms
of the Facility, any of the Loan Documents or the transactions contemplated hereby or thereby (collectively, &#147;<U>Confidential Information</U>&#148;) to any Person (other than an Affiliate); it being agreed by all parties that the Borrower and
its Affiliates may disclose Confidential Information to the Custodian and the Backup Servicer. No party shall publish any press release naming the other party without the prior written consent of the other. Notwithstanding the foregoing, but subject
to the requirements of any applicable privacy laws, each party may disclose the Confidential Information (a)&nbsp;to any of their respective Affiliates and to their and their respective Affiliates&#146; officers, directors, managers, administrators,
trustees, employees, agents, accountants, legal counsel and other representatives (it being understood that the Persons to whom such disclosure is made shall be informed of the confidential nature of such information and instructed to keep such
information confidential), (b)&nbsp;to the extent required by applicable law, regulation, subpoena or other legal process (including the filing of this Agreement with the SEC, but only to the extent required by the Exchange Act), (c)&nbsp;to the
extent requested by any governmental or regulatory authority purporting to have jurisdiction over such party (including any self-regulatory authority), (d)&nbsp;to Standard&nbsp;&amp; Poor&#146;s, Moody&#146;s, Morningstar or any other nationally
recognized statistical rating organization in connection with the rating of this Facility pursuant to <U>Section</U><U></U><U>&nbsp;5.9</U>, (e)&nbsp;to any other party involved in the Facility, (f)&nbsp;in connection with the exercise of any
remedies hereunder or under any of the other Loan Documents or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (g)&nbsp;pursuant to
<U>Section</U><U></U><U>&nbsp;5.8</U>, (h)&nbsp;with the consent of the other parties, (i)&nbsp;with respect to the Lenders or Agents, to any equity investors or institutional creditors or potential equity investors or institutional creditors of
such party and/or its Affiliates (including any provider or potential provider of a backleverage facility) or (j)&nbsp;to the extent that such information (i)&nbsp;was or becomes available to such party from a source other than a party hereto other
</P>
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than as a result of a breach under this <U>Section</U><U></U><U>&nbsp;9.22</U>, (ii)&nbsp;has been independently acquired or developed by any such party without violating any of their respective
obligations under this Agreement, or (iii)&nbsp;becomes publicly available other than as a result of a breach of this <U>Section</U><U></U><U>&nbsp;9.22</U>; <U>provided</U>, <U>however</U>, that in the case of any disclosure of information which
includes, directly or indirectly, the identity of any Obligor, the Person disclosing such information shall provide to the Borrower not less than ten (10)&nbsp;Business Days&#146; prior notice of such disclosure (and the Person making such
disclosure shall be liable for compliance with all applicable laws with respect to such disclosure, and the cost of compliance with such laws shall not be borne by the NF Parties). Notwithstanding anything to the contrary herein, in the event that a
party to this Agreement determines that it is required by applicable law or a governmental authority or representative thereof (which may include legal process) to disclose Confidential Information of another party hereto, the disclosing party
shall, to the extent permitted by applicable law or court order and reasonably practicable to do so, notify the party regarding which the Confidential Information applies in order to afford such party a reasonably opportunity to obtain a protective
order in regard to such Confidential Information, it being understood and agreed that the Lenders shall have no obligation to notify any NF Party of any such disclosure made in connection with routine regulatory examinations, inspections and audits
by or on behalf of a governmental or regulatory authority or representative thereof having jurisdiction over such Lender. The Borrower acknowledges and agrees that it shall not provide any Confidential Information to any Agent or Lender that
constitutes &#147;nonpublic personal information&#148; as that term is defined in Section&nbsp;6809(4) of the Gramm-Leach-Bliley Act. This confidentiality agreement shall apply to any and all information relating to the Facility, any of the Loan
Documents and the transactions contemplated hereby and thereby at any time on or after the date hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding anything to
the contrary herein, the parties hereto (and each of their employees, representatives and other agents) may disclose to any Persons, of any kind, the tax treatment and tax structure of the transaction contemplated by this Agreement and all materials
of any kind (including opinions or other tax analyses) that are provided to either party relating to such tax treatment and tax structure; provided that this <U>Section</U><U></U><U>&nbsp;9.22(b)</U> does not authorize any party hereto (or any of
its employees, representatives or other agents) to disclose any information that is not necessary to understanding the tax treatment and tax structure of the transaction contemplated by the this Agreement or that does not relate directly to the tax
treatment and tax structure of the transaction contemplated by this Agreement (including, if applicable, the identity of the parties hereto and any information that could reasonably lead another to determine the identity of the parties hereto), or
to the extent it is reasonably necessary to keep any such information confidential in order to comply with any federal or state securities law. This Section<U>&nbsp;9.22(b)</U> is intended to make certain that this Agreement does not cause any of
the transactions contemplated by this Agreement to constitute &#147;confidential transactions&#148; within the meaning of Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.6011-4(b)(3),</FONT>
<FONT STYLE="white-space:nowrap">301.6111-2(c),</FONT> <FONT STYLE="white-space:nowrap">301.6111-3(b)(2)(ii)(B)</FONT> and any similar applicable state or local law in effect as of the date hereof, and it shall be construed accordingly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.23. <U>No Consolidation</U>. Each Lender hereby covenants and agrees that, to the extent that any bankruptcy, reorganization, insolvency or
liquidation proceedings, or other proceedings under the Bankruptcy Code or any other Debtor Relief Laws (a &#147;<U>Bankruptcy Action</U>&#148;) is instituted or commenced against any NF Party (other than the Borrower) as debtor (the
&#147;<U>Debtor</U>&#148;), if such Lender is a creditor of the Debtor, such Lender shall not seek or consent to the consolidation of the Borrower with the Debtor with respect to such Bankruptcy Action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.24. <U>Defaulting Lenders</U>. In the event that any Lender or the Administrative Agent syndicates the Facility (other than to Affiliates of
such Lender or the Administrative Agent), other than as a result of a failure by the Administrative Agent to inform such Lender of the related Funding Notice in accordance with <U>Section</U><U></U><U>&nbsp;2.1(c)(ii</U>) hereof (but only if such
Lender did not otherwise receive such Funding Notice on or around the same time directly from the Borrower), if any Lender defaults (in each case, a &#147;<U>Defaulting Lender</U>&#148;) in its obligation to fund (a &#147;<U>Funding
Default</U>&#148;) any Loan (in each case, a &#147;<U>Defaulted Loan</U>&#148;): </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender
shall be deemed not to be a &#147;Lender&#148; for purposes of voting on any matters (including the granting of any consents or waivers) with respect to any of the Loan Documents; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) to the extent permitted by applicable law, until such time as the Default Excess, if any, with respect to such Defaulting Lender shall have
been reduced to zero, (i)&nbsp;any voluntary prepayment (in accordance with the terms of this Agreement) of the Loans shall, if Administrative Agent (acting with the consent of the Required Lenders) so directs at the time of making such voluntary
prepayment, be applied to the Loans of other Lenders as if such Defaulting Lender had no Loans outstanding and the Revolving Loan Commitment of such Defaulting Lender were zero, and (ii)&nbsp;any mandatory prepayment of the Loans shall, if
Administrative Agent (acting with the consent of the Required Lenders) so directs at the time of making such mandatory prepayment, be applied to the Loans of other Lenders (but not to the Loans of such Defaulting Lender) as if such Defaulting Lender
had funded all Defaulted Loans of such Defaulting Lender, it being understood and agreed that the Borrower shall be entitled to retain any portion of any mandatory prepayment of the Loans that is not paid to such Defaulting Lender solely as a result
of the operation of the provisions of this clause&nbsp;(b); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) no Revolving Loan Commitment of any Lender shall be increased or otherwise
affected, and, except as otherwise expressly provided in this <U>Section</U><U></U><U>&nbsp;9.24</U>, performance by the Borrower of its obligations hereunder and the other Loan Documents shall not be excused or otherwise modified as a result of any
Funding Default or the operation of this <U>Section</U><U></U><U>&nbsp;9.24</U>. The rights and remedies against a Defaulting Lender under this <U>Section</U><U></U><U>&nbsp;9.24</U> are in addition to other rights and remedies which the NF Parties
and the Administrative Agent may have against such Defaulting Lender with respect to any Funding Default. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.25. <U>ERISA</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Each Lender (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)&nbsp;covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, that at least one of the following is and will be true; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) such Lender is not using Plan Assets with respect to such Lender&#146;s entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments or this Agreement, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the transaction exemption set
forth in one or more PTEs, such as PTE <FONT STYLE="white-space:nowrap">84-14</FONT> (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE <FONT STYLE="white-space:nowrap">95-60</FONT> (a
class exemption for certain transactions involving insurance company general accounts), PTE <FONT STYLE="white-space:nowrap">90-1</FONT> (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE <FONT
STYLE="white-space:nowrap">91-38</FONT> (a class exemption for certain transactions involving bank collective investment funds) or PTE <FONT STYLE="white-space:nowrap">96-23</FONT> (a class exemption for certain transactions determined by <FONT
STYLE="white-space:nowrap">in-house</FONT> asset managers), is applicable with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii)&nbsp;(A) such Lender is an investment fund managed by a
&#147;Qualified Professional Asset Manager&#148; (within the meaning of Part VI of PTE <FONT STYLE="white-space:nowrap">84-14),</FONT> (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C)&nbsp;the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and
this Agreement satisfies the requirements of <FONT STYLE="white-space:nowrap">sub-sections</FONT> (b)&nbsp;through (g) of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> and (D)&nbsp;to the best knowledge of such Lender, the requirements
of subsection (a)&nbsp;of Part I of PTE <FONT STYLE="white-space:nowrap">84-14</FONT> are satisfied with respect to such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement, or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) such other representation, warranty and covenant as may be agreed in writing
between the Administrative Agent, in its sole discretion, and such Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In addition, unless either
<FONT STYLE="white-space:nowrap">(1)&nbsp;sub-clause</FONT> (i)&nbsp;in the immediately preceding clause (a)&nbsp;is true with respect to a Lender or (2)&nbsp;a Lender has provided another representation, warranty and covenant in accordance with <FONT
STYLE="white-space:nowrap">sub-clause</FONT> (iv)&nbsp;in the immediately preceding clause (a), such Lender further (x)&nbsp;represents and warrants, as of the date such Person became a Lender party hereto, to, and (y)&nbsp;covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party,
that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender&#146;s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and
this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.26. <U>Obligations Several; Actions in Concert</U>. The obligations of Lenders hereunder are several and no Lender shall be responsible for
the obligations or Revolving Loan Commitment of any other Lender hereunder. Nothing contained herein or in any other Loan Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an
association, a joint venture or any other kind of entity. Anything in this Agreement or any other Loan Document to the contrary notwithstanding, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or
enforce its rights arising out of this Agreement or any Note or otherwise with respect to the Obligations without first obtaining the prior written consent of the Administrative Agent, the Required Remedies Lenders or Required Lenders (as
applicable), it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and any Note or otherwise with respect to the Obligations shall be taken in concert and at the direction or with the consent of the
Administrative Agent, the Required Remedies Lenders or Required Lenders (as applicable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 10. <B>CLASS B
<FONT STYLE="white-space:nowrap">BUY-OUT</FONT> OPTION</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.1. The parties hereto agree that at any time an Event of Default has
occurred and is continuing (but subject to the proviso below in the case of any outstanding Event of Default) any Class&nbsp;B Lender shall have the right, but not the obligation, to purchase from the Class&nbsp;A Lenders all (but not less than all)
of the right, title and interest of the Class&nbsp;A Lenders in and to the Class&nbsp;A Obligations and the Class&nbsp;A Revolving Loan Commitments by giving a written notice (a &#147;<U>Committed Class</U><U></U><U>&nbsp;B <FONT
STYLE="white-space:nowrap">Buy-Out</FONT> Notice</U>&#148;) to the Class&nbsp;A Lenders to the effect that such Class&nbsp;B Lender (or Class&nbsp;B Lenders) intend to purchase from the Class&nbsp;A Lenders within ten (10)&nbsp;Business Days of such
Committed Class&nbsp;B <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice (or such other period agreed to by the Administrative Agent and the Required Lenders) all (but not less than all) of the right, title and interest of the Class&nbsp;A
Lenders in and to the Class&nbsp;A Obligations and the Class&nbsp;A Revolving Loan Commitments at the <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Purchase Price (as defined below); <U>provided</U>, <U>however</U>, that if an Event of Default has
occurred and is continuing any Committed Class&nbsp;B <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice must be delivered to the Class&nbsp;A Lenders no later than ten (10)&nbsp;Business Days after the Class&nbsp;A Remedies Instruction Date (as
defined in <U>Section</U><U></U><U>&nbsp;12.1</U>) (or such other period agreed to by the Administrative Agent and the Required Lenders). Each Class&nbsp;B Lender that delivers a Committed Class&nbsp;B <FONT STYLE="white-space:nowrap">Buy-Out</FONT>
Notice is referred to herein as an &#147;<U>Electing Class</U><U></U><U>&nbsp;B Lender</U>&#148;. In the event all Class&nbsp;B Lenders </P>
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are Electing Class&nbsp;B Lenders, each such Electing Class&nbsp;B Lender shall be entitled to purchase an amount of the Class&nbsp;A Obligations and the Class&nbsp;A Revolving Loan Commitments
equal to the product of (A)&nbsp;the aggregate amount of all outstanding Class&nbsp;A Obligations and the Class&nbsp;A Revolving Loan Commitments and (B)&nbsp;such Electing Class&nbsp;B Lender&#146;s Class&nbsp;B Pro Rata Share. In the event less
than all Class&nbsp;B Lenders are Electing Class&nbsp;B Lenders, the Electing Class&nbsp;B Lenders shall be entitled to purchase the Class&nbsp;A Obligations in accordance with the proportion of the Class&nbsp;B Exposure held by each Electing
Class&nbsp;B Lender bears to the Class&nbsp;B Exposures of all Electing Class&nbsp;B Lenders (or such other allocation as is agreed by all Electing Class&nbsp;B Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.2. Upon the receipt by the Administrative Agent of a Committed Class&nbsp;B <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice, each
Electing Class&nbsp;B Lender irrevocably shall be committed, severally, to acquire within ten (10)&nbsp;Business Days of the date of the Committed Class&nbsp;B <FONT STYLE="white-space:nowrap">Buy-Out</FONT> Notice (or such other period agreed to by
the Administrative Agent and the Required Lenders) from the Class&nbsp;A Lenders all (but not less than all) of the right, title and interest of the Class&nbsp;A Lenders in and to the Class&nbsp;A Obligations by paying to the Class&nbsp;A Lenders in
cash a purchase price (the &#147;<U><FONT STYLE="white-space:nowrap">Buy-Out</FONT> Purchase Price</U>&#148;) equal to the sum of: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
100% of the aggregate outstanding balance of all of the Class&nbsp;A Loans, including principal and accrued and unpaid Class&nbsp;A Interest Amounts related thereto (excluding any portion of the Class&nbsp;A Interest Amount attributable to any
increase in the Class&nbsp;A Adjusted Rate due to the occurrence of an Event of Default); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any unpaid fees in respect of the
Class&nbsp;A Revolving Loan Commitments, to the extent earned or due and payable in accordance with the Loan Documents; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) without
duplication, the aggregate amount of any other Class&nbsp;A Obligations then due and payable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.3. In connection with any such purchase
and sale of all of the Class&nbsp;A Lenders&#146; right, title and interest in and to the Class&nbsp;A Obligations and the Class&nbsp;A Revolving Loan Commitments on the effective date thereof, each Class&nbsp;A Lender and Electing Class&nbsp;B
Lender shall execute and deliver an Assignment Agreement (a copy of which shall be substantially contemporaneously delivered to the Borrower), pursuant to which each Class&nbsp;A Lender shall assign to each Electing Class&nbsp;B Lender a portion of
such Class&nbsp;A Lender&#146;s Obligations and Revolving Loan Commitment in an amount calculated as provided in <U>Section</U><U></U><U>&nbsp;10.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.4. Anything in this Agreement to the contrary notwithstanding, each party hereto agrees that each Electing Class&nbsp;B Lender may assign
and delegate to any one or more of its Affiliates or Approved Funds any of the rights and obligations acquired by such Electing Class&nbsp;B Lender as a result of its exercise of its rights pursuant to this <U>Section</U><U></U><U>&nbsp;10</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.5. This <U>Section</U><U></U><U>&nbsp;10</U> may be amended, waived or otherwise modified by the Administrative Agent and the Required
Lenders (other than any Defaulting Lender) without the consent of any NF Party or any Defaulting Lender (provided prompt written notice shall be provided to the Company of any such amendment, waiver or other modification). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 11. <B>[RESERVED]</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 12. <B>ADDITIONAL PROVISIONS RELATED TO REMEDIES</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.1. Upon the occurrence and during the continuance of any Event of Default, the Required&nbsp;Class A Lenders in their capacity as the
Required Remedies Lenders shall have the exclusive right to direct the Administrative Agent in writing to take one or more Exercise of Remedies until the Class<U></U> A Loans are repaid in full (and thereafter the Required<U></U>&nbsp;Class B
Lenders in their capacity as the Required Remedies Lenders shall have such right to direct the Administrative Agent) and the Administrative Agent shall commence and diligently pursue in good faith any and all Exercise of Remedies as directed in
writing by the Required<U></U>&nbsp;Class<U></U>&nbsp;A Lenders as the Required Remedies Lenders; <U>provided</U>, <U>however</U>, that, notwithstanding the foregoing, unless an Exigent Circumstance exists, the Administrative Agent&#146;s obligation
to commence and pursue an Exercise of Remedies as directed in writing by the Required<U></U>&nbsp;Class<U></U>&nbsp;A Lenders as the Required<U></U>&nbsp;Remedies Lenders shall be suspended during the period (the &#147;<U>Class&nbsp;A Standstill
Period</U>&#148;) beginning on the first date on which the Administrative Agent receives written instructions for an Exercise of Remedies from the Required<U></U>&nbsp;Class A Lenders as the Required<U></U>&nbsp;Remedies Lenders (such written
instructions, the &#147;<U>Class&nbsp;A Remedies Instruction</U>&#148; and the date of the Administrative Agent&#146;s receipt of such written instructions, the &#147;<U>Class&nbsp;A Remedies Instruction Date</U>&#148;) and ending on
(x)<U></U>&nbsp;if no Committed Class<U></U>&nbsp;B Buy-Out Notice is delivered to the Administrative Agent pursuant to <U>Section&nbsp;10</U> hereof by close of business on the tenth (10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>)
Business Day after the Class<U></U>&nbsp;A Remedies Instruction Date (or the last day of such other period that may be agreed to by the Administrative Agent and the Required Lenders) such tenth
(10<U><SUP STYLE="font-size:85%; vertical-align:top">th</SUP></U>) Business Day (or, if the Administrative Agent and the Required Lenders agreed to a different period, the last day of such different period), or (y)<U></U>&nbsp;if at least one
Committed Class<U></U>&nbsp;B Buy-Out Notice is delivered to the Administrative Agent pursuant to <U>Section&nbsp;10</U> hereof by close of business on the tenth (10th) Business Day after the Class<U></U>&nbsp;A Remedies Instruction Date (or the
last day of such other period that may be agreed to by the Administrative Agent and the Required Lenders), the tenth (10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Business Day after the date on which such first Committed
Class<U></U>&nbsp;B Buy-Out Notice has been delivered to the Administrative Agent (or, if the Administrative Agent and the Required Lenders agreed to a different period, the last day of such different period); and, <U>provided</U> <U>further</U>
that, notwithstanding anything to the contrary in this <U>Section&nbsp;12.1</U>, if an Exigent Circumstance exists, as determined by either (x)<U></U>&nbsp;the Administrative Agent, in consultation with the Required Remedies Lenders, or
(y)<U></U>&nbsp;in good faith by the Required Remedies Lenders, the Administrative Agent shall pursue such Exercise of Remedies as instructed in writing by the Required Remedies Lenders promptly without giving effect to the Class<U></U>&nbsp;A
Standstill Period. The Administrative Agent shall promptly deliver each Exercise of Remedies instruction from the Required<U></U>&nbsp;Class A Lenders to each other Lender. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.2. Certain definitions, for purposes of Section&nbsp;12.1: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) &#147;<U>Exercise of Remedies</U>&#148; means the exercise of any enforcement rights or remedies that are available to the Administrative
Agent, the Collateral Agent, any Lender, or other Person holding Obligations upon the occurrence of an Event of Default including any or all of the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) the acceleration of the Loans and the other Obligations; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ii) the termination of the Revolving Loan Commitments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iii) the delivery of a notice to any depository bank or securities intermediary which is a party to a control agreement,
directing such depository bank or securities intermediary to transfer the funds or other assets of the NF Parties maintained with such depository bank or securities intermediary in accordance with the terms of such control agreement or to cease
accepting instructions with respect to the accounts subject to any such control agreement from the NF Parties; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(iv) the
taking of any action to foreclose on a Lien on, or any other right or remedy as a secured creditor to sell, assign, lease, license or otherwise dispose of, all or any portion of the Collateral, including the issuance to one or more NF Parties of any
notice in respect thereof required by applicable law; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(v) the notification of account debtors to make payment to the
Administrative Agent or any of its agents; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vi) the taking of any action to take possession of all or any portion of the
Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(vii) the commencement of any involuntary legal proceedings or actions with respect to all or any portion of
the Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(viii) any sale, assignment, lease, license or other disposition of all or any material portion of the
Collateral by one or more NF Parties with the consent of the Administrative Agent and the Required Lenders, which sale, assignment, lease, license or other disposition is conducted by or on behalf of such NF Parties in connection efforts to collect
all or any portion of the Obligations through such sale, assignment, lease, license or other disposition; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:8%; font-size:10pt; font-family:Times New Roman">(ix) upon the
occurrence and during the continuation of a Servicer Default, terminate the Person then acting as Servicer in accordance with the Servicing Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>provided </U>that none of the following shall constitute an Exercise of Remedies: (a)&nbsp;actions taken solely for purpose of perfecting a
security interest in Collateral; (b)&nbsp;the imposition of any increase in the Interest Rate and the Class&nbsp;A Adjusted Rate (as contemplated by the Payment Letter); (c) delivery to any NF Party of any notice of default; (d)&nbsp;the filing of
any proof of claim; (e)&nbsp;the refusal to make any Loan hereunder as a result of the failure to satisfy one or more conditions precedent thereto; (f)&nbsp;the sweeping of cash or exercise of exclusive control under blocked account arrangements;
(g)&nbsp;the application of Collections in accordance with <U>Section</U><U></U><U>&nbsp;2.10(c)</U> hereof, (h)&nbsp;the giving of any notice expressly contemplated by this Agreement, (i)&nbsp;the solicitation by the Required Remedies Lenders of
bids from third parties to conduct the sale, assignment, lease, license or other disposition of all or any portion of the Collateral and/or the business of the Borrower or to engage or retain sales brokers, marketing agents, investment bankers,
accountants, appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting and selling Collateral or (j)&nbsp;any actions in preparation for any of the actions described in clauses (i)&nbsp;through (ix) above or
clauses (a)&nbsp;through (i) of this proviso. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) &#147;<U>Exigent Circumstances</U>&#148; means (i)&nbsp;an Event of Default occurring
under Section&nbsp;7.1(g), (j) or (l), (ii) an event or circumstance that materially and immediately threatens the value of all or a material portion of the Collateral or the ability of the Administrative Agent, any Lender or any other Person
holding Obligations to realize upon all or a material portion of the Collateral such as fraud, fraudulent removal, concealment, abandonment, destruction (other than to the extent covered by insurance) or material waste, or the exercise by a creditor
of a NF Party of enforcement rights or remedies following default with respect to all or a material portion of the Collateral (other than a Person expressly permitted by the terms of this Agreement to exercise such rights or remedies), or
(iii)&nbsp;any other circumstance deemed to be an &#147;Exigent Circumstance&#148; in the sole and absolute discretion of the Administrative Agent (with the consent of the Required Remedies Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.3. This Section&nbsp;12&nbsp;may be amended, waived or otherwise modified by the Administrative Agent and the Required Lenders (other than
any Defaulting Lender) without the consent of any NF Party or any Defaulting Lender. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 13. <B>SUBORDINATION AGREEMENT</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13.1. <U>Subordination</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)
Anything in this Agreement or the Loan Documents to the contrary notwithstanding, the Borrower and the Class&nbsp;B Lenders agree for the benefit of the Class&nbsp;A Lenders that the Class&nbsp;B Lenders and the Borrower&#146;s interest in and to
the Collateral (the &#147;<U>Subordinate Interests</U>&#148;) shall be subordinate and junior to the Class&nbsp;A Lenders to the extent and in the manner set forth in this Agreement, including as set forth in <U>Section</U><U></U><U>&nbsp;2.10</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event that any holder of any Subordinate Interests shall have received any payment or distribution in respect of such
Subordinate Interests contrary to the provisions of this Agreement, then, unless and until the Class&nbsp;A Lenders shall have been paid in full in cash such payment or distribution shall be received and held for the benefit of, and shall forthwith
be paid over and delivered to, the Administrative Agent, which shall pay and deliver the same to the Class&nbsp;A Lenders, in accordance with this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Each holder of Subordinate Interests agrees with all Class&nbsp;A Lenders, that such holder of Subordinate Interests shall not demand,
accept, or receive any payment or distribution in respect of such Subordinate Interests in violation of the provisions of this Agreement including this <U>Section</U><U></U><U>&nbsp;13.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of Page Intentionally Left Blank] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective signatories thereunto duly authorized as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>NF FUNDING I, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">as Borrower</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Doug Marohn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Doug Marohn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: President and CEO</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ARES AGENT SERVICES, L.P.,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as Administrative Agent and Collateral Agent</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Agent Services GP LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey W. Kramer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jeffrey W. Kramer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ARES SECURED INCOME MASTER FUND LP,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Class&nbsp;A Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Management LLC, its Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keith Ashton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Keith Ashton</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>THE LINCOLN NATIONAL LIFE INSURANCE COMPANY</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Class&nbsp;A Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Capital Management III LLC, its Adviser</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keith Ashton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Keith Ashton</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EAGLE LIFE INSURANCE COMPANY</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Class&nbsp;A Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Capital Management III LLC, its Adviser</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keith Ashton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Keith Ashton</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AMERICAN EQUITY INVESTMENT LIFE INSURANCE COMPANY</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Class&nbsp;A Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Capital Management III LLC, its Adviser</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keith Ashton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Keith Ashton</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>RSUI INDEMNITY COMPANY</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a
Class&nbsp;A Lender</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">By: Ares ASIP VII Management, L.P., its Portfolio Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares ASIP VII GP, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keith Ashton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Keith Ashton</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TRANSATLANTIC REINSURANCE COMPANY</B>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a Class&nbsp;A Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares ASIP VII Management, L.P., its Portfolio Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares ASIP VII GP, LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keith Ashton</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Keith Ashton</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PACIFIC WESTERN BANK</B>,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">as a
Class&nbsp;A Lender</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ J. T. Cook, III</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: J. T. Cook, III</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: SVP, Portfolio Manager Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Credit Agreement] </P>
</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>SONORAN CACTUS PRIVATE ASSET BACKED FUND, LLC</B>, as a Class&nbsp;B Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Cactus Operating Manager GP, LLC, its Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey W. Kramer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jeffrey W. Kramer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>GLENLAKE LOAN FUND, LLC</B>, as a Class&nbsp;B Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Management LLC, its Investment Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey W. Kramer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jeffrey W. Kramer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARES LOAN ORIGINATION LP</B>,<B> </B>as a Class&nbsp;B Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares ICOF III Management LP, its Investment Manager</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey W. Kramer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Jeffrey W. Kramer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARES CREDIT STRATEGIES INSURANCE DEDICATED FUND SERIES OF SALI MULTI-SERIES FUND, L.P., </B>as a Class&nbsp;B Lender</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Management LLC, its investment subadvisor</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew Jill</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Matthew Jill</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Credit Agreement] </P>
</DIV></Center>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>d730874dex102.htm
<DESCRIPTION>EX-10.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.2</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Copy </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">RECEIVABLES
PURCHASE AGREEMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">between </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NF FUNDING I, LLC, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Purchaser,
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NICHOLAS FINANCIAL,
INC., </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">as Seller, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Dated as of
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;29, 2019 </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Page</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE I DEFINITIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Other Definitional Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE II CONVEYANCE OF RECEIVABLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Conveyance of Receivables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Payment of Purchase Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Transfers Intended as Sales</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Further Encumbrance of Receivables and Other Conveyed Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorization to File Financing Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE III THE RECEIVABLES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Representations and Warranties of Seller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Repurchase upon Breach</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE IV THE PURCHASER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Representations of Purchaser</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE V THE SELLER</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Representations of Seller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Additional Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Liability of Seller; Indemnities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Merger or Consolidation of, or Assumption of the Obligations of, Seller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">ARTICLE VI MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Prior Agreements Superseded</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Parties Bound</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Execution in Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Severability of Provisions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Further Instruments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Governing Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Consent of Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Jury Trial</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Pledge by Purchaser</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Assignment Generally</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Amendments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Assignment by Purchaser</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"><U>EXHIBITS</U>:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD HEIGHT="8" COLSPAN="5"></TD></TR>
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<TD VALIGN="top" COLSPAN="5">Exhibit A &#150; Form of Assignment</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Exhibit B &#150; Form of Addition Notice</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This RECEIVABLES PURCHASE AGREEMENT<I> </I>is entered into as of March&nbsp;29, 2019,
between NF Funding I, LLC, a Delaware limited liability company (&#147;<B><I>Purchaser</I></B>&#148;)<I> </I>and Nicholas Financial, Inc., a Florida corporation (&#147;<B><I>Seller</I></B>&#148;)<I>.</I> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Purchaser desires to purchase from Seller, and Seller desires to sell to Purchaser, from time to time, the rights of the Purchaser
in, to and under certain motor vehicle retail installment sale contracts; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Purchaser intends to finance such purchases by
entering into a Revolving Credit Agreement, dated the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the &#147;<B><I>Credit Agreement</I></B>&#148;), among Purchaser, the lenders from time to time party
thereto (the &#147;<B><I>Lenders</I></B>&#148;), and Ares Agent Services, L.P., as administrative agent for the Lenders (together with its successors and assigns, in such capacity, the &#147;<B><I>Administrative Agent</I></B>&#148;) and as
collateral agent (together with its successors and assigns, in such capacity, the &#147;<B><I>Collateral Agent</I></B>&#148;), under which (subject to the terms, conditions and limitations set forth therein) the Lenders have agreed to make Revolving
Loans from time to time to Purchaser, secured by the Receivables, the Other Conveyed Property (as defined herein) and all other assets of the Purchaser; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Seller is willing to sell such Receivables and the Other Conveyed Property to Purchaser from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE I </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>DEFINITIONS
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.1 <U>Definitions</U>. As used in this Agreement, each of the following terms has the meaning given to such term in
this <U>Section</U><U></U><U>&nbsp;1.1</U> or in the schedules, sections and subsections referred to below. Capitalized terms used and not defined herein have the meaning given to such terms in the Credit Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Addition</I></B><I> </I><B><I>Notice</I></B>&#148;<I> </I>means, with respect to any transfer of Receivables to Purchaser pursuant
to <U>Section</U><U></U><U>&nbsp;2.1(b)</U> of this Agreement, notice of Seller&#146;s election to transfer Receivables to Purchaser, such notice to designate the related Purchase Date and the aggregate principal amount and aggregate Invested Amount
of such Receivables to be transferred on such Purchase Date, substantially in the form of <U>Exhibit B</U> to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Administrative Agent</I></B>&#148; has the meaning given to such term in the recitals to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Agreement</I></B>&#148;<I> </I>means this Receivables Purchase Agreement and any amendment, supplement, restatement or
modification hereof that may be made in accordance with the terms of the Credit Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Assignment</I></B>&#148;<I> </I>means an Assignment from Seller to Purchaser
with respect to the Receivables and Other Conveyed Property to be conveyed by Seller to Purchaser on any Purchase Date, in substantially the form of <U>Exhibit A</U> to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Agent</I></B>&#148; has the meaning given to such term in the recitals to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Collateral Receipt</I></B>&#148; has the meaning given to such term in the Custodial Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Conveyed Property</I></B>&#148; means, collectively, the Receivables and the Other Conveyed Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Credit</I></B><I> </I><B><I>Agreement</I></B>&#148;<I> </I>has the meaning given to such term in the recitals to this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Custodial Agreement</I></B>&#148; means that certain Custodial and Collateral Agency Agreement, dated as of March&nbsp;29,
2019, by and among the Purchaser, the Servicer, the Custodian, the Administrative Agent and the Collateral Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Cutoff</I></B><I> </I><B><I>Date</I></B>&#148;<I> </I>means, with respect to a Receivable or Receivables, the date specified as
such for such Receivable or Receivables in the applicable Assignment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Defective</I></B><I>
</I><B><I>Receivable</I></B>&#148;<I> </I>means a Receivable that is subject to repurchase pursuant to <U>Section</U><U></U><U>&nbsp;3.2</U> of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>For Cause Termination Event</I></B>&#148; has the meaning set forth in the Servicing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Insolvency Event</I></B>&#148; means, with respect to a specified Person, (a)&nbsp;the institution of a proceeding or the filing
of a petition against such Person seeking the entry of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal
or state bankruptcy, insolvency or other similar law now or hereafter in effect, seeking the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its
property, or ordering the <FONT STYLE="white-space:nowrap">winding-up</FONT> or liquidation of such Person&#146;s affairs, and such proceeding or petition, decree or order shall remain unstayed or undismissed for a period of sixty
(60)&nbsp;consecutive days or an order or decree for the requested relief is earlier entered or issued; or (b)&nbsp;the commencement by such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law
now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by, a receiver, liquidator, assignee,
custodian, trustee, sequestrator, or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay
its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Lien</I></B><I> </I><B><I>Certificate</I></B>&#148;<I> </I>has the meaning set forth in the Custodial Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Other Conveyed Property</I></B>&#148;<I> </I>means all property of the type
described in clauses&nbsp;(ii) through (xii)&nbsp;of Section&nbsp;2.1(a) that is conveyed by Seller to Purchaser from time to time pursuant to this Agreement or any Assignment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Purchase</I></B><I> </I><B><I>Date</I></B>&#148;<I> </I>means each Business Day on which Purchaser acquires Receivables from
Seller pursuant to the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Purchase Price</I></B>&#148;<I> </I>means, with respect to each Receivable
and related Other Conveyed Property transferred to Purchaser on any Purchase Date, an amount equal to the Invested Amount on such Purchase Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Purchaser</I></B>&#148;<I> </I>has the meaning given to such term in the preamble to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Registrar of Titles</I></B>&#148; means, with respect to any State, the governmental agency or body responsible for the
registration of, and, as applicable, the issuance of certificates of titles relating to, motor vehicles and liens thereon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Receivable File</I></B>&#148;<I> </I>has the meaning set forth in the Custodial Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Related</I></B><I> </I><B><I>Receivables</I></B>&#148;<I> </I>means, with respect to a Purchase Date and the related Cutoff Date,
the Receivables listed on Schedule A to the applicable Assignment executed and delivered by Seller with respect to such Purchase Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Schedule</I></B><I> </I><B><I>of</I></B><I> </I><B><I>Receivables</I></B>&#148;<I> </I>means collectively, all of the schedules of
Receivables purchased by Purchaser pursuant to this Agreement and each Assignment, with each such individual schedule to be attached as Schedule A to the related Assignment, as amended or supplemented from time to time upon each transfer of
Receivables or in accordance with the terms of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Seller</I></B>&#148;<I> </I>has the meaning given to such term
in the preamble to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Substitute Eligible Receivable</I></B>&#148; means a Receivable substituted by the Seller
for a Defective Receivable in accordance with the terms of this Agreement, which must, on the date of such substitution, (i)&nbsp;have an Invested Amount not less than the Invested Amount of the Defective Receivable, (ii)&nbsp;satisfy the
Eligibility Criteria and (iii)&nbsp;after giving effect to its substitution and any other substitutions occurring at the same time, not result in a Borrowing Base Deficiency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><I>Title Intermediary</I></B>&#148; means Secure Title Administration, Inc., or another title administration service provider
approved in writing by the Collateral Agent and which the Servicer has confirmed that such Title Intermediary is authorized by the Registrar of Titles to conduct electronic lien and titling transactions with respect to Financed Vehicles. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.2 <U>Other Definitional Provisions.</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All terms defined in this Agreement shall have the defined meanings when used in any instrument governed hereby and in any
certificate or other document made or delivered pursuant hereto unless otherwise defined therein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Accounting terms
used but not defined or partly defined in this Agreement, in any instrument governed hereby or in any certificate or other document made or delivered pursuant hereto, to the extent not defined, shall have the respective meanings given to them under
GAAP as in effect on the date of determination or any such instrument, certificate or other document, as applicable. To the extent that the definitions of accounting terms in this Agreement or in any such instrument, certificate or other document
are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Agreement or in any such instrument, certificate or other document shall control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The words &#147;<U>hereof</U>,&#148; &#147;<U>herein</U>,&#148; &#147;<U>hereunder</U>&#148; and words of similar import
when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Section, Schedule and Exhibit references contained in this Agreement are references to Sections, Schedules and Exhibits in
or to this Agreement unless otherwise specified; and the term &#147;<U>including</U>&#148; shall mean &#147;<U>including without limitation</U>.&#148; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to
the masculine as well as to the feminine and neuter genders of such terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as the same may from time to time be amended, modified or supplemented in accordance with the terms thereof and includes (in the
case of agreements or instruments) references to all attachments and instruments associated therewith; all references to a Person include its permitted successors and assigns. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE II </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONVEYANCE OF
RECEIVABLES </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.1 <U>Conveyance of Receivables</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) In consideration of Purchaser&#146;s delivery to or at the direction of Seller on any Purchase Date of the Purchase Price
therefor, Seller agrees to sell, transfer, assign, set over and otherwise convey to Purchaser, without recourse (except as otherwise provided herein or in the other Loan Documents) all right, title and interest of Seller, whether now existing or
hereafter arising, in, to and under: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Receivables listed in Schedule A to each Assignment executed and delivered by
Seller on such Purchase Date and all monies received under or in respect of such Related Receivables and Financed Vehicles, in each case, on and after the related Cutoff Date, including all Net Liquidation Proceeds and Recoveries in respect thereof,
and the right to service such Receivables; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the security interests in the related Financed Vehicles granted by the
related Obligors pursuant to the Related Receivables and any other interest of Seller in such Financed Vehicles, including, without limitation, the certificates of title and any other evidence of ownership with respect to such Financed Vehicles;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any proceeds from claims on any physical damage, credit life and credit accident and health insurance policies or
certificates or any vendor&#146;s single interest (VSI) policy, if any, relating to the related Financed Vehicles or the related Obligors, including any rebates or premiums; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) property (including the right to receive future Net Liquidation Proceeds) that secures a Related Receivable and that has
been acquired pursuant to the liquidation of such Related Receivable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) refunds for the costs of extended service
contracts with respect to the related Financed Vehicles, refunds of unearned premiums with respect to credit life and credit accident and health insurance policies or certificates covering a related Obligor or Financed Vehicle or his or her
obligations with respect to such Financed Vehicle and any recourse to Dealers for any of the foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the
Receivable File related to each Related Receivable and any and all other documents that Seller (or its designee) keeps on file in accordance with its customary procedures relating to the Related Receivables, the related Obligors or the related
Financed Vehicles; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any proceeds from recourse against Dealers including with respect to the sale of the Related
Receivables; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) all present and future claims, demands, causes and choses in action in respect of any or all of the
foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any proceeds from claims on &#147;errors and omissions&#148; insurance policies and employee fidelity
insurance policies related to the Related Receivables or the Obligors thereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) a copy of the data file with respect
to the Related Receivables; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) all payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all cash and <FONT STYLE="white-space:nowrap">non-cash</FONT> proceeds, and other property consisting of, arising from or relating to all or any part of any of the foregoing. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Seller shall transfer to Purchaser the Receivables and the Other Conveyed Property described in <U>paragraph
(a)</U>&nbsp;above only upon the satisfaction of each of the conditions set forth below on or prior to the related Purchase Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) by no later than 12:00 noon (New York City time) on the third (3rd)
Business Day prior to such Purchase Date, Seller shall have provided Purchaser, Servicer, the Backup Servicer, and each Agent with (A)&nbsp;an Addition Notice substantially in the form of <U>Exhibit B</U> hereto (which shall include a supplement to
the Schedule of Receivables) and (B)&nbsp;a data tape or other electronic file containing information regarding the Related Receivables that the Administrative Agent may request, in each case with respect to the Conveyed Property, to be transferred
on such Purchase Date, and shall have provided any information reasonably requested by any of the foregoing with respect to Purchaser, Servicer or the Related Receivables; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Seller shall have deposited in the Collection Account all collections received (if any) on and after the Cutoff Date in
respect of the Related Receivables to be purchased on such Purchase Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) as of each Purchase Date, (A)&nbsp;Seller
shall be Solvent and shall not become insolvent as a result of the transfer of Related Receivables on such Purchase Date, (B)&nbsp;Seller shall not intend to incur or believe that it shall incur debts that would be beyond its ability to pay as such
debts mature, (C)&nbsp;such transfer shall not have been made with actual intent to hinder, delay or defraud any Person and (D)&nbsp;the assets of Seller shall not constitute unreasonably small capital to carry out its business as then conducted;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) the Scheduled Commitment Termination Date shall not have occurred; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) each of the representations and warranties made by Seller pursuant to <U>Section</U><U></U><U>&nbsp;3.1</U> with respect to
the Related Receivables to be purchased on such Purchase Date shall be true and correct as of the related Purchase Date and Seller shall have performed all obligations to be performed by it hereunder or in any Assignment on or prior to such Purchase
Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) Seller shall have taken all action required to convey its ownership interest in the Related Receivables and
Other Conveyed Property to the Purchaser; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) subject in all respects to the Exclusivity Side Letter and the obligations
contained therein, no selection procedures adverse to the interests of Purchaser or the Lenders, in the reasonable determination of the Administrative Agent, shall have been utilized in selecting the Related Receivables to be sold on such Purchase
Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) no For Cause Termination Event shall have occurred and be continuing; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) Seller shall have delivered the related Receivable Files to the Custodian no later than three (3)&nbsp;Business Days prior
to the requested Purchase Date (except with respect to the initial purchase on the Closing Date); and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) Seller shall have executed and delivered to each Agent an Assignment in
the form of <U>Exhibit A</U> with respect to the Related Receivables and the Other Conveyed Property related thereto to be purchased on such Purchase Date, which shall include a certificate of an Authorized Officer of the Seller confirming the
satisfaction of each condition precedent specified in this <U>Section</U><U></U><U>&nbsp;2.1(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.2 <U>Payment of
Purchase Price</U>. In consideration for the sale of the Related Receivables and Other Conveyed Property described in <U>Section</U><U></U><U>&nbsp;2.1(a)</U> or the related Assignment, Purchaser shall, on each Purchase Date on which Related
Receivables are transferred hereunder, pay to or upon the order of Seller the applicable Purchase Price (i)&nbsp;in cash, to the extent made available to the Purchaser from Collections in the Collection Account in accordance with
Section&nbsp;2.10(d) of the Credit Agreement and proceeds of the Loans made by the Lenders under the Credit Agreement and (ii)&nbsp;the remaining amount as a deemed capital contribution by Seller to Purchaser. Purchaser and Seller agree that the
Purchase Price represents and shall represent fair and reasonably equivalent value for the Receivables then sold and purchased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.3 <U>Transfers Intended as Sales</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) It is the intention of Seller and Purchaser that each transfer and assignment contemplated by this Agreement and each
Assignment shall constitute a sale of the Related Receivables and Other Conveyed Property from Seller to Purchaser free and clear of all Liens and rights of others on a servicing-released basis and it is intended that the beneficial interest in and
title to the Related Receivables and Other Conveyed Property shall not be part of Seller&#146;s estate in the event of the filing of a petition by or against Seller under any bankruptcy or insolvency law or any other commencement of an Insolvency
Proceeding. In the event that, notwithstanding the intent of Seller and Purchaser, any transfer and assignment (or purported transfer and assignment) contemplated by this Agreement or any Assignment is held to constitute a secured financing, or
otherwise is held not to constitute an absolute transfer and assignment of all of Seller&#146;s right, title and interest in, to and under the applicable Conveyed Property, this Agreement and each Assignment shall constitute a security agreement
under applicable law and Seller hereby grants to Purchaser a security interest in the Related Receivables and Other Conveyed Property, which security interest has been assigned to the Collateral Agent for the benefit of the Secured Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The Purchaser will acquire the Related Receivables and Other Conveyed Property on each Credit Date or Release Date, as
applicable, on a servicing-released basis. Consistent with the foregoing, as between the parties to this Agreement, following the Closing Date, the Purchaser shall, subject to the Servicing Agreement, have the sole right to service, administer and
collect the Related Receivables and Other Conveyed Property and to assign and/or delegate such right to any Person and, except as specifically set forth herein, the Seller or any of its respective Affiliates shall have no obligation to service,
administer or collect the Related Receivables and Other Conveyed Property after the related Credit Date or Release Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.4 <U>Further Encumbrance of Receivables and Other Conveyed Property</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Immediately upon the conveyance to Purchaser by Seller of the Related Receivables and Other Conveyed Property pursuant to
<U>Section</U><U></U><U>&nbsp;2.1</U> and the related Assignment, all right, title and interest of Seller in and to such Related Receivables and Other Conveyed Property shall terminate, and all such right, title and interest shall vest in Purchaser.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Immediately upon the vesting of any Related Receivables and the related Other Conveyed Property in Purchaser,
Purchaser shall have the sole right to pledge or otherwise encumber such Related Receivables and the related Other Conveyed Property. Pursuant to the Credit Agreement, Purchaser has granted a security interest in the Related Receivables and the
Other Conveyed Property to secure the repayment of the Revolving Loans and the other Obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.5 <U>Authorization to
File Financing Statements</U>. Seller hereby authorizes Purchaser, the Administrative Agent and the Collateral Agent to file all financing statements, continuation statements, amendments to financing statements, and other instruments, in any
jurisdictions and with any filing office, as Purchaser, the Collateral Agent or the Administrative Agent may determine to be necessary, advisable or prudent to perfect, make effective, continue or maintain the perfection of the assignments,
transfers and security interests granted from time to time by Seller to Purchaser under <U>Section&nbsp;2.1</U> and each Assignment. Any such financing statements may describe the Collateral in the same manner as described herein or may contain an
indication or description of the Collateral that describes such property in any other manner as Purchaser, the Collateral Agent or the Administrative Agent may determine is necessary, advisable or prudent to ensure the perfection of such
assignments, transfers and the security interests. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE III </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>THE RECEIVABLES </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.1 <U>Representations and Warranties of Seller</U>. Seller makes the following representations and warranties to Purchaser as to
the Receivables conveyed to Purchaser pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U> above, on which Purchaser relies in acquiring the Receivables, and on which each Lender will rely in making the Revolving Loans pursuant to the Credit Agreement.
Such representations and warranties are made with respect to the Receivables conveyed on each Purchase Date, and are made as of such Purchase Date and the related Cutoff Date, but shall survive the sale, transfer and assignment of the Receivables to
Purchaser and the pledge thereof by Purchaser to the Collateral Agent for the benefit of the Secured Parties pursuant to the Security Agreement: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Characteristics of Receivables</U>. Each Related Receivable is an Eligible Receivable as of the related Purchase Date.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U>Schedule of Receivables</U>. The information with respect to the Related Receivables set forth in Schedule A to the
related Assignment is true and correct in all material respects as of the close of business on the related Cutoff Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Adverse Selection</U>. Subject in all respects to the Exclusivity
Side Letter and the obligations contained therein, selection procedures in compliance with the terms of Section&nbsp;4.7 of the Credit Agreement, in the reasonable determination of the Administrative Agent, have been utilized in selecting the
Related Receivables to be sold hereunder. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Compliance with Law</U>. Each Related Receivable, the sale of the
Financed Vehicle and the sale of any physical damage, credit life and credit accident and health insurance and any extended warranties or service contracts complied at the time the Related Receivable was originated or made and at the execution of
the applicable Assignment complies in all material respects with all requirements of applicable law. Each Related Receivable has been serviced in compliance with all applicable law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>No Government Obligor</U>. None of the Related Receivables are due from the United States of America or any State or
from any agency, department, or instrumentality of the United States of America or any State. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>No Fleet Sales</U>.
None of the Related Receivables have been included in a &#147;fleet&#148; sale (i.e., a sale to any single Obligor of more than five (5)&nbsp;Financed Vehicles). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Security Interest in Financed Vehicle</U>. Immediately subsequent to the sale, assignment and transfer thereof to
Purchaser, each Related Receivable shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of Seller as secured party and such security interest is prior to all other Liens upon and security
interests in such Financed Vehicle, except Permitted Liens. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Receivables in Force</U>. No Related Receivable has
been satisfied, subordinated or rescinded, nor has any related Financed Vehicle been released from the lien granted by the related Receivable in whole or in part. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>No Defenses</U>. No right of rescission, setoff, counterclaim or defense exists or has been asserted or threatened with
respect to any Related Receivable. The operation of the terms of any Related Receivable or the exercise of any right thereunder will not render such Related Receivable unenforceable in whole or in part and such Receivable is not subject to any such
right of rescission, setoff, counterclaim, or defense. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>No Default; Repossession</U>. No default, breach, violation
or event permitting acceleration under the terms of any Related Receivable has occurred; and no continuing condition that with notice or the lapse of time, or both, would constitute a default, breach, violation or event permitting acceleration under
the terms of any Related Receivable has arisen; and Seller shall not waive and has not waived any of the foregoing (except in a manner consistent with Section&nbsp;3.01(d) of the Servicing Agreement) and no Financed Vehicle financed under a Related
Receivable shall have been repossessed. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) <U>Insurance; Other</U>. (i) (A)&nbsp;Each Obligor under the Related
Receivables has obtained an insurance policy covering the Financed Vehicle as of the execution of such Receivable insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and
collision coverage, (B)&nbsp;Seller and its respective successors and assigns are named the loss payee or an additional insured of each such insurance policy, (C)&nbsp;each such insurance policy is in an amount at least equal to the lesser of
(1)&nbsp;the Financed Vehicle&#146;s actual cash value and (2)&nbsp;the remaining UPB of the Related Receivable, and (D)&nbsp;each Related Receivable requires the Obligor to obtain and maintain such insurance naming Seller and its respective
successors and assigns as loss payee or an additional insured, (ii)&nbsp;each Related Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate of
insurance naming Seller as policyholder (creditor) under each such insurance policy and certificate of insurance, (iii)&nbsp;as to each Related Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which
secures the Related Receivable is covered by an extended service contract, and (iv)&nbsp;as of the related Cutoff Date, no Financed Vehicle is or had previously been insured under a policy of forced-placed insurance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(l) <U>Title</U>. It is the intention of Seller that each transfer and assignment herein contemplated constitutes a sale of the
Related Receivables and the related Other Conveyed Property from Seller to Purchaser and that the beneficial interest in and title to such Related Receivables and related Other Conveyed Property not be part of Seller&#146;s estate in the event of
the filing of a bankruptcy petition by or against Seller under any bankruptcy law. No Related Receivable or related Other Conveyed Property has been sold, transferred, assigned, or pledged by Seller to any Person other than Purchaser. Immediately
prior to each transfer and assignment herein contemplated, Seller had good and marketable title to each Related Receivable (including any Approved Seller Receivables sold on such Purchase Date) and related Other Conveyed Property and was the sole
owner thereof, free and clear of all liens, claims, encumbrances, security interests, and rights of others, and, immediately upon the transfer thereof to Purchaser and Purchaser shall have good and marketable title to the Receivables (including any
Approved Seller Receivables) and the Other Conveyed Property and shall be the sole owner thereof, free and clear of all Liens (except Permitted Liens); provided however that any Financed Vehicle which is part of the Other Conveyed Property may be
subject to a lien subordinate to the security interests securing the related Contract. No Dealer has a participation in, or other right to receive, proceeds of any Receivable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(m) <U>Lawful Assignment; No Consent Required</U>. No Related Receivable has been originated in, or is subject to the laws of,
any jurisdiction under which the sale, transfer, and assignment of such Related Receivable under this Agreement or the pledge of such Related Receivable under the Security Agreement shall be unlawful, void or voidable. Seller has not entered into
any agreement with any account debtor that prohibits, restricts or conditions the assignment of any portion of the Related Receivables. For the validity of such sales, transfers, assignments and pledges, no consent by any Dealer, Obligor or any
other Person is required under any agreement or applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(n) <U>Perfection</U>. All filings (including, without
limitation, UCC filings) and other actions necessary in any jurisdiction to give Purchaser a first priority perfected ownership interest and security interest (within the meaning of <FONT STYLE="white-space:nowrap">Section&nbsp;1-201(37)</FONT> of
the UCC) in the Conveyed Property, including, without limitation, the proceeds of the Receivables (to the extent that Purchaser can obtain such first priority perfected security interest pursuant to one or more filings) shall have been made, taken
or performed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(o) <U>Receivable File; One Original</U>. Seller has delivered to the
Custodian, in accordance with the terms of the Custodial Agreement, a complete Receivable File with respect to each Related Receivable, and the Custodian has delivered to the Collateral Agent, the Servicer and Purchaser an original Collateral
Receipt therefor; provided, however, that, with respect to the Receivables sold to the Purchaser on the Closing Date, the Custodian shall have completed its verification and delivered a Collateral Receipt no later than the thirtieth (30<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>) day (or such later date as agreed by the Administrative Agent in writing) following the Closing Date. There is only one original executed copy of each Related Receivable. The Servicer has in its
possession all other relevant documents with respect to the Related Receivables, including without limitation the related credit application and verification of insurance. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(p) <U>Chattel Paper</U>. Each Related Receivable constitutes &#147;tangible chattel paper&#148; under the UCC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(q) <U>Title Documents</U>. The Lien Certificate of the related Financed Vehicle for such Related Receivable shows, or, if a
new or replacement Lien Certificate is being applied for with respect to such Financed Vehicle, the Lien Certificate will be received by the Custodian within one hundred eighty (180)&nbsp;days of the related Credit Date or Release Date of such
Related Receivable and will show the Seller (or Approved Seller, in the case of an Approved Seller Receivable) named as the original secured party under the Related Receivable as the holder of a first priority security interest in such Financed
Vehicle. The Purchaser has the same rights as the Seller or Approved Seller, as applicable, has or would have (if the Seller or Approved Seller, respectively, were still the owner of such Receivable) against all parties claiming an interest in such
Financed Vehicle. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(r) <U>Casualty and Impounding</U>. No Financed Vehicle financed under a Related Receivable has suffered
a casualty and Seller has not received any notice that any Financed Vehicle has been impounded and not released. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(s)
<U>Full Amount Advanced; No Agreement to Lend</U>. The full amount of each Receivable has been advanced to each Obligor, and there are no requirements for future advances thereunder. The Obligor with respect to each Related Receivable does not have
any option under the Receivable to borrow from any Person any funds secured by the Financed Vehicle. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(t) <U>Obligation to
Dealers or Others</U>. Purchaser and its assignees will assume no obligation to Dealers or other originators or holders of the Related Receivables (including, but not limited to under Dealer reserves) as a result of its purchase of the Related
Receivables. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(u) <U>No Impairment</U>. Seller has not done anything to convey any right to any Person that would result in
such Person having a right to payments due under any Related Receivables or otherwise to impair the rights of Purchaser or any NF Party in any Related Receivable or the proceeds thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) <U>Receivables Not Assumable</U>. No Related Receivable is assumable by
another Person in a manner which would release the Obligor thereof from such Obligor&#146;s obligations to Purchaser or Seller with respect to such Related Receivable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(w) <U>Servicing</U>. The servicing of each Related Receivable and the collection practices relating thereto have been lawful
and in accordance with the Servicing Policy; and other than the Servicer and the Backup Servicer pursuant to the Loan Documents, no other person has the right to service the Receivable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) <U>Creation of Security Interest</U>. This Agreement creates a valid and continuing security interest (as defined in the
UCC) in the Receivables and the Other Conveyed Property in favor of Purchaser, which security interest, when perfected, will be prior to all other Liens (other than the Liens of the Collateral Agent under the Security Agreement) and be enforceable
as such as against creditors of and purchasers from Seller. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(y) <U>Perfection of Security Interest in Receivables and
Other Conveyed Property</U>. Seller has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the first priority security interest in the
Related Receivables and the Other Conveyed Property granted to Purchaser hereunder pursuant to <U>Section</U><U></U><U>&nbsp;2.3</U> and the related Assignment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(z) <U>Perfection of Security Interests in Financed Vehicles</U>. Seller has taken all steps necessary to perfect its security
interest against the Obligors in the Financed Vehicles securing the Receivables and such security interest has been validly assigned by Seller to Purchaser. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(aa) <U>No Other Security Interests&#151;Seller</U>. Other than the security interest granted to Purchaser pursuant to
<U>Section</U><U></U><U>&nbsp;2.3</U> and the related Assignment, Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Related Receivables or the Other Conveyed Property, other than such security
interests as are released at or before the conveyance thereof. Seller has not authorized the filing of and is not aware of any financing statements filed against Seller that include a description of collateral covering any portion of the Related
Receivables and the Other Conveyed Property other than any financing statement relating to the security interest granted to Purchaser hereunder or that has been terminated or released as to the Related Receivables and the Other Conveyed Property.
Seller is not aware of any judgment or tax lien filings against Seller. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(bb) <U>Notations on Contracts; Financing
Statement Disclosure</U>. The Seller has conveyed to the Custodian copies of all Contracts that constitute or evidence the Related Receivables. The Contracts that constitute or evidence the Receivables do not have any marks or notations (other than
marks and notations indicating the security interest granted in connection with the Existing Loan Agreement and only to the extent such security </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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interest has been cancelled) indicating that they have been pledged, assigned or otherwise conveyed to any Person other than Purchaser and/or the Collateral Agent for the benefit of the Secured
Parties. All financing statements filed or to be filed by Seller against Seller in favor of Purchaser in connection herewith describing the Receivables contain a statement to the following effect: &#147;A purchase of or security interest in any
collateral described in this financing statement will violate the rights of the secured party.&#148; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(cc) <U>Records</U>.
On or prior to each Purchase Date, Seller will have caused its records (including electronic ledgers) relating to each Related Receivable to be conveyed by it on such Purchase Date to be clearly and unambiguously marked to reflect that such Related
Receivable was conveyed by it to Purchaser and pledged by Purchaser to the Collateral Agent for the benefit of the Secured Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(dd) <U>Computer Information</U>. The computer diskette, computer tape or other electronic transmission made available by
Seller to Purchaser on each Purchase Date is, as of the related Cutoff Date, complete and accurate and includes a description of the same Related Receivables described in Schedule A to the related Assignment. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ee) <U>No <FONT STYLE="white-space:nowrap">Pre-existing</FONT> Indebtedness</U>. Seller is not transferring any Conveyed
Property to Purchaser in connection with any <FONT STYLE="white-space:nowrap">pre-existing</FONT> indebtedness. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ff)
<U>Ordinary Course of Business</U>. Each sale of Conveyed Property is being made in the ordinary course of business of Seller. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(gg) <U>Investment Company Act</U>. Seller is not an &#147;investment company&#148; within the meaning of the Investment
Company Act of 1940, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.2 <U>Repurchase upon Breach</U>. Seller shall inform Purchaser and the Administrative
Agent promptly, in writing, upon the discovery of any breach of Seller&#146;s representations and warranties made pursuant to <U>Section</U><U></U><U>&nbsp;3.1</U> with respect to a Receivable conveyed to Purchaser pursuant to
<U>Section</U><U></U><U>&nbsp;2.1</U> above. Unless the breach shall have been cured within ten (10)&nbsp;Business Days following notice to the Purchaser, the Seller shall, at the end of such ten (10)&nbsp;Business Day period, (i)&nbsp;repurchase
the applicable Related Receivable or (ii) (solely during the Revolving Period) substitute such Related Receivable with a Substitute Eligible Receivable; provided that if the Custodian shall not have received a Lien Certificate with respect to a
Receivable within one hundred eighty (180)&nbsp;days of the related Credit Date or Release Date, Seller shall within ten (10)&nbsp;Business Days repurchase such Receivable, and such Receivable shall not thereafter become an Eligible Receivable
(assuming all other conditions therefor have been satisfied) until such Lien Certificate has been received by the Custodian. In consideration of the repurchase of any Receivable, Seller shall remit the Receivable Repurchase Price to the Collection
Account on the date of such repurchase. Upon the deposit of the Receivable Repurchase Price in respect of any Defective Receivables into the Collection Account, Purchaser shall cause the Custodian to release to Seller or its designee the related
Receivable Files and Purchaser shall execute and deliver all reasonable instruments of transfer or assignment, without recourse, as are prepared by Seller, in a form approved by the Collateral Agent, and delivered to Purchaser and necessary to vest
in Seller or such designee title to such Defective Receivables. The parties hereto hereby acknowledge that the Collateral Agent for the benefit of the Secured Parties shall have the right to enforce directly against Seller the repurchase obligations
of Seller pursuant to this <U>Section</U><U></U><U>&nbsp;3.2</U>. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE IV </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>THE PURCHASER </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.1 <U>Representations of Purchaser</U>. Purchaser hereby represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Purchaser is a limited liability company duly formed, validly existing and in good standing under the laws of the State of
Delaware, is duly qualified to do business and is in good standing as a foreign limited liability company in all States where such qualification is required, has all necessary limited liability company power and authority to enter into this
Agreement, each Assignment and each of the other Loan Documents to which it is a party and to perform all of its obligations hereunder and thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The execution, delivery and performance of this Agreement and each other Loan Document to which Purchaser is a party have
been duly authorized by all necessary action on the part of the Purchaser. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The execution, delivery and performance by
Purchaser of this Agreement and each of the Loan Documents to which it is a party does not and shall not (i)&nbsp;violate any law or any governmental rule or regulation applicable to Purchaser, (ii)&nbsp;violate any of its Organizational Documents;
(iii)&nbsp;violate any order, judgment or decree of any court or other agency of government binding on Purchaser except as could not reasonably be expected to result in a Material Adverse Effect on the Purchaser; or (iv)&nbsp;conflict with, result
in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Purchaser. Purchaser is not subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or
regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The execution, delivery and performance by the Purchaser of this Agreement and of each Loan Document to which it is a party
and the consummation of the transactions contemplated by the Loan Documents do not and shall not require any registration with; consent or approval of; permit, license, authorization, plan or directive from; notice to; or other action to, with or
by, any Governmental Authority or any other Person, except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Collateral Agent for filing or recordation, as of the Closing Date other than those that
have already been obtained and are in full force and effect or where failure to obtain could not reasonably be expected to have a Material Adverse Effect on the Purchaser. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) The Purchaser is not in default in the performance, observance, or
fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and to the Borrower&#146;s knowledge, no condition exists which, with the giving of notice or the lapse of time or both, could constitute
such a default, except where, (i)&nbsp;such defaults have been waived, or (ii)&nbsp;individually or in the aggregate, the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material
Adverse Effect on Purchaser. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Purchaser is Solvent, and shall not be rendered insolvent by the execution and delivery
of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Each purchase of Conveyed Property is being made in the ordinary course of business of Purchaser. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE V </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>THE SELLER </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.1 <U>Representations of Seller</U>. Seller hereby represents and warrants that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Seller is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida
and&nbsp;has all necessary corporate power and authority to enter into this Agreement, each Assignment and each other Loan Document to which it is a party and to perform all of its obligations hereunder and thereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Seller has all requisite right and power and is duly authorized and empowered to enter into, execute, deliver and perform
this Agreement and each other Loan Document to which it is a party and this Agreement and each other Loan Document to which Seller is a party are the legal, valid and binding obligations of Seller, and are enforceable against Seller in accordance
with their terms. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The execution, delivery and performance of this Agreement by Seller and the Loan Documents to which
it is a party does not and shall not (i)&nbsp;conflict with or violate any of the Organizational Documents or material Contractual Obligation of Seller, or (ii)&nbsp;conflict with violate any order, judgment or decree of Governmental Authority
binding on Seller, or (iii)&nbsp;require any approval of the members of Seller or any approval or consent of any Person under any material Contractual Obligation of the Seller, except for such approvals or consents which shall be obtained on or
before the Closing Date and disclosed in writing to the Administrative Agent, (iv)&nbsp;conflict with or violate any provision of any law or any governmental rule or regulation applicable to Seller. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) All authorizations, consents, licenses, orders or approvals of or registrations or declarations with any Governmental
Authority or any other Person required to be obtained, effected or given by Seller in connection with the execution and delivery of this Agreement, have been duly obtained, effected or given and are in full force and effect except where failure to
do so could not reasonably be expected to have a Material Adverse Effect with respect to the Seller. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) No event has occurred and is continuing which constitutes a Default or
an Event of Default. There is no action, suit, proceeding or investigation pending or, to Seller&#146;s knowledge, threatened against or affecting Seller before or by any court, administrative agency or other governmental authority that brings into
question the validity of the transactions contemplated hereby or by the other Loan Documents, or that might result in any Material Adverse Effect. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) Seller is Solvent and will not become insolvent after giving effect to the transactions contemplated hereby; Seller is
paying its debts as they become due; and Seller, after giving effect to the transactions contemplated hereby, will have adequate capital to conduct its business. Seller does not intend to incur, or believe that it has incurred, debts beyond its
ability to pay such debts as they mature. Seller is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in
respect of Seller or any of its assets. The Seller is not subject to any proceeding under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) Seller has filed (on a consolidated basis or otherwise) on a timely basis all tax returns (including, without limitation,
all foreign, federal, state, local and other tax returns) required to be filed, is not liable for taxes payable by any other Person (other than pursuant to a tax sharing arrangement with any of its Affiliates under which the sharing of tax
obligations is appropriate and reflects economic realities) and has paid or made adequate provisions for the payment of all material taxes, assessments and other governmental charges due from the Seller except for those taxes being contested in good
faith by appropriate proceedings and in respect of which it has established proper reserves on its books except to the extent that failure to file such returns or pay such taxes, assessments or other governmental charges could not reasonably be
expected to have a Material Adverse Effect with respect to the Seller or the Borrower. No tax lien or similar adverse claim has been filed, and no claim is being asserted, with respect to any such tax, assessment or other governmental charge. Any
material taxes, fees and other governmental charges payable by Seller in connection with the execution and delivery of this Agreement have been paid or shall have been paid if and when due. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) The Seller has more than one place of business, and, as of the Closing Date, the chief executive office of the Seller is at
2454 McMullen Booth Road, Suite 501B, Clearwater, FL 33759 and its state organizational number is L90100. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In the past
five (5)&nbsp;years, Seller has not used any corporate names, trade names or assumed names other than as listed on Appendix A hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.2 <U>Additional Covenants</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) <U>Sale</U>. Seller agrees to treat the conveyances hereunder as sales for all purposes (including without limitation legal
and bankruptcy purposes but excluding, to the extent otherwise required, tax purposes) on all relevant books, records, financial statements and other applicable documents; <U>provided</U>, <U>that</U>, the financial statements of the Purchaser may
be consolidated with those of the Seller in accordance with GAAP. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) <U><FONT STYLE="white-space:nowrap">Non-Petition</FONT></U>. Seller
covenants and agrees that, to the fullest extent permitted by applicable law, it will not take any action to pursue any remedy against Purchaser that it may have hereunder, in law, in equity or otherwise, until a year and a day have passed since the
date on which all of the Obligations have been paid in full. Purchaser and Seller agree that damages will not be an adequate remedy for breach of this covenant and that this covenant may be specifically enforced by Purchaser, by the Administrative
Agent or by any Lender. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) <U>Cooperation</U>. If an Event of Default shall have occurred and be continuing, Seller shall
cooperate with and provide all information and access reasonably requested by any Lender or Agent in connection with any actions taken in connection therewith pursuant to the Loan Documents. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <U>Disposal of Interests</U>. Seller shall not sell, assign, pledge, or otherwise dispose of any of the limited liability
company interests in Purchaser to any Person without the prior written consent of the Administrative Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) <U>Change
of Address</U>. Seller shall not change its chief executive office from the address listed in <U>Section</U><U></U><U>&nbsp;5.1(h)</U> without providing thirty (30)&nbsp;days prior notice of such change to the Administrative Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) <U>Reserved</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) <U>Changes to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy</U>. Seller shall not make or
authorize any adverse changes or adverse modifications to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy without the prior written consent of the Administrative Agent and the Required Lenders; <U>provided</U>,
<U>however</U>, that changes required by applicable law shall be permitted without the need for consent by the Administrative Agent; <U>provided</U>, <U>further</U>, that Seller shall provide the Administrative Agent with at least ten
(10)&nbsp;Business Days prior written notice (or such shorter notice as may be required to comply with applicable law) of any changes or modifications to the Credit Policies, the Dealer Qualification Policies or the Servicing Policy. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) <U>Changes to the Form of Direct Contract or Dealer Agreement</U>. Seller shall not make or authorize any material changes
or material modifications to the form of Direct Contract or form of Dealer Agreement without the prior written consent of the Administrative Agent and the Required Lenders; <U>provided</U>, <U>however</U>, that changes required by applicable law
shall be permitted without the need for consent by the Administrative Agent; <U>provided</U>, <U>further</U>, that the Seller shall provide the Administrative Agent with at least ten (10)&nbsp;Business Days prior written notice (or such shorter
notice as may be required to comply with applicable law) of any changes or modifications to the form of Direct Contract or form of Dealer Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) <U>Servicing Agreement, Backup Servicing Agreement, Custodial
Agreement</U>. Seller shall not take any action that would cause the Servicer to fail to comply at all times with the terms of the Servicing Agreement. Seller shall not&nbsp;terminate the Servicing Agreement, the Backup Servicing Agreement or the
Custodial Agreement without the consent of the Administrative Agent and the Required Lenders. Seller shall not (i)&nbsp;terminate, remove or replace the Servicer, the Backup Servicer or the Custodian or (ii)&nbsp;subcontract out any portion of the
servicing or permit third party servicing other than the Backup Servicer, except, in each case, as expressly set forth in the applicable Loan Document and subject to satisfaction of the related requirements therein. The Administrative Agent shall
not terminate, remove or replace the Servicer, Backup Servicer or Custodian except as expressly set forth in the applicable Loan Document and subject to satisfaction of the related requirements therein. Seller shall enforce its rights under the
Backup Servicing Agreement and the Custodial Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) <U>No Interference</U>. Seller shall not challenge, interfere
with or otherwise contest the first priority perfected security interest granted by the Purchaser to the Collateral Agent for the benefit of the Secured Parties in the Collateral. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.3 <U>Liability of Seller; Indemnities</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Seller shall defend, indemnify and hold harmless Purchaser, each Lender, each Agent and each other Secured Party and their
respective officers, directors, agents and employees for any liability as a result of the failure of a Receivable conveyed to Purchaser pursuant to <U>Section</U><U></U><U>&nbsp;2.1</U> above to be originated in compliance with all requirements of
law and for any breach of any of its representations, warranties, covenants or other agreements contained herein, including: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use or
operation by Seller, any Affiliate thereof or any of their respective agents or subcontractors, of a Financed Vehicle; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated in this
Agreement and any of the Loan Documents (except any income taxes arising out of fees or other amounts paid to any Lender or any Agent and except any taxes to which any Lender or any Agent may otherwise be subject), including without limitation any
sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of Purchaser, not including any taxes asserted with respect to federal or other income taxes arising out of payments on the
Revolving Loans) and costs and expenses in defending against the same; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any loss, liability or expense incurred by
reason of Seller&#146;s willful misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) any loss, liability or expense incurred by reason of Seller&#146;s
failure to comply in all material respects with all applicable laws, rules, regulations, judgments, agreements, decrees and orders with respect to its business and properties; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) any and all costs, expenses, losses, claims, damages and liabilities arising out of, or incurred in connection with the
acceptance or performance of the trusts and duties set forth herein and in the Loan Documents, except to the extent that such cost, expense, loss, claim, damage or liability shall be due to the willful misfeasance, bad faith or negligence (except
for errors in judgment) of such indemnified party; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) any and all costs, expenses, losses, claims, damages and
liabilities arising out of or relating to any of Seller&#146;s representations and warranties, covenants or other agreements contained herein or in any other Loan Document to which Seller is a party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Indemnification under this Section shall survive the resignation or removal of Servicer or the Administrative Agent and the
termination of this Agreement and the other Loan Documents and shall include reasonable fees and expenses of counsel and other expenses of litigation. These indemnity obligations shall be in addition to any obligation that Seller may otherwise have
under applicable law, hereunder or under any other Loan Document. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any provision of this
<U>Section</U><U></U><U>&nbsp;5.3</U> or any other provision of this Agreement, nothing in this Agreement shall be construed as to require Seller to provide any indemnification hereunder or under any other Loan Document for any costs, expenses,
losses, claims, damages or liabilities arising out of, or incurred in connection with, credit losses with respect to the Receivables. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.4 <U>Merger or Consolidation of, or Assumption of the Obligations of, Seller</U>. Seller shall not merge or consolidate with
any other Person, convey, transfer or lease substantially all its assets as an entirety to another Person, or permit any other Person to become the successor to Seller&#146;s business unless, (A)&nbsp;such Person is approved by the Administrative
Agent (such consent not to be unreasonably withheld) and, (B)&nbsp;after giving effect to such merger, consolidation, conveyance, transfer, lease or succession, the successor or surviving entity shall be capable of fulfilling the duties of Seller
contained in this Agreement and the other Loan Documents to which it is a party. Any corporation or other Person (i)&nbsp;into which Seller may be merged or consolidated, (ii)&nbsp;resulting from any merger or consolidation to which Seller shall be
a party, (iii)&nbsp;which acquires by conveyance, transfer, or lease substantially all of the assets of Seller, or (iv)&nbsp;succeeding to the business of Seller, in any of the foregoing cases shall execute an agreement of assumption to perform
every obligation of Seller under this Agreement and the other Loan Documents to which it is a party and, whether or not such assumption agreement is executed, shall be the successor to Seller under this Agreement and the other Loan Documents to
which it is a party without the execution or filing of any paper or any further act on the part of any of the parties to this Agreement, anything in this Agreement to the contrary notwithstanding; provided, however, that nothing contained herein
shall be deemed to release Seller from any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
obligation. Seller shall provide at least fifteen (15)&nbsp;Business Days&#146; prior written notice of any such merger, consolidation or succession pursuant to this
<U>Section</U><U></U><U>&nbsp;5.4</U> to the Administrative Agent, the Collateral Agent, the Backup Servicer and each Lender. Notwithstanding the foregoing, Seller shall not merge or consolidate with any other Person or permit any other Person to
become a successor to Seller&#146;s business, unless (x)&nbsp;immediately after giving effect to such transaction, no representation or warranty made pursuant to <U>Sections 5.1(a)</U> (with such modifications as required to reflect different entity
type and state of organization), <U>5.1(b)</U>, <U>5.1(c)</U>, <U>5.1(d)</U> (with respect to performance of this Agreement), <U>5.1(f)</U> and <U>5.1(h)</U> shall have been breached (for purposes hereof, such representations and warranties shall be
deemed made as of the date of the consummation of such transaction) and no event that, after notice or lapse of time, or both, would become an Event of Default shall have occurred and be continuing, (y)&nbsp;Seller shall have delivered to the
Administrative Agent, the Collateral Agent, the Backup Servicer and each Lender a certificate from an officer of the Seller and an opinion of legal counsel, each in form and substance satisfactory to the Administrative Agent and the Required
Lenders, each stating that such consolidation, merger or succession and such agreement of assumption comply with this <U>Section</U><U></U><U>&nbsp;5.4</U> and that all conditions precedent, if any, <U>provided</U> for in this Agreement relating to
such transaction have been complied with, and (z)&nbsp;Seller shall have delivered to the Administrative Agent, the Collateral Agent, the Backup Servicer and each Lender an opinion of legal counsel, in form and substance satisfactory to the
Administrative Agent and the Required Lenders, stating in the opinion of such counsel, either (A)&nbsp;all financing statements and continuation statements and amendments thereto have been authorized and filed that are necessary to preserve and
protect the interest of the Purchaser and the Collateral Agent for the benefit of the Secured Parties and reciting the details of the filings or (B)&nbsp;no such action shall be necessary to preserve and protect such interest. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ARTICLE VI </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>MISCELLANEOUS
</U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.1 <U>Notices</U>. Except when telephonic notice is expressly authorized by this Agreement, any notice or other
communication to any party in connection with this Agreement shall be in writing and shall be sent by manual delivery, facsimile transmission, overnight courier or United States mail (postage prepaid) addressed to such party at the address specified
below, or at such other address as such party shall have specified to the other party hereto in writing. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="96%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="80%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Purchaser:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NF Funding I, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">c/o Nicholas Financial, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2454 McMullen Booth Road, Suite 501B</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clearwater, FL 33759</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: doug.marohn@nicfn.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Doug Marohn</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Seller:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nicholas Financial, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2454 McMullen Booth Road, Suite 501B</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Clearwater, FL 33759</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Email: doug.marohn@nicfn.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Doug Marohn</TD></TR>
</TABLE></DIV>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any notice or other communication to a Lender, the Administrative Agent, the Collateral
Agent, the Servicer or the Custodian shall be delivered in the manner specified in Section&nbsp;9.1 of the Credit Agreement, Section&nbsp;9.05 of the Servicing Agreement or Section&nbsp;21 of the Custodial Agreement, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All periods of notice shall be measured from the date of delivery thereof if manually delivered, from the date of sending thereof if sent by
facsimile transmission if receipt is confirmed, from the first Business Day after the date of sending if sent by overnight courier, or from four days after the date of mailing if mailed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.2 <U>Prior Agreements Superseded</U>. This Agreement, together with the other Loan Documents, constitute the sole and only
agreement of the parties hereto and supersede any prior understandings or written or oral agreements between the parties respecting the subject matter of this Agreement and the other Loan Documents. No provision of this Agreement or other Loan
Document may be modified, waived or terminated except by instrument in writing executed by the Administrative Agent with the consent of the Required Lenders and the party against whom a modification, waiver or termination is sought to be enforced.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.3 <U>Parties Bound</U>. This Agreement shall be binding upon the parties hereto and their respective successors and
assigns, and shall inure to the benefit of such parties hereto and their respective successors and permitted assigns. Each Agent, and each of the other Secured Parties, is an intended third party beneficiary of this Agreement and shall be entitled
to enforce this Agreement as if it were a party hereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.4 <U>Execution in Counterparts</U>. This Agreement may be executed
in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, and all of which taken together shall constitute but one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.5 <U>Severability of Provisions</U>. Any provision which is determined to be unconscionable, against public policy or any
provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.6 <U>Further Instruments</U>. Each
party hereto shall from time to time execute and deliver, and shall cause each of its subsidiaries to execute and deliver, all such amendments, supplements and other modifications hereto and to the other Loan Documents and all such financing
statements or continuation statements, instruments of further assurance and any other instruments, and shall take such other actions, as any Lender or any Agent reasonably requests and deems necessary or advisable in furtherance of the agreements
contained herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.7 <U>Governing Law</U>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTIONS <FONT STYLE="white-space:nowrap">5-1401</FONT> AND <FONT
STYLE="white-space:nowrap">5-1402</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.8 <U>Consent of Jurisdiction</U>. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST
EACH PARTY HERETO ARISING OUT OF OR RELATING HERETO OR ANY OTHER LOAN DOCUMENT, OR ANY OF THE OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING
THIS AGREEMENT, EACH PARTY HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (i)&nbsp;ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS, (ii)&nbsp;AGREES THAT SERVICE OF ALL PROCESS IN
ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO SUCH PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH <U>SECTION 6.1</U> OR TO ANY PROCESS AGENT OF SUCH PARTY IDENTIFIED IN THE CREDIT
AGREEMENT OR SECURITY AGREEMENT, AS APPLICABLE, IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER SUCH PERSON, IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT, AND (iv)&nbsp;AGREES
THAT AGENTS AND THE LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY, IN THE COURTS OF ANY OTHER JURISDICTION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.9 <U>Waiver of Jury Trial</U>. (a)&nbsp;EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OF THE OTHER LOAN DOCUMENTS OR ANY OR UNDER ANY DEALINGS BETWEEN IT RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE <FONT STYLE="white-space:nowrap">ALL-ENCOMPASSING</FONT> OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.&nbsp;EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND
THAT IT WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE AND MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS <U>SECTION 6.9</U> AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.10 <U>Pledge by Purchaser</U>. Seller acknowledges that Purchaser has pledged
all of its rights, title and interest in and to this Agreement to the Collateral Agent for the benefit of the Secured Parties, and that the Collateral Agent and the Secured Parties may enforce this Agreement as if they were parties hereto. Each of
the Collateral Agent and the Secured Parties is an intended third party beneficiary of this Agreement and shall be entitled to enforce this Agreement as if it were a party hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.11 <U>No Assignment Generally</U>. This Agreement may not be assigned by either party hereto without the prior written consent
of the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.12 <U>Amendments</U>. No amendment or modification of any provision of this Agreement shall
be effective without the written agreement of each of the parties hereto and the Administrative Agent, and no termination or waiver of any provision of this Agreement or consent to any departure therefrom by the Seller or Purchaser shall be
effective without the written concurrence of the Administrative Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.13 <U>Assignment by Purchaser</U>. Simultaneously
with the execution and delivery of this Agreement, Purchaser shall assign, and hereby assigns, all of its right, title and interest in, to and under this Agreement to the Collateral Agent, for the benefit of the Secured Parties, to which assignment
Seller hereby expressly consents. At all times from and after the time at which such assignment becomes effective, the Seller agrees to perform its obligations under this Agreement and each Assignment for the benefit of the Collateral Agent (acting
for itself and the other Secured Parties under the Credit Agreement). Upon such assignment, the Collateral Agent, for the benefit of the Secured Parties, may enforce the provisions of this Agreement and each Assignment, exercise the rights of
Purchaser and enforce the obligations of Purchaser under this Agreement and each Assignment without joinder of Purchaser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[remainder of
page intentionally left blank] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective duly authorized officers as of the day and the year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">NF FUNDING I, LLC, a Delaware limited liability company</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD WIDTH="87%"></TD></TR>

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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">NICHOLAS FINANCIAL, INC., a Florida corporation</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD WIDTH="87%"></TD></TR>

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<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Receivables Purchase Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF ASSIGNMENT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
ASSIGNMENT (the &#147;<B><I>Assignment</I></B>&#148;)<I> </I>dated as of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
executed between NF Funding I, LLC, as Purchaser (&#147;<B><I>Purchaser</I></B>&#148;)<B><I>,</I></B><I> </I>and Nicholas Financial, Inc., as Seller (&#147;<B><I>Seller</I></B>&#148;)<I>.</I> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">W I T N E S E T H </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS,
Purchaser and Seller are parties to the Receivables Purchase Agreement dated as of March&nbsp;29, 2019 (hereinafter as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified in accordance with the
terms thereof, the &#147;<B><I>Receivables</I></B><I> </I><B><I>Purchase</I></B><I> </I><B><I>Agreement</I></B>&#148;)<I>; </I>and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to the Receivables Purchase Agreement, Seller wishes to convey Receivables and related Other Conveyed Property (as each such
term is defined in the Receivables Purchase Agreement) to Purchaser hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the
mutual agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser, intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Definitions</U>. All terms defined in the Receivables Purchase Agreement (whether directly or by reference to other documents) and used
herein shall have such defined meanings when used herein, unless otherwise defined herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B><U>Cutoff</U></B><U>
</U><B><U>Date</U></B>&#148; shall mean, with respect to the Receivables and the related Other Conveyed Property being conveyed hereby, [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Conveyance of Receivables</U>. Subject to the conditions specified in
Section&nbsp;2.1 of the Receivables Purchase Agreement and subject to the mutually agreed upon terms contained in the Receivables Purchase Agreement, Seller does hereby sell, transfer, assign, set over and otherwise convey to Purchaser, without
recourse (subject to the obligations set forth herein and in the Receivables Purchase Agreement) all right, title and interest of Seller in and to the following: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) the Receivables listed in Schedule A to each Assignment executed and delivered by Seller on such Purchase Date and all
monies received under or in respect of such Related Receivables and related Financed Vehicles, in each case, on and after the related Cutoff Date, including all Net Liquidation Proceeds in respect thereof, and the right to service such Receivables;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) the security interests in the related Financed Vehicles granted by the related Obligors pursuant to the Related
Receivables and any other interest of Seller in such Financed Vehicles, including, without limitation, the certificates of title and any other evidence of ownership with respect to such Financed Vehicles; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) any proceeds from claims on any physical damage, credit life and
credit accident and health insurance policies or certificates or any vendor&#146;s single interest (VSI) policy, if any, relating to the related Financed Vehicles or the related Obligors, including any rebates or premiums; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) property (including the right to receive future Net Liquidation Proceeds) that secures a Related Receivable and that has
been acquired pursuant to the liquidation of such Related Receivable; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) refunds for the costs of extended service
contracts with respect to the related Financed Vehicles, refunds of unearned premiums with respect to credit life and credit accident and health insurance policies or certificates covering a related Obligor or Financed Vehicle or his or her
obligations with respect to such Financed Vehicle and any recourse to Dealers for any of the foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) the
Receivable File related to each Related Receivable and any and all other documents that Seller (or its designee) keeps on file in accordance with its customary procedures relating to the Related Receivables, the related Obligors or the related
Financed Vehicles; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) any proceeds from recourse against Dealers including with respect to the sale of the Related
Receivables; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) all present and future claims, demands, causes and choses in action in respect of any or all of the
foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) any proceeds from claims on &#147;errors and omissions&#148; insurance policies and employee fidelity
insurance policies related to the Related Receivables or the Obligors thereunder; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) a copy of the data file with respect
to the Related Receivables; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) all payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all cash and <FONT STYLE="white-space:nowrap">non-cash</FONT> proceeds, and other property consisting of, arising from or relating to all or any part of any of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Restatement of Representations and Warranties of Seller</U>. Seller hereby restates the representations and warranties set forth in
Section&nbsp;3.1 of the Receivables Purchase Agreement (with respect to the Receivables specified in the attached addendum to the Schedule of Receivables attached as Schedule A hereto). Seller hereby certifies that all conditions precedent set forth
in Section&nbsp;2.1(b) of the Receivables Purchase Agreement have been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Restatement of Representations and Warranties of
Purchaser</U>. Purchaser hereby restates the representations and warranties set forth in Section&nbsp;4.1 of the Receivables Purchase Agreement with full force and effect as if the same were fully set forth herein. Purchaser hereby certifies that
all conditions precedent set forth in Section&nbsp;2.1(b) of the Receivables Purchase Agreement and Section&nbsp;3.2 or Section&nbsp;3.3, as applicable, of the Credit Agreement have been satisfied. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Transfer and Assignment Sale of Receivables</U>. Seller hereby certifies that the
Receivables and Other Conveyed Property sold to Purchaser hereunder are free and clear of all Liens (other than Permitted Liens) and that the beneficial interest in and title to such Receivables and Other Conveyed Property shall not be part of
Seller&#146;s estate in the event of the filing of a bankruptcy petition by or against Seller under any bankruptcy law. In the event that. notwithstanding the intent of Seller, the transfer and assignment contemplated hereby is held not to be a
sale, the transfer and assignment of such Receivables and Other Conveyed Property hereunder shall constitute a security interest in the property referred to in Section&nbsp;2 above, and this Assignment shall constitute a security agreement under
applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Further Encumbrance of Receivables and Other Conveyed Property</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Immediately upon the conveyance to Purchaser by Seller of the Receivables and any item of related Other Conveyed Property
pursuant to Section&nbsp;2 above, all right, title and interest of Seller in and to such Receivables and Other Conveyed Property shall terminate, and all such right, title and interest shall vest in Purchaser. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Immediately upon the vesting of such Receivables and the Other Conveyed Property in Purchaser, Purchaser shall have the
sole right to pledge or otherwise encumber such Receivables and the related Other Conveyed Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Counterparts</U>. This
Assignment may be executed in two or more counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Governing Law</U>. THIS ASSIGNMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS <FONT STYLE="white-space:nowrap">5-1401</FONT> AND <FONT STYLE="white-space:nowrap">5-1402</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned have caused this Assignment to be duly executed and
delivered by their respective duly authorized officers on the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NF FUNDING I, LLC, as Purchaser</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Doug Marohn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Doug Marohn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President&nbsp;&amp; CEO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">NICHOLAS FINANCIAL, INC., as Seller</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Doug Marohn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Doug Marohn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President&nbsp;&amp; CEO</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Assignment] </P>
<P STYLE="font-size:24pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EXHIBIT B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">FORM OF ADDITION NOTICE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NF Funding I, LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Nicholas Financial, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2454 McMullen Booth Road, Suite
501B </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Clearwater, FL 33759 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Doug Marohn </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ares Agent Services, L.P., as Administrative Agent </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o Ares
Management LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">245 Park Avenue, 42<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York 10167 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Jeffrey Kramer, Vincent Salerno,
Felix Zhang, Craig Behrens </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
Addition Notice is delivered to you pursuant to Section&nbsp;2.1(b)(i) of the Receivables Purchase Agreement dated as of March&nbsp;29, 2019, between NF Funding I, LLC, as Purchaser (in such capacity, the &#147;<B><I>Purchaser</I></B>&#148;)<I>
</I>and Nicholas Financial, Inc., as Seller (in such capacity, the &#147;<B><I>Seller</I></B>&#148;)<I>. </I>Capitalized terms used but not otherwise defined herein have the meanings assigned thereto in the Receivables Purchase Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Seller hereby intends to transfer to Purchaser $
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; aggregate outstanding principal amount of Receivables on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (the &#147;<B><I>Purchase</I></B><I> </I><B><I>Date</I></B>&#148;)<I>.
</I>Seller hereby represents and warrants to Administrative Agent and each Lender that all of the statements contained in Section&nbsp;3.1 of the Receivables Purchase Agreement are true and correct on and as of the proposed Purchase Date and all of
the conditions precedent to payment of the Purchase Price shall then be satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Attached as <U>Schedule A</U> is a supplement to the
Schedule of Receivables reflecting all Receivables Seller intends to transfer to Purchaser on the Purchase Date. Seller represents and warrants that the information on such <U>Schedule A</U> is true and correct as of the date hereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, Purchaser and Seller have caused this notice of addition to be executed
and delivered by its duly authorized officer this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">NICHOLAS FINANCIAL, INC., as Seller</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">Name:</TD>
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<TD VALIGN="top">Title:</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">NF FUNDING I, LLC, as Purchaser</TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top">Name:</TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Appendix A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Prior Names </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">None </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>d730874dex103.htm
<DESCRIPTION>EX-10.3
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Copy </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SERVICING AGREEMENT </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
SERVICING AGREEMENT, dated and effective as of March&nbsp;29, 2019 (this &#147;<U>Agreement</U>&#148;), is by and among ARES AGENT SERVICES, L.P., a Delaware limited partnership, as administrative agent (in such capacity, the &#147;<U>Administrative
Agent</U>&#148;) under the Credit Agreement defined below, NF FUNDING I, LLC, a Delaware limited liability company (&#147;<U>Borrower</U>&#148; or the &#147;<U>Owner</U>&#148;), and NICHOLAS FINANCIAL, INC., a Florida corporation (&#147;<U>Nicholas
Financial</U>&#148;), as servicer (&#147;<U>Servicer</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, Borrower has entered into that certain Credit Agreement, dated as of the date
hereof, with Administrative Agent and Collateral Agent and the lenders party thereto (the &#147;<U>Credit Agreement</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to that
certain Receivables Purchase Agreement, dated as of the date hereof (&#147;<U>Receivables Purchase Agreement</U>&#148;), by and between Owner and Nicholas Financial, as seller, Owner may purchase from time to time certain Receivables as contemplated
by the Credit Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, in consideration of the extensions of credit and other accommodations of the Lenders as set forth in the Credit
Agreement, the Borrower has pledged certain Receivables to the Collateral Agent for the benefit of the Secured Parties pursuant to the Security Agreement, dated as of the date hereof (as it may be amended, restated, supplemented or otherwise
modified from time to time, the &#147;<U>Security Agreement</U>&#148;), by and between the Borrower and the Collateral Agent; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WHEREAS, Servicer,
Administrative Agent, and Owner have agreed to enter into this Agreement in order to facilitate the servicing by Servicer of the Receivables purchased and owned by Owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual agreements herein contained and of other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Parties agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.01 <U>Defined
Terms</U>. The capitalized terms used and not otherwise defined herein shall have the respective meanings specified in the Credit Agreement. In addition, whenever used in this Agreement, the following words or phrases, unless the context otherwise
requires shall have the following meanings specified in this Section: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Accepted Servicing Practices</U>&#148;: Those practices which are generally accepted industry standard
for like receivables that are consistent with the practices and procedures followed by reasonable, prudent and comparable institutional managers of national standing with respect to assets of the nature and character of the Receivables, including
the management, performance and enforcement of the terms of the Contracts, or the Dealer Agreements, as applicable, relating to the Receivables and the enforcement of any and all obligations of Obligors and Dealers under such agreements;
<U>provided</U>, <U>that</U>, to the extent more exacting, Servicer shall employ such standard as Servicer exercises with respect to all comparable motor vehicle-related consumer receivables that it services for itself or others.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Affiliate(s)</U>&#148;: With respect to any person, any other person directly or indirectly
controlling (including any member of senior management of such person), controlled by, or under common control with, such person. For the purposes of this definition, &#147;control&#148; (including, with correlative meanings, the terms
&#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;), as applied to any person, means the possession, directly or indirectly, of the power (a)<U></U>&nbsp;to vote 20% or more of the securities having ordinary
voting power for the election of directors of such person or (b)<U></U>&nbsp;to direct or cause the direction of the management and policies of that person, whether through the ownership of voting securities or other beneficial interests or by
contract or otherwise. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Agreement</U>&#148;: This Servicing Agreement and all exhibits hereto, amendments hereof and
supplements hereto, as the same may be from time to time, amended, modified, restated or supplemented in accordance herewith. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Applicable Laws</U>&#148;: All existing and future federal, state and local laws, statutes,
regulations, orders and licenses applicable to a Party or relating to or affecting any aspect of the transactions contemplated by this Agreement, including, but not limited to all requirements of any Governmental Authority having jurisdiction over a
Party, the Fair Debt Collections Practices Act (&#147;<U>FDCPA</U>&#148;), Fair Credit Reporting Act (&#147;<U>FCRA</U>&#148;), Telephone Consumer Protection Act (&#147;<U>TCPA</U>&#148;), 47 U.S.C. 227 and all laws, statutes, regulations and orders
relating to the provision of consumer financial products and services (including, without limitation, regulations adopted by the CFPB to prevent unfair, deceptive or abusive acts or practices pursuant to the Dodd&#150;Frank Wall Street Reform and
Consumer Protection Act), as any such laws, statutes, regulations, orders and requirements may be amended and in effect from time to time during the Term of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Applicable Requirements</U>&#148;: With reference to the Receivables, all of the following: (a)<U></U>
all related obligations of Servicer, including without limitation those contractual obligations of Servicer contained in this Agreement, the Dealer Agreement, any Contract, any Receivable or in any other documents relating to the Receivables for
which Servicer is responsible; (b) all Applicable Law; (c) all other applicable judicial and administrative judgments, orders, stipulations, awards, writs and injunctions; and (d)<U></U> the Accepted Servicing Practices. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Approved Person(s)</U>&#148;: Any person identified by Owner to Servicer in writing as an Approved
Person; <U>provided</U>, <U>however</U>, that, in the event that Servicer receives a written communication from Owner that such Approved Person is no longer employed by Owner, from and after such communication such person shall no longer be an
Approved Person hereunder. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Backup Servicer</U>&#148;: means Wells Fargo, National Association, or any independent third party
reasonably selected by the Administrative Agent with the consent of the Required Lenders, to perform monitoring functions with respect to the Receivables and to assume the role of Successor Servicer upon removal or resignation of Servicer, in each
case, as set forth in the Backup Servicing Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Backup Servicing Agreement</U>&#148;: that certain Backup Servicing Agreement, dated as of the date
hereof by and among the Backup Servicer, Servicer, the Administrative Agent and the Borrower, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Borrowing Base Report and Certificate</U>&#148;: A certificate, substantially in the form of Exhibit 2
attached hereto, executed by an Authorized Officer of the Borrower and delivered to the Administrative Agent. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">j.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>CFPB</U>&#148;: The Consumer Financial Protection Bureau, or any other governmental agency succeeding
or replacing the same. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">k.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Claims</U>&#148;: As defined in <U>Section</U><U></U><U>&nbsp;6.01</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">l.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Collection Account</U>&#148;: As defined in <U>Section</U><U></U><U>&nbsp;3.03(a)</U>.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">m.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Compliance Certificate</U>&#148; means a Compliance Certificate substantially in the form agreed to by
the Administrative Agent, the Owner and the Servicer (and thereafter attached hereto as <U>Exhibit 3</U>). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">n.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Compliance Review</U>&#148;: As defined in <U>Section</U><U></U><U>&nbsp;3.04(a)</U>.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">o.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Credit Agreement</U>&#148;: As defined under Preliminary Statements above. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">p.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>For Cause Termination Event</U>&#148;: The occurrence of any of the following, upon Administrative
Agent&#146;s election: (i) Servicer&#146;s failure to cure a Servicer Default or (ii)&nbsp;a breach by Servicer or any third party service provider to Servicer of Applicable Law that would reasonably be expected to have a Material Adverse Effect
with respect to Owner or the Servicer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">q.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Governmental Authority</U>&#148;: Any federal, state, municipal, national or other government,
governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government, and which has jurisdiction over Servicer. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">r.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Monthly Servicing Report</U>&#148;: A report substantially in the form agreed to by the Administrative
Agent, the Owner and the Servicer (and thereafter attached hereto as <U>Exhibit 1</U>), which such report shall be furnished by Servicer to the Administrative Agent, the Owner, the Collection Account Bank and the Backup Servicer pursuant to
<U>Section&nbsp;3.06(j)</U>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">s.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Nicholas Financial</U>&#148;: As defined under Preliminary Statements, above. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">t.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Owner</U>&#148;: As defined in the Preliminary Statements above. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">u.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Obligor</U>&#148;: With respect to each Receivable, the purchaser or
<FONT STYLE="white-space:nowrap">co-purchaser</FONT> of the related Financed Vehicle, or any other person who owes or may be liable for payments under such Receivable. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Party</U>&#148;: Any of Servicer, the Administrative Agent and Owner, and the term &#147;Parties&#148;
refers to all of them. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">w.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Protected Party</U>&#148;: As defined in <U>Section</U><U></U><U>&nbsp;10.01</U>.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">x.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Receivables Insurance Policy</U>&#148;: As defined in <U>Section&nbsp;3.08(a)</U>.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">y.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Receivables Purchase Agreement</U>&#148;: As defined in the Preliminary Statements above.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">z.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Reporting Date</U>&#148; means the third (3rd) Business Day preceding each Settlement Date.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">aa.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Service Transfer</U>&#148;: As defined in <U>Section&nbsp;7.01</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">bb.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Servicer Collateral</U>&#148;: As defined in <U>Section 3.03(j)</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Servicer Default</U>&#148;: As defined in <U>Section&nbsp;7.01</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">dd.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Services</U>&#148;: As defined in <U>Section&nbsp;3.01(a)</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ee.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Servicing Fee</U>&#148;: A monthly servicing fee equal to (i)<U></U>&nbsp;for the initial Servicer,
two and a half percent (2.5%) per annum of the Invested Amount of the Eligible Receivables as of the last Business Day of the preceding month, or (ii)<U></U>&nbsp;for any Successor Servicer, the then-current market rate servicing fee for servicing
assets similar to the Receivables. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ff.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Term</U>&#148;: As defined in Section&nbsp;8.01. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">gg.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Termination Notice</U>&#148;: As defined in Section&nbsp;7.01. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">hh.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#147;<U>Transition Servicing</U>&#148;: As defined in Section&nbsp;8.02. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.01 <U>Representations and Warranties of Servicer</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer represents and warrants to the Administrative Agent and Owner, as of the date hereof, on the date of
delivery of each Monthly Servicing Report, as of each Credit Date and each Release Date, that: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer (a) is a corporation, duly formed, validly existing and in good standing under the laws of the State
of Florida, (b) has all licenses and approvals necessary to carry on its business as now being conducted, (c) has all licenses and approvals and is qualified and in good standing under the laws of each state where its assets are located and wherever
necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not reasonably be expected to have, a Material Adverse Effect with respect to Servicer, and
(d) is in compliance with the laws of any such state to the extent necessary to permit the enforcement of Owner&#146;s rights (either directly or through a subcontractor) under each Receivable owned by Owner and to permit the servicing of the
Receivable owned by Owner in accordance with the terms of this Agreement. Servicer does not operate or do business under any assumed, trade or fictitious name. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer has the power and authority to own and operate its properties, to carry on its business as now
conducted and as proposed to be conducted, to service each Receivable owned by Owner, to execute and deliver this Agreement as of the date hereof, and to enter into and consummate all transactions contemplated by this Agreement. Servicer has duly
authorized the execution, delivery and performance of this Agreement, has duly executed and delivered this Agreement, and this Agreement, assuming due authorization, execution and delivery by Owner, constitutes a legal, valid and binding obligation
of Servicer, enforceable against it in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, liquidation, moratorium reorganization or other similar laws affecting the rights of creditors generally
or by general principles of equity, regardless of whether enforcement is sought in a proceeding in equity or at law. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The execution, delivery and performance by Servicer of the Loan Documents to which it is a party and the
consummation of the transactions contemplated by this Agreement, including the servicing of the Receivables in accordance with the terms hereof, is in the ordinary course of Servicer&#146;s business and does not (1) conflict with or breach any of
the terms, conditions or provisions of Servicer&#146;s Organizational Documents or any agreement or instrument to which Servicer is now party or by which it is bound, or constitute a material default or result in an acceleration under
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
any of the foregoing, or constitute the violation of any law, rule, regulation, order, judgment or decree to which Servicer or its property is subject, except, with respect to any agreement or
instrument to which Servicer is now a party or by which it is bound, to the extent that a Material Adverse Effect with respect to Servicer could not reasonably be expected to result, (2) other than Permitted Liens, result in or require the creation
or imposition of any Lien upon any of the properties or assets of Servicer, or (3)&nbsp;require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of Servicer, except for such
approvals or consents which will be obtained on or before the Closing Date and delivered to the Administrative Agent. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There is no action, suit, proceeding or investigation pending or, to the knowledge of any Authorized Officer of
Servicer, threatened, against Servicer that would reasonably be expected to (i) materially and adversely affect the validity or enforceability of this Agreement or the ability of Servicer to perform its obligations hereunder in accordance with the
terms hereof; (ii) result in one or more (A) regulatory or criminal actions against Servicer or any officer or director of Servicer relating to the servicing activities of Servicer that would reasonably be expected to be adverse to the ongoing
operation of Servicer&#146;s business or the performance of Servicer&#146;s obligations under this Agreement, (B) judgments, fines, penalties or settlements for payment of money in excess of $500,000, or (C) injunctions, restrictions or sanctions
that would reasonably be expected to be materially adverse to the ongoing operation of Servicer&#146;s business or the performance of its obligations hereunder; or (iii)&nbsp;otherwise have a Material Adverse Effect with respect to Servicer.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No consent, approval, authorization or order of any court, Governmental Authority or Person is required for the
execution and delivery of this Agreement by Servicer or for the performance by Servicer of its obligations hereunder, other than such consent, approval, authorization or order as has been obtained. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There are no Adverse Proceedings pending that could reasonably be expected to, individually or in the
aggregate, have a Material Adverse Effect with respect to Servicer. Servicer is not subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or
other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect with respect to Servicer.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer is in compliance in all material respects with and has all Permits necessary or required by all
applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property except where failure to have such licenses or
permits could not reasonably be expected to have a Material Adverse Effect with respect to Servicer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">viii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Since March&nbsp;31, 2018, no event, circumstance or change has occurred that has caused or evidences, either
individually or in the aggregate, a Material Adverse Effect with respect to Servicer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ix.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(i) All U.S. federal income tax returns and all other material tax returns and reports of Servicer required to
be filed by it have been timely filed, and (ii)&nbsp;all material U.S. federal income Taxes and all other material Taxes due and payable, and all assessments fees and other governmental charges upon Servicer and upon its properties, assets, income,
businesses and franchises which are due and payable have been timely paid when due and payable except to the extent that failure to file such returns or pay such Taxes, assessments, fees or other governmental charges could not reasonably be expected
to have a Material Adverse Effect with respect to Servicer. Servicer has no knowledge of any threatened or proposed Tax assessment against it which is not being actively contested by Servicer in good faith and by appropriate proceedings; provided,
that such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">x.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer is not in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in any of its Contractual Obligations, and to knowledge of any of its Authorized Officers, no condition exists which, with the giving of notice or the lapse of time or both, would be reasonably expected to result in such a
default, except where, (a) such defaults have been waived, or (b)&nbsp;individually or in the aggregate, the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect
with respect to Servicer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the extent applicable, Servicer is in compliance, in all material respects, with the (a) Trading with the
Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and
(b)&nbsp;Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT Act of 2001) (the &#147;<U>PATRIOT Act</U>&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The principal places of business and chief executive office of Servicer and the offices where each keeps all of
its records are located at the address(es) listed in <U>Appendix B</U> to the Credit Agreement or such other locations of which Administrative Agent has been notified in accordance with <U>Section 5.1</U>(e) of the Credit Agreement.&nbsp;Servicer is
organized as a corporation under the laws of the State of Florida. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xiii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as could not reasonably be expected, either individually or in the aggregate, to result in a Material
Adverse Effect with respect to any NF Party: (i) no ERISA Event has occurred or is reasonably expected to occur and (ii) Servicer does not maintain, contribute to or have any liability with respect to any Employee Benefit Plan or Foreign Plan and
has never contributed to or had any liability (including contingent liability and liability on account of an ERISA Affiliate) with respect to any Multiemployer Plan or Pension Plan. The assets of Servicer do not constitute Plan Assets. Servicer is
not an employee benefit plan subject to Title I of ERISA, a &#147;plan&#148; as defined in Section 4975(e)(1) of the Internal Revenue Code and subject to 4975 of the Internal Revenue Code, or a governmental plan, church plan, or Foreign Plan that is
subject to federal, state, local or non-U.S. laws substantially similar in form or application to Section 406 of ERISA or Section 4975 of the Internal Revenue Code (&#147;<U>Similar Laws</U>&#148;). The transactions contemplated by this Agreement
and/or the other Loan Documents shall not cause a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Internal Revenue Code or Similar Laws; <U>provided</U>, <U>however</U>, this sentence shall not apply to any such <FONT
STYLE="white-space:nowrap">non-exempt</FONT> prohibited transaction arising solely as a result of directly or indirectly funding a Loan or portion thereof with assets of a plan described in ERISA section 3(1) or Internal Revenue Code section
4975(e). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xiv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With respect to the Credit Agreement: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Receivable designated as an &#147;Eligible Receivable&#148; on any Borrowing Base Report and Certificate
or Monthly Servicing Report was an Eligible Receivable as of the time of its sale to the Borrower under the Receivables Purchase Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Monthly Servicing Report, Receivable Schedule or Borrowing Base Report and Certificate or any information,
exhibit, financial statement, document, book, record or report furnished by Servicer to Administrative Agent, Backup Servicer or Collection Account Bank in connection with this Agreement or the transactions contemplated hereby or by the Credit
Agreement was inaccurate or incomplete in any material respect as of the date it is dated (except as otherwise disclosed in writing to Administrative Agent at such time) and no such document contained any material misstatement of fact or omitted to
state a material fact or any fact necessary to make the statements contained therein, in light of the circumstances in which they were made, not misleading. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">From and after the date hereof, each of the Receivables have been serviced in conformance with the Applicable
Requirements and the Servicing Policy. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Since the date of Servicer&#146;s most recent audited financial statements delivered to Owner and the
Administrative Agent, there has been no material adverse change in or to (i) the property, business, financial condition or operations of Servicer, (ii) the enforceability, marketability or collectability of the Receivables, or
(iii)&nbsp;Servicer&#146;s ability to conduct its business or Servicer&#146;s ability to perform its obligations under this Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xvi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer is not aware of any fact that would cause it to reasonably believe that Servicer&#146;s servicing data
mapped from Servicer&#146;s system to the Backup Servicer&#146;s system cannot be accessed or utilized by the Backup Servicer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xvii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No Servicer Default has occurred and is continuing. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xviii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Historical Financial Statements were prepared in conformity with GAAP and fairly present, in all material
respects, the financial position of the Servicer as of the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of
any such unaudited financial statements, to changes resulting from audit and normal <FONT STYLE="white-space:nowrap">year-end</FONT> adjustments. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xix.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Servicer is Solvent. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">xx.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Schedule 2.01(xx)</U> correctly identifies the name, address and any other relevant contact information
reasonably requested by Agent with respect to each depository or intermediary for each of the Servicer Accounts, the Existing Parent Payment Account, the Lockbox Account and the Collection Account, the name in which the account is held, and the
complete account number therefor. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.02 <U>Representations and Warranties of Owner</U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Owner represents and warrants to the Administrative Agent and Servicer, as of the date hereof and on the date
of delivery of each Monthly Servicing Report, that: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Owner is a limited liability company duly formed, validly existing, and in good standing under the laws of the
State of Delaware. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Owner has duly authorized the execution, delivery, and performance of this Agreement, has duly executed and
delivered this Agreement, and this Agreement constitutes a legal, valid, and binding obligation of Owner. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The consummation of the transactions contemplated by this Agreement is in the ordinary course of Owner&#146;s
business and does not conflict with or breach any of the terms, conditions, or provisions of Owner&#146;s certificate of formation, limited liability company agreement or similar governing document or any agreement to which Owner is now a party or
by which it is bound, or constitute the violation of any law, rule, regulation, order, judgment or decree to which Owner or its property is subject, all except to the extent that a Material Adverse Effect with respect to Owner would not reasonably
be expected to result. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There is no action, suit, proceeding, or investigation pending or, to the knowledge of any Authorized Officer
of Owner, threatened against Owner that would materially and adversely affect the validity or enforceability of this Agreement or the ability of Owner to perform its obligations under this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No consent, approval, authorization, or order of any court or Governmental Authority is required for the
execution and delivery of this Agreement by Owner or for the performance by Owner of its obligations hereunder, other than such consent, approval, authorization, or order as has been obtained. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADMINISTRATION AND SERVICING OF THE RECEIVABLES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.01 <U>Servicer to Act as Servicer</U><U></U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer agrees to act as servicer for the Receivables for the Term of this Agreement in accordance with
provisions set forth herein and perform the services described in this <U>Article III</U> (the &#147;<U>Services</U>&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer has implemented the Servicing Policy which sets forth a detailed description of the Services and
procedures to be undertaken in connection therewith. Following the delivery of a notice pursuant to 3.06(i)(ii) of this Agreement, the Servicer shall make changes to its field call procedures, as defined in the Servicing Policy, acceptable to the
Administrative Agent in its sole discretion. The Servicing Policy may be not be amended or supplemented, at any time, except to the extent Owner may make or authorize such amendment or supplement in accordance with <U>Section&nbsp;6.14</U> of the
Credit Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer, as independent contractor servicer, shall, and shall cause any third party sub-contractors to,
perform the Services and administer the Receivables in accordance with the Applicable Requirements, the Servicing Policy and the other terms of this Agreement. Servicer shall have full power and authority, acting alone, to do or cause to be done any
and all things in connection with such servicing and administration that Servicer may deem necessary or desirable and consistent with the terms of this Agreement and Applicable Law. Without limiting the generality of the foregoing, the Services
shall include the following (in each case, as applicable, consistent with the Applicable Requirements, the Servicing Policy and the Credit Agreement): </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">issue periodic payment instructions to the Obligor, which shall include, but not necessarily be limited to,
disclosure of the remaining principal owed and the principal and interest components of the current payment, directing that payments on the Receivables be made in accordance with the Cash Management System; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">issue payoff demand with respect to any default of any Receivables; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">enforce Owner&#146;s rights under the Dealer Agreements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">answer Obligors&#146; inquiries, demands and requests; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">collect and post all payments on, or in respect of, the Receivables; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">account for Collections on, or in respect of, the Receivables; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">direct Collections on deposit in the Servicer Accounts or Lockbox Account to be remitted to the Collection
Account in accordance with the Cash Management System; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">viii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">contact delinquent Obligors; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ix.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">prepare Borrowing Base Report and Certificates and Monthly Servicing Reports with Receivables information,
activity, performance and net settlement details; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">x.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">perform the other duties specified herein. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consistent with the Applicable Requirements, the Servicing Policy and the other terms of this Agreement,
Servicer may only (i) waive, modify or vary any term of any Receivables or consent to the postponement of strict compliance with any such term or in any manner forbear from acting against any Obligor, and (ii) as to any Receivables, waive any late
payment charge, penalty, or default interest, or other similar fees which may be collected in the ordinary course of servicing such Receivables, if, in either case, such waiver or modification is permitted by the Servicing Policy and the Credit
Agreement. In no event shall the principal balance of a Receivable be reduced or the interest rate or the amount of a Scheduled Receivable Payment altered in each case, other than to the extent such reduction or alteration is (1) required by
Applicable Law, (2) approved by the Administrative Agent and the Required Lenders or (3) with respect to any reduction in principal, in connection with a settlement if the Receivable has become a Charged-Off Receivable. If after the date hereof, an
Obligor&#146;s obligation under a Receivable has been modified in accordance with this <U>Section&nbsp;3.01(d</U>) so as to differ from the amount specified in such Receivable, the </P></TD></TR></TABLE>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Scheduled Receivable Payment with respect to any subsequent Collection Period shall refer to the Obligor&#146;s payment obligation with respect to such Collection Period as so modified and such
modification shall be reflected in the Receivable Database pursuant to the terms of this Agreement. Without limiting the generality of the foregoing, Servicer shall continue, and is hereby authorized and empowered, to execute and deliver on behalf
of itself and Owner, all instruments of satisfaction or cancellation, or of partial or full release, discharge and all other comparable instruments, with respect to the Receivables. Owner shall, as necessary, promptly furnish Servicer with such
powers of attorney as are necessary and appropriate and with such other documents as are necessary or appropriate to enable Servicer to carry out its servicing and administrative duties under this Agreement. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In servicing and administering the Receivables, Servicer shall comply with the Servicing Policy and Applicable
Requirements and employ procedures and exercise the same care that it customarily employs and exercises in servicing and administering loans for its own account. In servicing and administering the Receivables, Servicer may permit any Governmental
Authority to have access to and review and copy the files of Servicer with respect to the Receivables, and Servicer is authorized to do whatever is necessary to comply with all Applicable Laws and the requirements of such Governmental Authority,
including, without limitation, any required modifications of the Receivables documents. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer is hereby authorized to commence, in its own name or in the name of Owner, a legal proceeding to
enforce a Receivable or to commence or participate in any other legal proceeding (including, without limitation, a bankruptcy proceeding) relating to or involving a Receivable or an Obligor. If Servicer commences or participates in such a legal
proceeding in its own name, Owner shall thereupon be deemed, to the extent required by law or as a condition to such legal proceeding, to have automatically assigned such Receivable to Servicer solely for purposes of commencing or participating in
any such proceeding as a party or claimant, and Servicer is authorized and empowered by Owner to execute and deliver in Owner&#146;s name any notices, demands, claims, complaints, responses, affidavits or other documents or instruments in connection
with any such proceeding. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.02 <U>Receipt of the Receivable&#146;s Payments</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Continuously from the date hereof until all amounts owed with respect to the Receivables are paid in full, Servicer shall proceed diligently to collect all
payments due under each Receivable when the same shall become due and payable and shall follow the Applicable Requirements and the Servicing Policy. Servicer agrees to execute and deliver all such instruments and take all such action as the
Administrative Agent or Owner, from time to time, may reasonably request in order to effectuate the purpose and to carry out the terms of this Agreement. In addition, Servicer shall comply with the Cash Management System in carrying out its
obligations under this <U>Section</U><U></U><U>&nbsp;3.02</U> and deposit all Collections related to Receivables in the Collection Account. Notwithstanding anything to the contrary in this Agreement, Servicer shall allocate any payments received on
any Receivable in accordance with the applicable Contract. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section 3.03 <U>Establishment of Collections Account and Other Accounts; Deposits in Cash Management
System</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The collection account will be an account solely in the name of Owner, with all rights of ownership vested in
Owner but subject to the Administrative Agent&#146;s sole dominion and control, into which Servicer shall direct all payments with respect to all Receivables in accordance with the Cash Management System (&#147;<U>Collection Account</U>&#148;).
Servicer acknowledges that it does not, and shall not during the term of this Agreement, have access to the Collection Account, the Lockbox Account or the Servicer Accounts. Any interest paid on funds deposited into any Collection Account by the
depository institution shall accrue to the benefit of Owner. The Collection Account shall be established pursuant to and maintained at all times in accordance with the Account Control Agreement and shall be a trust account established and maintained
at all times at Wells Fargo Bank, National Association, or another institution acceptable to the Administrative Agent and the Required Lenders in their sole discretion. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall establish, within forty-five (45) days of Closing (or such later date as to which the
Administrative Agent consents, in its sole discretion) and shall, at all times thereafter until the termination of this Agreement, maintain the Lockbox Account with the Lockbox Account Bank solely in the name of Owner for the benefit of the
Collateral Agent for the further benefit of the Secured Parties. The Lockbox Account shall be established pursuant to and maintained at all times in accordance with the Lockbox Account Control Agreement and shall be a demand deposit account
established and maintained at Wells Fargo Bank, National Association, or another institution acceptable to the Administrative Agent and the Required Lenders in their sole discretion. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer has established and will maintain at all times until the termination of this Agreement one deposit
account at each Servicer Account Bank, in the name of Servicer, designated as a Servicer Account, as to which the Collateral Agent has control for the benefit of the Secured Parties within the meaning of Section 9-104(a)(2) of the UCC pursuant to
the Servicer Account Control Agreement. Servicer has not granted and will not grant any Person, other than the Collateral Agent, dominion and control of any Servicer Payment Account, or the right to take dominion and control of any Servicer Account
at a future time or upon the occurrence of a future event. Servicer will deposit (in whatever form received, and properly endorsed, if applicable) all Collections constituting <FONT STYLE="white-space:nowrap">Walk-In</FONT> Payments into a Servicer
Account on the same day Servicer receives such Collections. Servicer has instructed each Servicer Account Bank (either by irrevocable standing instruction in a form satisfactory to the Administrative Agent or, if available, by automatic sweep in
accordance with the applicable Servicer Account Control Agreement) to transfer all funds on deposit in the Servicer Account at such Servicer Account Bank at the end of each Business Day (or such earlier time as required by such Servicer Account
Bank&#146;s policies) to the Collection Account, and will not change such instructions until the termination of this Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer has established and will maintain a deposit account at the Existing Parent Payment Account Bank,
solely in the name of Servicer, designated as the Existing Parent Payment Account, as to which the Collateral Agent has control for the benefit of the Secured Parties within the meaning of Section 9-104(a)(2) of the UCC pursuant to the Existing
Parent Payment Account Control Agreement. Servicer has not granted and will not grant any Person, other than the Collateral Agent, dominion and control of the Existing Parent Payment Account, or the right to take dominion and control of the Existing
Parent Payment Account at a future time or upon the occurrence of a future event. Servicer has instructed the Existing Parent Payment Account Bank (either by irrevocable standing instruction in a form satisfactory to the Administrative Agent or, if
available, by automatic sweep in accordance with the Existing Parent Payment Account Control Agreement) to distribute funds on deposit in the Existing Parent Payment Account at the end of each Business Day (or such earlier time as required by the
Exiting Parent Payment Account Bank&#146;s policies) to the Collection Account, and will not change such instructions until the termination of this Agreement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer will instruct (and otherwise cause) (1) prior to the 45th day following the Closing Date (or such
later date as the Administrative Agent may approve in writing in its sole discretion), each Obligor to make all payments with respect to the Receivables (other than Walk-In Payments) directly to the Existing Parent Payment Account, (2) following the
45th day following the Closing Date, each Obligor to make all payments with respect to the Receivables (other than Walk-In Payments) directly to the Lockbox Account and (3) all <FONT STYLE="white-space:nowrap">Walk-In</FONT> Payments to Servicer at
a branch office of Servicer to be deposited directly into the applicable Servicer Account on the same day as such payment is received in the same form as received (and properly endorsed, if applicable). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Without the prior written consent of the Administrative Agent and the Required Lenders in their sole
discretion, Servicer will not (A) change the instructions given to the Obligors, any Originator, any Servicer Account Bank, the Existing Parent Payment Account Bank or the Collection Account Bank in respect of payments on account of Receivables and
Collections to be deposited in the Cash Management System, (B) change any instructions given to any bank or financial institution which in any manner redirects the proceeds of any Collections to any account which is not subject to a control
agreement in favor of the Collateral Agent or (C)&nbsp;establish any new account to hold Collections or change the Cash Management System. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All income from amounts on deposit in the Collection Account shall be retained in the Collection Account, until
the next Settlement Date, at which time such income shall be applied by the Collection Account Bank, at the direction of the Collateral Agent in accordance with <U>Section&nbsp;2.10</U>. of the Credit Agreement. All
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
amounts on deposit in the Lockbox Account and the Existing Parent Payment Account shall be transferred to the Collection Account on the same Business Day they are deposited into the Lockbox
Account and the Existing Parent Payment Account, as applicable. All amounts on deposit in the Servicer Accounts shall be transferred to the Collection Account on the next Business Day after they are deposited in the Servicer Account.
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon the Borrower&#146;s request to withdraw funds from the Collection Account to pay to the Person entitled
thereto any amounts credited thereto constituting Excluded Amounts, Servicer shall deliver to the Administrative Agent (on behalf of the Borrower) a certificate setting forth the calculation of such Excluded Amounts in form and substance reasonably
satisfactory to the Administrative Agent (acting with the consent of the Required Lenders), which certificate shall include a brief description of the facts and circumstances supporting such request and the designation of a date for the payment of
such reimbursement, which date shall not be earlier than three (3)&nbsp;Business Days following delivery of such certificate. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall not commingle its assets and funds with those on deposit in the Servicer Accounts, Existing
Parent Payment Account, Lockbox Account or Collection Account; provided, however, that collections on receivables owned by Parent may be held in such accounts for purposes of administrative convenience. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">j.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer acknowledges and agrees that the funds on deposit in the Cash Management System relating to the
Receivables shall continue to be collateral security for the Obligations secured by the Loan Documents. In consideration of the Servicing Fee and other amounts payable to Servicer hereunder, Servicer hereby grants to the Collateral Agent for the
benefit of the Secured Parties, a security interest in all of Servicer&#146;s right, title and interest, whether now owned or existing or hereafter acquired or arising and wheresoever located, in, to and under, the Lockbox Account, the Existing
Parent Payment Account and the Servicer Accounts, as well as all of Servicer&#146;s right, title and interest in (i) any and all remittances and proceeds from time to time held therein or credited thereto, (ii) all rights to renew or withdraw the
same, (iii) all certificates and instruments, if any, from time to time representing or evidencing the Lockbox Account, the Existing Parent Payment Account and the Servicer Accounts and (iv)&nbsp;any interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the preceding (collectively, the &#147;<U>Servicer Collateral</U>&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">k.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Without limiting the foregoing, to the extent Collections on any Receivables are received directly by Servicer,
including Insurance Proceeds, Net Liquidation Proceeds and Recoveries, rather than remitted directly in cash to the Collection Account, Servicer will hold such Collections in trust for the benefit of Owner and will deposit such Collections into the
Collection Account no later than the Business Day following receipt and identification by Servicer of such Collections (or, with respect to <FONT STYLE="white-space:nowrap">Walk-In</FONT> Payments, into a Servicer Account the day of receipt).
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, and in accordance with Section&nbsp;6.17 of the Credit Agreement, the Servicer
shall have three (3)&nbsp;Business Days after the Closing Date to execute and deliver (i)&nbsp;the Existing Parent Payment Account Control Agreement, (ii)&nbsp;the Servicer Account Control Agreement among Servicer, Collateral Agent and Huntington
Bank and (iii)&nbsp;the Service Account Control Agreement among Servicer, Collateral Agent and Fifth Third Bank, in each case, in form satisfactory to the Administrative Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.04 <U>Books and Records; Inspections.</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall be responsible for maintaining, and shall maintain, a complete set of books and records for the
Receivables under the Credit Agreement (including the Receivable Database), which shall appropriately and clearly reflect that ownership of the Receivables has been transferred to Owner. Servicer shall permit Administrative Agent to inspect, audit
and perform a compliance review at Owner&#146;s expense, subject to <U>Section 3.04(e)</U> below, upon three (3)&nbsp;Business Days&#146; notice, at any time during normal business hours (or at any time during the existence of a Servicer Default or
any &#147;Event of Default&#148; under the Credit Agreement), all of Servicer&#146;s operating and reporting procedures and information systems, books, records, operations and properties and its compliance with Applicable Law related to the
Receivables, the Contracts or the Dealer Agreements (&#147;<U>Compliance Review</U>&#148;). In connection with any Compliance Review, Servicer will permit any authorized representatives designated by the Administrative Agent to review Owner&#146;s
Receivables forms, the Servicing Policy, information processes and controls, compliance practices and procedures and marketing materials. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each of Administrative Agent and each Lender (and their respective agents or professional advisors) shall have
the right under this Agreement, from time to time, so long as no Servicer Default or Event of Default has occurred and is continuing upon three (3)&nbsp;Business Days&#146; prior notice to Servicer (or, following the occurrence of a Servicer Default
or an Event of Default, at any time, in their sole discretion), to visit and inspect during regular business hours any of the properties of Servicer and to examine and audit, during regular business hours, any and all of the books, records,
financial statements, credit, collection and servicing policies, legal and regulatory compliance, operating and reporting procedures and information systems (including without limitation customer service and/or whistleblower hotlines), directors,
officers and key employees of Servicer or held by another Person for Servicer or on its behalf, concerning or otherwise affecting the Receivables or the Loan Documents. The Administrative Agent and each Lender (and their respective agents and
professional advisors) shall treat as confidential any information obtained during the aforementioned examinations which is not already publicly known or available; <U>provided</U>, <U>however</U>, that the Administrative Agent (and its agents or
professional advisors) may disclose such information if required to do so by law or by any regulatory authority. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">So long as no Servicer Default or Event of Default has occurred and is continuing upon three (3) Business
Days&#146; prior notice to the Servicer (or, following the occurrence of a Servicer Default or an Event of Default, at any time) and during regular business hours, Servicer shall promptly provide the Administrative Agent and each Lender (and their
respective agents or professional advisors) with access to, copies of and extracts from any and all documents, records, agreements, instruments or information (including any of the foregoing in computer data banks and computer software systems)
which the Administrative Agent or any such Lender (and their respective agents or professional advisors) may reasonably require in order to conduct periodic due diligence relating to Servicer in connection with the Receivables and the Loan
Documents. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall make available to the Administrative Agent and each Lender (and their respective agents or
professional advisors) knowledgeable financial, accounting, legal and compliance officers for the purpose of answering questions with respect to Servicer and the Receivables and to assist in the Administrative Agent&#146;s and/or such Lender&#146;s
diligence. In addition, Servicer shall provide the Administrative Agent with read-only, remote access to the Collection Account, the Lockbox Account, the Existing Parent Payment Account and the Servicer Accounts. Servicer shall cooperate with the
Administrative Agent in order for the Administrative Agent to confirm any information relating to the Receivables directly with the applicable Obligors. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All reasonable costs and expenses incurred by the Administrative Agent and the Lenders (and their respective
agents or professional advisors) in connection with the matters outlined in this <U>Section 3.04</U> shall be Permitted Expenses, which Servicer shall reimburse to the Administrative Agent or the Lenders, as applicable, or shall pay or cause to be
paid; <U>provided</U>, <U>however</U>, that, unless a Tier 1 Collateral Performance Trigger or an Event of Default has occurred and is then continuing, (i) the Administrative Agent and the Lenders, collectively, shall not conduct more than four (4)
examinations or audits pursuant to this <U>Section 3.04</U> or to <U>Section 5.8</U> of the Credit Agreement, collectively, at the expense of Servicer or Owner per Fiscal Year and (ii)&nbsp;Servicer shall not be responsible for reimbursing the
Administrative Agent and the Lenders for such costs and expenses (including all such costs and expenses paid by Owner) in excess of $125,000, in the aggregate, during any calendar year. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except during the continuance of a Servicer Default or an Event of Default, the Administrative Agent and the
Lenders shall use commercially reasonable efforts to coordinate examinations and audits conducted pursuant to this <U>Section&nbsp;3.04</U>. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.05 <U>Maintenance of Security Interests</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer shall take such actions as are reasonably requested by the Administrative Agent or any Owner from time to time in order to cause and maintain a valid,
subsisting and enforceable first priority perfected security interest (subject only to Permitted Liens) to exist in favor of Collateral Agent in the Collateral, including the Receivables, the Financed Vehicles and the proceeds thereof being pledged
pursuant to the Security Agreement, including (w)&nbsp;ensuring that such security interest is and shall be prior to all other Liens upon Owner&#146;s interests in such Collateral and the proceeds thereof that now exist, or may hereafter arise or be
created other than Permitted Liens, (x)&nbsp;ensuring that such Collateral is free and clear of all Liens other than Permitted Liens and (y)&nbsp;obtaining the execution, if applicable, by Owner and the recording, registering, filing, recording,
refiling, and reregistering of all security agreements, financing statements and continuation statements as are necessary to maintain and/or perfect such security interests granted by Owner. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.06 <U>Financial Statements; Monthly Servicing Reports; Statements as to Compliance; Notices</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer shall furnish to Owner and the Administrative Agent: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As soon as available and no later than ninety (90) days after the end of each Fiscal Year, commencing with the
Fiscal Year ended March 31, 2019, one (1) copy of: (A)(x) the audited consolidated balance sheets of Servicer and its consolidated Subsidiaries (including Owner) and (y) the consolidating balance sheets of Servicer and Owner and (B)(x) the audited
consolidated statements of income, stockholders&#146; equity and cash flows of Servicer and its consolidated Subsidiaries and (y)&nbsp;the consolidating statements of income, stockholders&#146; equity and cash flows of Servicer and Owner and in each
case, setting forth in comparative form the figures for the previous Fiscal Year and accompanied by an opinion of the Independent Accountants stating that such balance sheet and financial statements present fairly the financial condition and results
of operation of the companies being reported upon and have been prepared in accordance with GAAP consistently applied (except for changes in application in which such accountants concur); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As soon as available and no later than forty-five (45) days after the end of each fiscal quarter, one (1) copy
of: (A)(x) the unaudited consolidated balance sheets of Servicer and its consolidated Subsidiaries (including Owner) and (y) the consolidating balance sheets of Servicer and Owner and (B)(x) the unaudited consolidated statements of income,
stockholders&#146; equity and cash flows of Servicer and its consolidated Subsidiaries (including Owner) and (y)&nbsp;the consolidating statements of income, stockholders&#146; equity and cash flows of Servicer and Owner and in each case, which
shall be prepared and presented in accordance with, and provide all necessary disclosure (other than footnote disclosure) required by, GAAP and shall be accompanied by a certificate signed by an Authorized Officer of Servicer stating that such
balance sheet and financial statements presents fairly the financial condition and results of operation of Servicer and its consolidated Subsidiaries and has been prepared in accordance with GAAP consistently applied. Any financial statements
delivered pursuant to this <U>Section 3.06(b</U>) may be subject to adjustment in accordance with GAAP upon delivery of the financial statements required under <U>Section&nbsp;3.06(a</U>). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Together with each delivery of financial statements of Parent pursuant to <U>Section 3.06(a)</U> and
<U>3.06(b)</U>, a duly executed and completed Compliance Certificate. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If, as a result of any change in accounting principles and policies from those used in the preparation of the
historical financial statements, the consolidated financial statements of (i) Servicer and (ii) Owner delivered pursuant to <U>Section&nbsp;3.06(a)</U> or <U>3.06(b)</U> will differ in any material respect from the consolidated financial statements
that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of
reconciliation for all such prior financial statements in form and substance reasonably satisfactory to Administrative Agent (acting with the consent of, or at the direction of, the Requisite Lenders). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The obligations in <U>Sections 3.06(a)</U> and <U>(b)</U> may be satisfied by furnishing, at the option of
Servicer, the applicable financial statements as described above or an Annual Report on Form 10-K or Quarterly Report on Form 10-Q for Holdings for any corresponding fiscal period, as filed with the U.S. Securities and Exchange Commission but only
to the extent such Annual Report or Quarterly Report contains the financial statements of Servicer and the Owner presented as required, under <U>Sections 3.06(a)</U> and <U>(b)</U>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Within the time period set forth in <U>Section 5.1(a)</U> of the Credit Agreement, Servicer shall (i) prepare
and deliver to Administrative Agent, a Borrowing Base Report and Certificate inclusive of a schedule listing each of the Receivables (a &#147;<U>Receivables Schedule</U>&#148;) and any other information necessary to calculate the Borrowing Base and
any other information reasonably requested by Administrative Agent, all information in such Borrowing Base Report and Certificate and all other such information to be accurate as of the last day set forth therein, and (ii) deliver to Administrative
Agent in an electronic format mutually acceptable to Servicer and Administrative Agent, all information reasonably requested by Administrative Agent relating to all Receivables (and Servicer shall provide any assistance with respect to such
information and the electronic format in which it is delivered as may be reasonably requested by Administrative Agent). The Servicer shall deliver, or cause to be delivered, to the Backup Servicer an updated Receivable schedule with respect to each
Receivable three (3) Business Days prior to the first Credit Date or Release Date on which such Receivable is reflected in a Borrowing Base Certificate, and make all such other deliverables as required by the terms of the Backup Servicing Agreement.
Servicer shall make available at all times from the Closing Date to the Backup Servicer its servicing records in a computer-readable form relating to the servicing activity relating to the Receivables, which records shall (i)&nbsp;contain sufficient
data to permit the Backup Servicer to assume the duties of the Servicer under this Agreement without delay on account of the absence of relevant servicing information, and (ii)&nbsp;the Backup Servicer and the Servicer shall agree upon the file
layout and electronic medium to transfer such data to the Backup Servicer. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As and when required by <U>Section 5.1</U> of the Credit Agreement, Servicer shall deliver to Administrative
Agent the notices specified therein as applicable to Owner and as if each such requirement, without duplication, substitutes &#147;Servicer&#148; for &#147;the Borrower&#148;, mutatis mutandis. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall deliver to Administrative Agent and Owner, on or before March 31 of each year, an officer&#146;s
certificate stating, as to the Authorized Officer that executed such officer&#146;s certificate, that (x) a review of the activities of Servicer during the preceding calendar year and of its performance under this Agreement and the other Loan
Documents to which Servicer is a party has been made under such Authorized Officer&#146;s supervision and (y)&nbsp;to the best of such Authorized Officer&#146;s knowledge, based on such review, Servicer has performed or has cause to be performed in
all material respects all of its obligations under this Agreement throughout such year and no Servicer Default has occurred. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall provide prompt written notice to Administrative Agent and Owner upon any Authorized Officer of
Servicer obtaining knowledge of (i) any Servicer Default, setting forth the details of such default and any action which Servicer proposes to take with respect thereto; (ii) any complaint received by the Servicer relating to a field call as defined
in the Servicing Policy, (iii) any Adverse Proceeding against the Servicer that, if adversely determined, would reasonably be likely to (A) result in one or more (i) regulatory or criminal actions against Servicer or any Originator, any officer or
director of Servicer or any Originator relating to the servicing activities of Servicer or any Originator, that would reasonably be expected to have a Material Adverse Effect with respect to the Servicer, (ii) judgments in an amount in excess of
$1,000,000, (iii) injunctions, restrictions or sanctions that would reasonably be expected to have a Material Adverse Effect with respect to the Servicer, or (B) otherwise have a Material Adverse Effect with respect to Servicer, (iv) the
commencement of any proceedings by or against Servicer under any applicable bankruptcy, reorganization, liquidation, rehabilitation, insolvency or other similar law now or hereafter in effect or of any proceeding in which a receiver, liquidator,
conservator, trustee or similar official shall have been, or may be, appointed or requested for Servicer, and (v) in each case to the extent not prohibited from doing so by applicable law, that (A) Servicer any Originator or Dealer in relation to
the Receivables or the ability of such Originator to perform its obligations under the Loan Documents to which it is a party is being placed under regulatory supervision or (B)&nbsp;any license, permit, charter, registration or approval necessary
for the conduct of Servicer&#146;s business is to be, or may be, suspended or revoked, together with such other information as may be reasonably available to Servicer to enable the Administrative Agent to evaluate such matters.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">j.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">on or before each Reporting Date, but in no event later than 3:00 p.m. (New York City time) on such Reporting
Date, Servicer shall prepare and deliver or have delivered to the Administrative Agent, the Backup Servicer, the Collection Account Bank and Owner: (1) a Monthly Servicing Report, including without limitation information regarding the frequency of
field calls as defined in the Servicing Policy and the information necessary to test the Tier 1 Collateral Performance Trigger and Tier 2 Collateral Performance Trigger, all information in the Monthly Servicing Report to be accurate as of the last
day of the immediately preceding Collection Period, (2) a Receivables Schedule listing each of the Receivables, all information in such schedule to be accurate as of the last day of the immediately preceding Collection Period, and (3) in an
electronic format reasonably acceptable to the Administrative Agent and Owner, the Monthly Data Tape and all other information with respect to the Receivables, including, without limitation, collections activity, which was necessary for the
preparation by Servicer of the Monthly Servicing Report. Upon the written request of the Administrative Agent, the Backup Servicer (with a copy of such written request to the Agent) or Owner, Servicer will deliver to the Administrative Agent, the
Backup Servicer and the Borrower within five (5)&nbsp;Business Days any other information reasonably requested relating to the Receivables then being serviced by Servicer. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.07 <U>Realization Upon Receivables</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
behalf of the Borrower and each Secured Party, Servicer shall use its best efforts, consistent with the Servicing Policy, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which Servicer shall have
determined eventual payment in full is unlikely. Servicer shall commence efforts to repossess or otherwise convert the ownership of a Financed Vehicle on or prior to the date that an Obligor has failed to make any portion of a Scheduled Receivable
Payment for ninety (90)&nbsp;days or more; <U>provided</U>, <U>however</U><I>,</I> that Servicer may elect not to commence such efforts within such time period if in its good faith judgment it determines either that it would be impracticable to do
so or that the proceeds ultimately recoverable with respect to such Receivable would be increased by forbearance. Servicer shall follow the Servicing Policy, consistent with the standards of care set forth in <U>Section</U><U></U><U>&nbsp;3.01</U>,
which may include reasonable efforts to realize upon any recourse to Eligible Dealers, selling the Financed Vehicle at public or private sale, pursuing deficiency judgments and collecting Recoveries, as applicable. The foregoing shall be subject to
the provision that, in any case in which the Financed Vehicle shall have suffered damage, Servicer shall not expend funds in connection with the repair or the repossession of such Financed Vehicle unless it shall determine in its discretion
exercised in good faith that such repair and/or repossession will increase the proceeds ultimately recoverable with respect to such Receivable by an amount greater than the amount of such expenses. Any amounts collected by Servicer in connection
with the foregoing, including, without limitation, proceeds thereof, shall be deposited in the Collection Account within one (1)&nbsp;Business Day of receipt and identification thereof. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.08 <U>Obligor Insurance</U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer, in accordance with the Servicing Policy and standards set forth herein, shall require that (i) each
Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive
and collision coverage and each Receivable requires the Obligor to maintain such physical loss and damage insurance naming Servicer and its successors and assigns as an additional insured, (ii) each Receivable that finances the cost of premiums for
credit life and credit accident and health insurance is covered by an insurance policy or certificate naming Servicer as policyholder (creditor) and (iii)&nbsp;as to each Receivable that finances the cost of an extended service contract, the
respective Financed Vehicle which secures the Receivable is covered by an extended service contract (each, a &#147;<U>Receivables Insurance Policy</U>&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the extent applicable, Servicer shall not take any action which would result in noncoverage under any
Receivables Insurance Policy which, but for the actions of Servicer, would have been covered thereunder. Servicer, on behalf of Owner and each Secured Party, shall take such reasonable action as shall be necessary to permit recovery under each
Receivables Insurance Policy. Any amounts collected by Servicer under any Receivables Insurance Policy, including, without limitation, proceeds thereof, shall be deposited in the Collection Account within one (1)&nbsp;Business Day of receipt and
identification thereof. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.09 <U>Maintenance of Security Interests in Vehicles</U><U></U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Consistent with the Servicing Policy and as required by this Agreement, Servicer shall take such steps on
behalf of Owner and each Secured Party as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle, including but not limited to obtaining the authorization or execution by the Obligors
and the recording, registering, filing, re-recording, re-registering and re-filing of all security agreements, financing statements and continuation statements or instruments as are necessary to maintain the security interest granted by the Obligors
under the respective Receivables. The Administrative Agent hereby authorizes Servicer, and Servicer agrees, to take any and all steps necessary to <FONT STYLE="white-space:nowrap">re-perfect</FONT> or continue the perfection of such security
interest on behalf of the Collateral Agent for the benefit of the Secured Parties as necessary because of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to Owner, and the pledge thereof
by Owner to the Collateral Agent for the benefit of the Secured Parties is insufficient, without a notation on the related Financed Vehicle&#146;s certificate of title, or without fulfilling any additional administrative requirements under the laws
of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the Collateral Agent for the benefit of the Secured Parties, each of the Administrative Agent and Servicer hereby
agrees that the designation of Nicholas Financial as the secured party on the certificate of title is in respect of Nicholas Financial&#146; s capacity as Servicer as agent of the Collateral Agent for the benefit of the Secured Parties.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by
such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of the Financed Vehicle, nor shall Servicer impair the rights of the Secured Parties or the Collateral Agent in
such Receivables, nor shall Servicer amend or otherwise modify a Receivable, except as permitted in accordance with <U>Section&nbsp;3.01(d)</U>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon the occurrence and continuance of a Default, Servicer Default, Event of Default, Tier II Trigger Event or
Regulatory Trigger Event, Servicer shall take or cause to be taken such action as may, in the opinion of counsel to the Administrative Agent, which opinion shall be an expense of Servicer and shall not be an expense of the Administrative Agent, be
necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Collateral Agent on behalf of the Secured Parties by amending the title documents of such Financed Vehicles or by such
other reasonable means as may, in the opinion of counsel to the Administrative Agent, which opinion shall be an expense of Servicer and shall not be an expense of the Administrative Agent, be necessary, advisable or prudent; provided, however, that
if the Administrative Agent requests that the title documents be amended prior to the occurrence of a Servicer Default, Servicer shall carry out such action only to the extent that such amendments are necessary or advisable to perfect or re-perfect
the security interests in the Financed Vehicles securing the Receivables in the name of the Collateral Agent on behalf of the Secured Parties. If a Default, Event of Default, Tier 1 Collateral Performance Trigger Event or Regulatory Trigger Event
shall occur, at the request of the Administrative Agent, the Borrower shall use commercially reasonable efforts to promptly file (and in no event more than thirty (30 days following such request (the &#147;<U>Re-Titling Deadline</U>&#148;))
applications with the appropriate Governmental Authority to <FONT STYLE="white-space:nowrap">re-title</FONT> the Lien Certificates related to any Approved Seller Receivables so that the Borrower is reflected as senior lien holder on the related
Certificate of Title. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer hereby agrees to pay all expenses related to such perfection or re-perfection in accordance with
clauses (a) and (c) above and to take all action necessary therefor. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section 3.10 <U>Certain Administrative Matters</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Prior to each Settlement Date, the Administrative Agent (or its designee) will compare the information in electronic format most recently provided to the
Administrative Agent (or its designee) by Servicer pursuant to <U>Section</U><U></U><U>&nbsp;3.06(j)(2)</U> to the Monthly Servicing Report most recently delivered to the Administrative Agent (or its designee) by Servicer pursuant to
<U>Section</U><U></U><U>&nbsp;3.06(j)(1)</U> for the purpose of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">confirming that such Monthly Servicing Report is complete on its face; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">verifying the mathematical accuracy (including confirming and validating the settlement amounts in the Monthly
Servicing Report against the Receivables level data), to the extent the Administrative Agent (or its designee) is able to do so given the information provided to it by Servicer, of each of the fields on each Monthly Servicing Report.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In the event of any discrepancy between the information set forth in subparagraphs (a)&nbsp;or (b) as
calculated by Servicer from that determined or calculated by the Administrative Agent (or its designee), the Administrative Agent (or its designee) will report such discrepancy to Servicer and Owner. In the event the Administrative Agent (or its
designee) reports a discrepancy as described in the preceding sentence, Servicer, Owner and the Administrative Agent (or its designee) shall use good faith efforts to reconcile such discrepancies prior to the related Settlement Date, but in the
absence of a reconciliation, distributions on the related Settlement Date shall be made consistent with the information calculated by the Administrative Agent (or its designee), and Servicer, Owner and the Administrative Agent (or its designee)
shall reconcile such discrepancies prior to the next Settlement Date. Notwithstanding the foregoing, the determinations made by the Administrative Agent hereunder shall be dispositive absent manifest error. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL
OBLIGATIONS OF SERVICER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.01 <U>Insurance</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer shall maintain in force (a)&nbsp;an &#147;errors and omissions&#148; insurance policy in an amount not less than $1,000,000, (b)&nbsp;an employee
fidelity insurance policy in an amount not less than $1,000,000, naming the Administrative Agent, for the benefit of the Secured Parties, as beneficiary and additional loss payee and (c)&nbsp;property and casualty insurance in an amount reasonably
acceptable to the Administrative Agent (acting with the consent of the Required Lenders), in each case, (i)&nbsp;in a form reasonably acceptable to the Administrative Agent (acting with the consent of the Required Lenders) and (ii)&nbsp;with an
insurance company reasonably acceptable to the Administrative Agent (acting with the consent of the Required Lenders). Unless otherwise directed by the Administrative Agent (acting with the consent of the Required Lenders), Servicer shall prepare
and present, on behalf of itself, the Administrative Agent and the Secured Parties, claims under any such policy in a timely fashion in accordance with the terms of such policy, and upon the filing of any claim on any policy described in this
<U>Section</U><U></U><U>&nbsp;4.01</U>, Servicer shall promptly notify the Administrative Agent of such claim and deposit, or cause to be deposited, the Insurance Proceeds of any such claim into the Collection Account. Prior to the Closing Date and
annually thereafter, Servicer shall deliver copies of such policies to the Administrative Agent together with a certification from the applicable insurance company that such policy is in force on such date. Servicer shall deliver proof of
maintenance of such policies and payment of premiums no less frequently than annually, in form and substance reasonably acceptable to the Administrative Agent (acting with the consent of the Required Lenders). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Owner and the Administrative Agent shall be designated as an additional named insured in the event of loss under those insurance policies, as appropriate, and
Servicer will provide Owner and the Administrative Agent with certificates of insurance and endorsements naming and confirming such Owner and of the Administrative Agent as an additional named insured. In addition, Servicer shall extend coverage
under Servicer&#146;s liability and errors and omissions policies to include coverage for the liabilities, errors and omissions of its <FONT STYLE="white-space:nowrap">sub-servicers.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.02 <U>Disaster Recovery Plan</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer has in place and will maintain a disaster recovery plan designed to enable Servicer, after a disaster, to resume Services within a reasonable
timeframe consistent with standard industry practices (for businesses in the same or similar business and location(s)), which shall be updated from time to time. The Parties anticipate that the disaster recovery plan will be amended and
supplemented, from time to time, by mutual written agreement of Servicer, Administrative Agent and Owner, such agreement to not be unreasonably withheld, delayed or conditioned. Upon written request, Owner and the Administrative Agent has the right
to review and will be provided an opportunity to review the complete disaster recovery plan and all updates and the most recent test results. Throughout the Term, Servicer will (a)&nbsp;maintain the disaster recovery plan and the capacity to execute
such plan, (b)&nbsp;test the disaster recovery plan annually, and (c)&nbsp;not change the disaster recovery plan in any manner that will materially lessen its backup procedures, data restoration ability, or recovery preparedness or capabilities
without Owner&#146;s and Administrative Agent&#146;s prior consent not unreasonably withheld, conditioned or delayed. As used in this Agreement, the term &#147;disaster recovery plan&#148; means the plan established and maintained by Servicer for
the recovery of its business operations in the event of a disaster that disrupts Servicer&#146;s normal operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.03 <U>Business
Continuity Plan</U><U></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer has in place and will maintain a business continuity plan consistent with standard industry practices (for
businesses in the same or similar business and location(s)), which may be part of its disaster recovery plan, designed to enable Receivables to be serviced upon any business interruption or failure. The Parties anticipate that the business
continuity plan will be amended and supplemented by the Servicer, from time to time, with the agreement of the Administrative Agent and Owner with respect to material and adverse changes, such agreement to not be unreasonably withheld, delayed or
conditioned, provided that after taking into account any changes to the business continuity plan it complies with the first sentence of this <U>Section</U><U></U><U>&nbsp;4.03</U>. Upon written request, Owner has the right to review and will be
provided an opportunity to review the complete business continuity plan and all updates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.04 <U>Information Security</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer will notify Owner promptly if Servicer discovers that there has been a breach of security resulting in unauthorized intrusions into Servicer&#146;s
systems or data that may materially and adversely affect Owner. Servicer has in place and will, at all times during the Term, provide commercially reasonable, industry standard security measures to ensure that any and all personally identifiable
information relating to the Receivables, including credit card and debit card information, is maintained in a manner that prevents the unauthorized disclosure of, unauthorized use of, unauthorized access to, misappropriation of, loss of or
alteration of any Receivable data while it is, directly or indirectly, in the possession or control of Servicer. The Parties anticipate that these security measures will be amended and supplemented, from time to time, by mutual written agreement of
Servicer and Administrative Agent based upon the Parties </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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actual experience with the Receivables and Applicable Law, such agreement to not be unreasonably withheld, delayed or conditioned. Upon written request, Owner has the right to review and will be
provided an opportunity to review information security policies and procedures and the most recent test results. Servicer will at all times comply with Applicable Law, including, without limitation, the Interagency Guidelines Establishing
Information Security and relevant provisions of the Gramm-Leach-Bliley Act. Upon Owner&#146;s or Administrative Agent&#146;s request, Servicer will provide written evidence, in a form acceptable to Owner, of its compliance with this
<U>Section</U><U></U><U>&nbsp;4.04</U> and its validation in connection with the guidelines and compliance with other Applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.05
<U>Periodic Communications</U><U></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">From time to time, as the Administrative Agent or Owner shall reasonably request, Servicer shall engage in
discussions during normal business hours with the Administrative Agent or Owner, as applicable, or their respective designees with respect to (a)&nbsp;any steps that Servicer shall have taken or shall contemplate taking to increase collections
and/or decrease delinquencies or losses on the Receivables and (b)&nbsp;Owner&#146;s rights under the Loan Documents and the enforcement thereof against the other Persons party thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.06 <U>Additional Covenants of Servicer</U><U></U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall not make any change in its lines of business that would reasonably be expected to materially
impair the collectability of the Collateral under the Credit Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as otherwise provided in the this Agreement, the Credit Agreement or the Receivables Purchase Agreement,
Servicer shall not sell, or cause any Affiliate to, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Lien upon or with respect to, any Receivable, any Collections related thereto or any other
Collateral, or upon or with respect to any account to which any Collections of any Receivable are sent, or assign any right to receive income in respect thereof. Except as otherwise provided in this Agreement or the Credit Agreement, Servicer shall
not create, or suffer to exist, any Lien upon or with respect to Owner or Owner&#146;s assets. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall comply with the Servicing Policy, the Credit Policy and the Dealer Qualification Policy.
Servicer shall not make, or permit, any change or modification to the Credit Policy or the Dealer Qualification Policy, except to the extent Owner may make or authorize such amendment or supplement in accordance with <U>Section 6.14</U> of the
Credit Agreement, and shall not make, or permit, any change or modification to the form of Dealer Agreements or Direct Contract, except to the extent Owner may make or authorize such amendment or supplement in accordance with
<U>Section&nbsp;6.15</U> of the Credit Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by
such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of the Financed Vehicle, nor shall Servicer impair the rights of the Collateral Agent in such Receivables, nor
shall Servicer amend or otherwise modify a Receivable, except as permitted in accordance with <U>Section&nbsp;3.01(d)</U>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its
income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any
of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, that no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted
and diligently conducted, so long as (a) adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made therefor, and (b) in the case of a Tax or claim which has or may become a Lien against any of
the Collateral, such contested proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim. Servicer shall not (a) file or consent to the filing of any consolidated income tax return with any
Person (other than Holding and its Subsidiaries) or (b) elect for Owner, or permit Owner, to elect to be classified as an association taxable as a corporation for federal or state tax purposes. No equity interest in Owner shall be owned by a person
other than a U.S. Person. Servicer will not permit Owner at any relevant time to become an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes. In the event Owner is subject to an adjustment
described in Section 6221(a) of the Internal Revenue Code with respect to any taxable year beginning after December 31, 2018 (taking into account any extensions to the effective date of Sections 6221 through 6241 of the Internal Revenue Code, as
amended by the Bipartisan Budget Act of 2015), Servicer will, and will cause Owner to, make an election under Section&nbsp;6226 (or any similar election available pursuant to United States Treasury Regulations under Sections 6221 through 6241 of the
Internal Revenue Code) with respect to determinations of adjustments at the partnership level. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall not direct Owner to take any action that would violate the special purpose entity requirements
set forth in its organizational documents or the separateness covenants set forth in <U>Section&nbsp;5.6</U> of the Credit Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer will preserve and maintain its organizational existence, rights, franchises and privileges in the
jurisdiction of its formation and qualify and remain in good standing as a corporation in each jurisdiction, except where the failure to preserve and maintain such existence, rights, franchises, privileges and qualification could not reasonably be
expected to have a Material Adverse Effect with respect to Servicer. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At any time or from time to time upon the request of any Agent or the Required Lenders, Servicer will, at its
expense, promptly execute, acknowledge and deliver such further documents and take such other actions as such Agent or the Required Lenders may reasonably request of Servicer in order to effect fully the purposes of the Loan Documents, including
providing any Lender with any information reasonably requested pursuant to <U>Section&nbsp;9.19</U> of the Credit Agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall prepare the execution by the Borrower and coordinate the filing, on behalf of the Borrower, of
all state and local sales and use tax returns related to the ownership by the Borrower of any Receivable and/or the related Financed Vehicle. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">j.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall obtain and/or maintain all necessary licenses, approvals, authorizations, orders or other
actions of any person, corporation or other organization, or of any court, governmental agency or body or official, required in connection with the execution, delivery and performance of this Agreement and the other Loan Documents, except where
failure to obtain or maintain such licenses, approvals, authorizations, orders or other actions would not reasonably be expected to have a Material Adverse Effect on the Servicer. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">k.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At any time during the existence of a Servicer Default, Servicer authorizes Administrative Agent to communicate
directly with Servicer&#146;s independent certified public accountants and authorizes and shall instruct such accountants to communicate directly with Administrative Agent and authorizes such accountants to (and, upon Administrative Agent&#146;s
request therefor (at the request of any Agent), shall request that such accountants) communicate to Administrative Agent information relating to Servicer with respect to the business, results of operations and financial condition of Servicer and
Owner (including the delivery of audit drafts and letters to management), provided that advance notice of such communication is given to Servicer, and Servicer is given a reasonable opportunity to cause an officer to be present during any such
communication. If the independent certified public accountants report delivered in connection with <U>Section 3.06(a</U>) is qualified, then Servicer authorizes the Administrative Agent to communicate directly with Servicer and Owner&#146;s
independent certified public accountants with respect to such qualification, provided that advance notice of such communication is given to Servicer, and Servicer is given a reasonable opportunity to cause an officer to be present during any such
communication. The failure of Servicer or Owner to be present during any communication permitted under this <U>Section 4.06(k</U>) after Servicer has been given a reasonable opportunity to cause an officer to be present shall in no way impair the
rights of the Administrative Agent under this <U>Section&nbsp;4.06(k)</U>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">l.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall not (a) enter into any transaction of merger or consolidation, liquidate, wind-up or dissolve
itself (or suffer any liquidation or dissolution) or (b) convey, sell, lease or sub-lease (as lessor or sublessor), exchange, transfer or otherwise dispose of, in one transaction or a series of transactions, all or substantially all of its business,
assets or property, except, in each case, (i) any sale of Receivables to Subsidiaries of Servicer if such sale is permitted under the Exclusivity Agreement or (ii)&nbsp;with the prior written consent of the Administrative Agent (acting with the
consent of the Required Lenders). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">m.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall not change its Fiscal Year. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">n.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall use commercially reasonable efforts to enforce all covenants and obligations of the Servicer
Account Banks under the Servicer Account Control Agreements. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.07
<U><FONT STYLE="white-space:nowrap">Sub-Contractors</FONT></U><U></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer may delegate discrete servicing functions hereunder to a subcontractor in
the manner in which it appoints sub-contractors for its owned portfolio; provided, however, that the subcontractor has entered into a valid third-party sub-servicing agreement pursuant to the Servicing Policy and requiring such sub-contractor to
comply in all material respects with its Servicing Policy and Applicable Requirements; provided, further, that, Servicer shall not be released of any of its obligations or responsibilities under this Agreement and shall be liable for any action or
omission of such sub-contractor as if such action or omission were an action or omission of Servicer. Servicer shall use commercially reasonable efforts to enforce its material rights under such sub-servicing agreement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERVICER&#146;S FEES </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.01
<U>Servicing Compensation</U><U></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In compensation for its services hereunder, Servicer shall be entitled to the Servicing Fee. The Monthly Servicing
Report provided under the Credit Agreement shall reflect the calculation of the Servicing Fee. The Servicing Fee shall be paid in accordance with <U>Section</U><U></U><U>&nbsp;2.10</U> of the Credit Agreement. Servicer&#146;s right to the Servicing
Fee shall not be transferred in whole or in part except in connection with the transfer of all of Servicer&#146;s obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.02 <U>Owner&#146;s Right to Examine Servicer Records</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Owner shall have the right to examine and audit upon reasonable prior written notice, during business hours or at such other times as might be reasonable
under applicable circumstances, any and all of the books, records, documentation or other information of Servicer, or held by another for Servicer or on its behalf or otherwise, which may be relevant to the performance or observance by Servicer of
the terms, covenants or conditions of this Agreement, and the calculation of the fees payable to Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer shall provide to Owner access to any
documentation regarding the Receivables owned by Owner which may be required by all Applicable Law, or reasonably necessary to complete an audit. Such access shall be afforded without charge, upon reasonable request, during normal business hours and
at the offices of Servicer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Neither Administrative Agent nor Servicer shall, nor will they permit any of their respective affiliates, employees, agents
or representatives to, divulge or disclose, directly or indirectly, any information concerning the Receivables or borrowers in violation of any law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer shall cooperate and communicate with the Administrative Agent, the Backup Servicer and Owner and
shall take such action as is necessary and appropriate to effectuate the purposes and carry out the terms of this Agreement, the Backup Servicing Agreement and the Credit Agreement, including <U>Section</U><U></U><U>&nbsp;5.10</U> thereof. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SERVICER
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.01 <U>Indemnification</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer hereto agrees to indemnify each Agent, the Owner, the Collection Account Bank and the Backup Servicer (including each of their direct and indirect
parents, subsidiaries, affiliates, employees, members, officers, directors and agents) and hold each of them harmless against and reimburse each Agent, the Owner, the Collection Account Bank and the Backup Servicer with respect to any and all
claims, losses, penalties, fines, forfeitures, legal fees, suits, liabilities and related costs (including reasonable attorney&#146;s fees and expenses and court costs), including any such fees and costs in any legal proceeding (including in court,
arbitration and on any appeals), judgments, and any other costs, fees and expenses that such indemnified party may sustain, including those incurred in connection with the enforcement of this indemnification (collectively, &#147;<U>Claims</U>&#148;)
in any way related to (i)&nbsp;the fraud, bad faith, willful misconduct or gross negligence of Servicer or its agents, (ii)&nbsp;the failure of Servicer to perform the Services or service the Receivables in compliance with the terms of this
Agreement, (iii)&nbsp;the failure by Servicer or any subcontractor retained by Servicer or its agents retained as provided in <U>Section</U><U></U><U>&nbsp;9.03</U> to comply in any respect with any Applicable Law, rule or regulation, or in
accordance with <U>Section</U><U></U><U>&nbsp;3.01</U>, with respect to any Receivable, (iv)&nbsp;the use, ownership, repossession or operation by Servicer or any Affiliate or agent or <FONT STYLE="white-space:nowrap">sub-contractor</FONT> thereof
of any Financed Vehicle, (v)&nbsp;any taxes that may be asserted against any of such parties with respect to the transactions contemplated by this Agreement and the other Loan Documents, including, any franchise tax, sales, gross receipts, general
corporation, tangible personal property or license tax (except with respect to the Administrative Agent and its respective parent, subsidiaries, affiliates, employees, members, officers, directors and agents, as provided in the Credit Agreement) and
(vi)&nbsp;any representation or warranty made by Servicer in this Agreement shall have been false or incorrect when made or deemed made; provided, however, that Servicer shall have no obligation to indemnify any Agent or Owner for Claims to the
extent such Claims are determined by a court of competent jurisdiction in a final, <FONT STYLE="white-space:nowrap">non-appealable</FONT> judgment to have resulted from the bad faith, gross negligence or willful misconduct of such Agent or Owner.
Servicer acknowledges that Owner may collaterally assign its rights hereunder related to indemnification to any Lender and hereby consents to any such assignment. This indemnification shall survive the termination or assignment of this Agreement and
the resignation or removal of any party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.02 <U>Procedure as to Third Party Claims</U><U></U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Servicer shall (i) promptly notify Owner and Administrative Agent if a material claim is made against Servicer
or Owner by a third party with respect to this Agreement or the Receivables held by Owner, (ii)&nbsp;if the claim is less than $50,000 individually or $250,000 in the aggregate with respect to all outstanding Claims, assume the defense of any such
claim and pay all expenses in connection </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">30 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
therewith, including attorneys&#146; fees, and (iii) promptly pay, discharge and satisfy any judgment or decree which may be entered against it or Owner in respect of such Claim. Servicer shall
follow any written instructions received from Owner in connection with such claim. Owner shall promptly reimburse Servicer for all amounts paid or advanced by it pursuant to clause (iii), except as to amounts as to which Servicer is required to
indemnify Owner pursuant to <U>Section&nbsp;6.01</U>. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">With respect to any Claims made against Servicer or Owner by a third party with respect to this Agreement or
the Receivables that equal or exceed $50,000 individually or $250,000 in the aggregate with respect to all outstanding Claims, Servicer will be entitled to participate therein, and to the extent that it may elect by written notice delivered to Owner
and the Administrative Agent assume the defense thereof, with counsel reasonably satisfactory to Owner and the Administrative Agent; provided that if the defendants in any such action include both Servicer and Owner and Owner shall have reasonably
concluded that there may be legal defenses available to it which are different from or additional to those available to Servicer, Owner shall have the right to select separate counsel to assert such legal defenses and to otherwise participate in the
defense of such action on behalf of Owner. Servicer shall follow any written instructions received from Owner in connection with such claim. Owner shall promptly reimburse Servicer for all amounts paid or advanced by it in connection with the
defense of any claim, except as to amounts as to which Servicer is required to indemnify Owner pursuant to <U>Section&nbsp;6.01</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.03 <U>Limitation on Liability of Servicer and Others</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer shall not be relieved from liabilities hereunder for its own grossly negligent action, its own grossly negligent failure to act, or its own willful
misconduct. Servicer and any officer, employee or agent of Servicer may rely in good faith on any document of any kind properly executed and submitted by any Approved Person respecting any matters arising hereunder. Except as provided in
<U>Section</U><U></U><U>&nbsp;6.02</U>, Servicer shall not be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its duties to service the Receivables in accordance with this Agreement and which in its
commercially reasonable opinion may involve it in any expenses or liability, provided, however, that Servicer may, undertake any such action which it may deem reasonably necessary in respect to this Agreement and the rights and duties of the Parties
hereto. In such event, the reasonable legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and liabilities for which Owner will be liable. Servicer shall be entitled to be reimbursed therefor from
Owner upon written demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.04 <U>Servicer Not to Resign</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Subject to <U>Section</U><U></U><U>&nbsp;9.03</U>, Owner and the Administrative Agent are entering into this Agreement in reliance upon Servicer&#146;s
servicing facilities, personnel, records and procedures and the continuance thereof. Servicer shall not resign from the obligations and duties hereby imposed on it except (i)&nbsp;by mutual consent of Servicer, Administrative Agent (acting at the
direction of, or with the consent of, the Required Lenders) and Owner, or (ii)&nbsp;upon the determination that its duties hereunder are no longer permissible under Applicable Law and such incapacity cannot be cured by Servicer (any such
determination permitting the resignation of Servicer shall be evidenced by an Opinion of Counsel to such effect delivered to Administrative Agent, Owner and Backup Servicer). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFAULT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.01 <U>Servicer
Defaults</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If one or more of the following occurrences by Servicer (each a &#147;<U>Servicer Default</U>&#148;) shall
occur and be continuing: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any failure by Servicer to (i) make any payment, transfer or deposit required to be made by Servicer into the
Cash Management System, (ii) give instructions or notice to any person required to make any such payment, transfer or deposit (if applicable), or (iii) deliver to the Administrative Agent any proceeds or payments required to be so delivered, in each
case, on or before the date such payment, transfer or deposit is due (or after such other date on which delivery is required to be made or delivered, as the case may be), under the terms of this Agreement and such failure is not cured within one (1)
Business Day, provided, that, in the case of a failure to make a payment resulting solely from an administrative error, such failure continues for a period of one (1)&nbsp;or more Business Days after the earlier of the date on which the Servicer
receives written notice or has actual knowledge of such administrative error; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any failure of Servicer to perform or comply with any covenant or other agreement contained in <U>Sections
3.01(b)</U>(with respect to changes to the Servicing Policy), <U>3.01(e)</U>(solely with respect to the failure by the Servicer to comply with Applicable Laws), 3.03 (solely with respect to the failure by the Servicer to comply with its obligations
under such <U>Section 3.03</U>), <U>3.06</U>, 4.06(c)(with respect to changes to the Credit Policy and the Dealer Qualification Policy), <U>4.06(e)</U>, <U>4.06(g)</U>, <U>4.06(l)</U>, <U>4.06(m)</U>, <U>4.06(n)</U>, unless otherwise previously
consented to by the Administrative Agent and the Required Lenders in writing. Any failure on the part of Servicer to duly observe or perform in any material respect any other covenants or agreements of Servicer in this Agreement or any other Loan
Document to which Servicer is a party that shall not have been remedied or waived within ten (10)&nbsp;Business Days after the earlier of the date on which Servicer receives written notice or any of its Authorized Officers has actual knowledge of
such failure; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any failure by Servicer to deliver to the Administrative Agent, the Backup Servicer, the Collection Account
Bank or Owner the Monthly Servicing Report (or any other report or statement required to be delivered hereunder) and such failure shall remain unremedied for two (2<U></U>) Business Days; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any representation, warranty, certification or agreement made by Servicer in this Agreement or any other Loan
Document to which Servicer is a party or in any certificate delivered by Servicer pursuant to this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made and shall not have been remedied (if
susceptible to remedy) or waived within ten (10)&nbsp;Business Days after the earlier of the date on which Servicer receives written notice or any of its Authorized Officers has actual knowledge of such falsity; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(i) Servicer shall commence a voluntary case under the Bankruptcy Code or under any other applicable
bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to
the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Servicer shall make any assignment for the benefit of creditors, or (ii) Servicer shall be unable, or shall fail
generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Servicer or Holding (or any committee thereof) shall adopt any resolution or otherwise authorize
any action to approve any of the actions referred to herein or in <U>Section&nbsp;7.01(a)(vi)</U>; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(i) A court of competent jurisdiction shall enter a decree or order for relief (other than a decree or order
described in clause (ii)) in respect of Servicer in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order is not stayed; or any other
similar relief shall be granted under any applicable federal or state law, or (ii) an involuntary case shall be commenced against Servicer under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter
in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Servicer shall have been entered; or there
shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Servicer, and any such event described in this clause (ii) shall continue for sixty (60) days without having been dismissed, bonded or discharged;
or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">An &#147;Event of Default&#148; under the Credit Agreement shall have occurred and be continuing; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">viii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(i) The failure by Servicer to make payments when due on any indebtedness in excess of $1,000,000 (or the
equivalent thereof in any other currency), or (ii) the occurrence of a default by Servicer under any indebtedness in excess of $1,000,000 (or the equivalent thereof in any other currency), in each case, which failure or default extends beyond the
applicable notice and grace periods, if any, provided therefor and has not been waived; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">ix.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any money judgment, writ or warrant of attachment or similar process involving in the aggregate at any time an
amount in excess of $1,000,000 (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has not denied coverage) shall be entered or filed against Servicer or any of their respective assets and (i)
shall remain undischarged, unvacated, unbonded, unstayed or unpaid for a period of thirty (30) days (or in any event later than five (5) days prior to the date of any proposed sale thereunder in connection with any enforcement proceedings commenced
by a creditor upon such judgment, writ, warrant of attachment or similar process) or (ii)&nbsp;a decree or order is entered for the appointment of a receiver, liquidator, sequestrator, trustee, custodian, assignee for the benefit of creditors (or
other officer having similar powers) over such assets; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">x.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any failure by Servicer to maintain all licenses and approvals necessary to originate, service and collect the
Receivables, which failure, if capable of remedy, continues unremedied for a period of ten (10)&nbsp;Business Days after earlier of the date on which Servicer receives written notice or any of its Authorized Officers has actual knowledge; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">xi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Except as expressly permitted under this Agreement, Servicer shall assign all or any of its rights, or delegate
all or any of its duties under this Agreement, without the prior written consent of the Administrative Agent (acting at the direction of, or with the consent of, the Required Lenders); or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">xii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The auditor&#146;s opinion accompanying the audited financial statements of Servicer is adverse or is qualified
in any material manner; provided, that the auditor&#146;s opinion accompanying the March 31, 2019 financial statement of Servicer may be qualified with respect to (i) material financial control weaknesses as defined by Section 404 of Sarbanes-Oxley
and (ii)&nbsp;and the maturity of the Existing Loan Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">xiii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(i) The Adjusted Tangible Net Worth of Servicer and its consolidated Subsidiaries as of the last day of each
Fiscal Quarter is less than an amount equal to the sum of: (x) $75,000,000, <U>plus</U> (y) 50% of all capital raised by Servicer (excluding any Indebtedness of Servicer not included in the calculation of Adjusted Tangible Net Worth) during the
period beginning on the Closing Date through the date of determination, <U>plus</U> (z) 50% of the positive Consolidated Net Income of Servicer and its consolidated Subsidiaries for the period beginning on the Closing Date
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
through the date of determination; (ii) as of the last day of each calendar month, Servicer and its consolidated Subsidiaries as of the last day of each calendar fails to maintain Cash and Cash
Equivalents of at least $3,500,000 or (iii) the <FONT STYLE="white-space:nowrap">Debt-to-Tangible</FONT> Net Worth Ratio of Servicer and its consolidated Subsidiaries as of the last day of each Fiscal Quarter shall be more than 3.0:1;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">xiv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Either of Holding and Nicholas Data Services, Inc. conducts, transacts or otherwise engages in any material
business or operations other than (i) with respect to Holding, its ownership of the equity interests of Nicholas Data Services, Inc.; (ii) with respect to Nicholas Data Services, Inc., its ownership of the equity interests of Servicer; (iii) the
payment of dividends and distributions and the making of contributions to the capital of its Subsidiaries; (iv) the maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance and
performance of activities relating to its officers, directors, managers and employees and those of its Subsidiaries); or (v)&nbsp;any activities incidental to the foregoing; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">xv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The occurrence of any legal or regulatory change, the effect of which is to materially and adversely impair the
ability of Servicer to service, collect or enforce a material portion of the Receivables or similar receivables. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THEN, Administrative
Agent, by written notice to Servicer, in addition to whatever rights Administrative Agent and Owner may have at law or in equity to damages, including injunctive relief and specific performance, may, with the consent of the Required Remedies
Lenders, and shall, at the direction of the Required Remedies Lenders, terminate all the rights and obligations of Servicer under this Agreement (the &#147;<U>Termination Notice</U>&#148;). Such Termination Notice shall state the date when the
Backup Servicer, or any other successor Servicer appointed by Administrative Agent with the consent of the Required Lenders (such consent not to be unreasonably withheld), shall assume the duties and obligations of Servicer pursuant to the terms of
this Agreement or according to the Backup Servicing Agreement, as applicable (the &#147;<U>Service Transfer</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.02 <U>Waiver of
Defaults</U><U></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Administrative Agent (acting at the direction of, or with the consent of, the Required Lenders) and Owner, by joint action, may
waive any default by Servicer in the performance of its obligations hereunder and its consequences; provided, that such waiver shall be in writing and no such waiver shall extend to any subsequent or other default or impair any right consequent
thereon except to the extent expressly so waived. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMINATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.01 <U>Term;
Termination</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Term of this Agreement (the &#147;<U>Term</U>&#148;) commences on the Closing Date and ends upon the earlier of (a)&nbsp;the payment
in full of the Obligations under the Credit Agreement, (b)&nbsp;the Service Transfer and (c)&nbsp;a For Cause Termination Event; <U>provided</U>, that Servicer shall comply with all provisions of this Agreement with respect to transferring the
servicing and administration of the Receivables as set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.02 <U>Transition Servicing</U><U></U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Upon a Service Transfer, Servicer will provide requested Services for a transition period (&#147;<U>Transition Servicing</U>&#148;) until the date upon which
the Backup Servicer, or any other successor Servicer appointed by the Administrative Agent, shall assume the duties and obligations of Servicer pursuant to the terms of this Agreement or according to the Backup Servicing Agreement, as applicable.
Servicer will perform the Services for such period of time under the terms of this Agreement. At the close of the Transition Servicing period, Servicer shall have no further obligations to service the Receivables pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.03 <U>Effect of Termination</U><U></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
expiration or termination of this Agreement shall not release either Party from any obligation or liability to the other Party, including any payment and delivery obligation that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Has already accrued hereunder; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Comes into effect due to the expiration or termination of this Agreement; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Otherwise survives the expiration or termination of this Agreement. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.04 <U>Survival</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The termination of this
Agreement either in part or in whole shall not discharge any Party from any obligation incurred prior to such termination, and shall not affect the validity of any sale of a Receivables already consummated. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The following sections of this Agreement shall survive the expiration or earlier termination of this Agreement:
<U>Sections</U> <U>6.01, 6.02, 6.04, 9.01, 9.04, 9.05, 9.08, 9.09, 9.10, 9.11, 9.12, 9.13, 9.14, 9.15 and Article X</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS PROVISIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.01 <U>Transfer of Servicing; Cooperation with Backup Servicer</U><U></U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Other than as provided in <U>Section&nbsp;9.03</U>, Servicer shall not either assign this Agreement or the
servicing hereunder or delegate its rights or duties hereunder or any portion thereof, or sell or otherwise dispose of all or substantially all of its property or assets, without the prior approval of Administrative Agent (acting at the direction
of, or with the consent of, the Required Lenders) and Owner. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon a Service Transfer, except as otherwise set forth herein and in the Backup Servicing Agreement, all
authority and power of Servicer under this Agreement, whether with respect to any Collateral or otherwise, shall pass to and be vested in Backup Servicer pursuant to and under this <U>Section 9.01</U> (unless the Administrative Agent (acting at the
direction of, or with the consent of, the Required Lenders) shall have appointed a different successor Servicer or Backup Servicer is unable to act as Servicer and a successor is appointed by the Administrative Agent (acting at the direction of, or
with the consent of, the Required Lenders)). Servicer hereby authorizes and employs the Successor Servicer to execute and deliver, on behalf of Servicer, as attorney-in-fact or otherwise, all documents and other instruments upon the failure of
Servicer to execute or deliver such documents or instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the Service Transfer. Servicer agrees to cooperate with Administrative Agent, Owner and Backup
Servicer in effecting the termination of Servicer&#146;s responsibilities and rights hereunder, including providing Backup Servicer with all records, in electronic or other form, reasonably requested by it to enable Backup Servicer to assume the
servicing functions hereunder and to carry out the Cash Management System and the transfer to Backup Servicer for administration by it of all cash amounts which at the time should be or should have been deposited by Servicer in the Collection
Account or thereafter be received by Servicer with respect to the Receivables. Neither Administrative Agent nor Backup Servicer shall be deemed to have breached any obligation hereunder as a result of a failure to make or delay in making any
distribution as and when required hereunder caused by the failure of Servicer to remit any amounts received by it or to deliver any documents held by it with respect to any Collateral. During the period from the date on which the Administrative
Agent delivers a notice of termination to Servicer (the &#147;<U>Servicer Termination Notice Date</U>&#148;) to the completion of the servicing transfer under the Backup Servicing Agreement, Servicer will: (i) continue to collect payments in respect
of the Receivables for the benefit of Owner, the Agents and the Lenders, (ii) forward any phone calls or correspondence with respect to the Receivables to the Successor Servicer, (iii) cooperate with Owner, the Administrative Agent and the Successor
Servicer in connection with the transfer of servicing of the Receivables, and (iv) comply with any and all servicing transfer procedures that may be reasonably requested by the Administrative Agent in writing. From and after the completion of the
servicing transfer under the Backup Servicing Agreement, Servicer will forward all Collections and any other amounts with respect to the Receivables received in connection with any Receivables in the form received in respect of the Receivables to
the Successor Servicer within one (1) Business Day of receipt and identification thereof. In addition, from and after the completion of the servicing transfer under the Backup Servicing Agreement, Servicer shall forward to Owner and the
Administrative Agent any notices that it receives with respect to the Receivables within one (1)&nbsp;Business Day of its receipt. Except as otherwise provided in this Agreement, Servicer will not take any other actions with respect to the
Receivables from and after Servicer Termination Notice Date without the prior written consent of the Administrative Agent. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Upon a Service Transfer, Backup Servicer shall transition the servicing in accordance with the Backup Servicing
Agreement to be the successor in all respects to Servicer in its capacity as Servicer under this Agreement and the transactions set forth or provided for herein (except as otherwise set forth herein or in the Backup Servicing Agreement) and shall
have all the rights and powers and, except as otherwise expressly provided in this Agreement (including the remainder of this paragraph) and in the Backup Servicing Agreement, be subject thereafter to all the responsibilities, duties and liabilities
relating thereto placed on Servicer by the terms and provisions hereof and the Backup Servicing Agreement; provided however, any failure to perform such duties or responsibilities caused by Servicer&#146;s failure to provide records, documents or
information required by this <U>Section 9.01</U> shall not be considered a default by Backup Servicer under the Backup Servicing Agreement. The indemnification obligations of Backup Servicer, upon becoming a successor Servicer, are expressly limited
to those expressly set forth in the Backup Servicing Agreement. In addition, Backup Servicer shall have no liability relating to the representations and warranties of Servicer contained in this Agreement. Notwithstanding the above, if Backup
Servicer shall be unwilling to so act, Administrative Agent may (with the consent of the Required Lenders), appoint itself, or (acting at the direction of, or with the consent of, the Required Lenders) appoint any other person, as the successor to
Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of Servicer hereunder pursuant to a servicing agreement in form and substance acceptable to Administrative Agent. Pending appointment of a
successor to Servicer hereunder, and after the Administrative Agent notifies Servicer to discontinue performing servicing functions under this Agreement, Backup Servicer (or Administrative Agent if there is not Backup Servicer) shall act in such
capacity as hereinabove provided; provided that Backup Servicer shall act in the capacity provided in the Backup Servicing Agreement. In connection with such appointment and assumption, the Administrative Agent may make such arrangements for the
compensation of such successor out of payments with respect to the Receivables as they and such successor shall agree; provided that, except as provided herein, no such compensation shall be in excess of that permitted to be paid to Servicer
hereunder, unless agreed to by the Administrative Agent. Owner, Administrative Agent and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.02 <U>Amendment</U><U></U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement may
be amended from time to time by Servicer, Administrative Agent and Owner. Neither this Agreement nor any term hereof may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by Servicer, Administrative
Agent and Owner; provided, however, that no amendment shall be effective against the Backup Servicer to the extent that it is adversely affected thereby (either in its capacity as Backup Servicer or a Successor Servicer). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.03 <U>Assignment of Servicing Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Servicer may delegate any of its rights and obligations under this Agreement with the prior written consent of Administrative Agent; <U>provided</U>
<U>however</U>, that notwithstanding any subservicing or subcontracting arrangement, Servicer shall remain liable to Administrative Agent and Owner (with Administrative Agent&#146;s consent) for all obligations and responsibilities set forth in this
Agreement. Administrative Agent and Owner may assign its rights under this Agreement to any of its Affiliates. Owner may not assign or delegate its rights, duties and/or obligations hereunder or interest herein other than to the Collateral Agent.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.04 <U>Governing Law</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">THIS AGREEMENT
AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTIONS <FONT
STYLE="white-space:nowrap">5-1401</FONT> AND <FONT STYLE="white-space:nowrap">5-1402</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.05 <U>Notices</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any notices or other
communications permitted or required hereunder shall be in writing and shall be deemed conclusively to have been duly given if personally delivered, sent by overnight courier, or mailed by registered mail, postage prepaid, and return receipt
requested, or transmitted by telex or telegraph and confirmed by a similar mailed writing, or otherwise received, if to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Servicer:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nicholas Financial, Inc. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">2454 McMullen Booth Road, Suite 501B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Clearwater, FL 33759 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Attention: Doug Marohn </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Email:
doug.marohn@nicfn.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Owner: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o Nicholas Financial, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">2454 McMullen Booth Road, Suite 501B </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Clearwater, FL 33759 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Attention: Doug Marohn </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Email:
doug.marohn@nicfn.com </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Administrative Agent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Ares Agent Services, L.P. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">c/o
Ares Management LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">245 Park Avenue, 42nd Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">New York, New York 10167 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Attention: Jeffrey Kramer, Vincent Salerno, Felix Zhang </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">and Craig Behrens </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">With a copy
(which shall not constitute notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Ares Management LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">2000 Avenue of the Stars, 12th Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Los Angeles, California 90067 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Attention: Dan Hall and Matthew Jill </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Backup Servicer And Collection Account Bank: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Wells Fargo Bank, National Association </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">MAC <FONT STYLE="white-space:nowrap">N9300-061</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">600 S. 4th Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Minneapolis,
MN 55479 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Attention: Corporate Trust Services &#150; Asset-Backed Administration </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Facsimile: (612) <FONT STYLE="white-space:nowrap">667-3464</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:14%; font-size:10pt; font-family:Times New Roman">Telephone: (612) <FONT STYLE="white-space:nowrap">667-8058</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.06 <U>Severability Provisions</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If any one
or more of the covenants, agreements, provisions, or terms of this Agreement shall be for any reason whatsoever held invalid, the invalidity of any such covenant, agreement, provision or term of this Agreement shall in no way affect the validity or
enforceability of the other provisions of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.07 <U>Exhibits</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exhibits and schedules to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.08 <U>General Interpretive Principles</U>. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise
requires: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the terms defined in this Agreement have the meanings assigned to them in this Agreement and include the plural
as well as the singular, and the use of any gender herein shall be deemed to include the other gender; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">ii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally
accepted accounting principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">references herein to &#147;Articles&#148;, &#147;Sections&#148;, &#147;Subsections&#148;,
&#147;Paragraphs&#148;, and other subdivisions without reference to a document are designated Articles, Sections, Subsections, Paragraphs and other subdivisions of this Agreement; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">iv.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a reference to a Subsection without further reference to a Section is a reference to such Subsection as
contained in the same Section in which the reference appears, and this rule shall also apply to Paragraphs and other subdivisions; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">v.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the words &#147;herein&#148;, &#147;hereof&#148;, &#147;hereunder&#148; and other words of similar import refer
to this Agreement as a whole and not to any particular provision; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vi.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the terms &#147;month,&#148; &#147;quarter,&#148; and &#147;year&#148; shall mean, respectively, calendar
month, calendar quarter, and calendar year; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">vii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all references to &#147;dollars&#148; or &#147;$&#148; are to United States dollars; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">viii.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the terms &#147;include&#148; or &#147;including&#148; shall mean without limitation by reason of enumeration.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Parties acknowledge that each Party and its counsel have reviewed and revised this Agreement and that the
normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments thereto, and the same shall be construed neither for nor
against either Party, but shall be given a reasonable interpretation in accordance with the plain meaning of its terms and the intent of the Parties. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Captions and headings in this Agreement are for convenience only, and are not to be deemed part of this
Agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.09 <U>Reproduction of Documents</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement and all documents relating thereto, including, without limitation, (i)&nbsp;consents, waivers and modifications which may hereafter be
executed, (ii)&nbsp;documents received by any Party at the closing, and (iii)&nbsp;financial statements, certificates and other information previously or hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card,
miniature photographic or other similar process. The Parties agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and
whether or not such reproduction was made by a Party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.10 <U>Successors and Assigns</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the Parties hereto. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">41 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.11 <U>Counterparts</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument. Delivery of an executed signature page to this Agreement by facsimile transmission or other electronic image scan transmission (e.g., &#147;PDF&#148; or &#147;tif&#148; via
email) shall be as effective as delivery of a manually signed counterpart of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.12 <U>Expenses</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as otherwise set forth in the Credit Agreement, each Party shall bear its own costs and expenses with respect to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.13 <U>Relationship of Parties; Third Party Beneficiaries</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Parties agree that in performing their responsibilities pursuant to this Agreement, they are in the position of independent contractors. This Agreement is
not intended to create, nor does it create and shall not be construed to create, a relationship of partner or joint venturer or any association for profit between Servicer and Owner. Except as otherwise set forth in the immediately succeeding
paragraph, nothing contained herein shall be construed as creating a third-party beneficiary relationship between the Parties hereto and any other person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding anything else contained in this Agreement, the Parties agree and acknowledge that the Lenders party to the Credit Agreement (and Ares Agent
Services, L.P., as Administrative Agent for such Lenders), the Backup Servicer and the Collection Account Bank shall be an intended, express third-party beneficiary of any and all rights (including, without limitation, rights to indemnification) and
privileges of Owner under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.14 <U>Waiver of Jury Trial</U>. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY DEALINGS BETWEEN IT RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
<FONT STYLE="white-space:nowrap">ALL-ENCOMPASSING</FONT> OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT IT WILL CONTINUE TO
RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">42 </P>

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COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY
OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS <U>SECTION 9.14</U> AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS
HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.15 <U>Consent
To Jurisdiction</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST SERVICER ARISING OUT OF OR RELATING HERETO OR ANY OTHER LOAN DOCUMENT, OR ANY OF THE
OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, SERVICER, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY
(i)&nbsp;ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS, (ii)&nbsp;WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, (iii)&nbsp;AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY
BE MADE TO ANY PROCESS AGENT APPOINTED IN ACCORDANCE WITH SUBPARAGRAPH (b)&nbsp;BELOW IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER SUCH PERSON, IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE
IN EVERY RESPECT, AND (iv)&nbsp;AGREES THAT AGENTS AND THE LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY, IN THE COURTS OF ANY OTHER JURISDICTION. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) SERVICER HEREBY APPOINTS CT CORPORATION, AS ITS AGENT TO RECEIVE SERVICE OF PROCESS. ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH
ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST SUCH PERSON IF GIVEN TO ITS AGENT TO RECEIVE SERVICE OF PROCESS PROVIDED ABOVE. IN THE EVENT CT CORPORATION SHALL NOT BE ABLE TO RECEIVE SERVICE OF PROCESS AND IF SERVCER SHALL NOT MAINTAIN AN
OFFICE IN NEW YORK CITY, SERVICER SHALL PROMPTLY APPOINT AND MAINTAIN AN AGENT QUALIFIED TO ACT AS AN AGENT FOR SERVICE OF PROCESS WITH RESPECT TO THE COURTS SPECIFIED IN THIS <U>SECTION 9.15</U> ABOVE, AND ACCEPTABLE TO THE ADMINISTRATIVE AGENT
(ACTING WITH THE CONSENT OF THE REQUIRED LENDERS), AS SERVICER&#146;S AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON SERVICER&#146;S BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION, SUIT OR PROCEEDING. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">43 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONFIDENTIALITY </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.01
<U>Confidentiality</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Agreement shall be received in confidence and kept confidential by the receiving parties and used by them only in connection
with this Agreement, except to the extent that (a)&nbsp;such information is lawfully known to such receiving party when received, (b)&nbsp;thereafter becomes lawfully obtainable from other sources, (c)&nbsp;is required to be disclosed to its
Affiliates, auditors, counsel, consultants, financial advisors, lenders, investors or a rating agency, (d)&nbsp;is delivered to other Lenders; provided that such Persons agree to, or are otherwise bound by, confidentiality obligations no less
protective of such confidential information than the protections contained in this <U>Section</U><U></U><U>&nbsp;10.01</U>, (e) is disclosed to a regulatory authority to the extent that disclosure is, in the party&#146;s good faith judgment required
or appropriate or (f)&nbsp;is required by law, regulation or court order to be disclosed by such receiving party; provided that prior notice of such disclosure has been given to the party whose information is being disclosed (the &#147;<U>Protected
Party</U>&#148;), when legally permissible, and the disclosing party uses its reasonable best efforts to provide sufficient notice to permit the Protected Party to take legal action to prevent disclosure; provided further that any disclosure made
pursuant to the foregoing, with respect to the personal information of Obligors must be made in compliance with all Applicable Laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Follow] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">44 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective officers
thereunto duly authorized as of the day and year first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>ARES AGENT SERVICES, L.P., Agent</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Agent Services GP LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B></B>Title:<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NF FUNDING I, LLC as Owner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B></B>Title:<B></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NICHOLAS FINANCIAL, INC., as Servicer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR></TABLE></DIV> <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name:</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title:</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Servicing Agreement] </P>
</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Schedule 2.01(xx) </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Account Information </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name and Address of Bank</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of Entity on</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>the Account</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Account</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Number</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Account</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Bank, N.A. 420 Montgomery Street</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">San Francisco, CA 94104</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nicholas Financial, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">2000034542875</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Servicer Account</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Bank of America, N.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">222 Broadway</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">New York, New York 10038</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nicholas Financial, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">003603386388</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Existing Parent Payment&nbsp;Account</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Huntington National Bank</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">41 South High
Street</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Columbus, Oh 43287</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nicholas Financial, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">01662665455</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Servicer&nbsp;Account</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fifth Third Bank</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">38 Fountain Square Plaza</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Cincinnati, OH 45263</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Nicholas Financial, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">07281862008</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Servicer Account</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Wells Fargo Bank, N.A.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">600 S 4th Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minneapolis, MN 55479,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">United States</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">NF Funding I, LLC</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0001038377</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Collection Account</TD></TR>
</TABLE>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibit 1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Monthly Servicing Report </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Post-Closing] </P>
</DIV></Center>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibit 2 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Borrowing Base Report and Certificate </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See attached] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Exhibit 3 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Compliance Certificate </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Post-Closing] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Appendix A </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Corporate names, trade names and assumed names </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">None </P>
</DIV></Center>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>d730874dex104.htm
<DESCRIPTION>EX-10.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.4</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Execution Copy </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LIMITED GUARANTY
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>THIS LIMITED GUARANTY</B>, dated as of March&nbsp;29, 2019 (as it may be amended, supplemented or otherwise modified from time to
time in accordance with the terms hereof, &#147;<U>Limited Guaranty</U>&#148;), is made by Nicholas Financial, Inc., a Florida corporation (the &#147;<U>Guarantor</U>&#148;) in favor of Ares Agent Services, L.P. (&#147;<U>Ares</U>&#148;), as
collateral agent (in such capacity, the &#147;<U>Collateral Agent</U>&#148;), for the benefit of the Secured Parties. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Pursuant to the Credit Agreement, dated as of the date hereof (as amended, restated and/or otherwise modified from time to time, the
&#147;<U>Credit Agreement</U>&#148;) among NF Funding I, LLC (the &#147;<U>Borrower</U>&#148;), the lenders from time to time party thereto, and Ares Agent Services, L.P, as administrative agent and collateral agent, the Lenders have agreed to make
loans to the Borrower secured by certain Receivables and other related assets upon the terms and subject to the conditions set forth therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. The Guarantor is the sole owner of the Borrower and will derive substantial benefit from the Lenders making loans available to the Borrower
under the Credit Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. To induce the Lenders to enter into the Credit Agreement, the Guarantor agreed to guarantee certain
obligations of the Borrower as further described herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. It is a condition precedent to the obligation of the Lenders to make the loans
under the Credit Agreement that the Guarantor shall have executed and delivered this Limited Guaranty to the Lenders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>NOW,
THEREFORE</B>, for good and valuable consideration, receipt of which by the parties hereto is hereby acknowledged, the parties hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><U>1. Defined Terms</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Guaranteed Obligations</U>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;2(a)</U> hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">&#147;<U>Recourse Limit</U>&#148; means, as of any date of determination, an amount equal to the product of (x) 10.00% and (y)&nbsp;the
highest aggregate principal amount of all Loans outstanding at any time from and after the Closing Date (regardless of whether the Revolving Loan Commitments have expired or have been terminated). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The words &#147;hereof&#148;, &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this Limited Guaranty
shall refer to this Limited Guaranty as a whole and not to any particular provision of this Limited Guaranty, and section and paragraph references are to this Limited Guaranty unless otherwise specified. </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B>2.</B> <B><U>Limited Guaranty</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Guarantor hereby, unconditionally and irrevocably, guarantees, as primary obligor and not merely as surety, to the Collateral Agent,
for the benefit of the Secured Parties, the punctual performance and payment when due of all Obligations, whether such obligations constitute principal, interest, expenses or any other obligation (collectively, the &#147;<U>Guaranteed
Obligations</U>&#148;). The maximum aggregate liability of the Guarantor hereunder shall not exceed the Recourse Limit, and the Collateral Agent acknowledges and agrees that Guarantor shall in no event be required to pay more than the Recourse Limit
under or in respect of the Guaranteed Obligations. All payments under this Limited Guaranty shall be made within three (3) Business Days after demand therefor by the Collateral Agent. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Notwithstanding the foregoing, Guarantor further agrees to pay interest to the Collateral Agent on all unpaid amounts payable by Guarantor
pursuant to <U>Section 2(a)</U> at a rate equal to the rate applicable to the Loans upon the occurrence and continuation of an Event of Default under Section&nbsp;2.5 of Credit Agreement, and any and all losses, damages, costs, expenses,
liabilities, claims or other obligations incurred by the Collateral Agent (including, without limitation, all reasonable fees, expenses and disbursements of counsel) in enforcing any rights with respect to, or collecting, any or all of the
Guaranteed Obligations from Guarantor and/or enforcing any rights with respect to, or collecting against, Guarantor under this Limited Guaranty, including those paid or incurred in connection with post-judgment collection efforts or in any
proceeding under any insolvency event. Interest shall accrue daily on all amounts from the date such amounts are due until paid. Interest shall be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year, in such case for the
actual number of days elapsed in the relevant period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) No payment or payments made by the Borrower or any other Person or received or
collected by the Collateral Agent from the Borrower or any other Person by virtue of any action or proceeding or any <FONT STYLE="white-space:nowrap">set-off</FONT> or appropriation or application at any time or from time to time in reduction of or
in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder. Guarantor shall remain liable under this Limited Guaranty until the date on, and as of, which (i)&nbsp;all
Revolving Loans have been repaid in full in cash, (ii) all other Obligations (other than Unasserted Obligations) under this Agreement and the other Loan Documents have been paid in full in cash or otherwise completely discharged, and (iii)&nbsp;the
Scheduled Termination Date shall have occurred, notwithstanding, in each case, that from time to time prior thereto the Borrower or any other Person may be free from any Guaranteed Obligations and notwithstanding any payment or payments referred to
in the foregoing sentence. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><U>3. Representations and Warranties of Guarantor</U>. </B>The Guarantor hereby represents and warrants
that:<B></B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Organization and Good Standing</U>. The Guarantor is duly incorporated, validly existing and in good standing under
the laws of the State of Florida and has full power and authority to execute, deliver and perform its obligations under this Limited Guaranty. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 2 - </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Due Authorization</U>. The execution, delivery and performance of this Limited
Guaranty and any other document or instrument delivered pursuant hereto or in connection herewith (such documents, the &#147;<U>Guaranty Documents</U>&#148;), and the consummation of the transactions provided for in this Limited Guaranty or the
Guaranty Documents have been duly authorized by the Guarantor by all necessary corporate or other appropriate action on the part of the Guarantor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Binding Obligation</U>. This Limited Guaranty has been duly executed and delivered by the Guarantor and constitutes a legal, valid and
binding obligation of the Guarantor, and is in full force and effect, enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors&#146;
rights generally or by equitable principles relating to enforceability. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>No Conflict</U>. The execution and delivery of this Limited
Guaranty and the Guaranty Documents by Guarantor, the performance of the transactions contemplated by this Limited Guaranty and the Guaranty Documents, and the fulfillment of the terms of this Limited Guaranty and the Guaranty Documents shall not
(i) conflict with or violate any of the Organizational Documents or material Contractual Obligation of the Guarantor, or (ii) conflict with violate any order, judgment or decree of Governmental Authority binding on the Guarantor, or (iii) require
any approval of the members of the Guarantor or any approval or consent of any Person under any material Contractual Obligation of the Guarantor, except for such approvals or consents which shall be obtained on or before the Closing Date and
disclosed in writing to the Administrative Agent, (iv) conflict with or violate any provision of any law or any governmental rule or regulation applicable to the Guarantor, or (v) result in or require the creation or imposition of any Lien upon any
of the properties or assets of the Guarantor (other than any Liens created under any of the Loan Documents in favor of Collateral Agent, on behalf of Secured Parties). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) <U>All Consents</U>. All authorizations, consents, licenses, orders or approvals of or registrations or declarations with any Governmental
Authority or any other Person required to be obtained, effected or given by the Guarantor in connection with the execution and delivery of this Limited Guaranty and the performance of the transactions contemplated by this Limited Guaranty by the
Guarantor, have been duly obtained, effected or given and are in full force and effect except where failure to do so could not reasonably be expected to have a Material Adverse Effect with respect to the Guarantor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) <U>No Legal Proceeding</U>. No litigation or administrative proceeding of or before any court, tribunal or governmental body is presently
pending or, to the knowledge of Guarantor, threatened against Guarantor or any properties of Guarantor or with respect to this Limited Guaranty, which, if adversely determined, could reasonably be expected to have a material adverse effect on the
business, assets or financial condition of Guarantor or which would draw into question the validity of this Limited Guaranty. No injunction, writ, restraining order or other order of any nature materially and adversely affects Guarantor&#146;s
performance of its obligations under this Limited Guaranty. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) <U>Taxes</U>. Guarantor has filed (on a consolidated basis or otherwise) on a timely
basis all tax returns (including, without limitation, all foreign, federal, state, local and other tax returns) required to be filed, is not liable for taxes payable by any other Person (other than pursuant to a tax sharing arrangement with any of
its Affiliates under which the sharing of tax obligations is appropriate and reflects economic realities) and has paid or made adequate provisions for the payment of all material taxes, assessments and other governmental charges due from the
Guarantor except for those taxes being contested in good faith by appropriate proceedings and in respect of which it has established proper reserves on its books except to the extent that failure to file such returns or pay such taxes, assessments
or other governmental charges could not reasonably be expected to have a Material Adverse Effect with respect to the Guarantor or the Borrower. No tax lien or similar adverse claim has been filed, and no claim is being asserted, with respect to any
such tax, assessment or other governmental charge. Any material taxes, fees and other governmental charges payable by Guarantor in connection with the execution and delivery of this Limited Guaranty and the transactions contemplated hereby or under
the Loan Documents have been paid or shall have been paid if and when due. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Solvency</U>. Guarantor is solvent and will not become
insolvent after giving effect to the transactions contemplated hereby; Guarantor is paying its debts as they become due; and Guarantor, after giving effect to the transactions contemplated hereby, will have adequate capital to conduct its business.
Guarantor does not intend to incur, or believe that it has incurred, debts beyond its ability to pay such debts as they mature. Guarantor is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or
the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of Guarantor or any of its assets. The Guarantor is not subject to any proceeding under the Bankruptcy Code or under any other applicable bankruptcy,
insolvency or similar law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) <U>Material Adverse Effect</U>. Since March 31, 2018, no event, circumstance or change has occurred that
has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect on the Limited Guarantor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) <U>True and
Correct Information</U>. All information, reports, exhibits, schedules, financial statements or certificates of Guarantor or any of its officers furnished to the Collateral Agent hereunder and during the Lenders&#146; or the Agents&#146; diligence
of Guarantor are true and complete in all material respects and do not omit to disclose any material facts necessary to make the statements herein or therein, in light of the circumstances in which they are made, not misleading. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) <U>Financial Condition of Borrower</U>. Guarantor is currently informed of the financial condition of the Borrower and of all other
circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment or nonperformance of the Guaranteed Obligations. Guarantor has read and understands the terms and conditions of the Credit Agreement and each other Loan
Document. The Guarantor hereby covenants that it will continue to keep itself informed of the Borrower&#146;s financial conditions, the financial condition of other guarantors, if any, and of all other circumstances which bear upon the risk of
nonpayment or nonperformance of the Guaranteed Obligations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) <U>Credit Agreement</U>. Guarantor has received and reviewed copies of the
Credit Agreement. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>4. No Subrogation</U></B>. Notwithstanding any payment or payments made by Guarantor
hereunder or any set-off or application of funds of Guarantor by the Collateral Agent or any of its Affiliates, Guarantor shall not be entitled to be subrogated to any of the rights of such party against the Borrower or any collateral security or
guarantee or right of offset held by the Collateral Agent for the payment of the Guaranteed Obligations, nor shall Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower in respect of payments made by Guarantor
hereunder, until all amounts owing by the Borrower on account of the Guaranteed Obligations are paid and satisfied in full and the Credit Agreement is terminated. If any amount shall be paid to Guarantor on account of such subrogation rights at any
time when all of the Guaranteed Obligations shall not have been paid and satisfied in full, such amount shall be held by Guarantor in trust for the Collateral Agent, segregated from other funds of Guarantor, and shall, forthwith upon receipt by
Guarantor, be turned over to the Collateral Agent in the exact form received by Guarantor (duly indorsed by Guarantor to the Collateral Agent, if required), to be applied against the Guaranteed Obligations, whether matured or unmatured, in such
order as the Collateral Agent may determine. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>5. Amendments, Etc. with Respect to the Guaranteed Obligations</U></B>. Guarantor shall
remain obligated hereunder notwithstanding that, without any reservation of rights against Guarantor and without notice to or further assent by Guarantor, any demand for payment of any of the Guaranteed Obligations made by the Collateral Agent may
be rescinded by the Collateral Agent and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other party upon or for any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, terminated, waived, surrendered or released by the Collateral Agent pursuant to the terms of the Credit
Agreement, and the Credit Agreement and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Lenders may deem advisable from time to time, and any
collateral security, guarantee or right of offset at any time held by the Collateral Agent for the payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released. When making any demand hereunder against Guarantor, the
Collateral Agent may, but shall be under no obligation to, make a similar demand on the Borrower, and any failure by the Collateral Agent to make any such demand or to collect any payments from the Borrower or any release of the Borrower shall not
relieve Guarantor of its obligations or liabilities hereunder, and shall not impair or affect the rights and remedies, express or implied, or as a matter of law, of the Collateral Agent against Guarantor. For the purposes hereof &#147;demand&#148;
shall include the commencement and continuance of any legal proceedings. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>6. Waiver of Rights</U></B>. Except as otherwise expressly
provided herein, Guarantor waives any and all notice of any kind including, without limitation, notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations, and notice of or proof of reliance upon this Limited Guaranty
by the Collateral Agent or any Lender or acceptance of this Limited Guaranty by the Collateral Agent. The Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended,
amended or waived, in reliance upon this Limited Guaranty, and all dealings between the Borrower and Guarantor, on the one hand, and each Lender, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance
upon this Limited </P>
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Guaranty. In addition, to the extent permitted by applicable law, Guarantor hereby waives (a) any requirement that the Collateral Agent exhaust any right, power or remedy or proceed against the
Borrower, (b) all rights or claims of right to cause a marshalling of assets or to cause Collateral Agent or any Lender to proceed against any of the Collateral before proceeding under this Limited Guaranty, or any other Loan Document to which
Guarantor is a party, against Guarantor or any other guarantor or indemnitor under the Loan or Guaranteed Obligations; (c) all rights and remedies accorded by applicable law to sureties or guarantors, except any rights of subrogation and
contribution (the exercise of which are subject to the terms of this Limited Guaranty); (d) the benefits of any statutes of limitation or repose; (e) any requirement of diligence or promptness on any Agent&#146;s or any Lender&#146;s part in the
enforcement of its rights under the provisions of this Limited Guaranty and any other Loan Document; and (f) any defense based upon an election of remedies by any Agent or any Lender, including any election to proceed by judicial or non-judicial
foreclosure of any Collateral. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><B>7. Guaranty Absolute and Unconditional</B></U>. Guarantor understands and agrees that this Limited
Guaranty shall be construed as a continuing, absolute and unconditional guarantee of the full and punctual payment and performance of the Guaranteed Obligations and not of their collectability only and is in no way conditioned upon any requirement
that the Collateral Agent first attempt to collect any of the Guaranteed Obligations from the Borrower, without regard to (a) the validity, regularity or enforceability of the Credit Agreement or any other Loan Document, any of the Guaranteed
Obligations therefor or guarantee or right of offset with respect thereto at any time or from time to time held by a Lender, (b) any defense, set-off, deduction, abatement, recoupment, reduction or counterclaim (other than a defense of payment or
performance) which may at any time be available to or be asserted by the Borrower against the Collateral Agent or any Lender, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower, Guarantor or Performance
Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of Guarantor from this Limited Guaranty, in bankruptcy or in any other instance. When pursuing its rights and remedies hereunder against Guarantor,
the Collateral Agent may, but shall be under no obligation to, pursue such rights, powers, privileges and remedies as it may have against the Borrower or any other Person or any right of offset with respect thereto, and any failure by the Collateral
Agent to pursue such other rights or remedies or to collect any payments from the Borrower or any such other Person or to exercise any such right of offset, or any release of the Borrower or any such other Person or right of offset, shall not
relieve Guarantor of any liability hereunder, and shall not impair or affect the rights, powers, privileges and remedies, whether express, implied or available as a matter of law or equity, of the Collateral Agent against Guarantor. This Limited
Guaranty shall remain in full force and effect and be binding in accordance with and to the extent of its terms upon Guarantor and the successors and assigns thereof, and shall inure to the benefit of the Collateral Agent, for the benefit of the
Secured Parties, until all the Guaranteed Obligations of Guarantor under this Limited Guaranty shall have been satisfied by performance and payment in full and the Credit Agreement shall have been terminated, notwithstanding that from time to time
during the term of the Credit Agreement, the Borrower, Seller and/or Servicer may be free from any Guaranteed Obligations. This Limited Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed
Obligations existing after any attempted revocation by Guarantor. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>8. Reinstatement</U>.</B> This Limited Guaranty shall continue to be effective, or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by the Collateral Agent or any Lender upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Borrower or Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or Guarantor or any substantial part of
its property, or otherwise, all as though such payments had not been made. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>9. Payments</U>.</B> Guarantor hereby guarantees that
payments hereunder will be paid to the Collateral Agent, without deduction, abatement, recoupment, reduction, set-off or counterclaim, in U.S. Dollars. All proceeds received by the Collateral Agent hereunder shall be applied in full or in part by
the Collateral Agent against the Guaranteed Obligations in accordance with Section 2.11 of the Credit Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>10. Non
Petition</U>.</B> Guarantor hereby agrees that it will not institute against the Borrower any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy
law, including the Bankruptcy Code, or an non-US equivalent so long as any Obligation shall be outstanding under the Credit Agreement or there shall not have elapsed one year plus one day since the last day on which any such Obligations of the
Borrower under the Credit Agreement shall have been reduced to zero. The agreements in this Section 10 shall survive termination of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>11. Notices.</U></B> All demands, notices and communications hereunder shall be in writing and shall be delivered in the manner specified
in the Credit Agreement to such Person&#146;s address as set forth on <U>Appendix A</U> hereto. All notices and demands prepared and sent in accordance with the requirements of Section 9.1 of the Credit Agreement shall be deemed to have been
received at the times specified in such Section 9.1 of the Credit Agreement. Notwithstanding any provision to the contrary contained in this Guaranty, all notices, communications and consents which are required, by the terms of this Guaranty, to be
delivered to the Agent shall be required to be delivered in writing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>12. Entire Agreement; Severability</U>.</B> This Limited
Guaranty shall supersede any existing agreements between the parties containing general terms and conditions for a limited guaranty of the loans and advances under the Loan Documents, other than the Conditional Guaranty. Each provision and agreement
herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>13. Integration</U>.</B> This Limited Guaranty and the other Loan Documents to which Guarantor is a party represent the agreement of
Guarantor with respect to the subject matter hereof and thereof and there are no promises or representations by the Agent or any other Person relative to the subject matter hereof or thereof not reflected herein or therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>14. Amendments in Writing; No Waiver; Cumulative Remedies</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) None of the terms or provisions of this Limited Guaranty may be waived, amended, supplemented or otherwise modified except by a written
instrument executed by Guarantor and the Collateral Agent, <U>provided</U> that any provision of this Limited Guaranty may be waived with the written consent of the Collateral Agent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Agent shall not be deemed by any act (except by a written instrument pursuant to
<U>Section 14(a)</U> hereof), delay, indulgence, omission or otherwise be deemed to have waived any right, power, privilege or remedy hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the terms and
conditions hereof. No failure to exercise, nor any delay in exercising, on the part of the Collateral Agent, any right, power, remedy or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power, remedy
or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Agent of any right, power, privilege or remedy hereunder on any one occasion shall not be
construed as a bar to any right, power, privilege or remedy which the Collateral Agent would otherwise have on any future occasion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>15. Section Headings</U>.</B> The headings in this Limited Guaranty are for purposes of reference only and shall not limit or define the
meaning hereof. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>16. Miscellaneous</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Assignment</U>. This Limited Guaranty shall be binding upon the successors and permitted assigns of Guarantor and shall inure to the
benefit of the Collateral Agent, each Lender and their respective successors and assigns. This Limited Guaranty may not be assigned or delegated by Guarantor without the express written consent of the Collateral Agent in its sole discretion and any
attempt to assign or transfer this Limited Guaranty without such consent shall be null and void and of no effect whatsoever. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Costs
and Expenses</U>. Guarantor shall pay, or reimburse, the Collateral Agent for reasonable and out-of-pocket expenses (including court costs and reasonable and documented attorneys&#146; fees) paid or incurred by the Collateral Agent in enforcing this
Limited Guaranty. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Counterparts, Electronic Signature</U>. This Limited Guaranty may be executed in any number of counterparts, each
of which shall be an original, but all of which shall constitute one instrument. Delivery of an executed signature page to this Limited Guaranty by facsimile transmission or other electronic image scan transmission (e.g., &#147;PDF&#148; or
&#147;tif&#148; via email) shall be as effective as delivery of a manually signed counterpart of this Limited Guaranty. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><U>17.
Reserved</U>.</B> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B><U>18. Applicable Law; Consent to Jurisdiction</U>.</B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a)<U> Applicable Law</U>. THIS LIMITED GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><U>(b)</U> <U>Consent to Jurisdiction</U>. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST THE
PARTIES ARISING OUT OF OR RELATING HERETO, OR ANY OF THE GUARANTEED OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS LIMITED GUARANTY,
EACH OF THE PARTIES, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (i)&nbsp;ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS, (ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS,
(iii)&nbsp;AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MADE TO ANY PROCESS AGENT OF THE GUARANTOR IDENTIFIED IN THE SECURITY AGREEMENT, IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE GUARANTOR, IN ANY SUCH
PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (iv)<U></U>&nbsp;AGREES THAT THE COLLATERAL AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING
PROCEEDINGS AGAINST THE GUARANTOR, IN THE COURTS OF ANY OTHER JURISDICTION. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Service of Process</U>. ANY AND ALL SERVICE OF PROCESS
AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST THE GUARANTOR, IF GIVEN BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS OR MAIL WHICH REQUIRES A SIGNED RECEIPT, POSTAGE PREPAID,
MAILED AS PROVIDED ABOVE </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) <U>Waivers of Jury Trial</U>. EACH OF THE GUARANTOR AND THE COLLATERAL AGENT HEREBY AGREES TO WAIVE ITS
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR THE GUARANTOR/BENEFICIARY RELATIONSHIP BEING ESTABLISHED HEREUNDER.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH OF THE GUARANTOR AND THE COLLATERAL AGENT ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS LIMITED
GUARANTY, AND THAT IT SHALL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH OF THE GUARANTOR AND THE COLLATERAL AGENT FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 9 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, AND MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 10
AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS LIMITED GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY
THE COURT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of page intentionally left blank.] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">- 10 - </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, Guarantor has duly executed and delivered this Limited Guaranty as of
the day and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="16%"></TD>
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<TD WIDTH="83%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">NICHOLAS FINANCIAL, INC.,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">a Florida corporation, as Guarantor</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Doug Marohn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Doug Marohn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President&nbsp;&amp; CEO</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Address:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nicholas Financial, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2454 N. McMullen Booth Road</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Clearwater, FL 33759</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%"></TD>
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<TD WIDTH="86%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ACKNOWLEDGED AND AGREED TO:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ARES AGENT SERVICES, L.P., a Delaware limited partnership, as Collateral Agent</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">By: Ares Agent Services GP LLC, its General Partner</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey W. Kramer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Jeffrey W. Kramer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Its:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorized Signatory</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Limited Guaranty] </P>
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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>d730874dex105.htm
<DESCRIPTION>EX-10.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.5</TITLE>
</HEAD>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Execution Copy </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECURITY
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NF FUNDING I, LLC, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as
Grantor </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARES AGENT SERVICES, L.P., </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as Collateral Agent </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dated as of March&nbsp;29, 2019 </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">TABLE OF CONTENTS </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="90%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 1. DEFINITIONS; GRANT OF SECURITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Terms Generally</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Terms Defined in the Uniform Commercial Code</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">1.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Additional Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 2. GRANT OF SECURITY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Grant of Security</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Security for Obligations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 3. REPRESENTATIONS AND WARRANTIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 4. COVENANTS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">General Affirmative Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Delivery of Instruments, Securities, Chattel Paper and Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorization for UCC Filings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 5. COLLATERAL AGENT; AUTHORITY TO TAKE CERTAIN ACTIONS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Appointment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">No Duty on the Part of Collateral Agent or Secured Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 6. REMEDIES</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Application of Proceeds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Collection Account</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">6.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Power of Attorney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 7. RELEASE OF COLLATERAL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Duties of the Collateral Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Duties of the Servicer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 8. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 9. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SECTION 10. MISCELLANEOUS</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Notices, Etc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">APPLICABLE LAW</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">CONSENT TO JURISDICTION</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Security Interest Absolute</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Waiver of Jury Trial</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">13</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This SECURITY AGREEMENT, dated as of March&nbsp;29, 2019 (as it may be amended, supplemented
or otherwise modified from time to time in accordance with the terms hereof, this &#147;<U>Security Agreement</U>&#148;), is between NF FUNDING I, LLC, a Delaware limited liability company (the &#147;<U>Borrower</U>&#148; or the
&#147;<U>Grantor</U>&#148;) and ARES AGENT SERVICES, L.P. (&#147;<U>Ares</U>&#148;) as collateral agent for the Secured Parties (in such capacity, the &#147;<U>Collateral Agent</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">WITNESSETH: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, reference
is made to that certain Credit Agreement, dated as of the date hereof (as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the &#147;<U>Credit Agreement</U>&#148;), among the Borrower,
Ares, as Collateral Agent and administrative agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;, and together with the Collateral Agent, the &#147;<U>Agents</U>&#148;), and the lenders parties thereto (each a
&#147;<U>Lender</U>&#148; and collectively, the &#147;<U>Lenders</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, in consideration of the extensions of credit
and other accommodations of the Lenders as set forth in the Credit Agreement, the Grantor has agreed to secure its Obligations under the Loan Documents as set forth herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Grantor and the Collateral
Agent agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 1. </B><B>DEFINITIONS; GRANT OF SECURITY</B>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Terms Generally</U>. Except as otherwise provided herein, all capitalized terms used herein without definition shall have the meanings
as assigned to such terms in the Credit Agreement, if defined therein, or otherwise in the Servicing Agreement, dated as of the date hereof (as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms
thereof, the &#147;<U>Servicing Agreement</U>&#148;), among the Borrower, the Collateral Agent and Nicholas Financial, Inc., as servicer (in such capacity, the &#147;<U>Servicer</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Terms Defined in the Uniform Commercial Code</U>. The following terms shall have the meaning assigned to such terms in the UCC (if any
term is defined in Article 9 of the UCC and in another article of the UCC, the terms as used herein shall be as defined in Article 9 of the UCC): &#147;account,&#148; &#147;chattel paper,&#148; &#147;deposit account,&#148; &#147;document,&#148;
&#147;financial asset,&#148; &#147;financing statement,&#148; &#147;general intangible,&#148; &#147;goods,&#148; &#147;instrument,&#148; &#147;investment property,&#148;
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;letter-of-credit</FONT></FONT> right,&#148; &#147;money,&#148; &#147;proceeds,&#148; &#147;record,&#148; &#147;securities account,&#148; &#147;securities intermediary,&#148;
&#147;supporting obligation&#148; and such other terms as the context may otherwise indicate. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3 <U>Additional Definitions</U>. In this
Security Agreement, the following terms shall have the following meanings: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Administrative Agent</U>&#148; shall have the meaning
set forth in the recitals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Agents</U>&#148; shall have the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Ares</U>&#148; shall have the meaning set forth in the preamble. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Borrower</U>&#148; shall have the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral</U>&#148; shall have the meaning assigned in <U>Section</U><U></U><U>&nbsp;2.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collateral Agent</U>&#148; shall have the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection Account</U>&#148; shall mean the segregated account designated as the Collection Account maintained by the Collection
Account Bank in the name of the Borrower, as to which the Collateral Agent has control for the benefit of the Secured Parties within the meaning of Sections <FONT STYLE="white-space:nowrap">8-106(d)</FONT> and
<FONT STYLE="white-space:nowrap">9-104(a),</FONT> as applicable, of the UCC pursuant to the Control Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Collection
Account Bank</U>&#148; shall mean a financial institution, reasonably acceptable to the Administrative Agent, which maintains the Collection Account. The initial Collection Account Bank is Wells Fargo Bank, National Association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Company</U>&#148; shall have the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Credit Agreement</U>&#148; shall have the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Grantor</U>&#148; shall have the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Lenders</U>&#148; shall have the meaning set forth in the recitals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Parent</U>&#148; shall mean Nicholas Financial, Inc., a Florida corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Obligations</U>&#148; shall have the meaning assigned in <U>Section</U><U></U><U>&nbsp;2.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Secured Party</U>&#148; shall mean each of the Agents (including former Agents), each Lender, each Indemnitee or any of them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Security Agreement</U>&#148; shall have the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Seller</U>&#148; shall mean Nicholas Financial, Inc., a Florida corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Servicer</U>&#148; shall have the meaning set forth in <U>Section</U><U></U><U>&nbsp;1.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 2. GRANT OF SECURITY. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1
<U>Grant of Security</U>. The Grantor hereby grants to the Collateral Agent for the benefit of the Secured Parties, a security interest in all of the Grantor&#146;s right, title and interest, whether now owned or existing or hereafter acquired or
arising and wheresoever located, in, to and under all accounts, certificates of deposit, chattel paper, deposit accounts, documents, general intangibles, goods, instruments, investment property (including securities accounts and financial assets
credited thereto), <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">letter-of-credit</FONT></FONT> rights, letters of credit, money and supporting obligations, and all other personal property of the Grantor, including, without
limitation (a)&nbsp;the Receivables (including the related Contracts), all Collections, all other monies received with respect to the Receivables and all Net Liquidation Proceeds, Insurance Proceeds and Recoveries received with respect to the
Receivables, (b)&nbsp;the security interests in the related Financed Vehicles granted by the related Obligors pursuant to the Receivables and any other interest of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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Grantor in such Financed Vehicles, including, without limitation, the certificates of title and any other evidence of ownership with respect to such Financed Vehicles; (c)&nbsp;any proceeds from
claims on any physical damage, extended warranties, credit life and credit accident and health insurance policies or certificates or any vendor&#146;s single interest (VSI) policy, if any, relating to the related Financed Vehicles or the related
Obligors, including any rebates or premiums; (d)&nbsp;property (including the right to receive future Liquidation Proceeds) that secures a Receivable and that has been acquired pursuant to the liquidation of such Receivable; (e)&nbsp;refunds for the
costs of extended service contracts with respect to the related Financed Vehicles, refunds of unearned premiums with respect to credit life and credit accident and health insurance policies or certificates covering a related Obligor or Financed
Vehicle or his or her obligations with respect to such Financed Vehicle and any recourse to Dealers for any of the foregoing; (f)&nbsp;the Receivable File related to each Receivable and any and all other documents that the Grantor (or its designee)
keeps on file relating to the Receivables, the related Obligors or the related Financed Vehicles; (g)&nbsp;the Lockbox Account (when opened) and the Collection Account, including all amounts and property from time to time held therein or credited
thereto, and other amounts on deposit in the Cash Management System, in each case related to the Receivables; (h)&nbsp;any proceeds from recourse against Dealers including with respect to the sale of the Receivables; (i)&nbsp;all rights, remedies,
powers, privileges and claims of the Grantor under or with respect to the Receivables Purchase Agreement, the Servicing Agreement, the Custodial Agreement and any other Loan Document or the Argentum Purchase Agreement (whether arising pursuant to
the terms of any such agreement or otherwise available to the Grantor at law or in equity), including the rights of the Grantor to enforce the Receivables Purchase Agreement, the Servicing Agreement, the Custodial Agreement and any other Loan
Document and to give or withhold any and all consents, requests, notices, directions, approvals, extensions or waivers under or with respect to any such agreement, (j)&nbsp;all present and future claims, demands, causes and choses in action in
respect of any or all of the foregoing and (k)&nbsp;all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all cash and <FONT STYLE="white-space:nowrap">non-cash</FONT>
proceeds, and other property consisting of, arising from or relating to all or any part of any of the foregoing other than Excluded Amounts (collectively, the &#147;<U>Collateral</U>&#148;). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Security for Obligations</U>. This Security Agreement secures, and the Collateral is collateral security for, the prompt and complete
payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under
Section&nbsp;362(a) of the Bankruptcy Code, 11 U.S.C. &#167;&nbsp;362(a) (and any successor provision thereof)), of all Indemnified Liabilities, other Obligations and all other obligations of every nature of Grantor from time to time owed to any
Secured Party or to the Collateral Agent or any other Agent on behalf of the Secured Parties under the Credit Agreement (the &#147;<U>Secured Obligations</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 3. REPRESENTATIONS AND WARRANTIES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 <U>Representations and Warranties</U>. The Grantor hereby represents and warrants to the Secured Parties on the Closing Date and on each
Credit Date, that: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) This Security Agreement creates a valid and continuing security interest (as defined in
the UCC) in the Collateral in favor of the Collateral Agent for the benefit of the Secured Parties, which security interest is prior to all other Liens other than Permitted Liens or as otherwise permitted by the Credit Agreement, free and clear of
Liens other than Permitted Liens or as otherwise permitted by the Credit Agreement, and is enforceable as such against creditors of and purchasers from the Grantor. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Grantor is the sole and exclusive legal and beneficial owner of all of the Collateral including, without limitation, each Receivable,
together with the books, documents, instruments, chattel paper and records evidencing or relating thereto, free and clear of Liens (other than Permitted Liens) and adverse claims and no financing statement or other instrument similar in effect
covering any Collateral (including any Receivable, any interest therein, or any related books, instruments, documents or records) is on file in any recording office except such as may be filed (i)&nbsp;naming Parent as debtor and Borrower as secured
party in accordance with the Receivables Purchase Agreement, (ii)&nbsp;Borrower as debtor and Ares as Collateral Agent, as the secured party in accordance with the provisions herein, (iii)&nbsp;with respect to the Argentum Receivables, naming
Argentum as debtor and Parent as secured party in accordance with the Argentum Purchase Agreement, (iv)&nbsp;assigning any of the above to Borrower or Ares, as the case may be, in accordance with the Receivables Purchase Agreement and the provisions
herein, or (v)&nbsp;after the Closing Date, in connection with other Permitted Liens. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Grantor has received all consents and
approvals required by the terms of any material item of Collateral to the grant of a security interest to the Collateral Agent in its interest and rights in the Collateral hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) All steps necessary to ensure that the Collateral Agent has &#147;control&#148; over the Collection Account (and, with respect to any
Credit Date following the opening of the Lockbox Account, the Lockbox Account) within the meaning of UCC <FONT STYLE="white-space:nowrap">Section&nbsp;9-104(a)(2)</FONT> have been taken. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) The Grantor&#146;s name in which it has executed this Security Agreement is the exact name as it appears in the Grantor&#146;s
organizational documents as filed with the Grantor&#146;s jurisdiction of organization and the Grantor is a limited liability company organized solely under the laws of the State of Delaware. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Upon (i)&nbsp;the filing of a UCC financing statement with the Secretary of State of the State of Delaware naming the Grantor as
&#147;debtor&#148; and the Collateral Agent as &#147;secured party&#148; and describing the Collateral, (ii)&nbsp;the execution and delivery of the Control Agreement by the parties thereto and (iii)&nbsp;after the opening of the Lockbox Account, the
execution and delivery of the Lockbox Control Agreement by the parties thereto, the security interests granted to the Collateral Agent hereunder constitute valid and perfected first priority security interests with respect to all of the Collateral
(subject to Permitted Liens) in which a security interest can be perfected by the filing of a financing statement under the Delaware Uniform Commercial Code or by &#147;control&#148; under the applicable UCC. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) All chattel paper, instruments, securities, documents or other physical collateral constituting or relating to the Receivables or other
Collateral (including any to be acquired on such date, unless otherwise agreed to by the Collateral Agent or as expressly permitted under the Loan Documents) have been duly delivered to the Collateral Agent or the Custodian in accordance with the
terms of this Security Agreement, the Custodial Agreement and the other Loan Documents, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) No authorization, approval or other action by, and no notice to or filing with, any
Governmental Authority or regulatory body is required for either (i)&nbsp;the pledge or grant by the Grantor of the Liens purported to be created in favor of the Collateral Agent hereunder, or (ii)&nbsp;the exercise by the Collateral Agent of any
rights or remedies in respect of any Collateral (whether specifically granted or created hereunder or created or provided for by applicable law), except for the filings contemplated and described in <U>Section</U><U></U><U>&nbsp;3.1(b)</U> above.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 4. COVENANTS. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1
<U>General Affirmative Covenants</U>. From the date of this Security Agreement, and so long as any Revolving Loan Commitment is in effect and until payment in full of all of the Obligations (other than Unasserted Obligations), the Grantor agrees
that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Grantor shall from time to time prepare, or cause to be prepared, execute and deliver all such financing statements,
continuation statements, instruments of further assurance and other instruments, and shall take such other action as the Collateral Agent may reasonably request to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) maintain or preserve the lien (and the priority thereof) of this Security Agreement or carry out more effectively the
purposes hereof; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) preserve and defend title to the Collateral securing the Secured Obligations and the rights
therein of the Collateral Agent and the Secured Parties secured thereby against the claims of all Persons and parties that are adverse to the Secured Parties. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Grantor, on its own behalf and on behalf of the Collateral Agent, shall (i)&nbsp;enforce all covenants and obligations of the Seller in
the Receivables Purchase Agreement, (ii)&nbsp;use commercially reasonable efforts to enforce all covenants and obligations of Argentum under the Argentum Purchase Agreement and (iii)&nbsp;use commercially reasonable efforts to enforce all covenants
and obligations of the Collection Account Bank contained in the Control Agreement and the Lockbox Account Bank contained in Lockbox Account Control Agreement, and, in each case, in a timely manner and to the extent permitted under the Credit
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Upon the occurrence and during the continuation of an Event of Default, promptly following a request from the Collateral
Agent to do so, the Grantor agrees to take all such lawful action as the Collateral Agent may request to compel or secure the performance and observance by (i)&nbsp;the Seller of its obligations under or in connection with the Receivables Purchase
Agreement in accordance with the terms thereof, (ii)&nbsp;the Servicer of its obligations as Servicer under or in connection with the Servicing Agreement or (iii)&nbsp;the Backup Servicer of its obligations as Backup Servicer under or in connection
with the Backup Servicing Agreement in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Grantor under or in connection with the Receivables Purchase Agreement, the
Dealer Agreements, the Servicing Agreement or the Backup Servicing Agreement to the extent and in the manner directed by the Collateral Agent, including the </P>
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transmission of notices of default thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Dealers, the Servicer,
Argentum or the Backup Servicer of their respective obligations under the Receivables Purchase Agreement, the Dealer Agreements, the Servicing Agreement, the Argentum Purchase Agreement or the Backup Servicing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The Grantor agrees to use its commercially reasonable efforts to assist and aid the Collateral Agent to obtain as soon as practicable upon
the request of the Collateral Agent any necessary approvals or consents of any governmental authority or any other Person for the exercise of any remedies, voting or consensual rights or attorney in fact powers set forth in this Security Agreement.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Delivery of Instruments, Securities, Chattel Paper and Documents</U>. As to all instruments, securities, chattel paper and
documents constituting part of the Collateral, if any, and except as otherwise provided in the Servicing Agreement or the Custodial Agreement and other than any such instruments, securities, chattel paper or documents representing ordinary course
collections delivered in accordance with the Servicing Agreement and the other Loan Documents, upon the request of the Collateral Agent, the Grantor shall deliver to the Collateral Agent the originals of any such instruments, securities, chattel
paper and documents constituting Collateral in the possession of the Grantor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.3 <U>Authorization for UCC Filings</U>. The Grantor
authorizes the Collateral Agent and the Administrative Agent to file all financing statements or continuation statements, and amendments to financing statements, in any jurisdictions and with any filing office as the Collateral Agent may determine
are necessary or advisable to perfect (or maintain) the security interest granted to the Collateral Agent in connection herewith. Such financing statements may describe the Collateral in the same manner as described herein or may contain an
indication or description of the Collateral that describes such property in any other manner as the Collateral Agent may determine is necessary, advisable or prudent to ensure the perfection of the security interest in the Collateral granted to the
Collateral Agent in connection herewith, including describing such property as &#147;all assets&#148; or &#147;all personal property&#148; or words to similar effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 5. COLLATERAL AGENT; AUTHORITY TO TAKE CERTAIN ACTIONS. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 <U>Appointment</U>. Pursuant to <U>Section</U><U></U><U>&nbsp;8</U> of the Credit Agreement, the Collateral Agent has been appointed to act
as Collateral Agent by the Lenders. The Collateral Agent shall have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without
limitation, the release or substitution of Collateral), in accordance with this Security Agreement, the Credit Agreement and the Servicing Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>No Duty on the Part of Collateral Agent or Secured Parties</U>. The powers conferred on the Collateral Agent hereunder are solely to
protect the interests of the Secured Parties in the Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise any such powers except with respect to the duties of the Collateral Agent set forth in
<U>Section</U><U></U><U>&nbsp;7</U>. Neither the Collateral Agent nor any Secured Party nor their managers, members, directors, officers, agents or employees shall be liable for any action taken or omitted
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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to be taken by it or them under or in connection with the exercise of such powers, except in connection with or arising out of its or their own gross negligence or willful misconduct.
Notwithstanding anything contained herein to the contrary, but subject to <U>Section</U><U></U><U>&nbsp;7</U>, the Collateral Agent shall exercise the rights and powers conferred upon it pursuant to this Agreement solely at the written direction of
the Administrative Agent or the Required Remedies Lenders and shall not be liable for any actions or omissions take by it in accordance with such written direction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 6. REMEDIES. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1
<U>Remedies</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) If any Event of Default shall have occurred and be continuing, the Collateral Agent shall be authorized, upon the
written direction of the Administrative Agent with the consent of the Required Remedies Lenders or at the written direction of the Required Remedies Lenders (any such consent or direction being subject to Section&nbsp;12.1 of the Credit Agreement),
to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) exercise in respect of the Collateral, in addition to all other rights and remedies provided for herein or in any
other Loan Document or otherwise available to it at law or in equity, all the rights and remedies of the Collateral Agent upon default under the UCC (whether or not the UCC applies to the affected Collateral) to collect, enforce or satisfy any
Secured Obligations then owing, whether by acceleration or otherwise, including without limitation, without notice except as specified below or under applicable law, to sell, assign, lease, license (on an exclusive or nonexclusive basis) or
otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent&#146;s offices or elsewhere, for cash, on credit or for future delivery, at such time or times and at such price
or prices and upon such other terms as the Collateral Agent may deem commercially reasonable and to give notice of sole control or any other instruction or entitlement order under the Control Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) sell the Collateral without giving any warranties as to the Collateral. The Collateral Agent may specifically disclaim or
modify any warranties of title or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) exercise all rights, remedies, powers, privileges and claims of the Grantor against the Originator, the Servicer, the
Seller, Argentum or the Backup Servicer under or in connection with the Servicing Agreement, the Receivables Purchase Agreement, any Dealer Agreement, the Argentum Purchase Agreement or the Backup Servicing Agreement, including the right or power to
take any action to compel or secure performance or observance by the Servicer, the Seller, any Dealer, Parent or the Backup Servicer of their respective obligations to the Grantor thereunder and to give any consent, request, notice, direction,
approval, extension or waiver thereunder; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) notify the Obligors of the Collateral Agent&#146;s interest in the
Receivables and direct Obligors to remit all Collections to a lockbox, address or account designated by the Collateral Agent. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The
Collateral Agent or any Secured Party may be the purchaser of any or all of the Collateral at any public or private sale in accordance with the UCC and the Collateral Agent, as collateral agent for and representative of the Secured Parties, shall be
entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale made in accordance with the UCC, to use and apply any of the Secured Obligations as a credit
on account of the purchase price for any Collateral payable by the Collateral Agent at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of the Grantor, and the Grantor hereby
waives (to the extent permitted by applicable law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted other than <FONT
STYLE="white-space:nowrap">pre-sale</FONT> redemption pursuant to <FONT STYLE="white-space:nowrap">Section&nbsp;9-623</FONT> of the UCC. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having
been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.
The Grantor hereby waives (to the extent permitted by applicable law) any claims against the Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price
which might have been obtained at a public sale. If the proceeds of any sale or other disposition of the Collateral are insufficient to pay all the Secured Obligations, the Grantor shall be liable for the deficiency and the reasonable fees of any
attorneys employed by the Collateral Agent to collect such deficiency. The Grantor further agrees (to the extent permitted by applicable law) that a breach of any of the covenants contained in this Section will cause irreparable injury to the
Collateral, that the Collateral Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section shall be specifically enforceable against the Grantor, and the Grantor hereby
waives and agrees (to the extent permitted by applicable law) not to assert any defenses against an action for specific performance of such covenants except for a defense of payment or that no Event of Default has occurred and is continuing giving
rise to the Secured Obligations becoming due and payable prior to their stated maturities. Nothing in this Section shall in any way alter the rights of the Collateral Agent hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2 <U>Application of Proceeds</U>. Except as expressly provided elsewhere in this Security Agreement, all proceeds received by the Collateral
Agent in respect of any sale, any collection from, or other realization upon all or any part of the Collateral shall be remitted by the Collateral Agent to the Collection Account Bank for the benefit of the Administrative Agent and be applied in
full or in part by the Administrative Agent against the Secured Obligations in accordance with <U>Section</U><U></U><U>&nbsp;2.10</U> of the Credit Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3 <U>Collection Account</U>. For the avoidance of doubt, if any Event of Default shall have occurred and be continuing, the Collateral Agent
may (acting at the written direction of the Administrative Agent (with consent of the Required Remedies Lenders) or the Required Remedies Lenders) direct the Collection Account Bank with respect to the Collection Account and the Lockbox Account Bank
with respect to the Lockbox Account to transfer any or all assets credited to such account to any other account to or for the benefit of the Collateral Agent. Any amounts so applied or transferred shall reduce the Obligations by such amount. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.4 <U>Power of Attorney</U>. The Grantor irrevocably makes, constitutes and appoints the
Collateral Agent as the Grantor&#146;s true and lawful agent and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> and in such capacity the Collateral Agent shall have the right upon the occurrence and
during the continuance of an Event of Default, with power of substitution for the Grantor and in the Grantor&#146;s name or otherwise, for the use and benefit of the Collateral Agent: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment
relating to the Collateral or any part thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) to demand, collect, receive payment of, give receipt for and give discharges and
releases of all or any of the Collateral and to notify the Obligors of the Collateral Agent&#146;s interest in the Receivables and direct Obligors, Argentum, employees of the Servicer and any third-party collection agencies, insurance providers,
warranty providers or other payors of Collections to remit Collections to a lockbox, address or account designated by the Collateral Agent; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect
or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) to settle, compromise,
compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) to notify, or to require the
Grantor to notify, parties holding Collateral in accordance with the Collateral Agent&#146;s instructions; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) to use, sell, assign,
transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Security Agreement, as fully and completely as though the
Collateral Agent were the absolute owner of the Collateral for all purposes; <U>provided</U>, <U>however</U>, that nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any
inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in
respect thereof or any property covered thereby, and no action taken or omitted to be taken by the Collateral Agent with respect to the Collateral or any part thereof shall give rise to any defense, counterclaim or offset in favor of the Grantor or
to any claim or action against the Collateral Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is understood and agreed that the appointment of the Collateral Agent as the
agent and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> of the Grantor for the purposes set forth above is coupled with an interest and is irrevocable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 7. RELEASE OF COLLATERAL. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.1 <U>Duties of the Collateral Agent</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At the same time as any Contract (i)&nbsp;expires by its terms and all amounts in respect thereof have been paid by the related Obligor and
deposited in the Collection Account or (ii)&nbsp;has been prepaid in full and all amounts in respect thereof have been paid by the related Obligor and deposited in the Collection Account, the Collateral Agent shall, to the extent requested by the
Servicer, release its interest in such Contract and the related Collateral. In connection with any sale of a Financed Vehicle in accordance with the Credit Agreement on or after the occurrence of an event described in clauses (i)&nbsp;or (ii) above
or in connection with a <FONT STYLE="white-space:nowrap">Charged-Off</FONT> Receivable, after the deposit by the Servicer of the proceeds of such sale into the Collection Account, the Collateral Agent shall execute and deliver to the Servicer any
assignments, bills of sale, termination statements and any other releases and instruments as the Servicer may reasonably request in order to effect the release and transfer of such Financed Vehicle. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) When permitted by the provisions of the Credit Agreement (including, but not limited to, upon any permitted prepayment or termination or
the Final Maturity Date, in each case upon payment in full of the Secured Obligations and termination of all Revolving Loan Commitments), the Collateral Agent shall execute instruments and take such other actions reasonably necessary to release
property from the lien of this Security Agreement, or convey the Collateral Agent&#146;s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of the Credit Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7.2 <U>Duties of the Servicer</U>. In order to facilitate the servicing of the Receivables by the Servicer, the Collateral Agent may authorize
the Servicer to execute in the name and on behalf of the Collateral Agent instruments of satisfaction or cancellation, or of partial or full release or discharge, and other comparable instruments with respect to the Receivables, subject to the
provisions of the Servicing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 8. CONTINUING SECURITY INTEREST; TRANSFER OF LOANS. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This Security Agreement shall create a continuing security interest in the Collateral and shall remain in full force and effect so long as any
Revolving Loan Commitment is in effect and until the payment in full of all Secured Obligations (other than Unasserted Obligations), be binding upon the Grantor, its successors and assigns, and inure, together with the rights and remedies of the
Collateral Agent hereunder, to the benefit of the Collateral Agent and its successors, transferees and assigns. Without limiting the generality of the foregoing, if a Lender assigns or otherwise transfers any Loan held by it to any other Person in
accordance with <U>Section</U><U></U><U>&nbsp;9.6</U> of the Credit Agreement, such other Person shall thereupon become vested with all the benefits in respect thereof granted to a Lender herein or otherwise as a Secured Party to the extent provided
herein. Upon the payment and performance in full of all Secured Obligations (other than Unasserted Obligations) and the cancellation or termination of the Revolving Loan Commitments, the security interest granted hereby shall automatically terminate
hereunder and all rights to the Collateral shall revert to the Grantor. Upon any such termination the Collateral Agent shall, at the Grantor&#146;s expense, execute and deliver to the Grantor or otherwise authorize
</P>
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the filing of such documents as the Grantor shall reasonably request, including financing statement amendments and notices to securities intermediaries and depositary institutions, if any, to
evidence such termination. Upon any disposition of property permitted by the Credit Agreement, the Liens granted herein shall be deemed to be automatically released and all rights to such property shall automatically revert to the Grantor or the
Grantor&#146;s assignee with no further action on the part of any Person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 9. STANDARD OF CARE; COLLATERAL AGENT MAY PERFORM. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The powers conferred on the Collateral Agent hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon
it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any
Collateral or as to the taking of any necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation
of Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its own property. Neither the Collateral Agent nor any of its directors, officers, employees or agents shall be
liable for failure to demand, collect or realize upon all or any part of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Grantor or otherwise. If the
Grantor fails to perform any agreement contained herein, the Collateral Agent may itself perform, or cause performance of, such agreement, and the reasonable expenses of the Collateral Agent incurred in connection therewith shall be payable by the
Grantor under Section&nbsp;9.2 of the Credit Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SECTION 10. MISCELLANEOUS. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.1 <U>Notices</U><U>, Etc</U>. Any notice required or permitted to be given under this Security Agreement shall be given in accordance with
Section&nbsp;9.1 of the Credit Agreement. No failure or delay on the part of the Collateral Agent in the exercise of any power, right or privilege hereunder or under any other Loan Document shall impair such power, right or privilege or be construed
to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege. All rights and remedies
existing under this Security Agreement and the other Loan Documents are cumulative to, and not exclusive of, any rights or remedies otherwise available. In case any provision in or obligation under this Security Agreement shall be invalid, illegal
or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. All
covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of,
another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists. This Security Agreement shall be binding upon and inure to the benefit of the Collateral Agent and the Grantor and their
respective successors and assigns and each Secured Party shall have all the rights of an express third party beneficiary hereof. The Grantor shall not, without the prior written consent of the Collateral Agent given in accordance with the Credit
Agreement or this Security Agreement, assign any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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right, duty or obligation hereunder. This Security Agreement and the other Loan Documents embody the entire agreement and understanding between the Grantor and the Collateral Agent and supersede
all prior agreements and understandings between such parties relating to the subject matter hereof and thereof. Accordingly, the Loan Documents may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the
parties. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.2 <U>APPLICABLE LAW</U>. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTION <FONT STYLE="white-space:nowrap">5-1401</FONT> AND SECTION <FONT STYLE="white-space:nowrap">5-1402</FONT> OF THE NEW YORK GENERAL OBLIGATIONS LAW)
THEREOF. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.3 <U>CONSENT TO JURISDICTION</U>. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST THE GRANTOR ARISING OUT OF OR RELATING HERETO OR
ANY OTHER LOAN DOCUMENT, OR ANY OF THE OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS SECURITY AGREEMENT, THE GRANTOR, FOR ITSELF AND IN
CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (i)&nbsp;ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii)&nbsp;WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (iii)&nbsp;AGREES THAT SERVICE OF ALL PROCESS IN
ANY SUCH PROCEEDING IN ANY SUCH COURT MADE TO CT CORPORATION AT 28 LIBERTY STREET NEW YORK, NEW YORK 10005 APPOINTED IN ACCORDANCE WITH <U>SECTION 9.14(b)</U> OF THE CREDIT AGREEMENT IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE GRANTOR, IN
ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (iv)&nbsp;AGREES THAT THE COLLATERAL AGENT RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING
PROCEEDINGS AGAINST THE GRANTOR, IN THE COURTS OF ANY OTHER JURISDICTION. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.4 <U>Security Interest Absolute</U>. All rights of Collateral
Agent hereunder, the grant of a security interest in the Collateral and all obligations of the Grantor hereunder, shall be absolute and unconditional irrespective of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Any claim as to the validity, regularity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to
any of the Obligations or any other agreement or instrument relating to any of the foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Any change in the time, manner or place
of payment of, or in any other term of, all of or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument relating to any of
the foregoing; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Any change in the laws, rules or regulations of any jurisdiction; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The occurrence of any Event of Default; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any exchange, release or <FONT STYLE="white-space:nowrap">non-perfection</FONT> of
Collateral Agent&#146;s security interest in any other Collateral, or any release or amendment or waiver of or consent to or departure from any guaranty, for all or any of the Obligations; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Grantor in respect of the Obligations
or in respect of this Security Agreement (other than the indefeasible payment in full of all Obligations). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.5 <U>Counterparts</U>. This
Security Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed
signature page to this Security Agreement by facsimile transmission or other electronic image scan transmission (e.g., &#147;PDF&#148; or &#147;tif&#148; via email) shall be as effective as delivery of a manually signed counterpart of this Security
Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10.6 <U>Waiver of Jury Trial</U>. EACH OF THE GRANTOR AND THE COLLATERAL AGENT HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN IT RELATING TO THE SUBJECT MATTER OF THIS SECURITY AGREEMENT OR THIS LOAN TRANSACTION. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE <FONT STYLE="white-space:nowrap">ALL-ENCOMPASSING</FONT> OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF
DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE GRANTOR AND THE COLLATERAL AGENT ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS ALREADY RELIED ON THIS WAIVER IN
ENTERING INTO THIS SECURITY AGREEMENT, AND THAT IT WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH OF THE GRANTOR AND THE COLLATERAL AGENT FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER
SPECIFICALLY REFERRING TO THIS <U>SECTION 10.6</U> AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE UNDER THE CREDIT AGREEMENT. IN THE EVENT OF LITIGATION, THIS SECURITY AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Remainder of Page Intentionally Left Blank] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Grantor and the Collateral Agent have caused this Security Agreement
to be duly executed and delivered by their respective signatories thereunto duly authorized as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>NF FUNDING I, LLC,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">as Grantor</P></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Doug Marohn</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Doug Marohn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: President&nbsp;&amp; CEO</TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"><B>ARES AGENT SERVICES, L.P.,</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:1.50em; font-size:10pt; font-family:Times New Roman">as Collateral Agent</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3">By: Ares Agent Services GP, LLC, its General Partner</TD></TR>
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<TD HEIGHT="16"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Jeffrey W. Kramer</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Name: Jeffrey W. Kramer</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Title: Authorized Signatory</TD></TR>
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Security Agreement] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g730874g0330231313882.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>FOR IMMEDIATE RELEASE </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"><B>N<SMALL>ICHOLAS</SMALL></B><SMALL></SMALL></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nicholas Financial, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Corporate Headquarters</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2454 McMullen-Booth Rd.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Building C, Suite 501</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Clearwater, FL 33759</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Contact:</B> Kelly Malson</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFO</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ph # <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">(727)-726-0763</FONT></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NASDAQ: NICK</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Web&nbsp;site:</B>&nbsp;www.nicholasfinancial.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Nicholas Financial </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Enters into a New $175 Million Senior Secured Credit Facility </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>March</B><B></B><B>&nbsp;29, 2019</B> &#150; Clearwater, Florida &#150; Nicholas Financial, Inc. (the &#147;Company&#148;) announced that NF Funding I,
LLC, a newly-formed, wholly-owned, special purpose financing subsidiary of the Company (the &#147;Borrower&#148;) entered into a senior secured credit facility on March 29. The Company&#146;s prior credit facility was paid off in connection with
this new credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under the new credit facility, the lenders have agreed to extend the Borrower a line of credit of up to $175&nbsp;million,
which will be used to purchase motor vehicle retail installment sale contracts from the Company on a revolving basis. The availability of funds under the credit facility is generally based on the value of
<FONT STYLE="white-space:nowrap">non-delinquent</FONT> receivables. The commitment period for advances under the credit facility is three years. At the end of the commitment period, the outstanding balance would be paid off over a four-year
amortization period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are very pleased to announce this new credit facility. We believe this facility gives us the security and stability
necessary to execute our strategic initiatives for the next three years,&#148; said Doug Marohn, President and CEO of Nicholas Financial. &#147;Additionally, this facility offered certainty of execution while providing flexibility of the capital and
attractive terms.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Borrower&#146;s obligations under the credit facility are secured by substantially all of the assets of the Borrower, and the
Company has provided limited guarantees of such obligations. The credit agreement contains certain events of default and requires the Borrower to comply with certain covenants. Failure to meet any required covenants could result in an event of
default under the credit agreement. If an event of default occurs, the lenders could increase borrowing costs, restrict the Borrower&#146;s ability to obtain additional advances under the credit facility, accelerate all amounts outstanding under the
credit facility, enforce their interest against collateral pledged under the credit facility or enforce their rights under the Company&#146;s guarantees. Pursuant to a servicing agreement, the Company will continue to service the motor vehicle
retail installment sale contracts transferred to the Borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alt Ridge Capital, LLC and LEHNS Capital Advisory, LLC served as placement agent and
financial advisor to the Company in conjunction with the credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also announced that it has updated its <FONT
STYLE="white-space:nowrap">charge-off</FONT> policy to revert to charging off accounts 121 or more days past due or upon the bankruptcy of the account debtor, which the Company believes is more in line with industry standards. In connection with
such update to the <FONT STYLE="white-space:nowrap">charge-off</FONT> policy, the Company anticipates incurring approximately $6.1&nbsp;million in <FONT STYLE="white-space:nowrap">one-time</FONT> charge-offs as of the end of the fiscal quarter
ending March&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;As we continue to improve our operations, underwriting and servicing, this is the natural next-step in bettering our
portfolio health,&#148; continued Marohn. &#147;Nicholas was founded on a very conservative approach to loss recognition and the move back to a 121day <FONT STYLE="white-space:nowrap">charge-off</FONT> policy brings us back to being more in line
with those original conservative principles.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company also announced its decision to exit the Texas and Virginia markets, which will result in
the closure of four branches as of March&nbsp;31, 2019. The Company accrued approximately $0.3&nbsp;million, related to future lease obligations and severance payments, in connection with such closures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We never like to close branches or exit markets, but the Texas and Virginia markets have been drags on our profits for far too long, and the Company is
better served to allocate our resources more heavily in our producing and profitable markets,&#148; Doug Marohn went on to say. &#147;In spite of these closures, we continue to seek out and evaluate growth opportunities both inside and outside of
our current branch footprint.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Cautionary Note regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements, including but not
limited to the anticipated <FONT STYLE="white-space:nowrap">one-time</FONT> charge-offs in connection with the change in <FONT STYLE="white-space:nowrap">charge-off</FONT> policy, that involve risks and uncertainties including risk relating to
competition and our ability to increase and maintain yield and profitability at desirable levels, as well as risks relating to general economic conditions, access to bank financing, and other risks detailed from time to time in the Company&#146;s
filings and reports with the Securities and Exchange Commission including the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended March&nbsp;31, 2018. When used in this document, the words
&#147;anticipate&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;will&#148;, &#147;may&#148;, &#147;plan,&#148; &#147;believe&#148;, &#147;intend&#148; and similar expressions are intended to identify forward-looking statements. Such
statements are based on the beliefs of Company management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially from those anticipated, estimated or expected. All
forward-looking statements and cautionary statements included in this document are made as of the date hereof based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking
statement or cautionary statement. </P>
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