dated as of March 2, 2007
PALISADES COLLECTION, L.L.C.,
as the Servicer,
WOLPOFF & ABRAMSON, L.L.P.,
as the Subservicer
THIS SUBSERVICING AGREEMENT is entered into effective as of March 2, 2007 (as amended,
supplemented or otherwise modified from time to time, the “ Subservicing Agreement ”), between PALISADES
COLLECTION, L.L.C., a Delaware limited liability company (together with its successors and assigns, the “
Servicer ”), and WOLPOFF & ABRAMSON, L.L.P (the “ Subservicer ”).
1. The Servicer has entered into a servicing agreement, of even date herewith (as amended, supplemented
or modified from time to time, the “ Servicing Agreement ”), with Palisades Acquisition XVI, LLC (the “
Borrower ”) and BMO Capital Markets Corp. (“ BMO CM ”) pursuant to which, on the terms and subject to
the conditions set forth therein, the Servicer has agreed to service, among other receivables, the Receivables for
the benefit of the Borrower.
2. The Borrower and BMO CM, as collateral agent for the benefit of certain secured parties (the “
Collateral Agent ”) pursuant to the Receivables Financing Agreement, have entered into a security agreement, of
even date herewith, pursuant to which the Borrower has granted to the Collateral Agent, security interest in,
among other things, collections on the Receivables.
3. The Servicer has requested Subservicer to undertake certain collecting and servicing responsibilities in
respect of the Receivables, and the Subservicer is willing to undertake such responsibilities and accept such
bailment, acknowledging that such subservicing activities are undertaken for the benefit of both the Borrower and,
for as long as a security interest is outstanding, the Collateral Agent, for the benefit of secured parties.
NOW, THEREFORE, in consideration of the mutual agreements herein contained, the Servicer and the
Subservicer hereby agree as