Exhibit 10.1

EXECUTION COPY

SECOND AMENDMENT TO THE

RECEIVABLES FINANCING AGREEMENT

This SECOND AMENDMENT TO THE RECEIVABLES FINANCING AGREEMENT (this “ Amendment ”), dated as of June 28, 2017, is entered into by and among the following parties:

(i)                                      FIRST DATA RECEIVABLES, LLC, as Borrower;

(ii)                                   FIRST DATA CORPORATION, as initial Servicer; and

(iii)                                PNC BANK, NATIONAL ASSOCIATION (“ PNC ”), as Committed Lender, Group Agent and Administrative Agent.

Capitalized terms used but not otherwise defined herein (including such terms used above) have the respective meanings assigned thereto in the Receivables Financing Agreement described below.

BACKGROUND

A.            The parties hereto have entered into a Receivables Financing Agreement, dated as of December 31, 2015 (as amended, restated, supplemented or otherwise modified through the date hereof, the “ Receivables Financing Agreement ”).

B.            Concurrently herewith, the Borrower, the Servicer and the Originators party thereto are entering into that certain Second Amendment to the Transfer and Contribution Agreement, dated as of the date hereof.

C.            Concurrently herewith, the Borrower, the Servicer and PNC, as Lender and Administrative Agent, are entering into that certain Amended and Restated Fee Letter, dated as of the date hereof.

D.            The parties hereto desire to amend the Receivables Financing Agreement as set forth herein.

NOW, THEREFORE, with the intention of being legally bound hereby, and in consideration of the mutual undertakings expressed herein, each party to this Amendment hereby agrees as follows:

SECTION 1.   Amendments to the Receivables Financing Agreement .  The Receivables Financing Agreement is hereby amended to incorporate the changes shown on the marked pages of the Agreement attached hereto as Exhibit A .

SECTION 2.   Representations and Warranties of the Borrower and Servicer .  The Borrower and the Servicer hereby represent and warrant to each of the parties hereto as of the date hereof as follows:

(a)           Representations and Warranties .  The representations and warranties made by it in the Receivables Financing Agreement and each of the other Transaction Documents to which it is a party are true and correct as of the date hereof.

(b)           Enforceability .  The execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are within its organizational powers and have been duly authorized by all necessary action on its part, and this Amendment, the Receivables Financing Agreement (as amended hereby) and the other Transaction Documents to which it is a party are (assuming due authorization and execution by the other parties thereto) its valid and legally binding obligations, enforceable in accordance with its terms, except (x) the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws from time to time in effect relating to creditors’ rights, and (y) the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

(c)           No Event of Default .  No Event of Default or Unmatured Event of Default has occurred and is continuing, or would occur as a result of this Amendment or the transactions contemplated hereby.

SECTION 3.   Effect of Amendment; Ratification .  All provisions of the Receivables Financing Agreement and the other Transaction Documents, as expressly amended and modified by this Amendment, shall remain in full force and effect.  After this Amendment becomes effective, all references in the Receivables Financing Agreement (or in any other Transaction Document) to “this Receivables Financing Agreement”, “this Agreement”, “hereof”, “herein” or words of similar effect referring to the Receivables Financing Agreement shall be deemed to be references to the Receivables Financing Agreement as amended by this Amendment. This Amendment shall not be deemed, either expressly or impliedly, to waive, amend or supplement any provision of the Receivables Financing Agreement other than as set forth herein.  The Receivables Financing Agreement, as amended by this Amendment, is hereby ratified and confirmed in all respects.

SECTION 4.   Effectiveness .  This Amendment shall become effective as of the date hereof upon when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit B hereto, in each case, in form and substance reasonably acceptable to the Administrative Agent and (b) all fees and expenses payable by the Borrower on the date hereof to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents.

SECTION 5.   Severability .  Any provisions of this Amendment which are 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, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

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SECTION 6.   Transaction Document .  This Amendment shall be a Transaction Document for purposes of the Receivables Financing Agreement.

SECTION 7.   Counterparts .  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment by facsimile or e-mail transmission shall be effective as delivery of a manually executed counterpart hereof.

SECTION 8.   GOVERNING LAW AND JURISDICTION .

(a)           THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

(b)           EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AMENDMENT, MAY BE HEARD AND DETERMINED, IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  NOTHING IN THIS SECTION 8 SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.  EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.  THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

SECTION 9.   Section Headings .  The various headings of this Amendment are included for convenience only and shall not affect the meaning or interpretation of this Amendment, the Receivables Financing Agreement or any provision hereof or thereof.

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[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written.

2nd Amendment to

Receivables Financing Agreement

S- 1

2nd Amendment to

Receivables Financing Agreement

S- 2

EXHIBIT A

Changed Pages to

Receivables Financing Agreement

(Attached)

EXHIBIT B

Closing Memorandum

(Attached)

EXECUTION COPY

Exhibit A to Second Amendment

RECEIVABLES FINANCING AGREEMENT

Dated as of December 31, 2015

by and among

FIRST DATA RECEIVABLES, LLC,

as Borrower,

THE PERSONS FROM TIME TO TIME PARTY HERETO,

as Lenders and as Group Agents,

PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

and

FIRST DATA CORPORATION,

as initial Servicer

PNC CAPITAL MARKETS LLC,

as Structuring Agent

TABLE OF CONTENTS

i

TABLE OF CONTENTS

(continued)

ii

TABLE OF CONTENTS

(continued)

iii

TABLE OF CONTENTS

(continued)

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This RECEIVABLES FINANCING AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “ Agreement ”) is entered into as of December 31, 2015 by and among the following parties:

(i)            FIRST DATA RECEIVABLES, LLC, a Delaware limited liability company, as Borrower (together with its successors and assigns, the “ Borrower ”);

(ii)           the Persons from time to time party hereto as Lenders and as Group Agents;

(iii)          PNC BANK, NATIONAL ASSOCIATION (“ PNC ”), as Administrative Agent; and

(iv)          FIRST DATA CORPORATION, a Delaware corporation (“ First Data ”), as initial Servicer (in such capacity, together with its successors and assigns in such capacity, the “ Servicer ”).

PRELIMINARY STATEMENTS

The Borrower has acquired, and will acquire from time to time, Receivables from the Originators pursuant to the Transfer and Contribution Agreement.  The Borrower has requested that the Lenders make Loans from time to time to the Borrower and, on the terms, and subject to the conditions set forth herein, secured by, among other things, the Receivables.

In consideration of the mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.01.    Certain Defined Terms .  As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

“ Administrative Agent ” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor thereto in such capacity appointed pursuant to Article XI or Section 14.03(g) .

“ Adverse Claim ” means any Lien, except any Permitted Lien.

“ Advisors ” has the meaning set forth in Section 14.06(c) .

“ Affected Person ” means each Credit Party, each Program Support Provider, each Liquidity Agent and each of their respective Affiliates.

“ Affiliate ” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person, except

that, in the case of each Conduit Lender, Affiliate shall mean the holder(s) of its Capital Stock or membership interests, as the case may be.  A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract, proxy or otherwise.

“ Aggregate Capital ” means, at any time of determination, the aggregate outstanding Capital of all Lenders at such time.

“ Aggregate Interest ” means, at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders at such time.

“ Agreement ” has the meaning set forth in the preamble to this Agreement.

“ Anti-Terrorism Laws ” means any law of the United States relating to terrorism, sanctions, money laundering or import/export licensing, and any regulation, order, or directive promulgated, issued or enforced pursuant to such laws, all as amended, supplemented or replaced from time to time.

“ Applicable Law ” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation, ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound.  For the avoidance of doubt, FATCA shall constitute an “Applicable Law” for all purposes of this Agreement.

“Approved Settlement Account” means: (i) each account listed on Schedule III to this Agreement (as such schedule may be modified from time to time in connection with the closing or opening of any Approved Settlement Account in accordance with the terms hereof) and maintained at a bank or other financial institution acting as a Settlement Account Bank for the purpose of receiving Collections; and (ii) the Exception Accounts so long as the Exception Account Conditions are then satisfied (unless any such Exception Account Condition is waived in writing by the Administrative Agent).

“ Assignment and Acceptance Agreement ” means an assignment and acceptance agreement entered into by a Committed Lender, an Eligible Assignee, such Committed Lender’s Group Agent and the Administrative Agent, and, if required, the Borrower, pursuant to which such Eligible Assignee shall become a party to this Agreement, in substantially the form of Exhibit B hereto.

“ Assumption Agreement ” has the meaning set forth in Section 14.03(i) .

“ Attorney Costs ” means and includes all fees, costs, expenses and disbursements of any law firm or other external counsel and all disbursements of internal counsel.

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“ Bank Rate ” for any Portion of Capital funded by any Lender on any day, means an interest rate per annum equal to (a) LMIR for such Lender on such day or (b) if the Base Rate is applicable to such Lender pursuant to Section 5.04 , the Base Rate for such Lender on such day; provided , however , that the “Bank Rate” for any day while an Event of Default has occurred and is continuing shall be an interest rate equal to the sum of 2.00% per annum plus LMIR for such Lender on such day.

“ Bankruptcy Code ” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to time.

“ Base Rate ” means, for any day and any Lender, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the greater of:

(a)           the rate of interest in effect for such day as publicly announced from time to time by the applicable Group Agent or its Affiliate as its “reference rate” or “prime rate”, as applicable.  Such “reference rate” or “prime rate” is set by the applicable Group Agent or its Affiliate based upon various factors, including such Person’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate, and is not necessarily the lowest rate charged to any customer; and

(b)           0.50% per annum above the latest Federal Funds Rate.

“ Borrower ” has the meaning specified in the preamble to this Agreement.

“ Borrower Indemnified Amounts ” has the meaning set forth in Section 13.01(a) .

“ Borrower Indemnified Party ” has the meaning set forth in Section 13.01(a) .

“ Borrower Material Adverse Effect ” means a material adverse effect on any of the following:

(a)           the assets, operations, business or financial condition of the Borrower;

(b)           the ability of the Borrower to perform its obligations under this Agreement or any other Transaction Document to which it is a party;

(c)           the validity or enforceability of this Agreement or any other Transaction Document to which the Borrower is a party, or the validity, enforceability, value or collectibility of any material portion of the Pool Receivables;

(d)           the status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

(e)           the rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

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“ Borrower Obligations ” means all present and future indebtedness, reimbursement obligations, and other liabilities and obligations (howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under or in connection with this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all Capital and Interest on the Loans, all Fees and all other amounts due or to become due under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including, without limitation, interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect to the Borrower (in each case whether or not allowed as a claim in such proceeding).

“ Borrowing Base ” means, at any time of determination, the amount equal to (a) the Net Receivables Pool Balance at such time, minus (b) the Total Reserves at such time.

“ Borrowing Base Deficit ” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital at such time, exceeds (b) the lesser of (i) the Borrowing Base at such time and (ii) the Facility Limit at such time.

“ Breakage Fee ” means (i) for any Interest Period for which Interest is computed by reference to the CP Rate and a reduction of Capital is made for any reason on any day other than a Settlement Date or (ii) to the extent that the Borrower shall for any reason, fail to borrow on the date specified by the Borrower in connection with any request for funding pursuant to Article II of this Agreement, the amount, if any, by which (A) the additional Interest (calculated without taking into account any Breakage Fee or any shortened duration of such Interest Period pursuant to the definition thereof) which would have accrued during such Interest Period (or, in the case of clause (i)  above, until the maturity of the underlying Note) on the reductions of Capital relating to such Interest Period had such reductions not been made (or, in the case of clause (ii)  above, the amounts so failed to be borrowed or accepted in connection with any such request for funding by the Borrower), exceeds (B) the income, if any, received by the applicable Lender from the investment of the proceeds of such reductions of Capital (or such amounts failed to be borrowed by the Borrower).  A certificate as to the amount of any Breakage Fee (including the computation of such amount) shall be submitted by the affected Lender (or applicable Group Agent on its behalf) to the Borrower and shall be conclusive and binding for all purposes, absent manifest error.

“ Business Day ” means any day (other than a Saturday or Sunday) on which:  (a) banks are not authorized or required to close in Pittsburgh, Pennsylvania, or New York City, New York and (b) if this definition of “Business Day” is utilized in connection with the LMIR, dealings are carried out in the London interbank market.

“Buyout Lease Receivable” means, as of any date of determination and with respect to any Lease Contract, all monetary obligation owed to any Originator or the Borrower (as assignee of an Originator), in connection with the election by the related Obligor to terminate such Lease Contract and repay all remaining Scheduled Lease Payments thereunder, and includes, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with

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respect thereto.  The Buyout Lease Receivable with respect to any Lease Contract will arise upon the date (if any) that the related Obligor accepts its contractual obligation to make such remaining payments.

“ Capital ” means, with respect to any Lender, without duplication, the aggregate amounts paid to, or on behalf of, the Borrower in connection with all Loans made by such Lender pursuant to Article II , as reduced from time to time by Collections distributed and applied on account of such Capital pursuant to Section 4.01 ; provided , that if such Capital shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution as though it had not been made.

“ Capital Stock ” means, with respect to any Person, any and all common shares, preferred shares, interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, beneficial interests, partnership interests, limited liability company interests, membership interests, participations or other equivalent interests and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests, in each case whether voting or non-voting.

“ Change in Control ” means the occurrence of any of the following:

(a)           the Originators cease to own, directly, 100% in the aggregate of the issued and outstanding Capital Stock and all other equity interests of the Borrower free and clear of all Adverse Claims;

(b)           any Originator (as the same may be modified from time to time by adding new Originators or removing Originators in accordance with the definition thereof and the Transfer and Contribution Agreement) ceases to own, directly, any Capital Stock of the Borrower;

(c)           First Data ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock and all other equity interests of any Originator (as the same may be modified from time to time by adding new Originators or removing Originators in accordance with the definition thereof and the Transfer and Contribution Agreement); or

(d)           the occurrence of a “Change of Control” under and as defined in the Credit Agreement as in effect on the Closing Date; provided , however , if after the Closing Date, the definition of “Change of Control” set forth in the Credit Agreement (or any of the defined terms used in connection with such term) is amended or modified, then for all purposes of this clause (d) , the definition of “Change of Control” shall automatically and without further action on the part of any Person, be deemed to be also so amended or modified, if at the time of such amendment or modification, (i) the Majority Group Agents (or an Affiliate thereof) is a party to the Credit Agreement and consented to such amendment or modification (or the Majority Group Agents otherwise acknowledge and accept such amendment or modification hereunder) and (ii) such

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amendment or modification is consummated in accordance with the terms of the Credit Agreement.

“ Change in Law ” means the occurrence, after the Closing Date (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) 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) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (as amended, supplemented or otherwise modified or replaced from time to time), shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

“ Closing Date ” means December 31, 2015.

“ Code ” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

“ Collateral ” has the meaning set forth in Section 5.05 .

“ Collections ” means, with respect to any Pool Receivable:  (a) all funds that are received by any Originator, the Borrower, the Servicer or any other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, services charges, fees, finance charges, interest and all other charges), or applied (including by way of setoff to an Approved Settlement Account or other account) to amounts owed in respect of such Pool Receivable (including insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property of the related Obligor or any other Person directly or indirectly liable for the payment of such Pool Receivable and available to be applied thereon), (b) all Deemed Collections, (c) all cash proceeds of all Related Security with respect to such Pool Receivable and (d) all other cash proceeds of such Pool Receivable.

“ Commitment ” means, with respect to any Committed Lender (including a Related Committed Lender), as applicable, the maximum aggregate amount which such Person is obligated to lend or pay hereunder on account of all Loans, on a combined basis, as set forth on Schedule I or in the Assumption Agreement or other agreement pursuant to which it became a Lender, as such amount may be modified in connection with any subsequent assignment pursuant to Section 14.03 or in connection with a reduction in the Facility Limit pursuant to Section 2.02(e) .  If the context so requires, “Commitment” also refers to a Committed Lender’s obligation to make Loans hereunder in accordance with this Agreement.

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“ Committed Lenders ” means PNC and each other Person that is or becomes a party to this Agreement in the capacity of a “Committed Lender”.

“ Concentration Percentage ” means (a) except as provided in clause (b)  below, (i) for any Group A Obligor, 17.50%, (ii) for any Group B Obligor, 15.00%, (iii) for any Group C Obligor, 12.50% and (iv) for any Group D Obligor, 7.50% and (b) for each of the Obligors listed in the chart below (each, a “ Special Obligor ”), the percentage specified in the chart below for such Special Obligor (the applicable “ Special Concentration Limit ”); provided , however , that (i) the Administrative Agent may, upon not less than thirty (30) days’ written notice to the Borrower, cancel or reduce the Special Concentration Limit with respect to any or all Special Obligors and (ii) if the aggregate Outstanding Balance of Pool Receivables owing by any Special Obligor that constitute Past Due Receivables is not less than 25.0% of the aggregate Outstanding Balance of all Pool Receivables owing by such Special Obligor, then the Special Concentration Limit with respect to such Special Obligor shall be immediately and automatically cancelled, thereafter, in each case, the Concentration Percentage for such Special Obligor(s) shall be determined pursuant to clause (a)  above.  For purposes of this definition, “ Past Due Receivable ” means a Receivable as to which any payment, or part thereof, remains unpaid for more than sixty (60) days from the original due date for such payment.  In the event that any other Obligor is or becomes an Affiliate of a Special Obligor, the Special Concentration Limit shall apply to both such Obligor and such Special Obligor and shall be calculated as if such Obligor and such Special Obligor were a single Obligor.

“ Concentration Reserve ” means, at any time of determination, an amount equal to: (a) the Aggregate Capital at such time, multiplied   by (b)(i) the Concentration Reserve Percentage at such time, divided   by (ii) 100% minus the Concentration Reserve Percentage at such time.

“ Concentration Reserve Percentage ” means, at any time of determination, the largest of: (a) the sum of the five (5) largest Obligor Percentages of the Group D Obligors, (b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the sum of the two (2) largest Obligor Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

“ Conduit Lender ” means each commercial paper conduit that is or becomes a party to this Agreement in the capacity of a “Conduit Lender”.

“ Contract ” means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to make payment in respect of such Receivable.

“ Contribution Termination Event ” has the meaning set forth in the Transfer and Contribution Agreement.

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“ Controlled Group ” means all members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with First Data or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.

“ Covered Entity ” shall mean (a) each of Borrower, the Servicer, each Originator, First Data and each of First Data’s Subsidiaries and (b) each Person that, directly or indirectly, is in control of a Person described in clause (a) above.  For purposes of this definition, control of a Person shall mean the direct or indirect power to direct or cause the direction of the management and policies of such Person, in either case whether by ownership of voting securities, contract, proxy or otherwise.

“ CP Rate ” means, for any Conduit Lender and for any Interest Period for any Portion of Capital (a) the per   annum rate equivalent to the weighted average cost (as determined by the applicable Group Agent and which shall include commissions of placement agents and dealers, incremental carrying costs incurred with respect to Notes of such Person maturing on dates other than those on which corresponding funds are received by such Conduit Lender, other borrowings by such Conduit Lender (other than under any Program Support Agreement) and any other costs associated with the issuance of Notes) of or related to the issuance of Notes that are allocated, in whole or in part, by the applicable Conduit Lender to fund or maintain such Portion of Capital (and which may be also allocated in part to the funding of other assets of such Conduit Lender); provided , however , that if any component of such rate is a discount rate, in calculating the “ CP Rate ” for such Portion of Capital for such Interest Period, the applicable Group Agent shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per   annum ; provided , further , that notwithstanding anything in this Agreement or the other Transaction Documents to the contrary, the Borrower agrees that any amounts payable to Conduit Lenders in respect of Interest for any Interest Period with respect to any Portion of Capital funded by such Conduit Lenders at the CP Rate shall include an amount equal to the portion of the face amount of the outstanding Notes issued to fund or maintain such Portion of Capital that corresponds to the portion of the proceeds of such Notes that was used to pay the interest component of maturing Notes issued to fund or maintain such Portion of Capital, to the extent that such Conduit Lenders had not received payments of interest in respect of such interest component prior to the maturity date of such maturing Notes (for purposes of the foregoing, the “interest component” of Notes equals the excess of the face amount thereof over the net proceeds received by such Conduit Lender from the issuance of Notes, except that if such Notes are issued on an interest-bearing basis its “interest component” will equal the amount of interest accruing on such Notes through maturity) or (b) any other rate designated as the “CP Rate” for such Conduit Lender in the Assumption Agreement or other document pursuant to which such Person becomes a party as a Conduit Lender to this Agreement, or any other writing or agreement provided by such Conduit Lender to the Borrower, the Servicer and the applicable Agent from time to time.  The “CP Rate” for any Conduit Lender for any day while an Event of Default has occurred and is continuing shall be an interest rate equal to 2.00% per annum above the “CP Rate” calculated without giving effect to such Event of Default.

“ Credit Agreement ” means that certain Credit Agreement, dated as of September 24, 2007 (as amended, restated, amended and restated or otherwise modified from time to time),

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among First Data, the lenders from time to time party thereto, Credit Suisse, Cayman Islands Branch, as administrative agent, swingline lender and letter of credit issuer, Citibank, N.A., as syndication agent, and the other parties from time to time party thereto.

“ Credit and Collection Policy ” means, as the context may require, those receivables credit and collection policies and practices of the Originators in effect on the Closing Date and described in Exhibit E , as modified in compliance with this Agreement.

“ Credit Extension ” means the making of any Loan.

“ Credit Party ” means each Lender, the Administrative Agent and each Group Agent.

“Current Lease Receivable” means, as of any date of determination and with respect to any Lease Contract, the single Scheduled Lease Payment with the next occurring scheduled payment date and including, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with respect thereto.  Each Current Lease Receivable with respect to any Lease Contract will arise (i) initially upon the effectiveness of such Lease Contract and (ii) thereafter, upon the occurrence of a scheduled payment date.

“ Days’ Sales Outstanding ” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal Month equal to: (a) the average of the Outstanding Balance of all Pool Receivables as of the last day of each of the three (3) most recent Fiscal Months ended on the last day of such Fiscal Month, divided   by (b) (i) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided   by (ii) 90.

“ Debt ” means, as to any Person at any time of determination, any and all indebtedness, obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of:  (i) borrowed money, (ii) amounts raised under or liabilities in respect of any bonds, debentures, notes, note purchase, acceptance or credit facility, or other similar instruments or facilities, (iii) reimbursement obligations (contingent or otherwise) under any letter of credit, (iv) any other transaction (including production payments (excluding royalties), installment purchase agreements, forward sale or purchase agreements, the principal component of capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including (a) trade or other accounts payable or accrued expenses in each case incurred in the ordinary course of such Person’s business, (b) deferred or prepaid revenue, (c) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller and (d) all intercompany indebtedness having a term not exceeding 364 days and incurred in the ordinary course of business), (v) all net obligations of such Person in respect of interest rate or currency hedges or (vi) without duplication, any Guaranty of any such Debt.

“ Deemed Collections ” has the meaning set forth in Section 4.01(d) .

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“ Default Ratio ” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing :  (a) the aggregate Outstanding Balance of all Pool Receivables that became Defaulted Receivables during such Fiscal Month, by (b) the initial Outstanding Balance of all Pool Receivables generated by the Originators during the month that is five (5) Fiscal Months before such Fiscal Month.

“ Defaulted Receivable ” means a Receivable, without duplication:

(a)                                  as to which any payment, or part thereof, remains unpaid for more than one hundred and twenty (120) days from the original due date for such payment or more than one hundred and fifty (150) days after the original invoice date for such Receivable;

(b)                                  as to which an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or any other Person obligated thereon or owning any Related Security with respect thereto; or

(c)                                   as to which any payment, or part thereof, remains unpaid for one hundred and twenty (120) days or less from the original due date for such payment or one hundred and fifty (150) days or less after the original invoice date for such Receivable, in either case, and either (i) has been written off the applicable Originator’s or the Borrower’s books as uncollectible in accordance with the Credit and Collection Policy or (ii) consistent with the Credit and Collection Policy, should be written off the applicable Originator’s or the Borrower’s books as uncollectible.

“ Delinquency Ratio ” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of each Fiscal Month by dividing : (a) the aggregate Outstanding Balance of all Pool Receivables that were Delinquent Receivables on such day, by (b) the aggregate Outstanding Balance of all Pool Receivables on such day.

“ Delinquent Receivable ” means a Receivable as to which any payment, or part thereof, remains unpaid for (a) more than ninety (90) days from the original due date for such payment or (b) more than ninety (90) days from the original invoice date for such Receivable.

“ Dilution Horizon Ratio ” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) computed as of the last day of such Fiscal Month by dividing :  (a) the sum of (i) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during such Fiscal Month, plus (ii) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the preceding Fiscal Month, by (b) the Net Receivables Pool Balance as of the last day of such Fiscal Month.

“ Dilution Ratio ” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), computed as of the last day of each Fiscal Month by dividing :  (a) the aggregate amount of Deemed Collections

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during such Fiscal Month, by (b) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the Fiscal Month that is one (1) month prior to such Fiscal Month.

“ Dilution Reserve ” means, at any time of determination, an amount equal to: (a) the Aggregate Capital at such time, times (b) (i) the Dilution Reserve Percentage at such time, divided   by (ii) 100% minus the Dilution Reserve Percentage at such time.

“ Dilution Reserve Percentage ” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the Dilution Horizon Ratio, times (b) the sum of (i) 2.50 times the average of the Dilution Ratios for the twelve most recent Fiscal Months, plus (ii) the Dilution Volatility Component.

“ Dilution Volatility Component ” means, for any Fiscal Month (expressed as a percentage and rounded to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), (a) the positive difference, if any, between: (i) the highest Dilution Ratio for any Fiscal Month during the twelve most recent Fiscal Months and (ii) the arithmetic average of the Dilution Ratios for such twelve Fiscal Months, times (b) (i) the highest Dilution Ratio for any Fiscal Month during the twelve most recent Fiscal Months, divided   by (ii) the arithmetic average of the Dilution Ratios for such twelve Fiscal Months.

“ Dollars ” and “ $ ” each mean the lawful currency of the United States of America.

“ Eligible Assignee ” means (i) each Committed Lender or any of its Affiliates, (ii) any Person managed by a Committed Lender or any of its Affiliates and (iii) with the prior written consent of the Borrower (such consent not to be unreasonably withheld), any other financial or other institution; provided , however , that such consent shall not be required if an Event of Default has occurred and is continuing.

“ Eligible Foreign Obligor ” means any Foreign Obligor which is organized in and whose principal place of business is in, any country other than a Sanctioned Country.

“ Eligible Receivable ” means, at any time of determination, a Pool Receivable:

(a)                                  the Obligor of which is: (i) a resident of the United States of America or is an Eligible Foreign Obligor; (ii) not a Sanctioned Person; (iii) not subject to any Insolvency Proceeding; (iv) not an Affiliate of the Borrower, the Servicer, First Data or any Originator; (v) not the Obligor with respect to Delinquent Receivables with an aggregate Outstanding Balance exceeding 50.0% of the aggregate Outstanding Balance of all such Obligor’s Pool Receivables; (vi) not a natural person and (vii) not a material supplier to any Originator or an Affiliate of a material supplier;

(b)                                  that is denominated and payable only in U.S. dollars in the United States of America, and the Obligor of which has been instructed to remit Collections in respect thereof directly to (i) with respect to Subject Receivables, an Approved Settlement Account in the

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United States of America and (ii) with respect to any other Receivables, a Lock-Box or Lock-Box Account in the United States of America;

(c)                                   that does not have a due date which is more than ninety (90) days after the original invoice date of such Receivable;

(d)                                  that arises under a Contract for the sale or rent of goods or services in the ordinary course of the applicable Originator’s business;

(e)                                   that arises under a Contract that is in full force and effect and that is a legal, valid and binding obligation of the related Obligor, enforceable against such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity regardless of whether enforceability is considered in a proceeding in equity or at law;

(f)                                    that has been contributed by an Originator to the Borrower pursuant to the Transfer and Contribution Agreement, and with respect to which contribution all conditions precedent under the Transfer and Contribution Agreement have been met;

(g)                                   that, together with the Contract related thereto, conforms in all material respects with all Applicable Laws (including any applicable laws relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy);

(h)                                  with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, or notices to, any Governmental Authority or other Person, required to be obtained by, effected or given to an Originator in connection with the creation of such Receivable, the execution, delivery and performance by such Originator of the related Contract or the contribution thereof to the Borrower under the Transfer and Contribution Agreement, in each case, have been duly obtained, effected or given and are in full force and effect;

(i)                                      that is not subject to any existing dispute, right of rescission, set-off, counterclaim, any other defense against the applicable Originator (or any assignee of such Originator); provided , that only such portion of such Receivable that is subject to any of the foregoing shall be deemed to be ineligible pursuant to this clause (i) ;

(j)                                     that satisfies all applicable requirements of the Credit and Collection Policy;

(k)                                  that, together with the Contract related thereto, has not been modified, waived or restructured since its creation, except as permitted pursuant to Section 9.02 of this Agreement;

(l)                                      in which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable (including without any consent of the related

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Obligor or any Governmental Authority), and which is not included in the collateral described in the financing statements set forth on Exhibit J that name Wells Fargo Bank, National Association as secured party;

(m)                              for which the Administrative Agent (on behalf of the Secured Parties) shall have a valid and enforceable first priority perfected security interest therein and in that portion of the Related Security with respect thereto in which a security interest may be perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim;

(n)                                  that (i) if not a Lease Receivable, constitutes an “account” or a “general intangible” as defined in the UCC, and that is not evidenced by instruments or chattel paper and (ii) if a Lease Receivable, constitutes “tangible chattel paper,” “payment intangible” or an “account” (each as defined in the UCC) ;

(o)                                  that is neither a Defaulted Receivable nor a Delinquent Receivable;

(p)                                  for which no Originator, the Borrower, First Data or the Servicer has established any offset or netting arrangements with the related Obligor in connection with the ordinary course of payment of such Receivable;

(q)                                  that represents amounts earned and payable by the Obligor that are not subject to the performance of additional services by the Originator thereof or by the Borrower and such Receivable shall have been billed or invoiced by or on behalf of the Servicer and the related goods or merchandise shall have been shipped and/or services performed;

(r)                                     that (i) does not arise from a sale of accounts made as part of a sale of a business or constitute an assignment for the purpose of collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract and (iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance; and

(s)                                    that does not relate to the sale of any consigned goods or finished goods which have incorporated any consigned goods into such finished goods . ;

(t)                                     that, if a Subject Receivable, each Subject Receivable Eligibility Condition is met with respect to such Subject Receivable;

(u)                                  that, if a Lease Receivable, (i) is non-cancellable by the related Obligor, (ii) does not constitute a “consumer lease” under the UCC, (iii) all sales and use taxes on the related Lease Device then due and owing have been paid, (iv) the Obligor of which is in possession, or controls the possession, of the Lease Device subject to the related Lease Contract, (v) arose under a Lease Contract which is substantially in the form of Schedule VI hereto, (vi) relates to a Lease Device which is compatible with market technology and service platforms and (vii) arises during the “Lease Term” set forth in the related Lease Contract, which Lease Contract does not constitute a month-to-month lease; and

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(v)                                  that, (i) is not a Buyout lease Receivable and (ii) if a Current Lease Receivable or a Past-Due Lease Receivable, for which no Buyout Lease Receivable exists with respect to the related Lease Contract.

“ ERISA ” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

“ ERISA Affiliate ” means, with respect to any Person, any corporation, trade or business which together with the Person is a member of a controlled group of corporations or a controlled group of trades or businesses and would be deemed a “single employer” within the meaning of Sections 414(b), (c), (m) of the Code or Section 4001(b) of ERISA.

“ Euro-Rate Reserve Percentage ” means, the maximum effective percentage in effect on such day as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental, marginal, and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”).

“ Event of Default ” has the meaning specified in Section 10.01 .  For the avoidance of doubt, any Event of Default that occurs shall be deemed to be continuing at all times thereafter unless and until waived in accordance with Section 14.01 .

“Exception Accounts” means (i) the deposit account, with an account number ending in 8067, maintained at Wells Fargo Bank, N.A. in the name of First Data Merchant Services LLC and (ii) the deposit account, with an account number ending in 9829, maintained at KeyBank, N.A. in the name of First Data Merchant Services LLC.

“Exception Account Conditions” means (i) no Event of Default or Unmatured Event of Default has occurred and is continuing and (ii) except to the extent waived in writing by the Administrative Agent, (a) all Collections received in the Exception Account maintained at KeyBank, N.A. are then being swept to the Exception Account maintained at Wells Fargo Bank, N.A. no later than one (1) Business Day following receipt thereof and (b) all Collections in the Exception Account maintained at Wells Fargo Bank, N.A. are being transferred directly to a Lock-Box Account no later than five (5) Business Days following receipt thereof.

“ Excess Concentration ” means, the sum, without duplication, at any time of determination, of:

(a) the sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) the aggregate Outstanding Balance of the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied   by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus

(b) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Foreign Obligor, net of any other Excess Concentrations (if any) related to such Eligible Foreign Obligor’s Concentration Percentage,

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over (ii) the product of (x) 3.00%, multiplied   by (y) the aggregate Outstanding Balance of all Eligible Receivables . ; plus

(c)                                   the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables that constitute Lease Receivables, over (ii) the product of (x) 6.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables; plus

(d)                                  at any time (i) prior to the Excess Concentration Step-Up Date, zero and (ii) on or after the Excess Concentration Step-Up Date, the excess (if any) of (A) the aggregate Outstanding Balance of all Eligible Receivables that constitute Subject Receivables, over (B) the product of (x) 35.00%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables.

“Excess Concentration Step-Up Date” means the date designated as such in writing by the Administrative Agent (in its sole discretion) to the Servicer; provided that (i) such date shall not be less than 30 days from the date such notice is delivered and (ii) such date shall not occur prior to the one-year anniversary of the Second Amendment Date.

“ Exchange Act ” means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time.

“ Excluded Receivable ” means any Receivable, the Obligor of which set forth on Schedule V hereto as amended from time to time.

“ Excluded Taxes ” means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or deducted from a payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Affected Person 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) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to a Lender’s failure to comply with Section 5.03(f)  and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

“ Facility Limit ” means, at any time of determination, the aggregate Commitment of all Purchasers, which as of the Closing Second Amendment Date is equal to $ 230,000,000 600,000,000 , as reduced from time to time pursuant to Section 2.02(e) .  References to the unused portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time, minus (y) the Aggregate Capital.

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“ FATCA ” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any laws, regulations, rules or practices adopted pursuant to any intergovernmental agreement entered into with respect to the foregoing.

“ Federal Funds Rate ” means, for any day, the per annum rate set forth in the weekly statistical release designated as H.15(519), or any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such day opposite the caption “Federal Funds (Effective).”  If on any relevant day such rate is not yet published in H. 15(519), the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations for U.S. Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective Rate.”  If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic mean as determined by the Administrative Agent of the rates for the last transaction in overnight Federal funds arranged before 9:00 a.m. (New York time) on that day by each of three leading brokers of Federal funds transactions in New York City selected by the Administrative Agent.

“ Federal Reserve Board ” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

“ Fee Letter ” has the meaning specified in Section 2.03(a) .

“ Fees ” has the meaning specified in Section 2.03(a) .

“ Final Maturity Date ” means (i) the date that is ninety (90) days following the Termination Date or (ii) such earlier date on which the Aggregate Capital becomes due and payable pursuant to Section 10.01 .

“ Final Payout Date ” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Interest have been paid in full, (ii) all Borrower Obligations shall have been paid in full, (iii) all other amounts owing to the Credit Parties and any other Borrower Indemnified Party or Affected Person hereunder and under the other Transaction Documents have been paid in full and (iv) all accrued Servicing Fees have been paid in full.

“ Financial Officer ” of any Person means, the president, the chief executive officer, the chief financial officer, the chief accounting officer, the principal accounting officer, the controller, senior or executive vice president, the treasurer or the assistant treasurer of such Person.

“ First Data ” has the meaning specified in the preamble to this Agreement.

“ Fiscal Month ” means each calendar month.

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“ Fitch ” means Fitch, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

“ Foreign Obligor ” means an Obligor that is organized in, or whose principal place of business is in, any country other than the United States.

“ GAAP ” means generally accepted accounting principles in the United States of America, consistently applied.

“ Governmental Authority ” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

“ Group ” means, (i) for any Conduit Lender, such Conduit Lender, together with such Conduit Lender’s Related Committed Lenders and related Group Agent, (ii) for PNC, PNC as a Committed Lender and as a Group Agent, (iii) for any other Lender that does not have a Related Conduit Lender, such Lender, together with such Lender’s related Group Agent and each other Lender for which such Group Agent acts as a Group Agent hereunder.

“ Group A Obligor ” means any Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with: (a) a short-term rating of at least “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of at least “A+” by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, and (b) a short-term rating of at least “P-1” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of “Al” or better by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided , however , if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is other than Retail Credit Services, Inc. and rated by only one of such rating agencies, then such Obligor (or its parent or majority owner, as applicable) will be a “Group D Obligor”; provided , further , that if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is Retail Credit Services, Inc. and is rated by only one of such rating agencies, such Obligor shall be a Group A Obligor if either clause (a)  or clause (b)  above apply.  Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group A Obligor” shall be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and clause (a)  of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group B Obligor”, “Group C Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group B Obligor, a Group C Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

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“ Group Agent ” means each Person acting as agent on behalf of a Group and designated as the Group Agent for such Group on the signature pages to this Agreement or any other Person who becomes a party to this Agreement as a Group Agent for any Group pursuant to an Assumption Agreement, an Assignment and Acceptance Agreement or otherwise in accordance with this Agreement.

“ Group Agent’s Account ” means, with respect to any Group, the account(s) from time to time designated in writing by the applicable Group Agent to the Borrower and the Servicer for purposes of receiving payments to or for the account of the members of such Group hereunder.

“ Group B Obligor ” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor, with: (a) a short-term rating of at least “A-2” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of at least “BBB+” by S&P on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, and (b) a short-term rating of at least “P-2” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of at least “Baal” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided , however , if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is other than Retail Credit Services, Inc. and rated by only one of such rating agencies, then such Obligor (or its parent or majority owner, as applicable) will be a “Group D Obligor”; provided , further , that if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is Retail Credit Services, Inc. and is rated by only one of such rating agencies, such Obligor shall be a Group B Obligor if either clause (a)  or clause (b)  above apply.  Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and clause (a)  of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group C Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group C Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

“ Group C Obligor ” means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor or a Group B Obligor, with: (a) a short-term rating of at least “A-3” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of at least “BBB-” by S&P on such Obligor’s, its parent’s or it’s majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, and (b) a short-term rating of at least “P-3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, a rating of at least “Baa3” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided , however , if such Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is other than Retail Credit Services, Inc. and rated by only one of such rating agencies, then such Obligor (or its parent or majority owner, as applicable) will be a “Group D Obligor”; provided , further , that if such

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Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is Retail Credit Services, Inc. and is rated by only one of such rating agencies, such Obligor shall be a Group C Obligor if either clause (a)  or clause (b)  above apply.  Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group C Obligor” shall be deemed to be a Group C Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage” and clause (a)  of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor” or “Group D Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group D Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

“ Group Commitment ” means, with respect to any Group, at any time of determination, the aggregate Commitments of all Committed Lenders within such Group.

“ Group D Obligor ” means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor; provided , that any Obligor (or its parent or majority owner, as applicable, if such Obligor is unrated) that is not rated by both Moody’s and S&P shall be a Group D Obligor.

“ Guaranty ” of any Person means any obligation of such Person guarantying or in effect guarantying any Debt, liability or obligation of any other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements, including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business.

“ Indemnified Taxes ” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower or any of its Affiliates under any Transaction Document and (b) to the extent not otherwise described in clause (a) , Other Taxes.

“ Independent Director ” has the meaning set forth in Section 8.03(c) .

“ Information Package ” means a report, in substantially the form of Exhibit F .

“ Insolvency Proceeding ” means, with respect to any Person (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment for the benefit of creditors of a Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each of cases (a) and (b) undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code.

“ Intended Tax Treatment ” has the meaning set forth in Section 14.14 .

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“ Interest ” means, for each Loan for any Interest Period (or portion thereof), the amount of interest accrued on the Capital of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b) .

“ Interest Period ” means: (a) before the Termination Date:  (i) initially the period commencing on the date of the initial Loan pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing Date) and ending on (but not including) the next Monthly Settlement Date and (ii) thereafter, each period commencing on such Monthly Settlement Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such period (including a period of one day) as shall be selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Group Agents) or, in the absence of any such selection, each period of 30 days from the last day of the preceding Interest Period.

“ Interest Rate ” means, for any day in any Interest Period for any Loan (or any portion of Capital thereof) funded by a Lender, an interest rate per annum equal to:

(a)                                  if such Loan (or such portion of Capital thereof) is being funded by a Conduit Lender on such day through the issuance of Notes, the applicable CP Rate; or

(b)                                  if such Loan (or such portion of Capital thereof) is being funded by any Lender on such day other than through the issuance of Notes (including, without limitation, if a Conduit Lender is then funding such Loan (or such portion of Capital thereof) under a Program Support Agreement, or if a Committed Lender is then funding such Loan (or such portion of Capital thereof)), the applicable Bank Rate;

provided , however , that no provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by Applicable Law; provided , further , however , that Interest for any Loan shall not be considered paid by any distribution to the extent that at any time all or a portion of such distribution is rescinded or must otherwise be returned for any reason.

“ Investment Company Act ” means the Investment Company Act of 1940, as amended or otherwise modified from time to time.

“Lease Contract” means, with respect to any Lease Receivable, any lease, contract or other document (including any purchase order or invoice), between an Originator and an Obligor, pursuant to which such Lease Receivable arises or which evidences such Lease Receivable. A “related” Lease Contract with respect to a Lease Receivable arising from the lease of a Lease Device means a Lease Contract which is relevant to the collection or enforcement of such Lease Receivable.

“Lease Device” means a credit card reader.

“Lease Receivable” means, as of any date of determination and with respect to any Lease Contract, (i) the Current Lease Receivable with respect thereto, (ii) each Past-Due Lease

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Receivable with respect thereto (if any) and (iii) the Buyout Lease Receivable with respect thereto (if any).

“ Lenders ” means the Conduit Lenders and the Committed Lenders.

“ Lien ” means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing).

“ Liquidity Agent ” means any bank or other financial institution acting as agent for the various Liquidity Providers under each Liquidity Agreement.

“ Liquidity Agreement ” means any agreement entered into in connection with this Agreement pursuant to which a Liquidity Provider agrees to make purchases or advances to, or purchase assets from, any Conduit Lender in order to provide liquidity for such Conduit Lender’s Loans.

“ Liquidity Provider ” means each bank or other financial institution that provides liquidity support to any Conduit Lender pursuant to the terms of a Liquidity Agreement.

“ LMIR ” means for any day during any Interest Period, the interest rate per annum determined by the applicable Group Agent (which determination shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for U.S. dollar deposits as reported by Bloomberg Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such day, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day.  The calculation of LMIR may also be expressed by the following formula:

LMIR shall be adjusted on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date.

“ Loan ” means any loan made by a Lender pursuant to Section 2.02 .

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“ Loan Request ” means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative Agent and the Group Agents pursuant to Section 2.02(a) .

“ Lock-Box ” means each locked postal box with respect to which a Lock-Box Bank who has executed a Lock-Box Agreement pursuant to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and which is listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal of any Lock-Box in accordance with the terms hereof).

“ Lock-Box Account ” means each account listed on Schedule II to this Agreement (as such schedule may be modified from time to time in connection with the closing or opening of any Lock-Box Account in accordance with the terms hereof) (in each case, in the name of the Borrower) and maintained at a bank or other financial institution acting as a Lock-Box Bank pursuant to a Lock-Box Agreement for the purpose of receiving or concentrating Collections.

“ Lock-Box Agreement ” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower, the Servicer, the Administrative Agent and a Lock-Box Bank, governing the terms of the related Lock-Box Accounts, as the same may be amended, restated, supplemented or otherwise modified from time to time.

“ Lock-Box Bank ” means any of the banks or other financial institutions holding one or more Lock-Box Accounts.

“ Loss Horizon Ratio ” means, at any time of determination, the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed by dividing : (a) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the six (6) most recent Fiscal Months, by (b) the Net Receivables Pool Balance as of such date.

“ Loss Reserve ” means, at any time of determination, an amount equal to: (a) the Aggregate Capital at such time, multiplied   by (b) (i) the Loss Reserve Percentage at such time divided   by (ii) 100% minus the Loss Reserve Percentage at such time.

“ Loss Reserve Percentage ” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) of (a) 2.50, times (b) the highest average of the Default Ratios for any three (3) consecutive Fiscal Months during the twelve (12) most recent Fiscal Months, times (c) the Loss Horizon Ratio.

“ Majority Group Agents ” means one or more Group Agents which in its Group, or their combined Groups, as the case may be, have Committed Lenders representing more than 50% of the aggregate Commitments of all Committed Lenders in all Groups (or, if the Commitments have been terminated, have Lenders representing more than 50% of the aggregate outstanding Capital held by all the Lenders in all Groups); provided , however , at any time there are two Groups, “Majority Group Agents” shall mean both Group Agents.

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“ Material Adverse Effect ” means a material adverse effect on any of the following:

(c)                                   the validity or enforceability of this Agreement or any other Transaction Document, or the validity, enforceability, value or collectibility of any material portion of the Pool Receivables;

(d)                                  the status, perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

(e)                                   the rights and remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

“ Minimum Dilution Reserve ” means, at any time of determination, an amount equal to (a) the Aggregate Capital at such time, multiplied   by (b) (i) the Minimum Dilution Reserve Percentage at such time, divided   by (ii) 100% minus the Minimum Dilution Reserve Percentage at such time.

“ Minimum Dilution Reserve Percentage ” means, at any time of determination, the product of (a) the average of the Dilution Ratios for the twelve (12) most recent Fiscal Months, multiplied   by (b) the Dilution Horizon Ratio at such time.

“ Monthly Settlement Date ” means the twenty-fifth (25 th ) calendar day of each calendar month (or if such day is not a Business Day, the next occurring Business Day).

“ Moody’s ” means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

“ Multiemployer Plan ” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, the Servicer, any Originator, First Data or any of their respective ERISA Affiliates (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code) is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions.

“ Net Receivables Pool Balance ” means, at any time of determination:  (a) the aggregate Outstanding Balance of all Eligible Receivables, minus (b) the Excess Concentration , minus (c) the Subject Receivable Reserve Amount.

“ Notes ” means short-term promissory notes issued, or to be issued, by any Conduit Lender to fund its investments in accounts receivable or other financial assets.

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“ Obligor ” means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable.

“ Obligor Percentage ” means, at any time of determination, for each Obligor, a fraction, expressed as a percentage, (a) the numerator of which is the aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation of the Excess Concentration with respect to such Obligor and (b) the denominator of which is the aggregate Outstanding Balance of all Eligible Receivables at such time.

“ Originator ” and “ Originators ” have the meaning set forth in the Transfer and Contribution Agreement, as the same may be modified from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative Agent and the Majority Group Agents.

“ Other Connection Taxes ” means, with respect to any Affected Person, Taxes imposed as a result of a present or former connection between such Affected Person and the jurisdiction imposing such Tax (other than connections arising from such Affected Person having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Transaction Document, or sold or assigned an interest in any Loan or Transaction Document).

“ Other Taxes ” means any and all present or future stamp or documentary Taxes or any other similar excise or property Taxes, charges or levies or fees arising from any payment made hereunder or from the execution, delivery, filing, recording or enforcement of, or otherwise in respect of, this Agreement, the other Transaction Documents and the other documents or agreements to be delivered hereunder or thereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

“ Outstanding Balance ” means, at any time of determination, with respect to any Receivable, the then outstanding principal balance thereof.

“ Parent Group ” has the meaning set forth in Section 8.03(c) .

“ Participant ” has the meaning set forth in Section 14.03(e) .

“ Participant Register ” has the meaning set forth in Section 14.03(f) .

“Past-Due Lease Receivable” means, as of any date of determination, any Scheduled Lease Payment with a payment due date on or prior to such date of determination, and including, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with respect thereto.

“ PATRIOT Act ” has the meaning set forth in Section 14.15 .

“ PBGC ” means the Pension Benefit Guaranty Corporation, or any successor thereto.

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“ Pension Plan ” means a pension plan as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA with respect to which any Originator, the Borrower or any other member of the Controlled Group may have any liability, contingent or otherwise.

“ Percentage ” means, at any time of determination, with respect to any Committed Lender, a fraction, expressed as a percentage, (a) the numerator of which is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all Loans being funded by the Lenders in such Committed Lender’s Group at such time and (b) the denominator of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Committed Lenders at such time or (ii) if all Commitments hereunder have been terminated, the aggregate outstanding Capital of all Loans at such time.

“ Performance Guarantor ” means First Data in its capacity as a guarantor under the Performance Guaranty.

“ Performance Guaranty ” means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise modified from time to time.

“ Permitted Lien ” means (a) the interests of the Borrower, the Administrative Agent and each of the other Secured Parties under the Transaction Documents, (b) any inchoate liens for current taxes, assessments, levies, fees and other government and similar charges not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings with respect to which adequate reserves have been established in accordance with GAAP, but only so long as foreclosure with respect to such lien is not imminent and the use and value of the property to which the liens attach are not impaired during the pendency of such proceedings, (c) liens arising out of any judgment or award against any Originator with respect to which (i) an appeal or proceeding for review is being taken in good faith and with respect to which there shall have been secured a bond pending such appeal or proceeding for review and (ii) such judgment or award does not constitute an Event of Default and (d) any lien in favor of, or assigned to, the Administrative Agent (for the benefit of the Secured Parties).

“ Person ” means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association, joint venture, limited liability company or other entity, or any Governmental Authority.

“ PNC ” has the meaning set forth in the preamble to this Agreement.

“ Pool Receivable ” means a Receivable in the Receivables Pool.

“ Portion of Capital ” means, with respect to any Lender and its related Capital, the portion of such Capital being funded or maintained by such Lender by reference to a particular interest rate basis.

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“ Program Support Agreement ” means and includes any Liquidity Agreement and any other agreement entered into by any Program Support Provider providing for:  (a) the issuance of one or more letters of credit for the account of any Conduit Lender, (b) the issuance of one or more surety bonds for which any Conduit Lender is obligated to reimburse the applicable Program Support Provider for any drawings thereunder, (c) the sale by any Conduit Lender to any Program Support Provider of any Loan (or portions thereof or participation interest therein) maintained by such Conduit Lender and/or (d) the making of loans and/or other extensions of credit to any Conduit Lender in connection with such Conduit Lender’s receivables-securitization program contemplated in this Agreement, together with any letter of credit, surety bond or other instrument issued thereunder.

“ Program Support Provider ” means and includes, with respect to any Conduit Lender, any Liquidity Provider and any other Person (other than any customer of such Conduit Lender) now or hereafter extending credit or having a commitment to extend credit to or for the account of, or to make purchases from, such Conduit Lender pursuant to any Program Support Agreement.

“ Rating Agency ” mean each of S&P, Fitch and Moody’s (and/or each other rating agency then rating the Notes of any Conduit Lender).

“ Receivable ” means (a) any Lease Receivable and (b)  any right to payment of a monetary obligation, whether or not earned by performance, owed to any Originator or the Borrower (as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible, in each instance arising in connection with the sale of goods that have been or are to be sold or for services rendered or to be rendered, and includes, without limitation, the obligation to pay any servicing fees, finance charges, fees and other charges with respect thereto; provided , however , that “Receivable” does not include any Excluded Receivable.  Any such right to payment arising from any one transaction, including, without limitation, any such right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting of any such right to payment arising from any other transaction.

“ Receivables Pool ” means, at any time of determination, all of the then outstanding Receivables transferred (or purported to be transferred) to the Borrower pursuant to the Transfer and Contribution Agreement prior to the Termination Date.

“ Register ” has the meaning set forth in Section 14.03(c) .

“ Related Committed Lender ” means with respect to any Conduit Lender, each Committed Lender listed as such for each Conduit Lender as set forth on the signature pages of this Agreement or in any Assumption Agreement.

“ Related Conduit Lender ” means, with respect to any Committed Lender, each Conduit Lender which is, or pursuant to any Assignment and Acceptance Agreement or Assumption Agreement or otherwise pursuant to this Agreement becomes, included as a Conduit Lender in such Committed Lender’s Group, as designated on its signature page hereto or in such

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Assignment and Acceptance Agreement, Assumption Agreement or other agreement executed by such Committed Lender, as the case may be.

“ Related Rights ” has the meaning set forth in Section 1.1 of the Transfer and Contribution Agreement.

“ Related Security ” means, with respect to any Receivable:

(a)                                  all of the Borrower’s and each Originator’s interest in any goods (including returned goods), and documentation of title evidencing the shipment or storage of any goods (including returned goods), the sale of which gave rise to such Receivable (excluding, in the case of a Lease Receivable, such Originator’s title to the related Lease Device);

(b)                                  all instruments and chattel paper that may evidence such Receivable;

(c)                                   all other security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar filings relating thereto;

(d)                                  all of the Borrower’s and each Originator’s rights, interests and claims under the related Contracts and all guaranties, indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to time supporting or securing payment of such Receivable or otherwise relating to such Receivable, whether pursuant to the Contract related to such Receivable or otherwise;

(e)                                   all books and records of the Borrower and each Originator to the extent related to any of the foregoing, and all rights, remedies, powers, privileges, title and interest (but not obligations) in and to each Lock-Box and all Lock-Box Accounts, into which any Collections or other proceeds with respect to such Receivables may be deposited, and any related investment property acquired with any such Collections or other proceeds (as such term is defined in the applicable UCC);

(f)                                    all of the Borrower’s and each Originator’s rights to set-off (whether contractual or otherwise) against an Approved Settlement Account or any other account in payment of such Receivable;

(g)                                   all of the Borrower’s rights, interests and claims under the Transfer and Contribution Agreement and the other Transaction Documents; and

(h)                                  all Collections and other proceeds (as defined in the UCC) of any of the foregoing.

“ Reportable Compliance Event ” means that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint or similar charging instrument,

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arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect of its operations is in actual or probable violation of any Anti-Terrorism Law.

“ Reportable Event ” means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code).

“ Representatives ” has the meaning set forth in Section 14.06(c) .

“ Restricted Payments ” has the meaning set forth in Section 8.01(r) .

“ S&P ” means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor thereto that is a nationally recognized statistical rating organization.

“ Sanctioned Country ” means a country subject to a comprehensive countrywide or territory-wide sanctions program maintained under any Anti-Terrorism Law.

“ Sanctioned Person ” means any individual person, group, regime, entity or thing that is the subject of any sanctions administered or enforced by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State.

“Scheduled Lease Payment” means each scheduled rental payment owed to any Originator or the Borrower (as assignee of an Originator) in connection with a Lease Contract. Each scheduled rental payment shall constitute a separate Scheduled Lease Payment.

“ Scheduled Termination Date ” means January 15 June 30 , 2019 2020 .

“ SEC ” shall mean the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor.

“Second Amendment Date” means June 27, 2017.

“ Secured Parties ” means each Credit Party, each Borrower Indemnified Party and each Affected Person.

“ Securities Act ” means the Securities Act of 1933, as amended or otherwise modified from time to time.

“Settlement Account Bank” means any of the banks or other financial institutions holding one or more Approved Settlement Accounts.

“ Servicer ” has the meaning set forth in the preamble to this Agreement, including any successor Servicer pursuant to Section 9.01 .

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“ Servicer Indemnified Amounts ” has the meaning set forth in Section 13.02(a) .

“ Servicer Indemnified Party ” has the meaning set forth in Section 13.02(a) .

“ Servicing Fee ” shall mean the fee referred to in Section 9.06(a)  of this Agreement.

“ Servicing Fee Rate ” shall mean the rate referred to in Section 9.06(a)  of this Agreement.

“ Settlement Date ” means with respect to any Portion of Capital for any Interest Period or any Interest or Fees, (i) prior to the Termination Date, the Monthly Settlement Date and (ii) on and after the Termination Date, each day selected from time to time by the Administrative Agent (with the consent or at the direction of the Majority Group Agents) (it being understood that (a) the Administrative Agent (with the consent or at the direction of the Majority Group Agents) may select such Settlement Date to occur as frequently as daily (b) promptly following the selection of a Settlement Date that is other than the Monthly Settlement Date, the Administrative Agent shall notify the Servicer thereof), or, in the absence of such selection, the Monthly Settlement Date.

“ Solvent ” means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value) of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which such Person is engaged.

“ Structuring Agent ” means PNC Capital Markets LLC, in its capacity as structuring agent.

“Subject Originator” means each of the following Originators: First Data Merchant Services, LLC; Unified Merchant Services; First Data Merchant Services Southeast, L.L.C.; Ignite Payments, LLC; First Data Merchant Services Northeast, LLC; FDS Holdings, Inc.; New Payment Services, Inc.; National Payment Systems, Inc.; CTS Holdings, LLC; Concord Payment Services, Inc.; and ValueLink, LLC.

“Subject Receivable” means any Receivable, the Originator of which is a Subject Originator and the Obligor of which has been instructed to remit Collections in respect thereof to an account or lock-box other than a Lock-Box Account or Lock-Box.

“Subject Receivable Eligibility Conditions” means: (a) the Subject Receivable Eligibility Revocation Date has not occurred, (b) no Event of Default or Unmatured Event of Default has then occurred and is continuing, (c) the Obligor of which Subject Receivable has been instructed to remit Collections in respect thereof directly to an Approved Settlement Account, (d) except to

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the extent waived in writing by the Administrative Agent, all Collections relating to each Subject Receivable received in such Approved Settlement Account are then being transferred directly to a Lock-Box Account no later than five (5) Business Days (or (x) in the case of Collections received in the Exception Account maintained at KeyBank, N.A., six (6) Business Days following receipt thereof and (y) in the case of Receivables due and payable on the day of origination, thirty-one (31) calendar days) following receipt thereof, (e) such Subject Receivable is not due and payable on the day of origination and (f) with respect to such Subject Receivable, on or prior to the ninetieth (90 th ) day after the Second Amendment Date (as such date may be extended by the written consent of the Administrative Agent), the Servicer shall have delivered to the Administrative Agent evidence satisfactory to the Administrative Agent (in its sole discretion) that such Subject Receivable is not included in the collateral described in any financing statement filed against the applicable Originator.

“Subject Receivable Eligibility Revocation Date” means the date designated as such in writing by the Administrative Agent (in its sole discretion) to the Servicer; provided that (i) such date shall not be less than 30 days from the date such notice is delivered, (ii) such date shall not occur prior to the one-year anniversary of the Second Amendment Date and (iii) no such date shall be designated unless the Consolidated Senior Secured Debt to Consolidated EBITDA Ratio for any Test Period shall equal or exceed the ratio of 5.0 to 1.0.  For purposes of this definition, unless otherwise defined in this Agreement, terms used herein (including all defined terms used within such terms ) shall have the respective meaning assigned to such terms in the Credit Agreement as in effect on the Second Amendment Date; provided, however, if after the Second Amendment Date, any term used herein (including all defined terms used within such terms ) is amended or modified, then for all purposes of this definition, such term shall automatically and without further action on the part of any Person, be deemed to be also so amended or modified, if at the time of such amendment or modification, (x) the Majority Group Agents (or an Affiliate thereof) is a party to the Credit Agreement and consented to such amendment or modification (or otherwise acknowledged and accepted by the Majority Group Agents hereunder) and (y) such amendment or modification is consummated in accordance with the terms of the Credit Agreement.

“Subject Receivable Reserve Amount” means (a) at any time prior to the Subject Receivable Reserve Amount Effective Date, zero and (b) on and after the Subject Receivable Reserve Amount Effective Date, an amount equal to the lesser of (i) the sum of the amounts reserved by First Data or any of its Affiliates (as reflected on its books and records) at such time with respect to each Obligor of any Subject Receivable and (ii) the Outstanding Balance of all Subject Receivables that are Eligible Receivables owing by Obligors against which amounts are reserved by First Data or any of its Affiliates (as reflected on its books and records) at such time.

“Subject Receivable Reserve Amount Effective Date” means the date designated as such in writing by the Administrative Agent (in its sole discretion) to the Servicer; provided that (i) such date shall not be less than 30 days from the date such notice is delivered and (ii) such date shall not occur prior to the one-year anniversary of the Second Amendment Date.

“ Sub-Servicer ” has the meaning set forth in Section 9.01(d) .

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“ Subsidiary ” means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock of each class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of the happening of a contingency) to elect a majority of the Board of Directors or other managers of such entity are at the time owned, or management of which is otherwise controlled:  (a) by such Person, (b) by one or more Subsidiaries of such Person or (c) by such Person and one or more Subsidiaries of such Person.

“ Taxes ” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority and all interest, penalties or additions to tax with respect thereto.

“ Termination Date ” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the “Termination Date” is declared or deemed to have occurred under Section 10.01 , (c) the “Final Maturity Date” (under and as defined in the Credit Agreement, as such date may be extended from time to time in accordance with the Credit Agreement) or such other term that replaces the term “Final Maturity Date” under the Credit Agreement and (d) the date selected by the Borrower on which all Commitments have been reduced to zero pursuant to Section 2.02(e) .

“ Total Reserves ” means, at any time of determination, the sum of:  (a) the Yield Reserve, plus (b) the greater of (i) the sum of the Concentration Reserve plus the Minimum Dilution Reserve and (ii) the sum of the Loss Reserve plus the Dilution Reserve.

“ Transaction Documents ” means this Agreement, the Transfer and Contribution Agreement, the Lock-Box Agreements, the Fee Letter, the Performance Guaranty and all other certificates, instruments, UCC financing statements, reports, notices, agreements and documents executed or delivered under or in connection with this Agreement, in each case as the same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement.

“ Transaction Information ” shall mean any information provided to any Rating Agency, in each case, to the extent related to such Rating Agency providing or proposing to provide a rating of any Notes or monitoring such rating including, without limitation, information in connection with the Borrower, the Originator, the Servicer or the Receivables.

“ Transfer and Contribution Agreement ” means the Transfer and Contribution Agreement, dated as of the Closing Date, among the initial Servicer, the Originators and the Borrower, as such agreement may be amended, supplemented or otherwise modified from time to time.

“ UCC ” means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

“ Unmatured Event of Default ” means an event that but for notice or lapse of time or both would constitute an Event of Default.

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“ U.S. Person ” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

“ U.S. Tax Compliance Certificate ” has the meaning set forth in Section 5.03(f)(ii)(B)(3) .

“ Volcker Rule ” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

“ Withdrawal Liability ” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

“ Yield Reserve ” means, at any time of determination, an amount equal to the product of (a) the Aggregate Capital at such time, multiplied   by (b) (i) the Yield Reserve Percentage at such time, divided   by (ii) 100% minus the Yield Reserve Percentage at such time.

“ Yield Reserve Percentage ” means at any time of determination, the amount (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) so computed:

where:

SECTION 1.02.            Other Interpretative Matters .  All accounting terms not specifically defined herein shall be construed in accordance with GAAP.  All terms used in Article 9 of the UCC in the State of New York and not specifically defined herein, are used herein as defined in such Article 9.  Unless otherwise expressly indicated, all references herein to “Article,” “Section,” “Schedule”, “Exhibit” or “Annex” shall mean articles and sections of, and schedules, exhibits and annexes to, this Agreement.  For purposes of this Agreement, the other Transaction Documents and all such certificates and other documents, unless the context otherwise requires: (a) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day; (b) the words “hereof,” “herein” and “hereunder” and words of similar import refer to such agreement (or the certificate or other document in which they are used) as a whole and not to any particular provision of such agreement (or such certificate or document); (c) references to any Section, Schedule or Exhibit are references to Sections, Schedules and Exhibits in or to such agreement (or the certificate or other document in which the reference is made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term “including” means “including without limitation”; (e) references to any Applicable Law refer to that Applicable Law as amended from

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time to time and include any successor Applicable Law; (f) references to any agreement refer to that agreement as from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance with its terms; (g) references to any Person include that Person’s permitted successors and assigns; (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (i) unless otherwise provided, in the calculation of time from a specified date to a later specified date, the term “from” means “from and including”, and the terms “to” and “until” each means “to but excluding”; (j) terms in one gender include the parallel terms in the neuter and opposite gender; (k) references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on such day and (l) the term “or” is not exclusive.

ARTICLE II

TERMS OF THE LOANS

SECTION 2.01.            Loan Facility .  Upon a request by the Borrower pursuant to Section 2.02 , and on the terms and subject to the conditions hereinafter set forth, the Conduit Lenders, ratably, in accordance with the aggregate of the Commitments of the Related Committed Lenders with respect to each such Conduit Lender, severally and not jointly, may, in their sole discretion, make Loans to the Borrower on a revolving basis, and if and to the extent any Conduit Lender does not make any such requested Loan or if any Group does not include a Conduit Lender, the Related Committed Lender(s) for such Conduit Lender or the Committed Lender for such Group, as the case may be, shall, ratably in accordance with their respective Commitments, severally and not jointly, make such Loans to the Borrower, in either case, from time to time during the period from the Closing Date to the Termination Date.  Under no circumstances shall any Lender be obligated to make any such Loan if, after giving effect to such Loan:

(i)                                      the Aggregate Capital would exceed the Facility Limit at such time;

(ii)                                   the sum of (A) the Capital of such Lender, plus (B) the aggregate outstanding Capital of each other Lender in its Group would exceed the Group Commitment of such Lender’s Group;

(iii)                                if such Lender is a Committed Lender, the aggregate outstanding Capital of such Committed Lender would exceed its Commitment; or

(iv)                               the Aggregate Capital would exceed the Borrowing Base at such time.

SECTION 2.02.            Making Loans; Repayment of Loans .  (a) Each Loan hereunder shall be made on at least one (1) Business Day’s prior written request from the Borrower to the Administrative Agent and each Group Agent in the form of a Loan Request attached hereto as Exhibit A.  Each such request for a Loan shall be made no later than 11:00 a.m. (New York City time) on a Business Day ( it   being   understood that any such request made after such time shall be deemed to have been made on the following Business Day) and shall specify (i) the amount of

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the Loan(s) requested (which shall not be less than $1,000,000 and shall be an integral multiple of $100,000), (ii) the allocation of such amount among the Groups (which shall be ratable based on the Group Commitments), (iii) the account to which the proceeds of such Loan shall be distributed and (iv) the date such requested Loan is to be made (which shall be a Business Day).

(b)                                  No later than 2:30 p.m. (New York City time) on the date specified in each Loan Request, each applicable Lender shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth in this Article II , make available to the Borrower in same day funds its pro rata portion, if any, of the amount of such Loans requested to the Borrower by depositing such amount at the account set forth in the related Loan Request.

(c)                                   Each Committed Lender’s obligation shall be several, such that the failure of any Committed Lender to make available to the Borrower any funds in connection with any Loan shall not relieve any other Committed Lender of its obligation, if any, hereunder to make funds available on the date such Loans are requested ( it   being   understood , that no Committed Lender shall be responsible for the failure of any other Committed Lender to make funds available to the Borrower in connection with any Loan hereunder).

(d)                                  The Borrower shall repay in full the outstanding Capital of each Lender on the Final Maturity Date.  Prior thereto, the Borrower shall, on each Settlement Date, make a prepayment of the outstanding Capital of the Lenders to the extent required under Section 4.01 and otherwise in accordance therewith.  Notwithstanding the foregoing, the Borrower, in its discretion, shall have the right to make a prepayment, in whole or in part, of the outstanding Capital of the Lenders (together with any associated Breakage Fees in respect of such prepaid Capital) on any Business Day upon one (1) Business Day’s prior notice thereof to the Administrative Agent and each Group Agent in the form of a Reduction Notice attached hereto as Exhibit D ; provided , however , that each such prepayment shall be in a minimum aggregate amount of $1,000,000 and shall be an integral multiple of $100,000 (or, if less, the Aggregate Capital, plus accrued but unpaid Interest and Fees together with any associated Breakage Fees).

(e)                                   The Borrower may, at any time upon at least fifteen (15) days’ prior written notice to the Administrative Agent and each Group Agent, terminate the Facility Limit in whole or ratably reduce the Facility Limit in part.  Each partial reduction in the Facility Limit shall be in a minimum aggregate amount of $10,000,000 or integral multiples of $1,000,000 in excess thereof, and no such partial reduction shall reduce the Facility Limit to an amount less than $100,000,000.  In connection with any partial reduction in the Facility Limit, the Commitment of each Committed Lender shall be ratably reduced.

(f)                                    In connection with any reduction of the Commitments, the Borrower shall remit to the Administrative Agent (i) instructions regarding such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to pay (A) Capital of Lenders in each Group in excess of the Group Commitment of such Group and (B) all other outstanding Borrower Obligations with respect to such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the Commitments prior to such reduction or, if the Administrative Agent reasonably determines that any portion of the outstanding Borrower

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Obligations is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction, all of such portion) including, without duplication, any associated Breakage Fees.  Upon receipt of any such amounts, the Administrative Agent shall apply such amounts first to the reduction of the outstanding Capital, and second to the payment of the remaining outstanding Borrower Obligations with respect to such reduction, including any Breakage Fees, by paying such amounts to the Lenders.

SECTION 2.03.            Interest and Fees .

(a)                                  On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 4.01 , pay to each Group Agent, each Lender and the Administrative Agent certain fees (collectively, the “ Fees ”) in the amounts set forth in the fee letter agreements from time to time entered into, among the Borrower, the members of the applicable Group (or their Group Agent on their behalf) and/or the Administrative Agent and the Structuring Agent (each such fee letter agreement, as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “ Fee Letter ”).

(b)                                  The Capital of each Lender shall accrue interest on each day when such Capital remains outstanding at the then applicable Interest Rate.  The Borrower shall pay all Interest, Fees and Breakage Fees accrued during each Interest Period on the immediately following Settlement Date in accordance with the terms and priorities for payment set forth in Section 4.01 .

SECTION 2.04.            Records of Loans .  Each Group Agent shall record in its records, the date and amount of each Loan made by the Lenders in its Group hereunder, the Interest Rate with respect thereto, the Interest accrued thereon and each repayment and payment thereof.  Subject to Section 14.03(c) , such records shall be conclusive and binding absent manifest error.  The failure to so record any such information or any error in so recording any such information shall not, however, limit or otherwise affect the obligations of the Borrower hereunder or under the other Transaction Documents to repay the Capital of each Lender, together with all Interest accruing thereon and all other Borrower Obligations.

ARTICLE III

[RESERVED]

ARTICLE IV

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS

SECTION 4.01.            Settlement Procedures .

(a)                                  The Servicer shall set aside and hold in trust for the benefit of the Secured Parties (or, if so requested by the Administrative Agent after the occurrence and during the continuance of an Event of Default or Unmatured Event of Default, segregate in a separate account approved by the Administrative Agent), for application in accordance with the priority

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of payments set forth below, all Collections on Pool Receivables that are received by the Servicer or the Borrower or received in any Lock-Box or Lock-Box Account; provided that, each party hereto acknowledges and agrees that so long as no Event of Default or Unmatured Event of Default has occurred and is continuing, prior to the applicable Settlement Date such Collections on Pool Receivables may be commingled by the Servicer or an Affiliate of the Servicer with funds of the Servicer and its Affiliates; provided , further , that no such commingling shall derogate from the Servicer’s obligations hereunder to distribute such Collections in the order of priority set forth below.  On each Settlement Date, the Servicer (or, following its assumption of control of the Lock-Box Accounts, the Administrative Agent) shall, distribute such Collections in the following order of priority:

(i)                                      first , to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not been distributed to the Servicer);

(ii)                                   second , to each Lender and other Credit Party (ratably, based on the amount then due and owing), all accrued and unpaid Interest, Fees and Breakage Fees due to such Lender and other Credit Party for the immediately preceding Interest Period (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including any additional amounts or indemnified amounts payable under Sections 5.03 and 13.01 in respect of such payments) payable for any prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party;

(iii)                                third , as set forth in clause (x) , (y)  or (z)  below, as applicable:

(x)                                  prior to the occurrence of the Termination Date, to the extent that a Borrowing Base Deficit exists on such Settlement Date, to the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment of a portion of the outstanding Aggregate Capital at such time, in an aggregate amount equal to the amount necessary to reduce such Borrowing Base Deficit to zero ($0) Dollars;

(y)                                  on and after the occurrence of the Termination Date, to each Lender (ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment in full of the aggregate outstanding Capital of such Lender at such time; or

(z)                                   prior to the occurrence of the Termination Date, at the election of the Borrower and in accordance with Section 2.02(d) , to the payment of all or any portion of the outstanding Capital of the Lenders at such time (ratably, based on the aggregate outstanding Capital of each Lender at such time);

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(iv)                               fourth , to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount due and owing at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties;

(v)                                  fifth , to the Servicer for the payment of any other amounts then due and owing to the Servicer by the Borrower (A) as determined by the Borrower, if the Servicer is First Data and (B) as determined by the Administrative Agent, if the Servicer is any Person other than First Data; and

(vi)                               sixth , the balance, if any, to be paid to the Borrower for its own account.

(b)                                  All payments or distributions to be made by the Servicer, the Borrower and any other Person to the Lenders (or their respective related Affected Persons and the Borrower Indemnified Parties), shall be paid or distributed to the related Group Agent at its Group Agent’s Account.  Each Group Agent, upon its receipt in the applicable Group Agent’s Account of any such payments or distributions, shall distribute such amounts to the applicable Lenders, Affected Persons and the Borrower Indemnified Parties within its Group ratably; provided that if such Group Agent shall have received insufficient funds to pay all of the above amounts in full on any such date, such Group Agent shall pay such amounts to the applicable Lenders, Affected Persons and the Borrower Indemnified Parties within its Group in accordance with the priority of payments forth above, and with respect to any such category above for which there are insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to each such Person in such Group) among all such Persons in such Group entitled to payment thereof.

(c)                                   If and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to any Person any amount received on its behalf hereunder, such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly, the Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall have a claim against the Borrower for such amount.

(d)                                  For the purposes of this Section 4.01 :

(i)                                      if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, discount or other adjustment made by the Borrower, any Originator, the Servicer or any Affiliate of the Servicer, or any setoff or dispute between the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer or any Affiliate of the Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in the amount of such reduction or adjustment and shall immediately pay any and all such amounts in respect thereof to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) for the

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benefit of the Credit Parties for application pursuant to Section 4.01(a) ; provided , however , that the payment of any such amount to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) by an Originator with respect to such Pool Receivable in accordance with Section 3.2(b) of the Transfer and Contribution Agreement shall satisfy the Borrower’s obligation under this Section 4.01(d)(i)  with respect to such Pool Receivable; provided , further that if thereafter all or a portion of such amount paid by an Originator is rescinded or must otherwise be returned for any reason, the Borrower’s obligation under this Section 4.01(d)(i)  with respect to such Pool Receivable shall automatically be revived.

(ii)                                   if on any day any of the representations or warranties in Section 7.01 is not true with respect to any Pool Receivable, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and shall immediately pay the amount of such deemed Collection to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant to Section 4.01(a)  (Collections deemed to have been received pursuant to Section 4.01(d)  are hereinafter sometimes referred to as “ Deemed Collections ”); provided , however , that the payment of any such amount to a Lock-Box Account (or as otherwise directed by the Administrative Agent at such time) by an Originator with respect to such Pool Receivable in accordance with Section 3.2(a) of the Transfer and Contribution Agreement shall satisfy the Borrower’s obligation under this Section 4.01(b)(ii)  with respect to such Pool Receivable; provided , further that if thereafter all or a portion of such amount paid by an Originator is rescinded or must otherwise be returned for any reason, the Borrower’s obligation under this Section 4.01(b)(ii)  with respect to such Pool Receivable shall automatically be revived;

(iii)                                except as provided in clauses (i)  or (ii)  above or otherwise required by Applicable Law or the relevant Contract, all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for application to specific Receivables; and

(iv)                               if and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency Proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather to have been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.

SECTION 4.02.            Payments and Computations, Etc. (a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than 2:00 p.m. (New York City time) on the day when due in same day funds to the applicable Group Agent’s Account.

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(b)                                  Each of the Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount not paid or deposited by it when due hereunder, at an interest rate per annum equal to 2.00% per annum above the Base Rate, payable on demand.

(c)                                   All computations of interest under subsection (b)  above and all computations of Interest, Fees and other amounts hereunder shall be made on the basis of a year of 360 days (or, in the case of amounts determined by reference to the Base Rate, 365 or 366 days, as applicable) for the actual number of days (including the first but excluding the last day) elapsed.  Whenever any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit.

ARTICLE V

INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST

SECTION 5.01.            Increased Costs .

(a)                                  Increased Costs Generally .  If any Change in Law shall:

(i)                                      impose, modify or deem applicable any reserve, special deposit, liquidity, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Affected Person;

(ii)                                   subject any Affected Person to any Taxes (except to the extent such Taxes are Indemnified Taxes or Excluded Taxes) on its loans, loan principal, letters of credit, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

(iii)                                impose on any Affected Person any other condition, cost or expense (other than Taxes) (A) affecting the Collateral, this Agreement, any other Transaction Document, any Program Support Agreement, any Loan or any participation therein or (B) affecting its obligations or rights to make Loans;

and the result of any of the foregoing shall be to increase the cost to such Affected Person of (A) acting as the Administrative Agent, a Group Agent or a Lender hereunder or as a Program Support Provider with respect to the transactions contemplated hereby, (B) funding or maintaining any Loan or (C) maintaining its obligation to fund or maintain any Loan or to reduce the amount of any sum received or receivable by such Affected Person hereunder, then, upon the written request of such Affected Person (or its Group Agent), including the certificate described in clause (c)  below, the Borrower shall pay to such Affected Person such additional amount or amounts as will compensate such Affected Person for such additional costs incurred or reduction suffered.

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(b)                                  Capital Requirements .  If any Affected Person determines that any Change in Law affecting such Affected Person or any lending office of such Affected Person or such Affected Person’s holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Affected Person’s capital or on the capital of such Affected Person’s holding company, if any, as a consequence of (A) this Agreement or any other Transaction Document, (B) the commitments of such Affected Person hereunder or under any other Transaction Document or related Program Support Agreement, (C) the Loans made by such Affected Person, or (D) any Capital, to a level below that which such Affected Person or such Affected Person’s holding company could have achieved but for such Change in Law (taking into consideration such Affected Person’s policies and the policies of such Affected Person’s holding company with respect to capital adequacy and liquidity), then from time to time, upon the written request of such Affected Person (or its Group Agent), including the certificate described in clause (c)  below, the Borrower will pay to such Affected Person such additional amount or amounts as will compensate such Affected Person or such Affected Person’s holding company for any such reduction suffered.

(c)                                   Certificates for Reimbursement .  A certificate of an Affected Person (or its Group Agent on its behalf) setting forth in reasonable detail the basis for and calculation of the amount or amounts necessary to compensate such Affected Person or its holding company, as the case may be, as specified in clause (a)  or (b)  of this Section and delivered to the Borrower, shall be conclusive absent manifest error.  The Borrower shall, subject to the priorities of payment set forth in Section 4.01 , pay such Affected Person the amount shown as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.

(d)                                  Delay in Requests .  Failure or delay on the part of any Affected Person to demand compensation pursuant to this Section shall not constitute a waiver of such Affected Person’s right to demand such compensation; provided that the Borrower shall not be required to compensate any Affected Person pursuant to this Section 5.01 for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that such Affected Person notifies the Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Affected Person’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 nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

SECTION 5.02.            Funding Losses .

(a)                                  The Borrower will pay each Lender all Breakage Fees.

(b)                                  A certificate of a Lender (or its Group Agent on its behalf) setting forth in reasonable detail the calculation of the amount or amounts necessary to compensate such Lender, as specified in clause (a)  above and delivered to the Borrower, shall be conclusive absent manifest error.  The Borrower shall, subject to the priorities of payment set forth in Section 4.01 , pay such Lender the amount shown as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.

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SECTION 5.03.            Taxes .

(a)                                  Payments Free of Taxes .  Any and all payments by or on account of any obligation of the Borrower under any Transaction Document shall be made without deduction or withholding for any Taxes, except as required by Applicable Law.  If any Applicable Law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment to an Affected Person then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law, and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section), the applicable Affected Person receives an amount equal to the sum it would have received had no such deduction or withholding been made.

(b)                                  Payment of Other Taxes by the Borrower .  The 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.

(c)                                   Indemnification by the Borrower .  The Borrower shall indemnify each Affected Person, within ten 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 Section) payable or paid by such Affected Person or required to be withheld or deducted from a payment to such Affected Person and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified 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 the Borrower by an Affected Person (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of an Affected Person, shall be conclusive absent manifest error.

(d)                                  Indemnification by the Lenders .  Each Lender (other than the Conduit Lenders) shall severally indemnify the Administrative Agent, within ten days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting any obligation of the Borrower to do so), (ii) any Taxes attributable to the failure of such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons to comply with Section 14.03(f)  relating to the maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to any Lender (or its Group Agent) by the Administrative Agent shall be conclusive absent manifest error.  Each Lender (other than the Conduit Lenders) hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons under any Transaction Document or otherwise payable by

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the Administrative Agent to such Lender, its Related Conduit Lender or any of their respective Affiliates that are Affected Persons from any other source against any amount due to the Administrative Agent under this clause (d) .

(e)                                   Evidence of Payments .  As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to this Section 5.03 , 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.

(f)                                    Status of Lenders .  (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction Document 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, any Lender, if reasonably 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 Sections 5.03(f)(ii)(A) , 5.03(f)(ii)(B)  and 5.03(g) ) shall not be required if, in the Lender’s reasonable 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.

(ii)                                   Without limiting the generality of the foregoing:

(A)                                a Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, executed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

(B)                                any Lender that is not a U.S. Person 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 Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, whichever of the following is applicable:

(1)                                  in the case of such a Lender claiming the benefits of an income tax treaty to which the United States is a party, (x) with

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respect to payments of interest under any Transaction Document, executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

(2)                                  executed originals of Internal Revenue Service Form W-8ECI;

(3)                                  in the case of such a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate in substantially the form of Exhibit I hereto to the effect that such Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “ U.S. Tax Compliance Certificate ”) and (y) executed originals of Internal Revenue Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E; or

(4)                                  to the extent such Lender is not the beneficial owner, executed originals of Internal Revenue Service Form W-8IMY, accompanied by Internal Revenue Service Form W-8ECI, Internal Revenue Service Form W-8BEN, Internal Revenue Service Form W-8BEN-E, a U.S. Tax Compliance Certificate, Internal Revenue Service Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that, if such Lender is a partnership and one or more direct or indirect partners of such Lender are claiming the portfolio interest exemption, such Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner; and

(C)                                any Lender that is not a U.S. Person 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 Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent, executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by

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Applicable Law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

(g)                                   Documentation Required by FATCA .  If a payment made to a Credit Party under any Transaction Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Credit Party were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Credit Party shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable 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 1471(b)(3)(C)(i) of the 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 Credit Party has complied with such Credit Party’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (g) , “ FATCA ” shall include any amendments made to FATCA after the date of this Agreement.

(h)                                  Treatment of Refunds .  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 Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03 ), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant 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 clause (h)  (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this clause (h) , in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (h)  the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.  This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

(i)                                      Survival .  Each party’s obligations under this Section 5.03 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Credit Party or any other Affected Person, the termination of the Commitments and the repayment, satisfaction or discharge of all the Borrower Obligations and the Servicer’s obligations hereunder.

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(j)                                     Updates .  Each Credit Party agrees that if any form or certification it previously delivered pursuant to this Section 5.03 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.

SECTION 5.04.            Inability to Determine LMIR; Change in Legality .

(a)                                  If any Group Agent shall have determined (which determination shall be conclusive and binding upon the parties hereto) on any day, by reason of circumstances affecting the interbank Eurodollar market, either that: (i) dollar deposits in the relevant amounts and for the relevant day are not available, (ii) adequate and reasonable means do not exist for ascertaining LMIR for such day or (iii) LMIR determined pursuant hereto does not accurately reflect the cost to the applicable Affected Person (as conclusively determined by such Group Agent) of maintaining any Portion of Capital during such day, such Group Agent shall promptly give telephonic notice of such determination, confirmed in writing, to the Borrower on such day.  Upon delivery of such notice: (i) no Portion of Capital shall be funded thereafter at the Bank Rate determined by reference to LMIR unless and until such Group Agent shall have given notice to the Borrower that the circumstances giving rise to such determination no longer exist and (ii) with respect to any outstanding Portion of Capital then funded at the Bank Rate determined by reference to LMIR, such Bank Rate shall automatically and immediately be converted to the Bank Rate determined by reference to the Base Rate.

(b)                                  If on any day, any Group Agent shall have been notified by any Affected Person that such Affected Person has reasonably determined (which determination shall be final and conclusive) that any Change in Law, or compliance by such Affected Person with any Change in Law, shall make it unlawful or impossible for such Affected Person to fund or maintain any Portion of Capital at or by reference to LMIR, such Group Agent shall notify the Borrower and the Administrative Agent thereof.  Upon receipt of such notice, until the applicable Group Agent notifies the Borrower and the Administrative Agent that the circumstances giving rise to such determination no longer apply, (i) no Portion of Capital shall be funded at or by reference to LMIR and (ii) the Interest for any outstanding portions of Capital then funded at the Bank Rate determined by reference to LMIR shall automatically and immediately be converted to the Bank Rate determined by reference to the Base Rate.

SECTION 5.05.            Security Interest .

As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to be performed under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital and all Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative Agent for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s right, title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising (collectively, the “ Collateral ”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables, (iv) the Lock-Boxes and Lock-Box Accounts and all amounts on deposit therein, and all certificates and instruments, if

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any, from time to time evidencing such Lock-Boxes and Lock-Box Accounts and amounts on deposit therein, (v) all rights (but none of the obligations) of the Borrower under the Transfer and Contribution Agreement and (vi) all proceeds of, and all amounts received or receivable under any or all of, the foregoing.

The Administrative Agent (for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition to all the other rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies of a secured party under any applicable UCC.  The Borrower hereby authorizes the Administrative Agent to file financing statements describing as the collateral covered thereby as “all of the debtor’s personal property or assets” or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement.

Immediately upon the occurrence of the Final Payout Date, the Collateral shall be automatically released from the lien created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent, the Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Borrower; provided , however , that promptly following written request therefor by the Borrower delivered to the Administrative Agent following any such termination, and at the expense of the Borrower, the Administrative Agent shall deliver to the Borrower written authorization for the Borrower to file UCC-3 termination statements and such other documents as the Borrower shall reasonably request to evidence such termination.

ARTICLE VI

CONDITIONS TO EFFECTIVENESS AND CREDIT EXTENSIONS

SECTION 6.01.            Conditions Precedent to Effectiveness and the Initial Credit Extension .  This Agreement shall become effective as of the Closing Date when (a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel, lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit H-1 hereto, in each case, in form and substance reasonably acceptable to the Administrative Agent and (b) all fees and expenses payable by the Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents.

SECTION 6.02.            Conditions Precedent to All Credit Extensions .  Each Credit Extension hereunder on or after the Closing Date shall be subject to the conditions precedent that:

(a)                                  the Borrower shall have delivered to the Administrative Agent and each Group Agent a Loan Request for such Loan, in accordance with Section 2.02(a) ;

(b)                                  the Servicer shall have delivered to the Administrative Agent and each Group Agent all Information Packages required to be delivered hereunder;

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(c)                                   the conditions precedent to such Credit Extension specified in Section 2.01(i)  through (iv)  shall be satisfied;

(d)                                  on the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such Credit Extension, the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct):

(i)                                      the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date;

(ii)                                   no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default would result from such Credit Extension;

(iii)                                no Contribution Termination Event has occurred and is continuing under the Transfer and Contribution Agreement;

(iv)                               no Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension; and

(v)                                  the Termination Date has not occurred;

(e)                                   the Administrative Agent shall have received each of the UCC filings and other deliverables listed on the initial credit extension memorandum attached as Exhibit H-2 hereto, in each case, in form and substance reasonably acceptable to the Administrative Agent.

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

SECTION 7.01.            Representations and Warranties of the Borrower .  The Borrower represents and warrants to each Credit Party as of the Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:

(a)                                  Organization and Good Standing .  The Borrower is a limited liability company and validly existing in good standing under the laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

(b)                                  Due Qualification .  The Borrower is duly qualified to do business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification, licenses or

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approvals, except where the failure to do so could not reasonably be expected to have a Borrower Material Adverse Effect.

(c)                                   Power and Authority; Due Authorization .  The Borrower (i) has all necessary power and authority to (A) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and (C) grant a security interest in the Collateral to the Administrative Agent on the terms and subject to the conditions herein provided and (ii) has duly authorized by all necessary action such grant and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party.

(d)                                  Binding Obligations .  This Agreement and each of the other Transaction Documents to which the Borrower is a party constitutes legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

(e)                                   No Conflict or Violation .  The execution, delivery and performance of, and the consummation of the transactions contemplated by, this Agreement and the other Transaction Documents to which it is a party, and the fulfillment of the terms hereof and thereof, will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument to which the Borrower is a party or by which it or any of its properties is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of the Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law.

(f)                                    Litigation and Other Proceedings .  (i)  There is no action, suit, proceeding or investigation pending or, to the best knowledge of the Borrower, threatened, against the Borrower before any Governmental Authority and (ii) the Borrower is not subject to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case of either of the foregoing clauses (i)  and (ii) , (A) asserts the invalidity of this Agreement or any other Transaction Document, (B) seeks to prevent the grant of a security interest in any Collateral by the Borrower to the Administrative Agent, the ownership or acquisition by the Borrower of any Pool Receivable or other Collateral or the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document, (C) seeks any determination or ruling that could materially and adversely affect the performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits,

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proceedings and investigations could reasonably be expected to have a Borrower Material Adverse Effect.

(g)                                   Governmental Approvals .  Except where the failure to obtain or make such authorization, consent, order, approval or action could not reasonably be expected to have a Borrower Material Adverse Effect, all authorizations, consents, orders and approvals of, or other actions by, any Governmental Authority that are required to be obtained by the Borrower in connection with the grant of a security interest in the Collateral to the Administrative Agent hereunder or the due execution, delivery and performance by the Borrower of this Agreement or any other Transaction Document to which it is a party and the consummation by the Borrower of the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and effect.

(h)                                  Margin Regulations .  The Borrower is not engaged, principally or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the Board of Governors of the Federal Reserve System).

(i)                                      Solvency .  After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents, the Borrower is Solvent.

(j)                                     Offices; Legal Name .  The Borrower’s sole jurisdiction of organization is the State of Delaware and such jurisdiction has not changed within four months prior to the date of this Agreement.  The office of the Borrower is located at the applicable address specified on Schedule IV hereto.  The legal name of the Borrower is First Data Receivables, LLC.

(k)                                  Investment Company Act .  The Borrower (i) is not, and is not controlled by, an “investment company” registered or required to be registered under the Investment Company Act and (ii) is not a “covered fund” under the Volcker Rule.  In determining that the Borrower is not a “covered fund”, the Borrower is entitled to rely on the exemption from the definition of “investment company” set forth in Section 3(c)(5) of the Investment Company Act.

(l)                                      No Material Adverse Effect .  Since the date of formation of the Borrower there has been no Borrower Material Adverse Effect.

(m)                              Accuracy of Information .  All Information Packages, Loan Requests, certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit Party by or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact; provided that, with respect to projected financial information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

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(n)                                  Anti-Money Laundering/International Trade Law Compliance .  No Covered Entity is a Sanctioned Person.  The Borrower, and to the knowledge of the Borrower, each other Covered Entity, is in compliance in all material respects with applicable Anti-Terrorism Laws.

(o)                                  Transaction Information .  None of the Borrower, any Affiliate of the Borrower or any third party with which the Borrower or any Affiliate thereof has contracted, has delivered, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency and has not participated in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

(p)                                  Perfection Representations.

(i)                                      This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s right, title and interest in, to and under the Collateral which (A) security interest has been perfected (in the case of the Related Security, in only that portion of the Related Security in which a security interest may be perfected by the filing of a financing statement under the UCC) and is enforceable against creditors of and purchasers from the Borrower and (B) will be free of all Adverse Claims in such Collateral.

(ii)                                   The Receivables constitute “accounts ,” “tangible chattel paper,” “payment intangible ” or “general intangibles” within the meaning of Section 9-102 of the UCC.

(iii)                                The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claim of any Person.

(iv)                               All appropriate financing statements, financing statement amendments and continuation statements have been filed in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of) the contribution of the Receivables and Related Security from each Originator to the Borrower pursuant to the Transfer and Contribution Agreement and the grant by the Borrower of a security interest in the Collateral to the Administrative Agent pursuant to this Agreement.

(v)                                  Other than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement and the other Transaction Documents.  The Borrower has not authorized the filing of and is not aware of any financing statements filed against the Borrower that include a description of collateral covering the Collateral other than any financing statement (i) in favor of the Administrative Agent or (ii) that has been terminated.  The Borrower is not aware of any judgment lien, ERISA lien or tax lien filings against the Borrower.

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(vi)                               Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section 7.01(p)  shall be continuing and remain in full force and effect until the Final Payout Date.

(q)                                  The Lock-Boxes and Lock-Box Accounts.

(i)                                      Nature of Lock-Box Accounts .  Each Lock-Box Account constitutes a “deposit account” within the meaning of the applicable UCC.

(ii)                                   Ownership .  Each Lock-Box and Lock-Box Account is in the name of the Borrower, and the Borrower owns and has good and marketable title to the Lock-Box Accounts free and clear of any Adverse Claim.

(iii)                                Perfection .  The Borrower has delivered to the Administrative Agent a fully executed Lock-Box Agreement relating to each Lock-Box and Lock-Box Account.  The Administrative Agent has “control” (as defined in Section 9-104 of the UCC) over each Lock-Box Account.

(iv)                               Instructions .  Neither the Lock-Boxes nor the Lock-Box Accounts are in the name of any Person other than the Borrower.  Neither the Borrower nor the Servicer has consented to the applicable Lock-Box Bank complying with instructions of any Person other than the Administrative Agent.

(r)                                     Ordinary Course of Business .  Each remittance of Collections by or on behalf of the Borrower to the Credit Parties under this Agreement will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

(s)                                    Compliance with Law .  The Borrower has complied in all material respects with all Applicable Laws to which it may be subject.

(t)                                     Eligible Receivables .  Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.

(u)                                  Taxes .  The Borrower has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to have a Borrower Material Adverse Effect.

(v)                                  Tax Status .  The Borrower is not and will not at any relevant time become an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

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(w)                                Opinions .  The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security and the related matters set forth or assumed in each of the true sale and non-consolidation opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.

(x)                                  Liquidity Coverage Ratio .  The Other than equity securities issued to First Data or any Originator that is a consolidated subsidiary of First Data under GAAP, the Borrower has not, does not and will not during the term of this Agreement (x) issue any obligations that (A) constitute asset-backed commercial paper, or (B) are securities required to be registered under the Securities Act or that may be offered for sale under Rule 144A or a similar exemption from registration under the Securities Act or the rules promulgated thereunder, or (y) issue any other debt obligations or equity interests other than debt obligations substantially similar to the obligations of the Borrower under this Agreement that are (A) issued to other banks or asset-backed commercial paper conduits in privately negotiated transactions and (B) subject to transfer restrictions substantially similar to the transfer restrictions set forth in this Agreement.  The Borrower further represents and warrants that its assets and liabilities are consolidated with the assets and liabilities of First Data for purposes of GAAP.

(y)                                  [Reserved].

(y)                                  Approved Settlement Accounts.  Each Approved Settlement Account (i) is in the name identified on Schedule III and (ii) with respect to which, a Subject Originator has the authority to direct the inflows and outflows of funds with respect to each applicable Approved Settlement Account. No Collections held in any Approved Settlement Account are subject to any Adverse Claim.  No Approved Settlement Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person (other than the related Settlement Account Bank) “control” (as defined in Section 9-104 of the UCC) over such Approved Settlement Account.  The related Settlement Account Bank is not then exercising any setoff rights with respect to First Data or any Affiliate thereof against any amounts on deposit in such Approved Settlement Account.

(z)                                   Other Transaction Documents .  Each representation and warranty made by the Borrower under each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made.

(aa)                           Chattel Paper.  No chattel paper evidencing Pool Receivables is in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.  No chattel paper evidencing Pool Receivables have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than an Originator, the Borrower or the Administrative Agent.

( aa bb )             Reaffirmation of Representations and Warranties .  On the date of each Credit Extension, on each Settlement Date and on the date each Information Package is delivered to the Administrative Agent or any Group Agent hereunder, the Borrower shall be deemed to have certified that (i) all representations and warranties of the Borrower hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations and warranties which apply as to an earlier date (in which case such

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representations and warranties shall be true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing or will result from such Credit Extension.

Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date.

SECTION 7.02.            Representations and Warranties of the Servicer .  The Servicer represents and warrants to each Credit Party as of the Closing Date, on each Settlement Date and on each day on which a Credit Extension shall have occurred:

(a)                                  Organization and Good Standing .  The Servicer is a duly organized and validly existing corporation in good standing under the laws of the State of Delaware, with the power and authority under its organizational documents and under the laws of Delaware to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

(b)                                  Due Qualification.   The Servicer is duly qualified to do business, is in good standing as a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business or the servicing of the Pool Receivables as required by this Agreement requires such qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

(c)                                   Power and Authority ; Due Authorization .   The Servicer has all necessary power and authority to (i) execute and deliver this Agreement and the other Transaction Documents to which it is a party and (ii) perform its obligations under this Agreement and the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized by the Servicer by all necessary action.

(d)                                  Binding Obligations.   This Agreement and each of the other Transaction Documents to which it is a party constitutes legal, valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their respective terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

(e)                                   No Conflict or Violation.   The execution and delivery of this Agreement and each other Transaction Document to which the Servicer is a party, the performance of the transactions contemplated by this Agreement and such other Transaction Documents and the fulfillment of the terms of this Agreement and such other Transaction Documents by the Servicer will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default under, the organizational documents of

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the Servicer or any indenture, sale agreement, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Servicer is a party or by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties pursuant to the terms of any such indenture, credit agreement, loan agreement, agreement, mortgage, deed of trust or other agreement or instrument, other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law, except to the extent that any such conflict, breach, default, Adverse Claim or violation could not reasonably be expected to have a Material Adverse Effect.

(f)                                    Litigation and Other Proceedings.   There is no action, suit, proceeding or investigation pending, or to the Servicer’s knowledge threatened, against the Servicer before any Governmental Authority: (i) asserting the invalidity of this Agreement or any of the other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document; or (iii) seeking any determination or ruling that could materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other Transaction Documents.

(g)                                   No Consents.   The Servicer is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, or performance of this Agreement or any other Transaction Document to which it is a party that has not already been obtained or the failure of which to obtain could not reasonably be expected to have a Material Adverse Effect.

(h)                                  Compliance with Applicable Law .  The Servicer (i) shall duly satisfy all obligations on its part to be fulfilled under or in connection with the Pool Receivables and the related Contracts, (ii) has maintained in effect all qualifications required under Applicable Law in order to properly service the Pool Receivables and (iii) has complied in all material respects with all Applicable Laws in connection with servicing the Pool Receivables.

(i)                                      Accuracy of Information.   All Information Packages, Loan Requests, certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit Party by the Servicer pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent or such other Credit Party, and does not contain any material misstatement of fact; provided that, with respect to projected financial information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

(j)                                     Location of Records.   The offices where the initial Servicer keeps all of its records relating to the servicing of the Pool Receivables are located at 6855 Pacific Street, AK-32, Omaha, NE 68106.

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(k)                                  Credit and Collection Policy.   The Servicer has complied in all material respects with the Credit and Collection Policy in connection with its servicing of the Pool Receivables.

(l)                                      Eligible Receivables .  Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables Pool Balance as of any date is an Eligible Receivable as of such date.

(m)                              Servicing Programs .  No material license or approval is required for the Administrative Agent’s use of any software or other computer program used by the Servicer or any Sub-Servicer in the servicing of the Pool Receivables, other than those which have been obtained and are in full force and effect.

(n)           [Reserved].

(n)                                  Approved Settlement Accounts.  Each Approved Settlement Account (i) is in the name identified on Schedule III and (ii) with respect to which, a Subject Originator has the authority to direct the inflows and outflows of funds with respect to each applicable Approved Settlement Account. No Collections held in any Approved Settlement Account are subject to any Adverse Claim.  No Approved Settlement Account is subject to any account control agreement or similar agreement granting (or purporting to grant) any Person (other than the related Settlement Account Bank) “control” (as defined in Section 9-104 of the UCC) over such Approved Settlement Account.  The related Settlement Account Bank is not then exercising any setoff rights with respect to First Data or any Affiliate thereof against any amounts on deposit in such Approved Settlement Account.

(o)                                  Other Transaction Documents .  Each representation and warranty made by the Servicer under each other Transaction Document to which it is a party is true and correct in all material respects as of the date when made.

(p)                                  No Material Adverse Effect .  Since December 31, 2014 there has been no Material Adverse Effect on the Servicer.

(q)                                  Investment Company Act .  The Servicer is not an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act.

(r)                                     Anti-Money Laundering/International Trade Law Compliance .  No Covered Entity is a Sanctioned Person.  The Servicer, and to the knowledge of the Servicer, each other Covered Entity, is in compliance in all material respects with applicable Anti-Terrorism Laws.

(s)                                    Transaction Information .  None of the Servicer, any Affiliate of the Servicer or any third party with which the Servicer or any Affiliate thereof has contracted, has delivered, in writing or orally, to any Rating Agency, or monitoring a rating of, any Notes, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency and has not participated in any oral

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communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

(t)                                     Financial Condition .  The consolidated balance sheets of the Servicer and its consolidated Subsidiaries as of December 31, 2014 and the related statements of income and shareholders’ equity of the Servicer and its consolidated Subsidiaries for the fiscal year then ended, copies of which have been furnished to the Administrative Agent and the Group Agents, present fairly in all material respects the consolidated financial position of the Servicer and its consolidated Subsidiaries for the period ended on such date, all in accordance with GAAP.

(u)                                  Taxes .  The Servicer has (i) timely filed all tax returns (federal, state and local) required to be filed by it and (ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected to have a Material Adverse Effect.

(v)                                  Opinions .  The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables, the Related Security and the related matters set forth or assumed in each of the true sale and non-consolidation opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects.

(w)                                Chattel Paper.  No chattel paper evidencing Pool Receivables is in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.  No chattel paper evidencing Pool Receivables have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than an Originator, the Borrower or the Administrative Agent.

( w x )                         Reaffirmation of Representations and Warranties .  On the date of each Credit Extension, on each Settlement Date and on the date each Information Package is delivered to the Administrative Agent or any Group Agent hereunder, the Servicer shall be deemed to have certified that (i) all representations and warranties of the Servicer hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing or will result from such Credit Extension.

Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing, and remain in full force and effect until the Final Payout Date.

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ARTICLE VIII

COVENANTS

SECTION 8.01.            Covenants of the Borrower .  At all times from the Closing Date until the Final Payout Date:

(a)                                  Payment of Principal and Interest .  The Borrower shall duly and punctually pay Capital, Interest, Fees and all other amounts payable by the Borrower hereunder in accordance with the terms of this Agreement.

(b)                                  Existence .  The Borrower shall keep in full force and effect its existence and rights as a limited liability company under the laws of the State of Delaware, and shall obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction Documents and the Collateral.

(c)                                   Financial Reporting .  The Borrower will maintain a system of accounting established and administered in accordance with GAAP, and the Borrower (or the Servicer on its behalf) shall furnish to the Administrative Agent and each Group Agent:

(i)                                      Annual Financial Statements of the Borrower .  Promptly upon completion and in no event later than 120 days after the close of each fiscal year of the Borrower, beginning with fiscal year 2016, annual unaudited financial statements of the Borrower certified by a Financial Officer of the Borrower that they fairly present in all material respects, in accordance with GAAP, the financial condition of the Borrower as of the date indicated and the results of its operations for the periods indicated.

(ii)                                   Information Packages .  As soon as available and in any event not later than two (2) Business Days prior to each Settlement Date, an Information Package as of the most recently completed Fiscal Month.

(iii)                                Other Information .  Such other information relating to the Collateral and the Borrower (including non-financial information) as the Administrative Agent or any Group Agent may from time to time reasonably request.

(iv)                               Quarterly Financial Statements of First Data .  As soon as available and in any event within five (5) days after the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such financial statements are not required to be filed with the SEC, in no event later than 45 days following the end of each of the first three fiscal quarters in each of First Data’s fiscal years), (i) the unaudited consolidated balance sheet and statements of income of First Data and its consolidated Subsidiaries as at the end of such fiscal quarter and the related unaudited consolidated statements of earnings and cash flows for such fiscal quarter and for the elapsed portion of the fiscal year ended with the last day of such fiscal quarter, in each case setting forth comparative figures for the corresponding fiscal quarter

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in the prior fiscal year, all of which shall be certified by a Financial Officer of First Data that they fairly present in all material respects, in accordance with GAAP, the financial condition of First Data and its consolidated Subsidiaries as of the dates indicated and the results of their operations for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes and (ii) to the extent required to be filed with the SEC, management’s discussion and analysis of the important operational and financial developments during such fiscal quarter.

(v)                                  Annual Financial Statements of First Data .  As soon as available and in any event within five (5) days after the date on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such financial statements are not required to be filed with the SEC, on or before the date that is 90 days after the end of each such fiscal year), the consolidated balance sheet of First Data and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of earnings and cash flows for such fiscal year setting forth comparative figures for the preceding fiscal year, all reported on by independent certified public accountants of recognized national standing (without a “going concern” or like qualification or exception) to the effect that such consolidated financial statements present fairly in all material respects, in accordance with GAAP, the financial condition of First Data and its consolidated Subsidiaries as of the dates indicated and the results of their operations for the periods indicated.

(vi)                               Other Reports and Filings .  Promptly (but in any event within ten (10) Business Days) after the filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which First Data or any of its consolidated Subsidiaries shall publicly file with the SEC or deliver to holders (or any trustee, agent or other representative therefor) of any of its material Debt pursuant to the terms of the documentation governing the same that are publicly filed with the SEC.

(vii)                            Notwithstanding anything herein to the contrary, any financial information, proxy statements or other material required to be delivered pursuant to this paragraph (c)  shall be deemed to have been furnished to each of the Administrative Agent and each Group Agent on the date that such report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.

(d)                                  Notices .  The Borrower (or the Servicer on its behalf) will notify the Administrative Agent and each Group Agent in writing of any of the following events promptly upon (but in no event later than five (5) Business Days after) a Financial Officer or other officer learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto:

(i)                                      Notice of Events of Default or Unmatured Events of Default .  A statement of a Financial Officer of the Borrower setting forth the nature and period of existence of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Borrower proposes to take with respect thereto.

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(ii)                                   Litigation .  The institution of any litigation, arbitration proceeding or governmental proceeding against the Borrower.

(iii)                                Adverse Claim .  (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof (other than an Adverse Claim on an Approved Settlement Account (but not Collections therein) existing on the Second Amendment Date) , (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Lock-Box Account (or related Lock-Box) or , (C ) any Person other than the applicable Originator (or an Affiliate) or Settlement Account Bank shall obtain any rights or direct any action with respect to any Approved Settlement Account or (D ) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

(iv)                               Name Changes .  At least thirty (30) days before any change in the Borrower’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements filed against the Borrower.

(v)                                  Change in Accountants or Accounting Policy .  Any material change in any accounting policy of the Borrower.

(vi)                               Termination Event .  The occurrence of a Contribution Termination Event.

(e)                                   Conduct of Business .  The Borrower will carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic organization in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted.

(f)                                    Compliance with Laws .  The Borrower will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a Borrower Material Adverse Effect.

(g)                                   Furnishing of Information and Inspection of Receivables .  The Borrower will furnish or cause to be furnished to the Administrative Agent and each Group Agent from time to time such information with respect to the Pool Receivables and the other Collateral as the Administrative Agent any Group Agent may reasonably request.  The Borrower will, at the Borrower’s expense, during regular business hours with prior written notice (i) permit the Administrative Agent and each Group Agent or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Borrower for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Borrower’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or

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independent public accountants of the Borrower having knowledge of such matters and (ii) without limiting the provisions of clause (i)  above, during regular business hours, at the Borrower’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to such Pool Receivables and other Collateral; provided , that unless an Event of Default has occurred and is continuing, the Borrower, the Servicer and the Originators shall be required to reimburse the Administrative Agent and Group Agents, together, for only one (1) combined audit of the Borrower pursuant to this Section 8.01(g) , of the Servicer pursuant to Section 8.02(e)  and of the Originators pursuant to Section 6.1(f) of the Transfer and Contribution Agreement by the Administrative Agent and the Group Agents in any twelve-month period.

(h)                                  Payments on Receivables, Lock-Box Accounts .  The Borrower (or the Servicer on its behalf) will, and will cause each Originator to, at all times, instruct all Obligors to deliver payments on the Pool Receivables (i) with respect to Subject Receivables, to an Approved Settlement Account and (ii) with respect to any other Receivable, to a Lock-Box Account or a Lock-Box Lock-Box.  The Borrower (or the Servicer on its behalf) shall, and shall cause each Originator to remit all Collections received in an Approved Settlement Account to a Lock-Box Account no later than five (5) Business Days (or (x) in the case of Collections received in the Exception Account maintained at KeyBank, N.A., six (6) Business Days and (y) in the case of Receivables due and payable on the day of origination, thirty-one (31) calendar days) following receipt thereof.  Following the occurrence of an Event of Default, upon the request of the Administrative Agent, the Borrower (or the Servicer on its behalf) shall cause the Administrative Agent to receive read-only access to each Approved Settlement Account or, if read-only access is not available for any Approved Settlement Account, daily account statements with respect to such Approved Settlement Account .  The Borrower (or the Servicer on its behalf) will, and will instruct each Originator to, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators.  If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Group Agents and the other Secured Parties and promptly (but in any event within two (2) Business Days after becoming aware of such receipt) remit such funds into a Lock-Box Account.  The Borrower (or the Servicer on its behalf) will cause each Lock-Box Bank to comply with the terms of each applicable Lock-Box Agreement.  The Borrower shall use commercially reasonable efforts to ensure that no funds other than Collections on Pool Receivables and other Collateral are deposited into any Lock-Box Account.  If other funds are nevertheless deposited into any Lock-Box Account, the Borrower (or the Servicer on its behalf) will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds.  The Borrower will not, and subject to Section 4.01(a) , will not permit the Servicer, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Group Agent or any other Secured Party is entitled, with any other funds provided, however, that Collections relating to Subject Receivables may be commingled in an Approved Settlement Account with other funds until required to be remitted to a Lock-Box Account in accordance with this Agreement; provided, however, that any such commingling shall not derogate from the Borrower’s indemnification obligations with respect to commingling pursuant to Section 13.01 .

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The Borrower shall only add a Lock-Box Account (or a related Lock-Box) or a Lock-Box Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of a Lock-Box Agreement (or an amendment thereto) in form and substance reasonably acceptable to the Administrative Agent from the applicable Lock-Box Bank.  The Borrower shall only add an Approved Settlement Account or Settlement Account Bank to those listed on Schedule III to this Agreement, if the Administrative Agent has received notice of such addition. The Borrower shall only terminate a Lock-Box Bank or a Settlement Account Bank or close a Lock-Box Account (or a related Lock-Box) or Approved Settlement Account , in each case, with the prior written consent of the Administrative Agent.

(i)                                      Sales, Liens, etc.   Except as otherwise provided herein, the Borrower will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon the Collateral (including, without limitation, the filing of any financing statement).

(j)                                     Extension or Amendment of Pool Receivables .  Except as otherwise permitted in Section 9.02 , the Borrower will not, and will not instruct or encourage the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition of any related Contract.

(k)                                  Change in Credit and Collection Policy .  The Borrower will not make any change in the Credit and Collection Policy that would be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the Majority Group Agents.  Promptly following any material change in the Credit and Collection Policy, the Borrower will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

(l)                                      Fundamental Changes .  The Borrower shall not, without the prior written consent of the Administrative Agent and the Majority Group Agents, merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person.  The Borrower shall provide the Administrative Agent with at least thirty (30) days’ prior written notice before making any change in the Borrower’s name or location or making any other change in the Borrower’s identity or corporate structure that could impair or otherwise render any UCC financing statement filed in connection with this Agreement or any other Transaction Document “seriously misleading” as such term (or similar term) is used in the applicable UCC; each notice to the Administrative Agent and the Group Agents pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof.

(m)                              Books and Records .  The Borrower shall maintain and implement (it being understood and agreed that the Servicer may maintain and implement on the Borrower’s behalf) administrative and operating procedures (including (i) an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof and

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(ii) procedures to identify and track sales with respect to, and collections on, Excluded Receivables), and keep and maintain (it being understood and agreed that the Servicer may keep and maintain on the Borrower’s behalf) all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables and the identification and reporting of all Excluded Receivables (including records adequate to permit the daily identification of each Pool Receivable and Excluded Receivable and all Collections of and adjustments to each existing Pool Receivable and Excluded Receivable).

(n)                                  Identifying of Records .  The Borrower shall identify (it being understood and agreed that the Servicer may identify on the Borrower’s behalf) its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

(o)                                  Change in Payment Instructions to Obligors .  The Borrower shall not (and shall not instruct or encourage the Servicer or any Sub-Servicer to) add, replace or terminate any Lock-Box Account (or any related Lock-Box) or Approved Settlement Account or make any change in its (or their) instructions to the Obligors regarding payments to be made to the Lock-Box Accounts (or any related Lock-Box) or Approved Settlement Account , other than any instruction to remit payments to a different Lock-Box Account (or any related Lock-Box) (or Approved Settlement Account if a Subject Receivable) , unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Lock-Box Agreement (or amendment thereto) with respect to such new Lock-Box Accounts (or any related Lock-Box) in each case (x) in form and substance reasonably satisfactory to the Administrative Agent and (y) in accordance with the terms hereof and, if applicable, such Lock-Box Agreement.

(p)                                  Security Interest, Etc.   The Borrower shall (and shall cause the Servicer to), at its expense, take all action necessary to establish and maintain a valid and enforceable first priority perfected security interest in the Receivables and that portion of the Collateral in which an ownership or security interest may be created under the UCC and perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim, in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request.  In order to evidence the security interests of the Administrative Agent under this Agreement, the Borrower shall, from time to time take such action, or execute (if necessary) and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables and that portion of the Related Security in which a security interest may be perfected by the filing of a financing statement under the UCC.  The Borrower shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.  The Borrower shall not file a termination, partial termination, release, partial release, or

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any amendment to a financing statement filed in connection with the Transaction Documents that deletes the name of a debtor, terminates such financing statement or excludes any collateral, without the prior written consent of the Administrative Agent.

(q)                                  Certain Agreements .  Without the prior written consent of the Majority Group Agents, the Borrower will not amend, modify, waive, revoke or terminate any Transaction Document to which it is a party or any provision of the Borrower’s Limited Liability Company Agreement which requires the consent of the “Independent Director” (as such term is used in the Borrower’s Limited Liability Company Agreement).

(r)                                     Restricted Payments .  (i) Except pursuant to clause (ii)  below, the Borrower will not: (A) purchase or redeem any of its membership interests, (B) declare or pay any dividend or set aside any funds for any such purpose, (C) prepay, purchase or redeem any Debt (other than any Loans pursuant to this Agreement), (D) lend or advance any funds or (E) repay any loans or advances to, for or from any of its Affiliates (the amounts described in clauses (A)  through (E)  being referred to as “ Restricted Payments ”).

(ii)  The Borrower may declare and pay dividends or distributions to its members out of funds distributed to the Borrower pursuant to Section 4.01 if, both immediately before and immediately after giving effect thereto, (A) the Borrower is Solvent, (B) no Event of Default or Unmatured Event of Default shall have occurred and be continuing, (C) no Contribution Termination Event has occurred and is continuing under the Transfer and Contribution Agreement, (D) no Borrowing Base Deficit exists and (E) the Termination Date has not occurred.

(s)                                    Other Business .  The Borrower will not: (i) engage in any business other than the transactions contemplated by the Transaction Documents, (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be issued for its account any letters of credit or bankers’ acceptances) other than pursuant to this Agreement or (iii) form any Subsidiary or make any investments in any other Person.

(t)                                     Use of Collections Available to the Borrower .  The Borrower shall apply the Collections available to the Borrower to make payments in the following order of priority: (i) the payment of its obligations under this Agreement and each of the other Transaction Documents in accordance with Section 4.01 and (ii) other legal and valid purposes.

(u)                                  Further Assurances; Change in Name or Jurisdiction of Origination, etc.   (i) The Borrower hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce the Secured Parties’ rights and remedies under this Agreement and the other Transaction Document.  Without limiting the foregoing, the Borrower hereby authorizes, and will, upon the request of the Administrative Agent, at the Borrower’s own expense, execute (if necessary) and file such financing statements

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or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or that the Administrative Agent may reasonably request, to perfect, protect or evidence any of the foregoing.

(ii)                                                           The Borrower authorizes the Administrative Agent to file financing statements, continuation statements and amendments thereto and assignments thereof, relating to the Receivables, the Related Security, the related Contracts, Collections with respect thereto and the other Collateral without the signature of the Borrower.  A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law.

(iii)                                                        The Borrower shall at all times be organized under the laws of the State of Delaware and shall not take any action to change its jurisdiction of organization.

(iv)                                                       The Borrower will not change its name, identity or corporate structure unless (x) the Borrower, at its own expense, shall have taken all action necessary to perfect or maintain the perfection of the security interest under this Agreement (including, without limitation, the filing of all financing statements and the taking of such other action as the Administrative Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Borrower shall cause to be delivered to the Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent as to such UCC perfection and priority matters as the Administrative Agent may request at such time.

(v)                                  Anti-Money Laundering/International Trade Law Compliance .  The Borrower will not become a Sanctioned Person.  No Covered Entity, either in its own right or through any third party, will use the proceeds of any Credit Extension for the purpose of funding any operations in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned Person in violation of any applicable Anti-Terrorism Law.  The funds used to repay each Credit Extension will not be derived from any activity in violation of any Anti-Terrorism Law.  The Borrower will maintain policies and procedures reasonably designed to ensure compliance with Anti-Terrorism Laws.

(w)                                Transaction Information .  None of the Borrower or any third party with which the Borrower has contracted, shall deliver, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency and will not participate in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

(x)                                  Borrower’s Tax Status .  No action will be taken that would cause the Borrower to become an association taxable as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.  If the Borrower is classified as a partnership for U.S. federal income tax purposes as of any taxable year beginning after December 31, 2017, then prior to or as of such taxable year, it will use reasonable efforts to

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make an election, to the extent eligible, under Section 6221(b) or Section 6226(a) of the Code (or any similar election available pursuant to Treasury Regulations under Sections 6221 through 6241 of the Code at such time) with respect to determinations of adjustments at the partnership level.

(y)                                  Approved Settlement Accounts.  The Borrower shall cause each Originator (or its applicable Affiliate that maintains such account) to maintain each Approved Settlement Account in accordance with Section 7.01(y).

(z)                                   Chattel Paper.  The Borrower shall not permit any such chattel paper to be in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.

SECTION 8.02.            Covenants of the Servicer .  At all times from the Closing Date until the Final Payout Date:

(a)                                  Financial Reporting .  The Servicer will maintain a system of accounting established and administered in accordance with GAAP, and the Servicer shall furnish to the Administrative Agent and each Group Agent:

(i)                                      Compliance Certificates .  (a) A compliance certificate promptly upon completion of the annual report of First Data and in no event later than 90 days after the close of First Data’s fiscal year (or, if later, in the manner and period set forth in Section 8.01(vi) ), in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof and (b) within 45 days after the close of each fiscal quarter of the Servicer (or, if later, in the manner set forth in Section 8.01(v) ), a compliance certificate in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof.

(ii)                                   Information Packages .  As soon as available and in any event not later than two (2) Business Days prior to each Monthly Settlement Date, an Information Package as of the most recently completed Fiscal Month.

(iii)                                Other Information .  Such other information (including non-financial information) relating to the Borrower, the Servicer, the Originators and the Collateral as the Administrative Agent or any Group Agent may from time to time reasonably request.

(b)                                  Notices .  The Servicer will notify the Administrative Agent and each Group Agent in writing of any of the following events promptly upon (but in no event later than five (5) Business Days after) a Financial Officer or other officer learning of the occurrence

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thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect thereto:

(i)                                      Notice of Events of Default or Unmatured Events of Default .  A statement of a Financial Officer of the Servicer setting forth the nature and period of existence of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the Servicer proposes to take with respect thereto.

(ii)                                   Litigation .  The institution of any litigation, arbitration proceeding or governmental proceeding which could reasonably be expected to be determined adversely and, if so determined, could reasonably be expected to have a Material Adverse Effect.

(iii)                                Adverse Claim .  (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof (other than an Adverse Claim on an Approved Settlement Account (but not Collections therein) existing on the Second Amendment Date) , (B) any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect to any Lock-Box Account (or related Lock-Box) or , (C ) any Person other than the applicable Originator (or an Affiliate) or Settlement Account Bank shall obtain any rights or direct any action with respect to any Approved Settlement Account or (D ) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

(iv)                               Name Changes .  At least thirty (30) days before any change in the Borrower’s name, jurisdiction of organization or any other change requiring the amendment of UCC financing statements filed against the Borrower.

(v)                                  Change in Accountants or Accounting Policy .  Any change in (i) the external accountants of the Servicer and (ii) any material accounting policy of any Originator that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such purpose).

(vi)                               Termination Event .  The occurrence of a Contribution Termination Event.

(c)                                   Conduct of Business .  The Servicer will carry on and conduct its business in substantially the same manner and in substantially the same fields, or fields complimentary or ancillary thereto, of enterprise as it is presently conducted, and will do all things necessary to remain duly organized, validly existing and in good standing as a domestic entity in its jurisdiction of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted if the failure to have such authority could reasonably be expected to have a Material Adverse Effect.

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(d)                                  Compliance with Laws .  The Servicer will comply with all Applicable Laws to which it may be subject if the failure to comply could reasonably be expected to have a Material Adverse Effect.

(e)                                   Furnishing of Information and Inspection of Receivables .  The Servicer will furnish or cause to be furnished to the Administrative Agent and each Group Agent from time to time such information with respect to the Pool Receivables and the other Collateral as the Administrative Agent or any Group Agent may reasonably request.  The Servicer will, at the Servicer’s expense, during regular business hours with prior written notice, (i) permit the Administrative Agent and each Group Agent or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Servicer for the purpose of examining such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Servicer’s performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent public accountants of the Servicer (provided that representatives of the Servicer are present during such discussions) having knowledge of such matters and (ii) without limiting the provisions of clause (i)  above, during regular business hours, at the Servicer’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to the Pool Receivables and other Collateral; provided , that unless an Event of Default has occurred and is continuing, the Servicer, the Borrower and the Originators shall be required to reimburse the Administrative Agent and Group Agents, together, for only one (1) combined audit of the Servicer pursuant to this Section 8.02(e) , of the Borrower pursuant to Section 8.01(g)  and of the Originators pursuant to Section 6.1(f) of the Transfer and Contribution Agreement by the Administrative Agent and the Group Agents in any twelve-month period.

(f)                                    Payments on Receivables, Lock-Box Accounts .  The Servicer will at all times, instruct all Obligors to deliver payments on the Pool Receivables (i) with respect to Subject Receivables, to an Approved Settlement Account and (ii) with respect to any other Receivable, to a Lock-Box Account or a Lock-Box.  The Servicer shall, and shall cause each Originator to, remit all Collections received in an Approved Settlement Account to a Lock-Box Account no later than five (5) Business Days (or (x) in the case of Collections received in the Exception Account maintained at KeyBank, N.A., six (6) Business Days and (y) in the case of Receivables due and payable on the day of origination, thirty-one (31) calendar days) following receipt thereof.  Following the occurrence of an Event of Default, upon the request of the Administrative Agent, the Servicer shall cause the Administrative Agent to receive read-only access to each Approved Settlement Account or, if read-only access is not available for any Collection Account, daily account statements with respect to such Approved Settlement Account. The Servicer will, at all times, maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators.  If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Group Agents and the other Secured Parties and promptly (but in any event within one (1) Business Day after receipt) remit such funds into a Lock-Box Account.  The Servicer shall not permit funds other

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than Collections on Pool Receivables and other Collateral to be deposited into any Lock-Box Account.  If such funds are nevertheless deposited into any Lock-Box Account, the Servicer will within two (2) Business Days identify and transfer such funds to the appropriate Person entitled to such funds.  Subject to Section 4.01(a) , the Servicer will not, and will not permit the Borrower, any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Group Agent or any other Secured Party is entitled, with any other funds provided, however, that Collections relating to Subject Receivables may be commingled in an Approved Settlement Account with other funds until required to be remitted to a Lock-Box Account in accordance with this Agreement; provided, however, that any such commingling shall not derogate from the Servicer’s indemnification obligations with respect to commingling pursuant to Section 13.01 .  The Servicer shall only add a Lock-Box Account (or a related Lock-Box), or a Lock-Box Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition and an executed and acknowledged copy of a Lock-Box Agreement (or an amendment thereto) in form and substance acceptable to the Administrative Agent from the applicable Lock-Box Bank.  The Servicer shall only add an Approved Settlement Account or Settlement Account Bank to those listed on Schedule III to this Agreement, if the Administrative Agent has received notice of such addition. The Servicer shall only terminate a Lock-Box Bank or a Settlement Account Bank or close a Lock-Box Account (or a related Lock-Box) or Approved Settlement Account, in each case, with the prior written consent of the Administrative Agent.

(g)                                   Extension or Amendment of Pool Receivables .  Except as otherwise permitted in Section 9.02 , the Servicer will not alter the delinquency status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect that is adverse to the interests of the Borrower, the Administrative Agent or any other Secured Party, any term or condition of any related Contract. The Servicer shall timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract.

(h)                                  Change in Credit and Collection Policy .  The Servicer will not make any change in the Credit and Collection Policy that would be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the Majority Group Agents.  Promptly following any material change in the Credit and Collection Policy, the Servicer will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

(i)                                      Records .  The Servicer will maintain and implement administrative and operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments to each existing Pool Receivable).

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(j)                                     Identifying of Records .  The Servicer shall identify its master data processing records relating to Pool Receivables and related Contracts with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

(k)                                  Change in Payment Instructions to Obligors .  The Servicer shall not (and shall not permit any Sub-Servicer to) add, replace or terminate any Lock-Box Account (or any related Lock-Box) or Approved Settlement Account or make any change in its instructions to the Obligors regarding payments to be made to the Lock-Box Accounts (or any related Lock-Box) or Approved Settlement Account , other than any instruction to remit payments to a different Lock-Box Account (or any related Lock-Box) (or Approved Settlement Account if a Subject Receivable) , unless the Administrative Agent shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Lock-Box Agreement (or amendment thereto) with respect to such new Lock-Box Accounts (or any related Lock-Box) in each case (x) in form and substance reasonably satisfactory to the Administrative Agent and (y) in accordance with the terms hereof and, if applicable, such Lock-Box Agreement.

(l)                                      Security Interest, Etc.   The Servicer shall, at its expense, take all action necessary to establish and maintain a valid and enforceable first priority perfected security interest in the Receivables and that portion of the Collateral in which a security interest may be created under the UCC and perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may reasonably request.  In order to evidence the security interests of the Administrative Agent under this Agreement, the Servicer shall, from time to time take such action, or execute (if necessary) and deliver such instruments as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables and that portion of the Related Security in which a security interest may be perfected by the filing of a financing statement under the UCC.  The Servicer shall, from time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority interest.  The Administrative Agent’s approval of such filings shall authorize the Servicer to file such financing statements under the UCC without the signature of the Borrower, any Originator or the Administrative Agent where allowed by Applicable Law.  The Servicer shall not file a termination, partial termination, release, partial release, or any amendment that deletes the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative Agent.

(m)                              Further Assurances; Change in Name or Jurisdiction of Origination, etc.   The Servicer hereby agrees from time to time, at its own expense, promptly to deliver all further instruments and documents, and to take all further actions, that may be necessary or reasonably desirable, or that the Administrative Agent may reasonably request, to perfect, protect or more

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fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and remedies under this Agreement or any other Transaction Document.  Without limiting the foregoing, the Servicer will, upon the request of the Administrative Agent (with such request being hereby deemed to be an authorization as to such filing by the Administrative Agent), at the Servicer’s own expense, file such financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that may be necessary or desirable, or that the Administrative Agent may reasonably request (with such request being hereby deemed to be an authorization as to such filing by the Administrative Agent), to perfect, protect or evidence any of the foregoing.

(n)                                  Transaction Information .  None of the Servicer or any third party contracted by the Servicer, shall deliver, in writing or orally, to any Rating Agency, any Transaction Information without providing such Transaction Information to the applicable Group Agent prior to delivery to such Rating Agency, and will not participate in any oral communications with respect to Transaction Information with any Rating Agency without the participation of such Group Agent.

(o)                                  Anti-Money Laundering/International Trade Law Compliance .  The Servicer will not become a Sanctioned Person.  The Servicer will maintain policies and procedures reasonably designed to ensure compliance with Anti-Terrorism Laws.

(p)                                  Approved Settlement Accounts.  The Servicer shall cause each Originator (or its applicable Affiliate that maintains such account) to maintain each Approved Settlement Account in accordance with Section 7.02(n).

(q)                                  Chattel Paper.  The Servicer shall not permit any such chattel paper to be in the possession of any Person other than the Servicer (or an Affiliate thereof), the Administrative Agent or the Administrative Agent’s designee.

SECTION 8.03.            Separate Existence of the Borrower .  Each of the Borrower and the Servicer hereby acknowledges that the Secured Parties, the Group Agents and the Administrative Agent are entering into the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Borrower’s identity as a legal entity separate from any Originator, the Servicer, the Performance Guarantor and their Affiliates.  Therefore, each of the Borrower and Servicer shall take all steps specifically required by this Agreement or reasonably required by the Administrative Agent or any Group Agent to continue the Borrower’s identity as a separate legal entity and to make it apparent to third Persons that the Borrower is an entity with assets and liabilities distinct from those of the Performance Guarantor, the Originators, the Servicer and any other Person, and is not a division of the Performance Guarantor, the Originators, the Servicer, its Affiliates or any other Person. Without limiting the generality of the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Borrower and the Servicer shall take such actions as shall be required in order that:

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(a)                                  Special Purpose Entity .  The Borrower will be a special purpose company whose primary activities are restricted in its Limited Liability Company Agreement to: (i) acquiring from the Originators, owning, holding, collecting, or granting security interests in, the Collateral, (ii) entering into agreements for the selling, servicing and financing of the Receivables Pool (including the Transaction Documents) and (iii) conducting such other activities as it deems necessary or appropriate to carry out its primary activities.

(b)                                  No Other Business or Debt .  The Borrower shall not engage in any business or activity except as set forth in this Agreement nor, incur any indebtedness or liability other than as expressly permitted by the Transaction Documents.

(c)                                   Independent Director .  Not fewer than one member of the Borrower’s board of directors (the “ Independent Director ”) shall be a natural person who (i) has never been, and shall at no time be, an equityholder, director, officer, manager, member, partner, officer, employee or associate, or any relative of the foregoing, of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member or members of the Parent Group), (ii) is not a customer or supplier of any member of the Parent Group (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member or members of the Parent Group), (iii) is not any member of the immediate family of a person described in (i)  or (ii)  above, and (iv) has (x) prior experience as an independent director for a corporation or limited liability company whose organizational or 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 law relating to bankruptcy and (y) 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.  For purposes of this clause (c) , “ Parent Group ” shall mean (i) First Data, the Servicer, the Performance Guarantor and each Originator, (ii) each person that directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary, five percent (5%) or more of the common stock of First Data, (iii) each person that controls, is controlled by or is under common control with First Data and (iv) each of such person’s officers, directors, managers, joint venturers and partners.  For the purposes of this definition, “control” of a person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract or otherwise.  A person shall be deemed to be an “associate” of (A) a corporation or organization of which such person is an officer, director, partner or manager or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (B) any trust or other estate in which such person serves as trustee or in a similar capacity and (C) any relative or spouse of a person described in clause (A)  or (B)  of this sentence, or any relative of such spouse.

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The Borrower shall (A) give written notice to the Administrative Agent of the election or appointment, or proposed election or appointment, of a new Independent Director of the Borrower, which notice shall be given not later than ten (10) Business Days prior to the date such appointment or election would be effective (except when such election or appointment is necessary to fill a vacancy caused by the death, disability, or incapacity of the existing Independent Director, or the failure of such Independent Director to satisfy the criteria for an Independent Director set forth in this clause (c) , in which case the Borrower shall provide written notice of such election or appointment within one (1) Business Day) and (B) with any such written notice, certify to the Administrative Agent that the Independent Director satisfies the criteria for an Independent Director set forth in this clause (c) .

The Borrower’s Limited Liability Company Agreement shall provide that: (A) the Borrower’s board of directors shall not approve, or take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the Independent Director shall approve the taking of such action in writing before the taking of such action and (B) such provision and each other provision requiring an Independent Director cannot be amended without the prior written consent of the Independent Director.

The Independent Director shall not at any time serve as a trustee in bankruptcy for the Borrower, First Data, the Performance Guarantor, any Originator, the Servicer or any of their respective Affiliates.

(d)                                  Organizational Documents .  The Borrower shall maintain its organizational documents in conformity with this Agreement, such that it does not amend, restate, supplement or otherwise modify its ability to comply with the terms and provisions of any of the Transaction Documents.

(e)                                   Conduct of Business .  The Borrower shall conduct its affairs in accordance with its organizational documents and observe all necessary, appropriate and customary company formalities, including, but not limited to, holding all regular and special members’ and board of directors’ meetings appropriate to authorize all company action, keeping separate and accurate minutes of its meetings, passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts.

(f)                                    Compensation .  Any employee, consultant or agent of the Borrower will be compensated from the Borrower’s funds for services provided to the Borrower, and to the extent that Borrower shares the same officers or other employees as the Servicer (or any other Affiliate thereof), the salaries and expenses relating to providing benefits to such officers and other employees shall be fairly allocated among such entities, and each such entity shall bear its fair share of the salary and benefit costs associated with such common officers and employees.  The Borrower will not engage any agents other than its attorneys, auditors and other professionals, and a servicer and any other agent contemplated by the Transaction Documents for the Receivables Pool, which servicer will be fully compensated for its services by payment of the Servicing Fee.

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(g)                                   Servicing and Costs .  The Borrower will contract with the Servicer to perform for the Borrower all operations required on a daily basis to service the Receivables Pool.  The Borrower will not incur any indirect or overhead expenses for items shared with the Servicer (or any other Affiliate thereof) that are not reflected in the Servicing Fee.  To the extent, if any, that the Borrower (or any Affiliate thereof) shares items of expenses not reflected in the Servicing Fee, such as legal, auditing and other professional services, such expenses will be allocated to the extent practical on the basis of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the value of services rendered.

(h)                                  Operating Expenses .  The Borrower’s operating expenses will not be paid by the Servicer, First Data, the Performance Guarantor, any Originator or any Affiliate thereof.

(i)                                      Stationery .  The Borrower will have its own separate stationery.

(j)                                     Books and Records .  The Borrower’s books and records will be maintained separately from those of the Servicer, First Data, the Performance Guarantor, the Originators and any of their Affiliates and in a manner such that it will not be difficult or costly to segregate, ascertain or otherwise identify the assets and liabilities of the Borrower.

(k)                                  Disclosure of Transactions .  The Servicer will ensure that all financial statements of the Servicer or any Affiliate thereof that are consolidated to include the Borrower will disclose that (i) the Borrower’s sole business consists of the purchase or acceptance through capital contributions of the Receivables and Related Rights from the Originators and the subsequent retransfer of or granting of a security interest in such Receivables and Related Rights to the Administrative Agent pursuant to this Agreement, (ii) the Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders and (iii) the assets of the Borrower are not available to pay creditors of the Servicer or any Affiliate thereof (other than the Borrower).

(l)                                      Segregation of Assets .  The Borrower’s assets will be maintained in a manner that facilitates their identification and segregation from those of the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliates thereof.

(m)                              Entity Formalities .  The Borrower will strictly observe limited liability company formalities in its dealings with the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not be commingled with those of the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliates thereof except as permitted by this Agreement.  The Borrower shall not maintain joint bank accounts or other depository accounts to which the Servicer, First Data, the Performance Guarantor, the Originators or any Affiliate thereof (other than the Servicer solely in its capacity as such) has independent access.  The Borrower is not named, and has not entered into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy with respect to any loss relating to the property of the Servicer, First Data, the Performance Guarantor, the Originators or any Subsidiaries or other Affiliates thereof (other than the Borrower).  The Borrower will pay to the appropriate Affiliate

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the marginal increase or, in the absence of such increase, the market amount of its portion of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

(n)                                  Arm’s-Length Relationships .  The Borrower will maintain arm’s-length relationships with the Servicer, First Data, the Performance Guarantor, the Originators and any Affiliates thereof.  Any Person that renders or otherwise furnishes services to the Borrower will be compensated by the Borrower at market rates for such services it renders or otherwise furnishes to the Borrower.  Neither the Borrower on the one hand, nor the Servicer or any Affiliate thereof, on the other hand, will be or will hold itself out to be responsible for the debts of the other or the decisions or actions respecting the daily business and affairs of the other.  The Borrower, the Servicer and their respective Affiliates will immediately correct any known misrepresentation with respect to the foregoing, and they will not operate or purport to operate as an integrated single economic unit with respect to each other or in their dealing with any other entity.

(o)                                  Allocation of Overhead .  To the extent that Borrower, on the one hand, and the Servicer, First Data, the Performance Guarantor, any Originator or any Affiliate thereof, on the other hand, have offices in the same location, the Borrower shall pay a fair and appropriate allocation of overhead costs between it and them, and the Borrower shall bear its fair share of such expenses, which may be paid through the Servicing Fee or otherwise.

ARTICLE IX

ADMINISTRATION AND COLLECTION
OF RECEIVABLES

SECTION 9.01.            Appointment of the Servicer .

(a)                                  The servicing, administering and collection of the Pool Receivables shall be conducted by the Person so designated from time to time as the Servicer in accordance with this Section 9.01 .  Until the Administrative Agent gives notice to First Data (in accordance with this Section 9.01 ) of the designation of a new Servicer, First Data is hereby designated as, and hereby agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Upon the occurrence of an Event of Default, the Administrative Agent may (with the consent of the Majority Group Agents) and shall (at the direction of the Majority Group Agents) designate as Servicer any Person (including itself) to succeed First Data or any successor Servicer, on the condition in each case that any such Person so designated shall agree to perform the duties and obligations of the Servicer pursuant to the terms hereof.