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SWAPALEASE, INC.

LEASE TRANSFER WALLET PROTECTION PLAN ^sm

This plan is designed to help protect against potential losses or liabilities resulting from a new lessee defaulting on their lease agreements. As with any protection plan, you must read the entire plan carefully to determine rights, duties and defined coverage.

Various provisions in this plan restrict responsibility of coverage. Please read the entire plan carefully to determine rights, duties and what is and is not covered. Throughout this plan words and phrases that appear in bold have special meaning. Please refer to Section V – Definitions Section.

By accepting this plan, you agree that the statements on the Plan and those made in your application are true. We have issued this Plan based on the truth of these statements. We will provide the loss protection described in this Plan in return for the fee and compliance with all applicable provisions of this Plan.

SECTION I - WHAT THE SWAPALEASE PLAN COVERS

We will, at Our option, reimburse you or pay the Lessor, when the Assuming Lessee Defaults on any of the following Financial Obligations:

1. The remaining lease monthly payments owed to the Lessor. Our maximum limit of liability is the Original Monthly Payment multiplied by the Remaining Months of the Lease Agreement as shown on the Declarations Page.

2. The amount assessed for Excess Wear and/or Physical Damage as defined in the Assigned Lease Agreement (up to $2,000 in total claims)

3. The Disposition Fee as shown on the Declarations Page (up to $500)

4. The amount assessed for Excess Mileage as defined in the Assigned Lease Agreement. (up to $2,000 in total claims)

Section II – what our program does NOT COVER

The following conditions are not covered under this plan. Please bear in mind that these fees would be assessed after all other conditions above are met. Each of these fees are assessed differently based on the lending institution they are held by.

1. Any loss, cost or expense arising out of any:

2. Subsequent assignment of the lease by the Assuming Lessee.

Additionally, this Plan does not provide coverage when the Assuming Lessee’s Default is caused by or resulting from any of the following. Such loss is excluded regardless of any other cause or event that contributes concurrently or in any sequence to the Assuming Lessee’s Default.

3. Commercial Use of the Vehicle at any time prior to the Scheduled Termination date of the Lease Agreement (this includes the “Remaining Months of the Lease Agreement” time period, as shown on the Declarations Page, after assignment to Assuming Lessee).

Section III – Lease transfer default protection plan conditions

when the plan applies:

Coverage applies when:

1. You have complied with the “YOUR DUTIES WHEN YOU RECEIVE A BILL FROM LESSOR” section of this Plan;

2. You have received a bill from Lessor; and

3. Not otherwise excluded.

Coverage under the plan is available only if Swapalease, inc. is notified within 60 days after assignment of Lease Agreement to Assuming Lessee.

your duties when you receive a bill from lessor:

You must notify Us within ninety (90) days of receipt of bill for eligible charges from Lessor.

cancellation:

We may cancel this Plan by mailing notice to You at Your last known address. We will state the reason for cancellation in the notice. Proof of mailing will be sufficient proof of notice.

We won’t cancel the Plan unless:

1. You fail to notify us of the lease transfer and/or provide a copy of the lease transfer contract in a timely manner; or

2. You obtained the Plan through a material misrepresentation or concealment of material fact; or

3. You made an intentional material misrepresentation, concealed a material fact, collaborated with the Assuming Lessee in encouraging or submitting a claim; or

4. The odometer has been tampered with, altered or disconnected or in any way misrepresents the actual miles prior to assignment of Vehicle to Assuming Lessee.

If We cancel because You didn’t notify us of the lease transfer and/or provide a copy of the lease transfer contract in a timely manner, the date of cancellation will be at least 10 days after the date of mailing. If We cancel for any other reason, the date of cancellation will be at least 30 days after the date of mailing.

Section iv – general conditions

Bankruptcy or Insolvency: The bankruptcy or insolvency of You or Your estate or the Assuming Lessee will not relieve Us of any obligation under this Plan.

Assistance and Cooperation: When We ask, You must help Us in investigations and settlements and in enforcing any rights We may have against any manufacturer, repairer, or Assuming Lessee that may be responsible for any Excess Wear and/or Excess Mileage charges, Disposition Fee(s), remaining lease payments, or charges for damage to the vehicle.

Changes: This Plan may not be changed unless We approve the change in writing. None of Our representatives have the authority to change or waive any provision of this Plan.

Conformity to State Statutes: If any Plan provision conflicts with the law of the state for which this Plan was issued, the law of that state applies. In that event, this Plan will provide coverage only up to the minimum requirement of that state.

If You Have Any Other Insurance: This Plan provides coverage only in excess of other applicable and valid policies of insurance and warranties and service contracts that You have or under which You can recover from third parties.

Appraisal: If We disagree about the amount of the claim for Excess Wear, Excess Mileage, or damage to the Vehicle, We may demand an appraisal of the Vehicle before agreeing to pay the assessed charges.

Arbitration: Any other dispute about this Plan’s interpretation may be resolved by arbitration upon the written request of either party. Arbitration will take place under the rules of the American Arbitration Association unless either party objects. Within 60 days after You receive written notice from Us that a claim has been denied or that a dispute cannot be otherwise resolved, You must notify Us in writing that You intend to seek arbitration. If either party objects to the rules of the American Arbitration Association, the following method of arbitration will be used instead:

You will select one arbitrator. We will select another. The two arbitrators will select a third. If they can’t agree on a third arbitrator within 30 days, a judge of a court of record in the county of the jurisdiction where the arbitration is pending will appoint the third arbitrator. The written decision of any two arbitrators will determine the issues. You will pay the arbitrator You select. We will pay the one We select. The expense of the third arbitrator and all other expenses of arbitration will be shared equally between You and Us.

Actions Against Us: You may not sue Us under this Plan unless You have fully complied with all Plan Terms.

No Benefit to Bailee: We will not recognize any organization holding, storing or transporting property for a fee regardless of any other provisions of this Plan.

Our Right to Recover from Others: When We pay under this Plan, Your right to recovery from anyone else becomes Ours up to the amount We have paid. You must protect these rights and help Us to enforce them. We shall recover only the excess after You are fully compensated for Your loss above the amount of the Plan’s deductible, if applicable.

Fraud or Misrepresentation: This Plan will be considered void from its inception if any of the below conditions are met. In the event these conditions are met, the Plan premium will not be refunded.

whom to contact:

For Plan coverage questions, or for questions concerning arbitration, claims or cancellations contact us at:

Swapalease, Inc.

11224 Cornell Park Drive
Cincinnati, Ohio 45242
1-866-792-7669

section V – definitions used throughout the Plan

The following definitions apply throughout the Plan. Defined words are printed in italicized type.

1. Assigned Lease Agreement: The Lease Agreement originated by You and assigned to the Assuming Lessee with approval of your bank.

2. Assuming Lessee: The person or persons to whom You assign Your original Lease Agreement. The Assuming Lessee agrees to comply with all of the terms and conditions of the lease including but not limited to lease payments, Vehicle maintenance and use, insurance, and Vehicle disposition. Subsequent assignment of the lease by Assuming Lessee is not permitted and renders this indemnity void unless the Lessee also buys indemnity.

3. Commercial Use: Use of the Vehicle for any commercial purpose. This includes, but is not limited to, deliveries, service or repair calls, route work, job site activities, construction, hauling, taxi, livery, rental, carrying passengers for hire, towing or road repair operations, police or emergency service, plowing snow, competitive driving, racing or on off road or principally off road use, whether or not the Vehicle is licensed for any commercial purpose or registered to a corporation.

4. Default(s): An Assuming Lessee has defaulted when all attempts by the Lessor to collect on monies owed from the Assuming Lessee are not successful, and Lessor has taken possession of the vehicle.

5. Disposition Fee(s): The fee specified in the Lease Agreement to cover the selling cost of the Lessor at the end of the lease.

6. Excess Mileage: The actual mileage in excess of the total mileage allowance provided in Your original Lease Agreement, subject to the limitations and exclusions of this Plan.

7. Excess Wear: Damage to the Vehicle exceeding the criteria specified in the “Standards for Wear and Use” or similarly titled section of Your original Lease Agreement.

8. Excess Wear Physical Damage: Damage to the Vehicle that would otherwise have been covered by the Assuming Lessee’s Standard Automobile Plan.

9. Financial Obligations: Means the remaining lease payments, Excess Wear and Mileage surcharges, and/or Disposition Fee(s) as specified in Your original Lease Agreement which is then assigned to the Assuming Lessee.

10. Lessor: The leasing company, who owns the Vehicle, named on the Lease Agreement, and its subsequent assigns.

12. Original Lessee: The person or persons named as the Lessee or co-Lessee on the original Lease Agreement and named on the Plan Declarations page as the Plan holder.

13. Original Monthly Payment: The amount the Original Lessee paid the Lessor to cover depreciation plus other costs, such as profit and fees.

14. We, Us, or Our: Swapalease.com, Inc.

15. Vehicle: The vehicle described on the application.

16. You or Your: The person or persons named on the application as the Plan holder. The Plan holder must be the Original Lessee of the Vehicle.