Document:

phot_ex1058.htm

Exhibit 10.58

 

 

January 25, 2016

Mr. Marco Hegyi

7657 NE 14th Street

Medina, WA  98039

RE:  Amendment to Employment Agreement

Dear Mr. Hegyi:

The purpose of this letter is to amend the terms and conditions upon which we have agreed that you will become employed by GrowLife, Inc. (the “Company,” “we” or “us”). The Amendment was approved by the Company on December 18, 2015.

Amendment to Employment Agreement

 

7.           Equity Participation.  The exercise price of the Warrant for to purchase up to Twenty-Five Million (25,000,000) shares of common stock of the Company has been changed to $0.01 per share.

Amendment to Exhibit A, Warrant to Purchase Common Stock

1.(b) Exercise Price.  For purposes of this Warrant, “Exercise Price” means $0.01, subject to adjustment as provided herein.

 

The Employment Agreement and related Exhibits dated December 4, 2013 and as amended June 20, 2014 remains in effect except for the above amendments.

Very truly yours,

 

GrowLife, Inc.

 

                                                                                /s/ Brad Fretti

 

 

By: Brad Fretti

Its: Chairman of the Compensation Committee

Agreed to:

                                                        December 18, 2015

/s/ Marco Hegyi

Marco Hegyi                               Date    January 25, 2016

 

500 Union Street, Suite 810

Seattle, WA 98101

(800) 977-5255mrdn_ex1027.htm

Exhibit 10.27

 

FIRST AMENDMENT TO

DIRECTOR AGREEMENT

THIS FIRST AMENDMENT TO DIRECTOR AGREEMENT (this “Amendment”), is entered into as of April 13, 2016, by [●], an individual (the “Director”) and Meridian Waste Solutions, Inc., a New York corporation (the "Company").

WITNESSETH:

WHEREAS, the Director is currently the [●]of the Company, and has served in such capacity since [●];

 

WHEREAS, the Director was appointed as member of the Company’s Board of Directors (the “Board”) on [●];

WHEREAS, the Director and the Company entered into that certain Director Agreement dated March 11, 2016 memorializing the duties and obligations with respect the Director’s serving on the Board (the “Original Agreement”);

WHEREAS, the Original Agreement obligates the Company to issue certain equity compensation to the Director, which the Company has not yet issued to Director;

WHEREAS, subsequent to the Original Agreement the Company has adopted as its policy that employees of the Company shall not receive or be entitled to receive compensation for serving on the Board (the “Policy”); and

WHEREAS, the Company and the Director desire to amend the Original Agreement to reflect the Policy and make such other changes as are necessary in accordance therewith (as amended, the “Agreement”).

NOW, THEREFORE, for good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto agree to amend the Original Agreement, as follows:

	
1.  

	
Section 3 of the Original Agreement is hereby deleted in its entirety and replaced with the following:

 

	
  

	
“3.    Expense Reimbursement. To the extent not covered under the terms of Director’s employment with the Company, during the Directorship Term, the Company shall reimburse the Director for (i) all reasonable out-of-pocket expenses incurred by the Director in attending any in-person meetings, provided that the Director complies with the generally applicable policies, practices and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses, and (ii) any costs associated with filings required to be made by the Director or any of the entities managed or controlled by Director to report beneficial ownership or the acquisition or disposition of securities of the Company. Any reimbursements for allocated expenses (as compared to out-of-pocket expenses of the Director) must be approved in advance by the Company.”

 

  

  

  

 

2. The Director hereby agrees and acknowledges that (i) the Company has not issued to him the shares of common stock or options described in the Original Agreement and (ii) the Non-qualified Stock Option Agreement between the Director and the Company dated March 11, 2016 (the “Option Agreement”) is hereby terminated and shall be of no further force or effect, and the options issued thereunder are cancelled, and the Director hereby expressly waives any right to receive equity in any form whatsoever pursuant to the Agreement. The Company hereby agrees and acknowledges that the Option Agreement is hereby cancelled and shall be of no further force or effect, and the options issued thereunder are cancelled.

 

3. Except as otherwise provided herein, all other terms and conditions of the Agreement, as so amended remain unchanged and are hereby ratified and confirmed.

 

4. This Amendment shall be governed by and construed in accordance with the domestic laws of the State of New York, excluding any conflict of laws, rule or principle that might refer the governance of construction of this Amendment to the law of another jurisdiction.

 

 

 

 

 

[NO FURTHER TEXT ON THIS PAGE]

 

  

2

  

 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, has executed this Amendment as of the date and year first above written.

 

 

	 	MERIDIAN WASTE SOLUTIONS, INC.	 
	 	 	 	 
	 	
By: 

	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	
[●], an individual

	 
	 	 	 	 

 

 

 

 

 

 

 3FS Investment Corporation IV 8-K

 

Exhibit 10.1

 

	Citibank,
                                         N.A.

        390
        Greenwich Street

        New
        York, New York 10013
	

 

EXECUTION
COPY

 

	Date:	January
    19, 2016 (as amended and restated as of April 12, 2016)

	To:	Cheltenham
    Funding LLC
	 	

    c/o FS Investment Corporation IV

    201 Rouse Boulevard

    Philadelphia, PA 19112

    Attention: Gerald F. Stahlecker

    Phone: 215-495-1169

    Fax: 215-222-4649

    Email: jerry.stahlecker@franklinsquare.com

 

	From:	Citibank,
    N.A.
	 	

    388 Greenwich Street

    11th Floor

    New York, New York 10013

    Attention: Director Derivative Operations

    Facsimile: 212-615-8594

Transaction
Reference Number: __________

CONFIRMATION

Ladies
and Gentlemen:

The
purpose of this letter agreement is to set forth the terms and conditions of the Transactions entered into between Citibank, N.A.
(“Citibank”) and Cheltenham Funding LLC, a limited liability company formed under the laws of the State
of Delaware (“Counterparty”), on the Trade Date specified below (each, a “Transaction”
and, collectively, the “Transactions”). This letter constitutes a “Confirmation” as referred
to in the Master Agreement specified below.

The
definitions and provisions contained in the 2000 ISDA Definitions (the “Definitions”), as published
by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency
between the Definitions and this Confirmation, this Confirmation shall govern. Capitalized terms used but not defined in this
Confirmation have the meanings assigned to them in Annex A. Capitalized terms used but not defined in this Confirmation or
in Annex A have the meanings assigned to them in the Definitions or (if not defined as aforesaid) in the Master Agreement
referred to below.

With
effect from the Amendment Effective Date, this Confirmation amends and restates the prior Confirmation dated as of January 19,
2016 (the “Original Confirmation”) relating to the Transactions described herein, which Original Confirmation
(with respect to the period from and after the Amendment Effective Date) is hereby superseded and shall be of no further force
or effect.

 

    	Page 1

    	 

    

 

	1.	Agreement

This
Confirmation supplements, forms a part of and is subject to, the ISDA 2002 Master Agreement, dated as of January 19, 2016 (as
amended, supplemented and otherwise modified and in effect from time to time, the “Master Agreement”),
between Citibank and Counterparty. All provisions contained in the Master Agreement govern this Confirmation except as expressly
modified below.

FS
Investment Corporation IV (“Guarantor”) has guaranteed all of the present and future obligations of
Counterparty under the Master Agreement pursuant to a guarantee dated as of the date hereof (the “Guarantee”)
between Guarantor and Citibank. Guarantor will be a Credit Support Provider, and the Guarantee will be a Credit Support Document,
with respect to Counterparty. The obligations of the Guarantor under the Guarantee shall, so long as no Event of Default in relation
to Counterparty as Defaulting Party has occurred and is then continuing and no Early Termination Date has been designated by Citibank,
terminate and be of no further force of effect on the Portfolio Criteria Satisfaction Date.

	2.	Terms of transactions

The
terms of the particular Transactions to which this Confirmation relates are as follows:

	General
    Terms:	 
	Trade
    Date:	January
    19, 2016
	Effective
    Date:	January
    19, 2016
	Amendment
    Effective Date:	April
    12, 2016
	Scheduled
    Termination Date:	The
    latest date for the final scheduled payment (or, if there is only one scheduled payment, for the scheduled payment) of principal
    of any Reference Obligation at any time included in the Reference Portfolio.
	Termination
    Date:	The
    final Scheduled Settlement Date (as defined in the Master Agreement) with respect to all Transactions (other than (i) any
    Citibank Fixed Amount Payer Payment Date that occurs after the final Obligation Termination Date and (ii) any Counterparty
    Fourth Floating Rate Payer Payment Date).  The obligations of the parties to make payments required to be made hereunder
    shall survive the Termination Date.
	Obligation
    Termination Date:	(a)
                                         In relation to any Repaid Obligation, the related Repayment Date; and

        (b) In
relation to any Terminated Obligation, the related Termination Settlement Date. 

         

        

	Reference
    Portfolio:	As
    of any date of determination, all Reference Obligations with respect to all Transactions outstanding on such date.

 

    	Page 2

    	 

    

	Reference
    Obligation:	Each
    obligation listed on Annex I from time to time having a Reference Amount equal to the “Reference Amount”
    indicated on Annex I for such obligation (and, in the case of a Committed Obligation, having an Outstanding Principal
    Amount equal to the “Outstanding Principal Amount” indicated on Annex I for such Committed Obligation), in
    each case, subject to adjustment by the Calculation Agent in accordance with the terms of this Confirmation.

	 	Counterparty
                                         may, by notice to Citibank on any Business Day on or after the Trade Date (each, an “Obligation
                                         Trade Date”), designate that any obligation (each, a “Reference
                                         Obligation”) shall become the subject of a Transaction hereunder. Any such
                                         notice shall specify the proposed Reference Obligation and the proposed Reference Amount,
                                         Reference Entity and Initial Price in relation to such Transaction.

        Notwithstanding
        the foregoing, no such designation by Counterparty will be effective unless:

        (a)     Citibank
        consents on or prior to the Obligation Trade Date to the relevant Reference Obligation becoming the subject of a Transaction
        hereunder (having the proposed Reference Amount and Initial Price in the notice of designation from Counterparty);

        (b)     on
        the Obligation Trade Date (i) the relevant Reference Obligation satisfies the Obligation Criteria set forth in Annex II
        and (ii) on and after the Portfolio Criteria Satisfaction Date, the Portfolio Criteria set forth in Annex II
        are satisfied (or, if any Portfolio Criterion is not satisfied immediately prior to such designation, then the extent
        of compliance with such Portfolio Criterion is improved); and

        (c)     if
        the relevant Reference Obligation would be a Specified Reference Obligation, Counterparty gives notice of such fact to
        Citibank in such notice of designation (provided that any failure to give such notice shall not affect the effectiveness
        of such designation).

        Without
        limiting the generality of the foregoing clause (a), Citibank may withhold its consent to any such designation based on
        any legal, accounting, tax or other similar issues that are adverse to Citibank in any material respect and that would
        or could reasonably be expected to arise as a result of the entry into such Transaction or any purchase by the Citibank
        Holder of such Reference Obligation as a hedge for such Transaction. In the event that Citibank determines not to hold,
        or cause to be held, all or any portion of any such Reference Obligation as a hedge for such Transaction on the Obligation
        Settlement Date for such Transaction, Citibank shall give prompt notice thereof to Counterparty.

        

    	Page 3

    	 

    

 

	 	The
“Obligation Settlement Date” for a Transaction shall be the date following the Obligation Trade Date
for such Transaction that is customary for settlement of the related Reference Obligation substantially in accordance with the
then-current market practice in the principal market for the related Reference Obligation (as determined by the Calculation Agent).
On
the Obligation Trade Date for a Transaction, the Reference Amount of such Transaction shall, for all purposes hereof (including
the determination of the “Maximum Portfolio Notional Amount”) other than calculating Rate Payments, be increased by
the “Reference Amount” specified in such notice from Counterparty. On the Obligation Settlement Date for a Transaction,
the Reference Amount of such Transaction shall, solely for the purposes of calculating Rate Payments, be increased by the “Reference
Amount” specified in such notice from Counterparty.

                                                                                 

                                                                                Once
a Reference Obligation becomes the subject of a Transaction hereunder, Citibank shall promptly prepare and deliver to Counterparty
a revised Annex I reflecting the Reference Portfolio as of the related Obligation Trade Date.

                                                                                 

                                                                                If any payment of interest on a Reference Obligation that would otherwise be made during the period from and including the Obligation Trade Date to but excluding the Termination Trade Date is not made but is capitalized as additional principal (without default), then the amount of interest so capitalized as principal shall become a new Transaction hereunder (a “PIK Transaction”) having the same terms and conditions as the Transaction relating to the Reference Obligation in respect of which such interest is capitalized, except that (1) the Initial Price in relation to such PIK Transaction shall be zero, (2) the Obligation Trade Date and Obligation Settlement Date for such PIK Transaction shall be the date on which such interest is capitalized and (3) the Reference Amount of such PIK Transaction will be the amount of interest so capitalized as principal. Citibank shall give notice to Counterparty after a PIK Transaction becomes outstanding as provided above, which notice shall set forth the information in the foregoing clauses (2) and (3).

 

    	Page 4

    	 

    

	Reference
    Entity:	The
    borrower of the Reference Obligation identified as such in Annex I hereto.  In addition, “Reference Entity”,
    unless the context otherwise requires, shall also refer to any guarantor of or other obligor on the Reference Obligation.
	Ramp-Up
    Period:	The
    period from and including the Effective Date and ending on and including the date occurring 90 days after the Effective Date.
	Ramp-Down
    Period:	The
    period from and including the date 30 days prior to the Scheduled Termination Date and ending on and including the Scheduled
    Termination Date.
	Portfolio
    Notional Amount:	As
    of any date of determination, the sum of the Notional Amounts for all Reference Obligations as of such date.
	Notional
    Amount:	(a)
                                         In relation to any Transaction (other than with respect to any Terminated Obligation
                                         or Repaid Obligation), as of any date of determination, the Reference Amount of the related
                                         Reference Obligation as of such date multiplied by the Initial Price in relation
                                         to such Reference Obligation; and

        (b) In
        relation to any Transaction with respect to a Terminated Obligation or Repaid Obligation, the amount of the reduction
        in the Reference Amount of the related Reference Obligation determined, in the case of a Terminated Obligation, pursuant
        to Clause 3 or, in the case of a Repaid Obligation, pursuant to Clause 5, in each case multiplied by
        the Initial Price in relation to the related Reference Obligation.

         

	Outstanding
    Principal Amount:	In
    relation to any Reference Obligation as of any date of determination, the outstanding principal amount of such obligation
    as shown in the then-current Annex I, as increased pursuant to this Clause 2 (or, in the case of any Committed Obligation,
    pursuant to any borrowing in respect of such Committed Obligation after the Obligation Trade Date) and reduced pursuant to
    Clauses 3 and 5.  Except as otherwise expressly provided below with respect to Counterparty First Floating
    Amounts, the principal amount of any Committed Obligation outstanding on any date shall include the aggregate stated face
    amount of all letters of credit, bankers’ acceptances and other similar instruments issued in respect of such Committed
    Obligation to the extent that the holder of such Committed Obligation is obligated to extend credit in respect of any drawing
    or other similar payment thereunder.

 

    	Page 5

    	 

    

	Commitment
    Amount:	In
    relation to any Reference Obligation that is a Committed Obligation (and the related Transaction) as of any date of determination,
    the maximum outstanding principal amount of such Reference Obligation that a registered holder thereof would on such date
    be obligated to fund (including all amounts previously funded and outstanding, whether or not such amounts, if repaid, may
    be reborrowed).
	Notional
    Funded Amount:	In
relation to any Reference Obligation that is a Committed Obligation (and to the related Transaction) as of any date of determination,
the greater of (a) zero and (b) the sum of (i) the Outstanding Principal Amount of such Reference Obligation as
of the Obligation Trade Date multiplied by the Initial Price in relation to such Reference Obligation minus (ii) the product
of (x) the excess, if any, of the Commitment Amount of such Reference Obligation as of the Obligation Trade Date over the
Outstanding Principal Amount of such Reference Obligation as of the Obligation Trade Date multiplied by (y) 100% minus the
Initial Price in relation to such Reference Obligation plus (iii) any increase in the Outstanding Principal Amount of such
Reference Obligation during the period from but excluding the Obligation Trade Date to and including such date of determination
minus (iv) any decrease in the Outstanding Principal Amount of such Reference Obligation during the period from but excluding
the Obligation Trade Date to and including such date of determination.

	 	In
        relation to any Reference Obligation that is a Term Obligation (and the related Transaction) as of any date of determination,
        the Notional Amount of such Reference Obligation.

 

    	Page 6

    	 

    

 

	Portfolio
    Notional Funded Amount:	As
    of any date of determination, the aggregate of all Notional Funded Amounts with respect to all Reference Obligations in the
    Reference Portfolio on such date of determination.
	Reference
    Amount:	In
    relation to (a) any Term Obligation, the Outstanding Principal Amount thereof and (b) any Committed Obligation,
    the Commitment Amount thereof.
	Maximum
    Portfolio Notional Amount:	USD50,000,000
	Minimum
    Portfolio Notional Amount:	85%
    of the Maximum Portfolio Notional Amount
	Utilization
    Amount:	In
    relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
	Business
    Day:	New
    York
	Business
    Day Convention:	Following
                                         (which shall apply to any date specified herein for the making of any payment or determination
                                         or the taking of any action which falls on a day that is not a Business Day).

        If
        any anniversary date specified herein would fall on a day on which there is no corresponding day in the relevant calendar
        month, then such anniversary date shall be the last day of such calendar month.

         

	Floating
    Rate Index:	Whenever
    in this Confirmation reference is made to USD-LIBOR-BBA (a “Floating Rate Index”), in no event may
    such Floating Rate Index be less than zero
	Monthly
    Period:	Each
    period from but excluding the last day of any calendar month to and including the last day of the immediately succeeding calendar
    month.

	Calculation
    Agent:	Citibank;
    provided that, if an Event of Default described in Section 5(a)(i) or Section 5(a)(vii) occurs with respect
    to Citibank as Defaulting Party and no Event of Default has occurred and is continuing with respect to Counterparty as Defaulting
    Party, then Counterparty may designate any of Bank of America, NA, The Bank of Montreal, Barclays Bank plc, Canadian Imperial
    Bank of Commerce, Credit Suisse, Deutsche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Wells Fargo Bank, National Association
    as Calculation Agent, which designation shall be effective only (a) if such designated entity accepts such appointment
    and agrees to perform the duties of the Calculation Agent hereunder and (b) so long as such Event of Default with respect
    to Citibank as Defaulting Party continues.  Unless otherwise specified, the Calculation Agent shall make all determinations,
    calculations and adjustments required pursuant to this Confirmation in good faith and on a commercially reasonable basis.

 

    	Page 7

    	 

    

 

	Calculation
    Agent City:	New
    York
	Initial
    Price:	In
    relation to any Reference Obligation (and the related Transaction), the Initial Price specified in Annex I.  The
    Initial Price (a) will be expressed exclusive of accrued interest, (b) will be expressed as a percentage of the
    Reference Amount, (c) will be determined exclusive of Costs of Assignment that would be incurred by a buyer in connection
    with any purchase of the Reference Obligation and exclusive of any Delay Compensation and (d) will be, as of the related
    Obligation Trade Date, the “Initial Price” specified by Counterparty to Citibank in the notice of designation
    referred to above and consented to by Citibank.
	 	 
	Payments
    by Counterparty	 
	Counterparty
    First Floating Amounts:	 
	First
    Floating Amount Payer:	Counterparty
	First
    Floating Amount:	In
    relation to any First Floating Rate Payer Payment Date, the sum, for each Transaction, of the products of (a) the First
    Floating Rate Payer Calculation Amount for such Transaction for the related First Floating Rate Payer Calculation Period multiplied
    by (b) the Floating Rate Option for such Transaction during the related First Floating Rate Payer Calculation Period
    plus the Spread multiplied by (c) the Floating Rate Day Count Fraction; provided that, for purposes
    of the foregoing calculation, the percentage specified in the foregoing clause (b) shall be the Spread (and not the Floating
    Rate Option plus the Spread) with respect to any portion of a First Floating Rate Payer Calculation Amount constituting
    the undrawn stated face amount of all letters of credit, bankers’ acceptances and other similar instruments issued in
    respect of a related Committed Obligation.

	First
                                         Floating Rate Payer

        Calculation
        Amount:
	In
    relation to any First Floating Rate Payer Calculation Period and any Transaction, the daily average of the Notional Funded
    Amount of such Transaction during such First Floating Rate Payer Calculation Period.

 

    	Page 8

    	 

    

 

	First
                                         Floating Rate Payer

        Calculation
        Period:
	In
    relation to any Transaction, each Monthly Period, except that (a) the initial First Floating Rate Payer Calculation Period
    will commence on, and include, the related Obligation Settlement Date and (b) the final First Floating Rate Payer Calculation
    Period will end on, but exclude, the related Obligation Termination Date.
	First
                                         Floating Rate

        Payer
        Payment Date:
	(a)
                                                                                                    In relation to any Transaction (other than with respect to any Terminated Obligation
                                                                                                    or Repaid Obligation), the tenth Business Day following the last day of any Monthly Period,
                                                                                                    commencing with the first such date after the Obligation Settlement Date for such Transaction
                                                                                                    and ending with the last such date occurring prior to the related Obligation Termination
                                                                                                    Date; and
(b) In relation to any Terminated Obligation or Repaid Obligation, the related Total Return Payment Date.

	Floating
    Rate Option:	In
    relation to any Transaction, USD-LIBOR-BBA.
	Designated
    Maturity:	In
    relation to any Transaction, one month.
	Spread:	(a)
    Prior to the Portfolio Criteria Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.
	Floating
                                         Rate Day

        Count
        Fraction:
	In
    relation to any Transaction, Actual/360.
	Reset
    Dates:	The
    first day of each First Floating Rate Payer Calculation Period.
	Compounding:	Inapplicable
	 	 
	Counterparty
    Second Floating Amounts:	 
	Second
    Floating Amount Payer:	Counterparty

 

    	Page 9

    	 

    

 

	Second
    Floating Amount:	In
                                         relation to any Second Floating Rate Payer Payment Date, the product of (a) the
                                         Second Floating Rate Payer Calculation Amount for the related Second Floating Rate Payer
                                         Calculation Period multiplied by (b) the Spread multiplied by (c) the
                                         Floating Rate Day Count Fraction.

        Notwithstanding
        the foregoing, no Second Floating Amount shall be payable on any Second Floating Rate Payer Payment Date, and no amount
        shall be payable under Clause 4(c) on any date after the last day of the Ramp-Up Period, (a) on or following
        the Termination Date if the Termination Date results from the designation of an Early Termination Date pursuant to Section 6(a)
        of the Master Agreement by reason of an Event of Default under Section 5(a)(i) or 5(a)(vii) of the Master Agreement
        in relation to Citibank as the Defaulting Party or (b) on or following any date on which each of the following two conditions
        has been satisfied: (i) Counterparty has designated at least 20 Designated Reference Obligations to become the subject
        of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above) and (ii) the
        aggregate Notional Amount of all Designated Reference Obligations as to which Citibank has not given its consent to such
        Designated Reference Obligations becoming the subject of Transactions hereunder (as contemplated opposite the caption
        “Reference Obligation” above) exceeds 50% of the aggregate Notional Amount of all Designated Reference Obligations
        that Counterparty has designated are to become the subject of Transactions hereunder (as contemplated opposite the caption
        “Reference Obligation” above).

        
	Second
                                         Floating Rate Payer

        Calculation
        Amount:
	In
    relation to any Second Floating Rate Payer Calculation Period, the excess, if any, of (a) the Minimum Portfolio Notional
    Amount over (b) the Utilization Amount for such Second Floating Rate Payer Calculation Period.
	Second
                                         Floating Rate Payer

        Calculation
        Period:
	Each
    Monthly Period; provided that (a) the initial Second Floating Rate Payer Calculation Period shall begin on the
    first day following the last day of the Ramp-Up Period and (b) the final Second Floating Rate Payer Calculation Period
    shall end on the last Second Floating Rate Payer Payment Date.

	Second
                                         Floating Rate

        Payer
        Payment Dates:
	The
    tenth Business Day following the last day of each Monthly Period; provided that (a) the initial Second Floating
    Rate Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period and (b) the final
    Second Floating Rate Payer Payment Date will be the day preceding the first day of the Ramp-Down Period.

 

    	Page 10

    	 

    

 

	Spread:	(a)
    Prior to the Portfolio Criteria Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.
	Floating
                                         Rate Day

        Count
        Fraction:
	Actual/360.
	Compounding:	Inapplicable
	 	 
	Counterparty
    Third Floating Amounts:	 
	Third
    Floating Amount Payer:	Counterparty
	Third
    Floating Amount:	In
    relation to any Third Floating Rate Payer Payment Date, the product of (a) the Third Floating Rate Payer Calculation
    Amount for the related Third Floating Rate Payer Calculation Period multiplied by (b) the Spread multiplied
    by (c) the Floating Rate Day Count Fraction.
	Third
                                         Floating Rate Payer

        Calculation
        Amount:
	In
    relation to any Third Floating Rate Payer Calculation Period, the excess, if any, of (a) the Maximum Portfolio Notional
    Amount over (b) the greater of (i) the Minimum Portfolio Notional Amount and (ii) the daily average Portfolio Notional
    Funded Amount for such Third Floating Rate Payer Calculation Period.
	Third
                                         Floating Rate Payer

        Calculation
        Period:
	Each
    Monthly Period; provided that (a) the initial Third Floating Rate Payer Calculation Period shall begin on the
    first day following the last day of the Ramp-Up Period and (b) the final Third Floating Rate Payer Calculation Period
    shall end on the last Third Floating Rate Payer Payment Date.
	Third
                                         Floating Rate

        Payer
        Payment Dates:
	The
    tenth Business Day following the last day of each Monthly Period; provided that (a) the initial Third Floating
    Rate Payer Payment Date will be the first such Business Day after the last day of the Ramp-Up Period and (b) the final
    Third Floating Rate Payer Payment Date will be the day preceding the first day of the Ramp-Down Period.
	Spread:	0.15%.

	Floating
                                         Rate Day

        Count
        Fraction:
	Actual/360.

 

    	Page 11

    	 

    

 

	Compounding:	Inapplicable
	 	 
	Counterparty
    Fourth Floating Amounts:	 
	Fourth
    Floating Amount Payer:	Counterparty
	Fourth
    Floating Amount:	Each
    Expense or Other Payment.
	Fourth
                                         Floating Rate

        Payer
        Payment Dates:
	In
    relation to any Transaction, (a) the tenth Business Day following the last day of each Monthly Period, beginning with
    the first such Business Day after the Obligation Settlement Date for such Transaction, (b) the related Obligation Termination
    Date and (c) after the related Obligation Termination Date, the tenth Business Day after notice of a Fourth Floating
    Amount from Citibank to Counterparty; provided that, prior to the tenth Business Day after the related Obligation Termination
    Date, if Counterparty has received less than ten Business Days’ notice from Citibank that such Fourth Floating Amount
    is due and payable, such Fourth Floating Rate Payer Payment Date shall be the tenth Business Day following the last day of
    the next succeeding Monthly Period.  The obligation of Counterparty to pay Fourth Floating Amounts in respect of
    any Transaction shall survive the related Obligation Termination Date.
	 	 
	Counterparty
    Fifth Floating Amounts:	 
	Fifth
    Floating Amount Payer:	Counterparty
	Fifth
    Floating Amount:	In
    relation to any Terminated Obligation or Repaid Obligation, Capital Depreciation, if any.
	Fifth
                                         Floating Rate

        Payer
        Payment Dates:
	Each
    Total Return Payment Date.
	 	 
	Payments
    by Citibank:	 
	Citibank
    Fixed Amounts:	 
	Fixed
    Amount Payer:	Citibank

 

 

    	Page 12

    	 

    

 

	Fixed
    Amount:	In
    relation to any Transaction, the Interest and Fee Amount with respect to such Transaction for the related Fixed Amount Payer
    Payment Date.
	Fixed
    Amount Payer Calculation Periods:	In
    relation to each Reference Obligation in the Reference Portfolio, each period from and including any date upon which a payment
    of interest is made on such Reference Obligation to but excluding the next such date; provided that (a) the initial
    Fixed Amount Payer Calculation Period shall commence on and include the Obligation Settlement Date for such Reference Obligation
    and (b) the final Fixed Amount Payer Calculation Period shall end on, but exclude, the related Obligation Termination
    Date.
	Fixed
    Amount Payer Payment Dates:	(a)
                                         In relation to any Transaction (other than with respect to any Terminated Obligation
                                         or Repaid Obligation), the tenth Business Day following the last day of any Monthly Period,
                                         commencing with the first such date after the Obligation Settlement Date for such Transaction
                                         and ending with the last such date occurring prior to the related Obligation Termination
                                         Date; and

        (b) In
        relation to any Transaction with respect to any Terminated Obligation or Repaid Obligation, the related Total Return Payment
        Date; provided that, if interest on the Reference Obligation is actually paid on the scheduled interest payment date next
        succeeding the related Obligation Termination Date, then the final Fixed Amount Payer Payment Date shall be the tenth
        Business Day next succeeding the last day of the Monthly Period during which such scheduled interest payment date occurs.

	 	 
	Citibank
    Floating Amounts:	 
	Floating
    Amount Payer:	Citibank
	Floating
    Amount:	In
    relation to any Terminated Obligation or Repaid Obligation, Capital Appreciation, if any.
	Floating
    Rate Payer Payment Dates:	Each
    Total Return Payment Date.
	 	 

    	Page 13

     

    

	3.	Reference
Obligation Removal; Accelerated Termination.

Reference
Obligation Removal

	(a)	A
Transaction may be terminated in whole by either party (or in part by Counterparty) in accordance with this Clause 3 by the
giving of notice (an “Accelerated Termination Notice”) to the other party (each such termination, an
“Accelerated Termination”).

	(i)	Counterparty
shall be entitled to terminate any Transaction or any portion thereof by delivering an Accelerated Termination Notice to Citibank
that is given (i) no later than the proposed Termination Trade Date and (ii) no more than 30 days, and no less than
10 days, prior to the proposed Termination Settlement Date; provided that, except in the case of the termination of all
Transactions in connection with the occurrence of the Scheduled Termination Date, (x) on and after the Portfolio Criteria
Satisfaction Date, the Portfolio Criteria set forth in Annex II would be satisfied on the proposed Termination Trade Date
after giving effect to such termination (or, if any Portfolio Criterion is not satisfied immediately prior to such termination,
the extent of compliance therewith would be maintained or improved after giving effect to such termination) and (y) the Net
Collateral Value Percentage would be greater than or equal to the Termination Threshold (in each case, after giving effect to
such termination). The Accelerated Termination Notice shall specify the Reference Obligation that is the subject of such Accelerated
Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement
Date.

	(ii)	Following
the occurrence of a Credit Event (as determined by the Calculation Agent) with respect to the related Reference Entity (including
any guarantor or other obligor referred to in the definition thereof), Citibank will have the right, but not the obligation, to
request that Counterparty agree to increase the Independent Amount Percentage with respect to the related Transaction to 100%.
If Counterparty does not agree to such request within one Business Day after notice of such request from Citibank, then Citibank
will have the right, but not the obligation, to terminate the related Transaction by delivering an Accelerated Termination Notice
to Counterparty no less than 10 days prior to the proposed Termination Trade Date. The Accelerated Termination Notice shall specify
the Reference Obligation that is the subject of such Accelerated Termination, the amount of the Terminated Obligation, the proposed
Termination Trade Date and the proposed Termination Settlement Date.

Elective
Termination by Citibank due to Certain Events

	(b)	If:

	 	(i)	 	any
Reference Obligation (including any Exchange Consideration) fails to satisfy the Obligation Criteria at any time,

	 	(ii)	 	the
Portfolio Criteria are not satisfied at any time on or after the Portfolio Criteria Satisfaction Date,

	 	(iii)	 	Counterparty
fails to perform when due any obligation to Transfer Eligible Collateral under Clause 9(a), or

	 	(iv)	 	Counterparty
does not, by the deadline specified therefor in Clause 9(e), effect the Transfer to Citibank as Secured Party of Eligible
Collateral contemplated by Clause 9(e),

 

    	Page 14

    	 

    

 

then
Citibank may notify Counterparty in writing of such event. In the case of the foregoing clause (i), if such event continues for
30 days following the delivery of such notice, then Citibank will have the right but not the obligation to terminate the related
Transaction. In the case of the foregoing clause (ii), if such event continues for 30 days following the delivery of such notice,
then Citibank will have the right but not the obligation to terminate each Transaction that is the subject of this Confirmation.
So long as any event described in the foregoing clause (iii) or (iv) is continuing, Citibank will have the immediate right
but not the obligation to terminate each Transaction that is the subject of this Confirmation. Citibank may exercise this termination
right with respect to each Terminated Obligation by delivering an Accelerated Termination Notice to Counterparty that is given,
as to any Terminated Obligation, (1) on the proposed Termination Trade Date and (2) no less than 10 days prior to the
proposed Termination Settlement Date for the related Terminated Obligation. The Accelerated Termination Notice shall specify each
Reference Obligation that is the subject of such Accelerated Termination and, with respect to each such Reference Obligation,
the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date.

Citibank
Optional Termination Date

(c)       Citibank
will have the right, but not the obligation, to terminate each Transaction that is the subject of this Confirmation, effective
on any Business Day occurring on or after the first anniversary of the Effective Date (such anniversary date, the “Citibank
Optional Termination Date”). Citibank can exercise this termination right by delivering an Accelerated Termination
Notice to Counterparty that is given no less than 15 days prior to the first proposed Termination Trade Date specified in the
related Accelerated Termination Notice. The Accelerated Termination Notice shall specify, as to each Reference Obligation, the
amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. If Citibank
does not exercise its right to terminate each Transaction that is the subject of this Confirmation on or before the date occurring
30 days prior to the Citibank Optional Termination Date, then Citibank will have the right, but not the obligation, to propose,
by notice to Counterparty, to amend and restate one or more material terms of the Transactions, including, without limitation,
the Spread, the Independent Amount Percentage and the application of the Obligation Criteria and Portfolio Criteria to the Transactions.
If Citibank provides a notice to Counterparty proposing to amend and restate one or more material terms of the Transactions as
provided above and Counterparty does not agree in writing to such amended and restated terms within 10 Business Days after Citibank
provides such notice to Counterparty, each Transaction shall terminate, and the Termination Trade Date shall be such tenth Business
Day. In the event of any such termination, Citibank shall deliver an Accelerated Termination Notice to Counterparty, which shall
specify, as to each Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the
proposed Termination Settlement Date. Even if a Termination Trade Date has been designated with respect to each Transaction pursuant
to this Clause 3(c), such designation will not prevent Citibank or Counterparty from subsequently designating an earlier
Termination Trade Date in relation to any Transaction to the extent Citibank or Counterparty, as the case may be, is entitled
to designate such earlier Termination Trade Date pursuant to this Confirmation. Notwithstanding anything in this Confirmation
to the contrary:

	(i)	if
Citibank elects to exercise its termination right under this Clause 3(c), then each reference to the term “Scheduled
Termination Date” in Clauses 4 (other than Clause 4(c)) and 5 and in the definitions of “Ramp-Down Period”
and “Termination Trade Date” will instead be a reference to the date 30 days after the first proposed Termination
Trade Date specified in such notice; and

	(ii)	whether
or not Citibank elects to exercise its termination right under this Clause 3(c), and in the case of any termination pursuant
to any of the paragraphs of this Clause 3, each reference to the term “Scheduled Termination Date” in the provisions
of Clause 4(c) dealing with the payment of Counterparty Second Floating Amounts (and the reference to the day preceding the
first day of the Ramp-Down Period in the definition of “Counterparty Second Floating Rate Payer Payment Date”) will
be a reference to the earlier of (x) the Citibank Optional Termination Date and (y) the first anniversary of the Termination
Date.

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Early
Termination Date under Master Agreement

(d)       If
there is effectively designated an Early Termination Date under the Master Agreement, then (i) each Transaction will be terminated
in its entirety (but without limiting Clause 4(c)), (ii) notwithstanding any contrary or otherwise inconsistent provision
of the Master Agreement, the provisions set forth in Section 6(e) of the Master Agreement shall not apply to any Transaction
(except that amounts that become due and payable on or prior to such Early Termination Date with respect to any Transaction as
provided in this Confirmation will constitute Unpaid Amounts) and (iii) the Termination Trade Date for each Transaction will
be the date specified by the Calculation Agent occurring on or promptly after such Early Termination Date; provided that,
if such Early Termination Date is designated by reason of an Event of Default as to which Citibank is the Defaulting Party, Counterparty
may specify the Termination Trade Date with respect to any Transaction as to which the Calculation Agent has not specified the
Termination Trade Date within 10 days after such Early Termination Date. The Calculation Agent shall give notice (an “Accelerated
Termination Notice”) to each party (such termination, an “Accelerated Termination”) on
or prior to such Early Termination Date, which Accelerated Termination Notice shall specify each Reference Obligation that is
the subject of such Accelerated Termination and, with respect to each such Reference Obligation, the amount of the Terminated
Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. The amount, if any, payable in respect
of such Early Termination Date will be determined in accordance with Clause 4(b) of this Confirmation based upon the delivery
of such Accelerated Termination Notice.

Effect
of Termination

(e)       With
respect to any Transaction terminated in whole pursuant to this Clause 3, (i) as of the relevant Termination Trade Date
the Reference Amount shall, for all purposes hereof (including the determination of the “Maximum Portfolio Notional Amount”)
other than calculating Rate Payments, be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal
Amount thereof shall be reduced to zero) and (ii) as of the relevant Termination Settlement Date the Reference Amount, for
purposes of calculating Rate Payments, shall be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal
Amount thereof shall be reduced to zero). With respect to any Transaction terminated in part pursuant to this Clause 3, (i) as
of the relevant Termination Trade Date the Reference Amount shall, for all purposes hereof (including the determination of the
“Maximum Portfolio Notional Amount”) other than calculating Rate Payments, be reduced by the amount of the reduction
of the Reference Amount specified in the Accelerated Termination Notice (and, in the case of a Committed Obligation, the Outstanding
Principal Amount shall be reduced by an amount equal to the product of the Outstanding Principal Amount in effect immediately
prior to such reduction multiplied by the amount of the reduction of the Reference Amount divided by the Reference Amount in effect
immediately prior to such reduction) and (ii) as of the relevant Termination Settlement Date the Reference Amount shall,
for purposes of calculating Rate Payments, be reduced by the amount of the reduction of the Reference Amount specified in the
Accelerated Termination Notice (and, in the case of a Committed Obligation, the Outstanding Principal Amount shall be reduced
by an amount equal to the product of the Outstanding Principal Amount in effect immediately prior to such reduction multiplied
by the amount of the reduction of the Reference Amount divided by the Reference Amount in effect immediately prior to such reduction).
Following any Termination Trade Date (other than the Termination Trade Date in respect of the Termination Date), Citibank shall
promptly prepare and deliver to Counterparty a revised Annex I.

 

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	4.	Final
Price Determination

Following
the termination of any Transaction in whole or in part pursuant to Clause 3 or by reason of the occurrence of the Scheduled
Termination Date (other than in connection with a Repayment), the Final Price for the relevant Terminated Obligation will be determined
in accordance with this Clause 4.

Determination
by Counterparty

(a)       In
order to determine the Final Price for any Terminated Obligation then held by or on behalf of Citibank as a hedge for the related
Transaction, if such determination is being made as the result of a termination pursuant to Clause 3(a), Counterparty may
arrange for the sale of such Terminated Obligation by giving notice of such sale to Citibank; provided that Counterparty
shall have no right to arrange a sale of a Terminated Obligation pursuant to this Clause 4(a) if, as a result of such termination
and the termination of all other Transactions as to which the Total Return Payment Date has not yet occurred, (i) the aggregate
Value (as defined in the Credit Support Annex) of all Posted Credit Support (as so defined) held by Citibank as Secured Party
(as so defined) plus the aggregate of all Citibank Floating Amounts payable in connection with such terminations would be less
than (ii) the aggregate of all Counterparty Fifth Floating Amounts payable in connection with such terminations. Such notice
must be given at least three Business Days prior to the related Termination Settlement Date in the case of any Terminated Obligation
and at least 10 days prior to the Scheduled Termination Date if all Transactions are to be terminated in connection with the Scheduled
Termination Date. Any sale (i) must be to an Approved Buyer or another buyer approved in advance by Citibank, such approval
not to be unreasonably withheld or delayed, and (ii) must be scheduled to occur no later than the date customary for settlement,
substantially in accordance with the then-current market practice in the principal market for such Terminated Obligation (as determined
by the Calculation Agent), following the Termination Trade Date and prior to the Scheduled Termination Date if all Transactions
are to be terminated in connection with the Scheduled Termination Date. If Counterparty so arranges any sale, the net cash proceeds
received from the sale of any Terminated Obligation, net of the related Costs of Assignment and adjusted by any Delay Compensation
as provided in Clause 6(b), shall be the “Final Price” for that Terminated Obligation.

Determination
by Calculation Agent

(b)       If
the Final Price for any Terminated Obligation is not determined according to Clause 4(a), the Calculation Agent shall attempt
to obtain Firm Bids for such Terminated Obligation with respect to the applicable Termination Trade Date from two or more Dealers.
The Calculation Agent will give Counterparty notice of its intention to obtain Firm Bids pursuant to this Clause 4(b) (such
notice to be given telephonically and via electronic mail) not later than two hours prior to the bid submission deadline specified
below. By notice to Citibank not later than the bid submission deadline specified below, Counterparty may, but shall not be obligated
to, designate up to three Approved Buyers each of which shall provide a Firm Bid (and the Calculation Agent will seek a Firm Bid
from any such designee so designated by Counterparty on a timely basis). A “Firm Bid” shall be a good
and irrevocable bid for value, to purchase all or a portion of the applicable Terminated Obligation, expressed as a percentage
of the Reference Amount of such Terminated Obligation and exclusive of accrued interest, for scheduled settlement substantially
in accordance with the then-current market practice in the principal market for such Terminated Obligation, as determined by the
Calculation Agent, submitted as of 11 a.m. New York time or as soon as practicable thereafter. If there is more than one Terminated
Obligation at any time, then the Calculation Agent shall obtain Firm Bids solely with respect to each separate Terminated Obligation
(but not with respect to any group or groups of such Terminated Obligations). Citibank may, but is not obligated to, sell or cause
the sale of any portion of any Terminated Obligation to any Dealer that provides a Firm Bid.

 

    	Page 17

    	 

    

 

If
the Calculation Agent is unable to obtain from Dealers at least one Firm Bid or combination of Firm Bids for all of the Reference
Amount of any Terminated Obligation with respect to the relevant Termination Trade Date, the Calculation Agent will attempt to
obtain a Firm Bid or combination of Firm Bids for all of the Reference Amount of such Terminated Obligation from two or more Dealers
until the earlier of (i) the second Business Day (inclusive) following such Termination Trade Date and (ii) the date
a Firm Bid or combination of Firm Bids is obtained for all of the Reference Amount of such Terminated Obligation.

If
the Calculation Agent is able to obtain at least one Firm Bid or combination of Firm Bids for all or any portion of the Reference
Amount of any Terminated Obligation, the Final Price for such Terminated Obligation or portion thereof shall be determined by
reference to such Firm Bid or Firm Bids pursuant to the last paragraph of this Clause 4(b). If no Firm Bids are obtained
on or before such second Business Day for all or a portion of the applicable Terminated Obligation, the Final Price shall be deemed
to be zero with respect to each portion of such Terminated Obligation for which no Firm Bid was obtained. The Calculation Agent
will conduct the bid process in accordance with the procedures set forth in this Clause 4(b) and otherwise in good faith
and in a commercially reasonable manner. Other than in the case of a termination pursuant to Clause 3(b) or 3(d), Citibank and
Counterparty will make commercially reasonable efforts to accomplish the assignment to Counterparty (free of payment by Counterparty
except for the prior payment when due of any related Counterparty Fifth Floating Amount) of the related Terminated Obligation
or portion thereof held by or on behalf of Citibank as a hedge for the related Transaction for which the Final Price is deemed
to be zero (including as provided below); provided that Citibank shall not be liable for any losses related to any delay
in or failure of such assignment beyond its control.

Notwithstanding
anything to the contrary herein,

	(i)	the
Calculation Agent shall be entitled to disregard any Firm Bid submitted by a Dealer if, in the Calculation Agent’s commercially
reasonable judgment, (x) such Dealer is ineligible to accept assignment or transfer of the related Terminated Obligation
or portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for
the Terminated Obligation, as determined by the Calculation Agent, or (y) as a result of the terms of any agreement or instrument
governing the related Terminated Obligation or any order of a court of competent jurisdiction relating to such Terminated Obligation,
such Dealer is prohibited or restricted from obtaining any consent required for the assignment or transfer of the related Terminated
Obligation or portion thereof, as applicable, to it; and

	(ii)	if
the Calculation Agent determines that the highest Firm Bid obtained in connection with any Termination Trade Date is not bona
fide as a result of (x) the occurrence of an Event of Default described in Section 5(a)(vii) with respect to the
bidder, (y) the inability, failure or refusal of the bidder to settle the purchase of the related Terminated Obligation or
portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations generally or
(z) the Calculation Agent not having pre-approved trading lines with the bidder that would permit settlement of the purchase
of the related Terminated Obligation or portion thereof, as applicable, that Firm Bid shall be disregarded and the next highest
Firm Bid that is not disregarded shall be used to determine the Final Price.

If
there is no such Firm Bid, then the Calculation Agent shall designate a new Termination Trade Date; provided that the Calculation
Agent shall designate a new Termination Trade Date pursuant to this paragraph only once. If the highest Firm Bid for any portion
of the related Terminated Obligation determined in connection with the second Termination Trade Date is disregarded pursuant to
this paragraph, the Calculation Agent shall have no obligation to obtain further bids, and the applicable “Final Price”
for the portion which was so disregarded shall be deemed to be zero.

 

    	Page 18

    	 

    

 

If
Citibank transfers, or causes the transfer of, all or any portion of the Terminated Obligation to the Dealer or Dealers providing
the highest Firm Bid or highest combination of Firm Bids for such Terminated Obligation (or portion thereof) or to such other
party as provided above, the net cash proceeds received from the sale of such Terminated Obligation or portion thereof (which
sale shall be scheduled to settle substantially in accordance with the then-current market practice in the principal market for
the related Reference Obligation as determined by the Calculation Agent), net of the related Costs of Assignment and adjusted
by any Delay Compensation as provided in Clause 6(b), shall be the “Final Price” for that Terminated
Obligation (or the portion thereof that is sold).

If
Citibank has determined not to hold, or cause to be held, all or any portion of any Terminated Obligation as a hedge for the related
Transaction or otherwise determines, in its sole discretion, not to sell or cause the sale of any portion of any Terminated Obligation
to a Dealer providing the highest Firm Bid or combination of Firm Bids, the “Final Price” for such Terminated
Obligation or portion thereof shall be equal to the highest Firm Bid (or highest combination of Firm Bids) for such Terminated
Obligation (or portion thereof) multiplied by the Reference Amount of such Terminated Obligation (or the respective portions of
the Reference Amount to which such Firm Bids relate). The Calculation Agent may perform any of its duties under this Clause 4(b)
through any Affiliate designated by it, but no such designation shall relieve the Calculation Agent of its duties under this Clause 4(b).

Early
Termination of Facility

(c)       For
the avoidance of doubt (and subject to paragraph (ii) of the last sentence of Clause 3(c) and the definition of “Second
Floating Amount” above), if the Termination Date occurs prior to the Citibank Optional Termination Date, each Counterparty
Second Floating Amount shall continue to be payable by Counterparty on each subsequent Second Floating Rate Payer Payment Date
occurring on or prior to the Scheduled Termination Date; provided that, if either party shall so specify in writing to
the other party prior to any final Termination Trade Date, then on such final Termination Trade Date (i) the obligation of
Counterparty to continue to pay each Counterparty Second Floating Amount on each subsequent Second Floating Rate Payer Payment
Date occurring on or prior to the Scheduled Termination Date shall terminate and be replaced by the obligation in the following
clause and (ii) Counterparty shall pay to Citibank an amount equal to the present value (as calculated by the Calculation
Agent with discounting on a continuous basis) discounted to such final Termination Trade Date of each Counterparty Second Floating
Amount payable (without regard to the termination of such obligation under the foregoing clause) on each subsequent Second Floating
Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date, at a discount rate per annum equal to the Discount
Rate. For this purpose, the “Discount Rate” means the zero coupon swap rate (as determined by the Calculation
Agent) implied by the fixed rate offered to be paid by Citibank under a fixed for floating interest rate swap transaction with
a remaining Term equal to the period from such final Termination Trade Date to the Scheduled Termination Date in exchange for
the receipt of payments indexed to USD-LIBOR-BBA.

 

    	Page 19

    	 

    

 

	5.	Repayment

If
all or a portion of the Reference Amount of any Reference Obligation is repaid or otherwise reduced (in the case of a Committed
Obligation, only if the Reference Amount thereof is permanently reduced) (including, without limitation, through any exercise
of any right of set-off, reduction, or counterclaim that results in the satisfaction of the obligations of such Reference Entity
to pay any principal owing in respect of such Reference Obligation) on or prior to the Scheduled Termination Date (the amount
of such repayment or other reduction, a “Repayment”; the portion of the related Reference Obligation
so repaid or otherwise reduced, a “Repaid Obligation”; and the date of such Repayment, the “Repayment
Date”):

	(a)	the
Total Return Payment Date with respect to the Repaid Obligation will be the tenth Business Day next succeeding the last day of
the Monthly Period in which the Repayment Date occurred;

	(b)	as of
the related Repayment Date, the Reference Amount of such Reference Obligation shall be decreased by an amount equal to the principal
amount of the Repaid Obligation; and

	(c)	the
related Final Price in relation to the Repaid Obligation shall be (i) in the case of a Committed Obligation, the portion
of the Reference Amount that is permanently reduced (excluding any such reduction below the Outstanding Principal Amount thereof)
on such Repayment Date and (ii) in the case of a Term Obligation, the amount of principal and premium in respect of principal
paid by such Reference Entity on the Repaid Obligation to holders thereof (or the amount by which the Reference Obligation was
otherwise reduced) on such Repayment Date. Following any Repayment Date, Citibank shall promptly prepare and deliver to Counterparty
a revised Annex I showing the revised Reference Amount for the related Reference Obligation.

	6.	Adjustments

 

	(a)	If
any Reference Obligation or portion thereof is irreversibly converted or exchanged into or for any securities, obligations or
other assets or property (“Exchange Consideration”), thereafter such Exchange Consideration will constitute
such Reference Obligation or portion thereof, and, unless Citibank shall otherwise agree in writing, (i) if such Exchange
Consideration fails to satisfy the Obligation Criteria, then Clause 3(b)(i) shall apply and (ii) if, on and after the
Portfolio Criteria Satisfaction Date, the Portfolio Criteria set forth in Annex II would not be satisfied after giving effect
to such exchange, then Clause 3(b)(ii) shall apply.

	(b)	Delay
Compensation (as defined below) shall result in an adjustment (i) as contemplated by the definition of “Interest and
Fee Amount” in connection with the establishment by the Citibank Holder of a related hedge in respect of a Transaction,
if the actual settlement of the purchase of the related hedge occurs after the Obligation Settlement Date and (ii) of a Final
Price with respect to a Terminated Obligation in connection with the termination by the Citibank Holder of a related hedge, if
the actual settlement of the sale of the related hedge occurs after the Termination Settlement Date. “Delay Compensation”
shall accrue (x) in the case of clause (i) above, from and including the Obligation Settlement Date to but excluding
the actual settlement of the purchase effected to establish the related hedge (and, during such period, (A) the Counterparty
First Floating Amount shall be calculated by reference to the Spread and not the Floating Rate Option and (B) Interest and
Fee Amounts will be determined without regard to payments in respect of the interest rate index, but will be determined inclusive
of the applicable spread above such interest rate index, used in the Reference Obligation Credit Agreement to calculate interest
payments in respect of the related Reference Obligation and in effect during such period) and (y) in the case of clause (ii) above,
from and including the Termination Settlement Date to but excluding the actual settlement of the sale effected to terminate the
related hedge (and, during such period, (A) the Counterparty First Floating Amount shall be calculated by reference to the
Floating Rate Option and not the Spread and (B) Interest and Fee Amounts shall be reduced by interest accrued during such
period in excess of the interest rate index used in the Reference Obligation Credit Agreement to calculate interest payments in
respect of the related Reference Obligation and in effect during such period). In connection with any adjustment by reason of
Delay Compensation, (i) any initial Payment Date in this Confirmation determined by reference to the “Obligation Settlement
Date” shall be determined as if the Obligation Settlement Date were the actual settlement of the purchase of the related
hedge and (ii) any final Payment Date in this Confirmation determined by reference to the “Termination Settlement Date”
shall be determined as if the Termination Settlement Date were the actual settlement of the termination of the related hedge.

       

 

    	Page 20

    	 

    

 

	(c)    	If (i) Citibank
elects to establish a hedge as a result of the addition or increase in the Reference Amount of any Reference Obligation that is
the subject of a Transaction and (ii) the Citibank Holder is unable after using commercially reasonable efforts to effect
the settlement of such hedge, then, by notice to Counterparty, Citibank may in its sole discretion, specify that such addition
or increase in the Reference Amount of such Reference Obligation shall be of no force or effect (retroactive to the Obligation
Trade Date or the Obligation Settlement Date, as the case may be).

	(d) 	Counterparty
will give prompt notice to Citibank of the occurrence of the Portfolio Criteria Satisfaction Date (which notice shall specify
such date).

	7.	Representations,
Warranties and Agreements.

	(a)	Each
party hereby agrees as follows, so long as either party has or may have any obligation under any Transaction.

	(i)	Non-Reliance.
It is acting for its own account, and it has made its own independent decisions to enter into such Transaction and as to whether
such Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed
necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation
to enter into such Transaction; it being understood that information and explanations related to the terms and conditions of such
Transaction shall not be considered investment advice or a recommendation to enter into such Transaction. It has not received
from the other party any assurance or guarantee as to the expected results of such Transaction;

	(ii)	Evaluation
and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of such Transaction. It is also capable of assuming, and assumes,
the financial and other risks of such Transaction;

	(iii)	Status of Parties. The other party is not acting
as a fiduciary or an advisor for it in respect of such Transaction; and

	(iv)	Reliance
on its Own Advisors. Without limiting the generality of the foregoing, in making its decision to enter into, and thereafter
to maintain, administer or terminate, such Transaction, it will not rely on any communication from the other party as, and it
has not received any representation or other communication from the other party constituting, legal, accounting, business or tax
advice, and it will consult its own legal, accounting, business and tax advisors concerning the consequences of such Transaction.

 

(b) 

Each party acknowledges
and agrees that, so long as either party has or may have any obligation under any Transaction:

	(i)	such
Transaction does not create any direct or indirect obligation of any Reference Entity or any direct or indirect participation
in any Reference Obligation or any other obligation of any Reference Entity;

 

    	Page 21

    	 

    

 

	(ii)	each
party and its Affiliates may deal in any Reference Obligation and may accept deposits from, make loans or otherwise extend credit
to, and generally engage in any kind of commercial or investment banking or other business with any Reference Entity, any Affiliate
of any Reference Entity, any other person or entity having obligations relating to any Reference Entity and may act with respect
to such business in the same manner as if such Transaction did not exist and may originate, purchase, sell, hold or trade, and
may exercise consensual or remedial rights in respect of, obligations, securities or other financial instruments of, issued by
or linked to any Reference Entity, regardless of whether any such action might have an adverse effect on such Reference Entity,
the value of the related Reference Obligation or the position of the other party to such Transaction or otherwise;

	(iii)	except
as provided in Clause 7(d)(iii), each party and its Affiliates and the Calculation Agent may, whether by virtue of the types
of relationships described herein or otherwise, at the date hereof or at any time hereafter, be in possession of information regarding
any Reference Entity or any Affiliate of any Reference Entity that is or may be material in the context of such Transaction and
that may or may not be publicly available or known to the other party. In addition, except as provided in Clause 7(b)(vii),
this Confirmation does not create any obligation on the part of such party and its Affiliates to disclose to the other party any
such relationship or information (whether or not confidential); 

	(iv)	neither
Citibank nor any of its Affiliates shall be under any obligation to hedge such Transaction or to own or hold any Reference Obligation
as a result of such Transaction, and Citibank and its Affiliates may establish, maintain, modify, terminate or re-establish any
hedge position or any methodology for hedging at any time without regard to Counterparty. Counterparty acknowledges and agrees
that it is not relying on any representation, warranty or statement by Citibank or any of its Affiliates as to whether, at what
times, in what manner or by what method Citibank or any of its Affiliates may engage in any hedging activities;

	(v)	notwithstanding
any other provision in this Confirmation or any other document, Citibank and Counterparty (and each employee, representative,
or other agent of Citibank or Counterparty) may each disclose to any and all persons, without limitation of any kind, the U.S.
tax treatment and U.S. tax structure of the transaction and all materials of any kind (including opinions or other tax analyses)
that are provided to them relating to such U.S. tax treatment and U.S. tax structure (as those terms are used in Treasury Regulations
under Sections 6011, 6111 and 6112 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)),
other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws.
To the extent not inconsistent with the previous sentence, Citibank and Counterparty will each keep confidential (except as required
by law) all information unless the other party has consented in writing to the disclosure of such information;

	(vi)	if Citibank
chooses to hold a Reference Obligation as a result of any Transaction, Citibank shall hold such Reference Obligation directly
or through an Affiliate (the “Citibank Holder”). The Citibank Holder may deal with such Reference Obligation
as if the related Transaction did not exist, provided that, so long as the Citibank Holder remains the lender of record
with respect to such Reference Obligation, upon any occasion permitting the Citibank Holder to exercise any right in relation
to such Reference Obligation to give or withhold consent (an “Election”) to an action proposed to be
taken (or to be refrained from being taken), the Citibank Holder shall, insofar as permitted under (x) applicable laws, rules
and regulations and (y) each provision of any agreement or instrument evidencing or governing such Reference Obligation (and,
in the case of any participation interest, governing such participation interest), give its consent to the action proposed to
be taken (or to be refrained from being taken), unless (A) Counterparty, by timely notice to Citibank, requests (a “Counterparty
Election Request”) that the Citibank Holder withhold such consent and (B) the Citibank Holder, in its sole
discretion, elects to withhold such consent in accordance with the Counterparty Election Request. Notwithstanding the foregoing:
(1) the Citibank Holder shall have no obligation to respond to, or consult with Counterparty in relation to, a Counterparty
Election Request (failure to respond to a Counterparty Election Request being deemed a denial); (2) the Citibank Holder shall
have no other duties or obligations to Counterparty of any nature with respect to any Election or any Counterparty Election Request;
(3) the Citibank Holder shall not be liable to Counterparty or any of its Affiliates for the consequences of any consent
given or withheld by the Citibank Holder in connection with such Reference Obligation (whether or not pursuant to a Counterparty
Election Request); and (4) if the Citibank Holder elects in its sole discretion to withhold its consent in accordance with
a Counterparty Election Request, the Citibank Holder may subsequently determine to give such consent at any time without notice
to Counterparty; and

 

    	Page 22

    	 

    

 

	(vii)	in
connection with each Reference Obligation that is held by a Citibank Holder as a result of any Transaction, the Citibank Holder
will promptly (and in any event within one Business Day after receipt) deliver or cause to be delivered to Counterparty the following
information and documentation, in each case, to the extent actually received by the Citibank Holder from the Reference Entity
or its agents under the related Reference Obligation Credit Agreement: all notices of any borrowings, prepayments and interest
rate settings, all amendments, consents, waivers and other modifications (whether final or proposed) in relation to the terms
of the Reference Obligation; and all notices given by the Reference Entity to the lenders or their agent or by the lenders or
their agent to the Reference Entity in relation to the exercise of remedies.

	(c)	Each
of the parties hereby represents that, on each date on which a Transaction is entered into hereunder:

	(i)	it
is entering into such Transaction for investment, financial intermediation, hedging or other commercial purposes; and

	(ii)	(x) it
is an “eligible contract participant” as defined in Section 1a(18) of the U.S. Commodity Exchange Act, as amended
(the “CEA”), (y) the Master Agreement and each Transaction are subject to individual negotiation
by each party, and (z) neither the Master Agreement nor any Transaction will be executed or traded on a “trading facility”
within the meaning of Section 1a(51) of the CEA.

	(d)	 Counterparty
hereby represents to Citibank that:

	(i)	its
financial condition is such that it has no need for liquidity with respect to its investment in any Transaction and no need to
dispose of any portion thereof to satisfy any existing or contemplated undertaking or indebtedness. Its investments in and liabilities
in respect of any Transaction, which it understands is not readily marketable, is not disproportionate to its net worth, and it
is able to bear any loss in connection with any Transaction, including the loss of its entire investment in such Transaction;

	(ii)	it understands
no obligations of Citibank to it hereunder will be entitled to the benefit of deposit insurance and that such obligations will
not be guaranteed by any Affiliate of Citibank or any governmental agency;

 

    	Page 23

    	 

    

 

	(iii)	as of
(x) the relevant Obligation Trade Date and (y) any date on which a sale is effected pursuant to Clause 4(a) or
on which the Calculation Agent solicits Firm Bids pursuant to Clause 4(b), neither Counterparty nor any of its Affiliates,
whether by virtue of the types of relationships described herein or otherwise, is on such date in possession of information regarding
any related Reference Entity or any Affiliate of such Reference Entity that is or may be material in the context of such Transaction
or the purchase or sale of any related Reference Obligation unless such information either (x) is publicly available or (y) has
been made available to each registered owner of such Reference Obligation on a basis that permits such registered owner to disclose
such information to any assignee of or participant (whether on a funded or unfunded basis) in, or any prospective assignee of
or participant (whether on a funded or unfunded basis) in, any rights or obligations under the related Reference Obligation Credit
Agreement;

	(iv)	Counterparty
is a wholly owned subsidiary of a United States person, within the meaning of Section 7701(a)(30) of the Code, and has elected
to be treated as a disregarded entity for U.S. Federal income tax purposes;

	(v)	it has
delivered to Citibank on or prior to the Trade Date (and it will, prior to any expiration of any such form previously so delivered,
deliver to Citibank) a United States Internal Revenue Service Form W-9 (or applicable successor form), properly completed and
signed (which representation shall also be made for purposes of Section 3(f) of the Master Agreement);

	(vi)	it could
have received all payments on the Reference Obligation without U.S. Federal or foreign withholding tax if it owned the Reference
Obligation (which representation shall also be made for purposes of Section 3(f) of the Master Agreement);

	(vii)	it
is not, for U.S. Federal income tax purposes, a tax-exempt organization; and

	(viii)	it is
not an Affiliate of the Reference Entity.

(e)

Except for any disclosure authorized pursuant to Clause 7(b)(v), Counterparty agrees to be bound by the confidentiality
provisions of the related Reference Obligation Credit Agreement with respect to all information and documentation in relation
to a Reference Entity or a Reference Obligation delivered to Counterparty hereunder. Counterparty acknowledges that such
information may include material non-public information concerning the Reference Entity or its securities and agrees to use
such information in accordance with applicable law, including Federal and State securities laws.

(f) 

Multiple
Transaction Payment Netting under Section 2(c) of the Master Agreement will apply to the Transactions to which this Confirmation
relates.

(g)

Notwithstanding
anything in the Master Agreement to the contrary, Citibank will not be required to pay any additional amount under Section 2(d)(i)
of the Master Agreement in respect of any deduction or withholding for or on account of any Tax in relation to any payment under
any Transaction that is determined by reference to interest or fees payable with respect to any Reference Obligation. If Citibank
is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction
or withholding for or on account of any Tax in relation to any payment under any Transaction that is determined by reference to
interest or fees payable with respect to any Reference Obligation and Citibank does not so deduct or withhold, then Section 2(d)(ii)
of the Master Agreement shall be applicable.

 

    	Page 24

    	 

    

 

	8.	Adjustments
Relating to Certain Unpaid or Rescinded Payments.

(a)

If
(i) Citibank makes any payment to Counterparty as provided under Clause 2 and the corresponding Interest and Fee Amount
is not paid (in whole or in part) when due or (ii) any Interest and Fee Amount in respect of a Reference Obligation is required
to be returned (in whole or in part) by a holder of such Reference Obligation (including, without limitation, the Citibank Holder)
to the applicable Reference Entity or paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy
or insolvency law or any other applicable law, then Counterparty will pay to Citibank, upon request by Citibank, such amount (or
portion thereof) so not paid or so required to be returned, paid or otherwise rescinded. If such returned, paid or otherwise rescinded
amount is subsequently paid, Citibank shall pay such amount (subject to Clause 8(c)) to Counterparty within ten Business
Days after the date of such subsequent payment.

(b)

If,
with respect to any Repaid Obligation, the corresponding payment of principal of the Repaid Obligation is required to be returned
(in whole or in part) by a holder thereof (including, without limitation, the Citibank Holder) to the applicable Reference Entity
or paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other applicable
law, then (i) the parties hereto shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and obligations of the parties hereunder shall continue as though no Repayment had occurred and (ii) without limiting
the generality of the foregoing, if either party has made a payment to the other party in respect of Capital Appreciation or Capital
Depreciation related to such Repayment as provided under Clause 2, then the party that received the payment in respect of
such Capital Appreciation or Capital Depreciation, as applicable, shall repay such amount (subject to Clause 8(c)) to the
other party. If such returned, paid or otherwise rescinded amount is subsequently paid by the related Reference Entity or any
such other person or entity, then the relevant party shall pay the amount of such Capital Appreciation or Capital Depreciation,
as applicable, within ten Business Days after the date of such subsequent payment.

(c)

Amounts
payable pursuant to this Clause 8 shall be subject to adjustment by the Calculation Agent in good faith and on a commercially
reasonable basis, as agreed by Citibank and Counterparty, in order to preserve for the parties the intended economic risks and
benefits of the relevant Transaction.

(d)

The
payment obligations of Citibank and Counterparty pursuant to this Clause 8 shall survive the termination of all Transactions.

	9.	Credit
Support.

Notwithstanding
anything in the Credit Support Annex (the “Credit Support Annex”) to the Schedule to the Master
Agreement to the contrary, the following collateral terms shall apply to each Transaction to which this Confirmation relates (capitalized
terms used in this Clause 9 but not otherwise defined in this Confirmation have the respective meanings given to such terms
in the Credit Support Annex):

	(a)	With
respect to each Transaction to which this Confirmation relates, a single “Independent Amount” shall be applicable
to Counterparty in an amount equal to the Notional Amount with respect to such Transaction (or, in the case of any increase of
the Notional Amount under any Transaction, the amount of such increase) multiplied by the percentage set forth in Clause 9(b)
under the caption “Independent Amount Percentage”. Not later than the Effective Date, Counterparty as Pledgor will
Transfer to Citibank as Secured Party Eligible Collateral having a Value as of the date of Transfer equal to the aggregate of
all Independent Amounts determined pursuant to this Clause 9(a). If the aggregate of all Independent Amounts on any date
would increase as a result of an increase in the Portfolio Notional Amount on such date and the aggregate Value of Eligible Collateral
Transferred to Citibank pursuant to this Clause 9(a) prior to such date is less than the aggregate of all Independent Amounts
as so increased, then Counterparty as Pledgor will Transfer to Citibank as Secured Party Eligible Collateral having a Value as
of the date of Transfer equal to the greater of (i) USD1,000,000 and (ii) the amount of such shortfall.

 

    	Page 25

    	 

    

 

	(b)	With
respect to each Transaction to which this Confirmation relates, the “Independent Amount Percentage” applicable to
such Transaction will be equal to:

	Condition	Independent
    Amount Percentage
	(i)
    Prior to the Portfolio Criteria Satisfaction Date:	Such
    percentage as Citibank shall specify on or prior to the Obligation Trade Date for such Transaction; provided that such
    percentage specified shall not be less than 25%.
	(ii)
    Except as provided in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction
    not relating to a Specified Reference Obligation:	20%
	(iii) Except
    as indicated in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction
    relating to a Specified Reference Obligation:	Such
    percentage as Citibank shall specify for such Transaction on or within five Business Days after Counterparty gives notice
    to Citibank of the occurrence of the Portfolio Criteria Satisfaction Date
	(iv)
    On or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction relating to a Reference Obligation whose
    Reference Entity is the subject of a Credit Event:	Such
    percentage (not to exceed 100%) as Citibank shall specify from time to time in its sole discretion in a notice to Counterparty

 

	(c)	In no
event shall Citibank as Secured Party be obligated to Transfer Posted Credit Support in respect of a Return Amount to Counterparty
as Pledgor if the Value as of any Valuation Date of all Posted Credit Support held by Citibank as Secured Party would be less
than the aggregate of all Independent Amounts determined pursuant to Clause 9(a).

	(d)	Solely
for the purpose of determining any Delivery Amount or Return Amount pursuant to the Credit Support Annex, (i) in no event
shall Counterparty as a Secured Party have any positive “Exposure” to Citibank with respect to the Transactions (in
aggregate) to which this Confirmation relates or (ii) without limiting Clause 3(b) or 9(e), in no event shall Citibank
as a Secured Party have any positive “Exposure” to Counterparty with respect to the Transactions (in aggregate) to
which this Confirmation relates.

	(e)	If
(i) the Net Collateral Value Percentage on any Valuation Date is less than the Termination Threshold on such Valuation Date
and (ii) Citibank gives notice thereof to Counterparty on any Business Day, Counterparty shall, no later than one Business
Day after the date of such notice from Citibank, effect the Transfer to Citibank as Secured Party of Eligible Collateral such
that the Net Collateral Value Percentage after giving effect to such Transfer is at least equal to the Initial Margin Threshold.
In addition, Counterparty may, on any Business Day, effect the Transfer to Citibank as Secured Party of any additional Eligible
Collateral.

    	Page 26

    	 

    

 

	(f)	If
Counterparty enters into any Transaction under the Master Agreement other than the Transactions contemplated by this Confirmation
(each, a “Separate Transaction”), then the Credit Support Amount with respect to Counterparty as Pledgor
shall never be less than the “Credit Support Amount” with respect to Counterparty as Pledgor calculated (i) solely
with reference to all Separate Transactions and (ii) without regard to the aggregate of all Independent Amounts applicable
to Counterparty as Pledgor under this Confirmation.

	(g)	Each
Business Day shall be a Valuation Date.

	(h)	The
“Interest Rate” will be (i) the overnight ask rate in effect for such day, as set forth opposite
the caption “O/N” under the heading “USD” on Reuters Page LIBOR01 or any successor page thereto on or
about 11:00 a.m., New York time, on such day, or (ii) if no successor page is quoted, the rate in effect for such day, as
set forth in H.15(519) for that day opposite the caption “Federal Funds (Effective)” and if the rate is not yet published
in H.15(519), the rate for such day will be the rate set forth in Composite 3:30 p.m. Quotations for U.S. Government Securities
for that day under the caption “Federal Funds/Effective Rate”. If on any day the appropriate rate for such day is
not published in either H.15(519) or Composite 3:30 p.m. Quotations for U.S. Government Securities, the rate for such day will
be the arithmetic mean of the rate for the last transaction in overnight U.S. Dollar Federal funds arranged by three leading brokers
of U.S. Dollar federal funds transactions in New York City selected by Citibank in good faith prior to 9:00 a.m., New York City
time on such day. “H.15(519)” means the weekly statistical release designated as such, or any successor
publication, published by the Board of Governors of the Federal Reserve System. “Composite 3:30 p.m. Quotations for
U.S. Government Securities” means the daily statistical release designated as such, or any successor publication,
published by the Federal Reserve Bank of New York, or (iii) if such Federal funds rate is not available, any page agreed
by the parties. Transfers of the Interest Amount will be made in arrears on the tenth Business Day following the last day of each
Monthly Period.

	(i)	Any
Transfer required to be made pursuant to this Clause 9 shall be a Transfer made under the Credit Support Annex (and
not a payment or delivery made under Section 2(a)(i) of the Master Agreement).

 

    	Page 27

    	 

    

 

	10.	Notice
and Account Details.

	Notices
    to Citibank:
	 	Citibank,
                                         N.A., New York Branch

        390
        Greenwich Street, 4th Floor

        New
        York, New York 10013

        Tel:
        (212) 723-6181

        Fax:
        (646) 291-5779

        Attn:
        Mitali Sohoni

         

        with
        a copy to:

         

        Office
        of the General Counsel

        Fixed
        Income and Derivatives Sales and Trading

        Citibank,
        N.A., New York Branch

        388
        Greenwich Street, 17th Floor

        New
        York, New York 10013

        Tel:
        (212) 816-2121

        Fax:
        (646) 862-8431

        Attn:
        Craig Seledee

	Notices
    to Counterparty:
	 	As
    set forth in Part 4 of the Schedule to the Master Agreement
	Payments
    to Citibank:
	 	Citibank,
                                         N.A., New York

        ABA
        No.: 021-000-089

        Account
        No.: 00167679

        Ref:
        Financial Futures

         

	Payments
    to Counterparty:
	 	Any
    payment to be made to Counterparty shall be subject to the condition that Citibank shall have received notice of the account
    to which such payment is to be made not less than three Local Business Days prior to the date of such payment.

 

	11.	Offices

	(a)	The
Office of Citibank for each Transaction:
	 	 
	 	New
York, NY

	(b)	The Office of Counterparty for
each Transaction:
	 	 
	 	Philadelphia,
PA

 

    	Page 28

    	 

    

 

Please
confirm that the foregoing correctly sets forth the terms of our agreement by having a duly authorized officer of Counterparty
execute this Confirmation and return the same by facsimile to the attention of the individual at Citibank indicated on the first
page hereof.

Very
truly yours,

CITIBANK,
N.A.

 

By:
 /s/ David Santos____________

Name: David Santos

Title:
Vice President

 

CONFIRMED
AND AGREED

AS OF THE DATE FIRST ABOVE WRITTEN:

CHELTENHAM
FUNDING LLC

 

By:
/s/ Gerald F. Stahlecker________

Name: Gerald F. Stahlecker

Title:
Executive Vice President

 

    	Page 29

    	 

    

 

ANNEX
A

ADDITIONAL
DEFINITIONS

“Adjusted
Notional Funded Amount” means (A) in relation to any Reference Obligation that is a Committed Obligation (and the
related Transaction) as of any date of determination, the greater of (a) zero and (b) the sum of (i) the Outstanding
Principal Amount of such Reference Obligation as of such date of determination multiplied by the Current Price minus
(ii) the product of (x) the excess, if any, of the Commitment Amount of such Reference Obligation as of such date
over the Outstanding Principal Amount of such Reference Obligation as of such date multiplied by (y) 100% minus
the Current Price; and (B) in relation to any Reference Obligation that is a Term Obligation (and the related Transaction)
as of any date of determination, the Reference Amount of the related Reference Obligation as of such date multiplied by
the Current Price in relation to such Reference Obligation.

“Affiliate”,
for purposes of this Confirmation only, has the meaning given to such term in Rule 405 under the Securities Act of 1933,
as amended.

“Approved
Buyer” means (a) any entity listed in Annex III hereto (as such Annex may be amended by mutual written
consent of the parties hereto from time to time) so long as its long-term unsecured and unsubordinated debt obligations on the
“trade date” for the related purchase or submission of a Firm Bid contemplated hereby are rated at least “A2”
by Moody’s and at least “A” by S&P and (b) if an entity listed in Annex III hereto is not the
principal banking or securities Affiliate within a financial holding company group, the principal banking or securities Affiliate
of such listed entity within such financial holding company group so long as such obligations of such Affiliate have the rating
indicated in clause (a) above.

“Capital
Appreciation” and “Capital Depreciation” mean, for any Total Return Payment Date, the
amount determined according to the following formula for the applicable Terminated Obligation or Repaid Obligation:

Final
Price – Applicable Notional Amount

where

“Final
Price” means (a) in the case of any Terminated Obligation, the amount determined pursuant to Clause 4,
and (b) in the case of any Repaid Obligation, the amount determined pursuant to Clause 5, and

“Applicable
Notional Amount” means the Notional Funded Amount (determined immediately prior to the related Repayment Date or
Termination Trade Date) for such Terminated Obligation or Repaid Obligation, as applicable.

If
such amount is positive, such amount is “Capital Appreciation” and if such amount is negative, the absolute
value of such amount is “Capital Depreciation”.

“Committed
Obligation” means (a) any Delayed Drawdown Reference Obligation and (b) any Revolving Reference Obligation.

 

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“Costs
of Assignment” means, in the case of any Terminated Obligation, the sum of (a) any actual costs of transfer
or assignment paid by the seller under the terms of any Terminated Obligation or otherwise actually imposed on the seller by any
applicable administrative agent, borrower or obligor incurred in connection with the sale of such Terminated Obligation and (b) any
reasonable expenses incurred by the seller in connection with such sale and, if transfers of the Terminated Obligation are subject
to the Standard Terms and Conditions for Distressed Trade Confirmations, as published by the LSTA and as in effect on the Obligation
Trade Date, reasonable legal costs incurred by the seller in connection with such sale, in each case to the extent not already
reflected in the Final Price.

“Credit
Event” means the occurrence of a Bankruptcy or Failure to Pay. For purposes of the determination of whether a Credit
Event has occurred, the Obligation Category will be Borrowed Money, the Payment Requirement will be USD1,000,000 and no Obligation
Characteristics will be specified. Capitalized terms used in this definition but not defined in this Confirmation shall have the
meanings specified in the 2003 ISDA Credit Derivatives Definitions.

“Current
Price” means, with respect to any Reference Obligation on any date of determination, the Calculation Agent’s
determination of the net cash proceeds that would be received from the sale on such date of determination of such Reference Obligation,
net of the related Costs of Assignment. If Counterparty disputes the Calculation Agent’s determination of the Current Price
of any Reference Obligation, then Counterparty may, no later than two hours after Counterparty is given notice of such determination,
(a) designate up to two entities, each of which shall be either (i) an Approved Buyer or (ii) a Dealer of credit standing
acceptable to Citibank in the exercise of its reasonable discretion and (b) provide to Citibank within such two-hour period
with respect to each such Approved Buyer or Dealer a Firm Bid with respect to the entire Reference Amount of the Reference Obligation.
The higher of such two Firm Bids will be the Current Price. The “Current Price” shall be expressed as a percentage
of par and will be determined exclusive of accrued interest.

“Dealer”
means (a) any nationally recognized independent dealer in the related Reference Obligation chosen by the Calculation Agent
or its designated Affiliate, (b) any Approved Buyer or other entity designated by the Calculation Agent and having a credit
standing acceptable to Citibank and (c) any Approved Buyer designated by Counterparty pursuant to Clause 4(b).

“Delayed
Drawdown Reference Obligation” means a Reference Obligation that (a) requires the holder thereof to make one
or more future advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued
or created, (b) specifies a maximum amount that can be borrowed on one or more fixed borrowing dates and (c) does not
permit the re-borrowing of any amount previously repaid; provided that, on any date on which all commitments by the
holder thereof to make advances to the borrower under such Delayed Drawdown Reference Obligation expire or are terminated or reduced
to zero, such Reference Obligation shall cease to be a Delayed Drawdown Reference Obligation.

“Designated
Reference Obligation” means any Reference Obligation that (a) is not a Specified Reference Obligation, (b) has
as of the Obligation Trade Date a Moody’s Rating of at least B2 and an S&P Rating of at least B, (c) is on the
Obligation Trade Date part of a fungible class of debt obligations (as to issuance date and all economic terms) of at least USD500,000,000,
(d) has an Initial Price as of the Obligation Trade Date of at least 90% and (e) is on the Obligation Trade Date the
subject of at least five bid quotations from nationally recognized independent dealers in the related obligation as reported on
a nationally recognized pricing service.

“Expense
or Other Payment” means the aggregate amount of any payments (other than extensions of credit) due from the lender(s)
in respect of any Reference Obligation, including, without limitation, (a) any expense associated with any amendment, modification
or waiver of the provisions of a credit agreement, (b) any reimbursement of any agents under the provisions of a credit agreement,
and (c) any indemnity or other similar payment, including amounts owed on or after the related Obligation Termination Date
in respect of amounts incurred or any event that occurred before the related Obligation Termination Date.

 

    	Page 31

    	 

    

 

“Financial
Sponsor” means any entity, including any subsidiary of another entity, whose principal business activity is acquiring,
holding and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal
entities with separate management, books and records and bank accounts, whose operations are not integrated one with another and
whose financial condition and creditworthiness are independent of the other companies so owned by such entity.

“Initial
Margin Threshold” means, on any date of determination, (a) the sum, aggregated for all Transactions, of the
product of (i) the Independent Amount Percentage applicable to such Transaction multiplied by (ii) the Notional Amount of
such Transaction on such date divided by (b) the Portfolio Notional Amount on such date.

“Interest
and Fee Amount” means, for any Citibank Fixed Amount Payer Payment Date and any Transaction, the aggregate amount
of interest (including interest breakage costs), fees (including, without limitation, amendment, consent, tender, facility, letter
of credit and other similar fees) and other amounts (other than in respect of principal and premium paid in respect of principal)
paid with respect to the related Reference Obligation (after deduction of any withholding taxes for which the Reference Entities
are not obligated to reimburse holders of the related Reference Obligation, if applicable) during the relevant Citibank Fixed
Amount Payer Calculation Period; provided that Interest and Fee Amounts:

(a)

in
the case of “Interest and Accruing Fees” (as defined in the “Standard Terms and Conditions for Par/Near Par
Trade Confirmations” or “Standard Terms and Conditions for Distressed Trade Confirmations”, as applicable to
the relevant Reference Obligation, most recently published by the LSTA prior to the Trade Date), shall not include any amounts
that accrue prior to the Obligation Settlement Date for the related Reference Obligation or that accrue on or after the Obligation
Termination Date for the related Reference Obligation or portion thereof;

(b)

in
the case of “Non-Recurring Fees” (as so defined), shall not include any amounts that (i) accrue prior to the
Obligation Trade Date for the related Reference Obligation or that accrue on or after the Termination Trade Date for the related
Reference Obligation or portion thereof or (ii) to the extent that such amounts are payable contingent upon whether a consent
is given or withheld by the record owner of the related Reference Obligation, accrue with respect to the related Reference Obligation
that is not held by or on behalf of Citibank as a hedge for the related Transaction;

(c)

shall
be determined after deducting any Costs of Assignment that would be incurred by a buyer in connection with any purchase of the
Reference Obligation as a hedge for such Transaction and, in connection with the establishment by the Citibank Holder of a related
hedge in respect of such Transaction, shall be adjusted by any Delay Compensation as provided in Clause 6(b);

(d)

in
the case of any Transaction as to which the related Reference Obligation is a Committed Obligation, shall include only 75% of
fees that are stated to accrue on or in respect of the unfunded portion of any Commitment Amount; and

(e)

with
respect to any Terminated Transaction, if any interest on the Terminated Obligation accrued prior to the related Obligation Termination
Date is actually paid on the scheduled interest payment date next succeeding the Obligation Termination Date, then the Interest
and Fee Amount shall include the portion of such interest so paid (as determined by the Calculation Agent) that accrued with respect
to the period ending on but excluding the Obligation Termination Date.

 

    	Page 32

    	 

    

 

“Loan”
means any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan
agreement or other similar credit agreement.

“LSTA”
means The Loan Syndications and Trading Association, Inc. and any successor thereto.

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

“Moody’s
Rating” means, with respect to a Reference Obligation, as of any date of determination:

(i)

if
the Reference Obligation itself is rated by Moody’s (including pursuant to any credit estimate), such rating,

(ii)

if
the foregoing paragraph is not applicable, then, if the Reference Obligation is a Loan and the related Reference Entity has a
corporate family rating by Moody’s, the rating specified in the applicable row of the table below under “Relevant
Rating” opposite the row in the table below that describes such Loan:

	Loan
    	Relevant
    Rating
	The
    Loan is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating by Moody’s that is one rating subcategory above such corporate family rating
	The
    Loan is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating by Moody’s that is one rating subcategory below such corporate family rating
	The
    Loan is Subordinate	The
    rating by Moody’s that is two rating subcategories below such corporate family rating

 

(iii)

if
the foregoing paragraphs are not applicable, but there is a rating by Moody’s on a secured obligation of the Reference Entity
that is not a Second Lien Obligation and is not Subordinate (the “other obligation”), the rating specified in the
applicable row of the table below under “Relevant Rating” opposite the row in the table below that describes such
Reference Obligation:

	Reference
    Obligation	Relevant
    Rating
	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating by Moody’s that is one rating subcategory below the rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating by Moody’s that is two rating subcategories below the rating assigned by Moody’s to the other obligation

 

 

    	Page 33

    	 

    

 

(iv)

if
the foregoing paragraphs are not applicable, but there is a rating by Moody’s on an unsecured obligation of the Reference
Entity (or, failing that, an obligation that is a Second Lien Obligation) but is not Subordinate (the “other obligation”),
the rating specified in the applicable row of the table below under “Relevant Rating” opposite the row in the table
below that describes such Reference Obligation:

	Reference
    Obligation	Relevant
    Rating
	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating by Moody’s that is one rating subcategory above the rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating by Moody’s that is one rating subcategory below the rating assigned by Moody’s to the other obligation

(v)

if
the foregoing paragraphs are not applicable, but there is a rating by Moody’s on an obligation of the Reference Entity that
is Subordinate (the “other obligation”), the rating specified in the applicable row of the table below under “Relevant
Rating” opposite the row in the table below that describes such Reference Obligation:

	Reference
    Obligation	Relevant
    Rating
	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating by Moody’s that is two rating subcategories above the rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating by Moody’s that is one rating subcategory above the rating assigned by Moody’s to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating assigned by Moody’s to the other obligation

 

(vi)

if
a rating cannot be assigned pursuant to clauses (i) through (v), the Moody’s Rating may be determined using any of
the methods below:

 

(A)

for
up to 5% of the Portfolio Target Amount, Counterparty may apply to Moody’s for a shadow rating or public rating of such
Reference Obligation, which shall then be the Moody’s Rating (and Counterparty may deem the Moody’s Rating of such
Reference Obligation to be “B3” pending receipt of such shadow rating or public rating, as the case may be); provided
that (x) a Reference Obligation will not be included in the 5% limit of the Portfolio Target Amount if Counterparty has
assigned a rating to such Reference Obligation in accordance with clause (B) below and (y) upon receipt of a shadow rating
or public rating, as the case may be, such Reference Obligation will not be included in the 5% limit of the Portfolio Target Amount;

 

    	Page 34

    	 

    

 

(B)

for
up to 5% of the Portfolio Target Amount, if there is a private rating of an obligor that has been provided by Moody’s to
Citibank and Counterparty, Counterparty may impute a Moody’s Rating that corresponds to such private rating; provided
that a Reference Obligation will not be included in the 5% limit of the Portfolio Target Amount if Counterparty has applied
to Moody’s for a shadow rating; or

(C)

for
up to 10% of the Portfolio Target Amount, the Moody’s Rating may be determined in accordance with the methodologies for
establishing the S&P Rating except that the Moody’s Rating of such obligation will be (1) one sub-category
below the Moody’s equivalent of the S&P Rating if such S&P Rating is “BBB-” or higher and (2) two
sub-categories below the Moody’s equivalent of the S&P Rating if such S&P Rating is “BB+” or lower.

For
purposes of the foregoing, a “private rating” shall refer to a rating obtained by Citibank, by Counterparty or by
or on behalf of an obligor on a Reference Obligation that is not disseminated publicly; whereas a “shadow rating”
shall refer to a credit estimate obtained upon application of Counterparty or a holder of a Reference Obligation. Any private
rating or shadow rating shall be required to be refreshed annually. If Counterparty applies to Moody’s for a shadow rating
or public rating of a Reference Obligation, Counterparty shall provide evidence to Citibank of such application and shall notify
Citibank of the expected rating. Counterparty shall notify Citibank of the shadow rating or public rating assigned by Moody’s
to a Reference Obligation.

“Net
Collateral Value” means, as of any date of determination, an amount equal to (a) the aggregate Value (as defined
in the Credit Support Annex) on such date of all Posted Credit Support (as so defined) held by Citibank as Secured Party (as so
defined) plus (b) the aggregate of all Unrealized Capital Gains on such date with respect to the Reference Portfolio minus
(c) the aggregate of all Unrealized Capital Losses on such date with respect to the Reference Portfolio.

“Net
Collateral Value Percentage” means, as of any date of determination, an amount (expressed as a percentage) equal
to (a) the Net Collateral Value on such date divided by (b) the Portfolio Notional Amount on such date.

“Portfolio
Criteria Satisfaction Date” means the first date on which the Reference Portfolio satisfies the Portfolio Criteria;
provided that, solely for purposes of this definition, the Portfolio Target Amount shall at all times be equal to the Portfolio
Notional Amount.

“Portfolio
Target Amount” means (a) during the Ramp-Up Period and the Ramp-Down Period, the Maximum Portfolio Notional
Amount and (b) at any other time, the Portfolio Notional Amount.

“Rate
Payments” means Counterparty First Floating Amounts, Counterparty Second Floating Amounts, Counterparty Third Floating
Amounts and Citibank Fixed Amounts.

“Reference
Obligation Credit Agreement” means any term loan agreement, revolving loan agreement or other similar credit agreement
governing a Reference Obligation.

“Revolving
Reference Obligation” means a Reference Obligation that (a) requires the holder thereof to make one or more
future advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created,
(b) specifies a maximum aggregate amount that can be borrowed and (c) permits, during any period on or after the date
on which the holder thereof acquires such Reference Obligation, the re-borrowing of any amount previously repaid; provided
that, on the date that all commitments by the holder thereof to make advances to the borrower under such Revolving Reference
Obligation expire or are terminated or reduced to zero, such Reference Obligation shall cease to be a Revolving Reference Obligation.

 

    	Page 35

    	 

    

 

“S&P”
means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, or any successor thereto.

“S&P
Rating” means, with respect to a Reference Obligation:

(i)

if
the Reference Obligation itself is rated by S&P (including pursuant to any credit estimate), such rating,

(ii)

if
the foregoing paragraph is not applicable, then, if the Reference Obligation is a Loan and the related Reference Entity has a
corporate issuer rating by S&P, the rating specified in the applicable row of the table below under “Relevant Rating”
opposite the row in the table below that describes such Loan:

	Loan
    	Relevant
    Rating
	The
    Loan is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating by S&P that is one rating subcategory above such corporate issuer rating
	The
    Loan is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating by S&P that is one rating subcategory below such corporate issuer rating
	The
    Loan is Subordinate	The
    rating by S&P that is two rating subcategories below such corporate issuer rating

 

(iii)

if
the foregoing paragraphs are not applicable, but there is a rating by S&P on a secured obligation of the Reference Entity
that is not a Second Lien Obligation and is not Subordinate (the “other obligation”), the rating specified in the
applicable row of the table below under “Relevant Rating” opposite the row in the table below that describes such
Reference Obligation:

	Reference
    Obligation	Relevant
    Rating
	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating assigned by S&P to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating by S&P that is one rating subcategory below the rating assigned by S&P to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating by S&P that is two rating subcategories below the rating assigned by S&P to the other obligation

(iv)

if
the foregoing paragraphs are not applicable, but there is a rating by S&P on an unsecured obligation of the Reference Entity
(or, failing that, an obligation that is a Second Lien Obligation) but is not Subordinate (the “other obligation”),
the rating specified in the applicable row of the table below under “Relevant Rating” opposite the row in the table
below that describes such Reference Obligation:

 

 

    	Page 36

    	 

    

 

 

	Reference
    Obligation	Relevant
    Rating
	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating by S&P that is one rating subcategory above the rating assigned by S&P to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating assigned by S&P to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating by S&P that is one rating subcategory below the rating assigned by S&P to the other obligation

(v)

if
the foregoing paragraphs are not applicable, but there is a rating by S&P on an obligation of the Reference Entity that is
Subordinate (the “other obligation”), the rating specified in the applicable row of the table below under “Relevant
Rating” opposite the row in the table below that describes such Reference Obligation:

	Reference
    Obligation	Relevant
    Rating
	The
    Reference Obligation is a secured obligation, but is not a Second Lien Obligation and is not Subordinate	The
    rating by S&P that is two rating subcategories above the rating assigned by S&P to the other obligation
	The
    Reference Obligation is an unsecured obligation or is a Second Lien Obligation, but is not Subordinate	The
    rating by S&P that is one rating subcategory above the rating assigned by S&P to the other obligation
	The
    Reference Obligation is Subordinate	The
    rating assigned by S&P to the other obligation

(vi)

if
the foregoing paragraphs are not applicable, then the S&P Rating shall be “CC”; provided that:

(A)
if application has been made to S&P to rate a Reference Obligation and such Reference Obligation has a Moody’s Rating,
then the S&P Rating with respect to such Reference Obligation shall, pending the receipt of such rating from S&P, be equal
to the S&P Rating that is equivalent to such Moody’s Rating and (y) Reference Obligations in the Reference Portfolio
constituting no more, by aggregate Notional Amount, than 10% of the Portfolio Target Amount may be given a S&P Rating based
on a rating given by Moody’s as provided in clause (x) (after giving effect to the addition of the relevant Reference
Obligation, if applicable); and

(B)
for up to 10% of the Portfolio Target Amount, the S&P Rating may be determined in accordance with the methodologies for establishing
the Moody’s Rating except that the S&P Rating of such obligation will be (1) one sub-category below the S&P
equivalent of the Moody’s Rating if such Moody’s Rating is “Baa3” or higher and (2) two sub-categories
below the S&P equivalent of the Moody’s Rating if such Moody’s Rating is “Ba1” or lower.

 

    	Page 37

    	 

    

 

“Second
Lien Obligation” means a Loan that is secured by collateral, but as to which the beneficiary or beneficiaries of
such collateral security agree for the benefit of the holder or holders of other indebtedness secured by the same collateral (“First
Lien Debt”) as to one or more of the following: (1) to defer their right to enforce such collateral security
either permanently or for a specified period of time while First Lien Debt is outstanding, (2) to permit a holder or holders
of First Lien Debt to sell such collateral free and clear of the security in favor of such beneficiary or beneficiaries, (3) not
to object to sales of assets by the obligor on such Loan following the commencement of a bankruptcy or other insolvency proceeding
with respect to such obligor or to an application by the holder or holders of First Lien Debt to obtain adequate protection in
any such proceeding and (4) not to contest the creation, validity, perfection or priority of First Lien Debt.

“Specified
Reference Obligation” means any Reference Obligation whose inclusion in the Reference Portfolio (other than as a
“Specified Reference Obligation”) would not on the related Obligation Trade Date satisfy:

(a)

prior to the Portfolio Criteria Satisfaction Date, clause (xiii) of the Obligation Criteria; and

(b)

on or after the Portfolio Criteria Satisfaction Date, one or more of clauses (ix) through (xiii) of the Obligation Criteria.

“Subordinate”
means, with respect to an obligation (the “Subordinated Obligation”) and another obligation of the obligor
thereon to which such obligation is being compared (the “Senior Obligation”), a contractual, trust or
similar arrangement (without regard to the existence of preferred creditors arising by operation of law or to collateral, credit
support, lien or other credit enhancement arrangements or provisions regarding the application of proceeds of any of the foregoing)
providing that (i) upon the liquidation, dissolution, reorganization or winding up of the obligor, claims of the holders
of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the
holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the
obligor at any time that the obligor is in payment arrears or is otherwise in default under the Senior Obligation.

“Term
Obligation” means any Reference Obligation that is not a Committed Obligation.

“Terminated
Obligation” means any Reference Obligation or portion of any Reference Obligation that is terminated pursuant to
Clause 3.

“Termination
Settlement Date” means, for any Terminated Obligation, the date customary for settlement, substantially in accordance
with the then-current market practice in the principal market for such Terminated Obligation (as determined by the Calculation
Agent), of the sale of such Terminated Obligation with the trade date for such sale occurring on the related Termination Trade
Date.

“Termination
Threshold” means:

(a)

prior to the Portfolio Criteria Satisfaction Date, the Initial Margin Threshold; and

(b)

on or after the Portfolio Criteria Satisfaction Date, (i) the Initial Margin Threshold minus (ii) 2.5%.

“Termination
Trade Date” means, with respect to any Terminated Obligation, the date so designated in the related Accelerated
Termination Notice; provided that:

 

    	Page 38

    	 

    

 

(a)

except
as provided in the following clause (b), if the related Final Price is not determined in accordance with Clause 4(a),
the “Termination Trade Date” will be the bid submission deadline for the Firm Bid or combination of Firm Bids for
all of the Reference Amount of such Terminated Obligation that are to be the basis for determining the Final Price of such Terminated
Obligation as designated by the Calculation Agent in order to cause the related Total Return Payment Date to occur as promptly
as practicable (in the discretion of the Calculation Agent) after the date originally designated as the “Termination Trade
Date” in the related Accelerated Termination Notice; and

(b)

in
respect of the Scheduled Termination Date, if the related Final Price is not determined in accordance with Clause 4(a), the
“Termination Trade Date” will be the date so designated by the Calculation Agent in its discretion, occurring during
the 30 calendar days preceding the Scheduled Termination Date (or earlier in the case of any Terminated Obligation determined
by the Calculation Agent in its sole discretion to be a distressed loan or other obligation) in a manner reasonably likely to
cause the final Total Return Payment Date to occur on the Scheduled Termination Date.

The
Calculation Agent shall notify the parties of any Termination Trade Date designated by it pursuant to the foregoing proviso.

“Total
Return Payment Date” means, with respect to any Terminated Obligation or Repaid Obligation, the tenth Business Day
next succeeding the last day of the Monthly Period during which the related Obligation Termination Date occurs.

“Unrealized
Capital Gain” means, with respect to any Reference Obligation on any date of determination, if (a) the Adjusted
Notional Funded Amount on such date of determination exceeds (b) the Notional Funded Amount on such date of determination,
then an amount equal to such excess; and, otherwise, zero. For purposes of computing any Unrealized Capital Gain, a Repaid Obligation
or Terminated Obligation will be deemed to continue to be outstanding in an amount equal to its Reference Amount until (but excluding)
the related Total Return Payment Date (and after the determination of the related Final Price will have a Current Price equal
to such Final Price, expressed as a percentage of the related Outstanding Principal Amount).

“Unrealized
Capital Loss” means, with respect to any Reference Obligation on any date of determination, if (a) the Notional
Funded Amount on such date of determination exceeds (b) the Adjusted Notional Funded Amount on such date of determination,
then an amount equal to such excess; and, otherwise, zero. For purposes of computing any Unrealized Capital Loss, a Repaid Obligation
or Terminated Obligation will be deemed to continue to be outstanding in an amount equal to its Reference Amount until (but excluding)
the related Total Return Payment Date (and after the determination of the related Final Price will have a Current Price equal
to such Final Price, expressed as a percentage of the related Outstanding Principal Amount).

 

    	Page 39

    	 

    

 

ANNEX
I

 

	Reference
    Obligation	Reference
    Entity	Reference
    Amount	Outstanding
    Principal Amount	Initial
    Price (%)	Obligation
    Trade Date	Obligation
    Settlement Date
	 	 	 	 	 	 	 

 

 

 

 

    	Page 40

    	 

    

 

ANNEX
II

Obligation
Criteria

The
“Obligation Criteria” are as follows:

(i)                

The obligation is a Loan.

(ii)              

The obligation is denominated in USD.

(iii)            

The obligation is secured.

(iv)            

The obligation is not Subordinate.

(v)              

The obligation constitutes a legal, valid, binding and enforceable obligation of the applicable Reference Entity, enforceable
against such person in accordance with its terms.

(vi)            

Except for any Delayed Drawdown Reference Obligation or Revolving Reference Obligation, the obligation does not require any future
advances to be made to the related issuer or obligor on or after the relevant Obligation Trade Date.

(vii)          

On the relevant Obligation Trade Date for the Transaction relating to the obligation, the obligation is in the form of, and is
treated as, indebtedness for U.S. Federal income tax purposes.

(viii)        

Transfers thereof on the Obligation Trade Date may be effected pursuant to the Standard Terms and Conditions for Par/Near Par
Trade Confirmations and not the Standard Terms and Conditions for Distressed Trade Confirmations, in each case as published by
the LSTA and as in effect on the Obligation Trade Date.

(ix)            

Except for any Specified Reference Obligation, the obligation is not a Second Lien Obligation.

(x)              

Except for any Specified Reference Obligation, on the Obligation Trade Date the obligation is part of a fungible class of debt
obligations (as to issuance date and all economic terms) of at least USD125,000,000.

(xi)            

Except for any Specified Reference Obligation, the obligation has as of the Obligation Trade Date a Moody’s Rating of at
least B3 and an S&P Rating of at least B-.

(xii)          

Except for any Specified Reference Obligation, the obligation has an Initial Price as of the Obligation Trade Date of at least
80%.

(xiii)        

Except for any Specified Reference Obligation,

(I)

prior to the Portfolio Criteria Satisfaction Date, the obligation is on the Obligation Trade Date the subject of at least
three bid quotations from nationally recognized independent dealers in the related obligation as reported on a nationally recognized
pricing service; and

 

    	Page 41

    	 

    

 

(II)

on
or after the Portfolio Criteria Satisfaction Date, either (x) the obligation is on the Obligation Trade Date the subject
of at least two bid quotations from nationally recognized independent dealers in the related obligation as reported on a nationally
recognized pricing service or (y) the obligation satisfies each of the following four conditions: (A) the obligation
was originated not more than 30 days prior to the Obligation Trade Date, (B) the obligation is on the Obligation Trade Date
the subject of at least one bid quotation from a nationally recognized independent dealer in the related obligation as reported
on a nationally recognized pricing service, (C) on the Obligation Trade Date the obligation is part of a fungible class of
debt obligations (as to issuance date and all economic terms) of at least USD150,000,000 and (D) the obligation has as of
the Obligation Trade Date a Moody’s Rating of at least B2 and an S&P Rating of at least B.

 

    	Page 42

    	 

    

 

Portfolio
Criteria

The
“Portfolio Criteria” are as follows:

(i)                

The Portfolio Notional Amount does not exceed the Maximum Portfolio Notional Amount.

(ii)              

The sum of the Notional Amounts for all Reference Obligations that are Specified Reference Obligations does not exceed 20% of
the Portfolio Target Amount.

(iii)            

The sum of the Notional Amounts for all Reference Obligations that are Committed Obligations does not exceed 10% of the Portfolio
Target Amount.

(iv)            

The sum of the Notional Amounts for Reference Obligations of any single Reference Entity or any of its Affiliates does not exceed
5% of the Portfolio Target Amount; provided that sum of the Notional Amounts for Reference Obligations of up to three single
Reference Entities or any of its Affiliates may be up to 7.5% of the Portfolio Target Amount.

(v)              

The sum of the Notional Amounts for Reference Obligations of Reference Entities in any single Moody’s Industry Classification
Group does not exceed 15% of the Portfolio Target Amount.

(vi)            

After the Ramp-Up Period and prior to the Ramp-Down Period, the Reference Portfolio has a Weighted Average Rating of at most 2,720.

(vii)          

Prior to the Portfolio Criteria Satisfaction Date, the Reference Portfolio contains Reference Obligations of at least three separate
Reference Entities (and, for this purpose, a Reference Entity and its Affiliates will be deemed to constitute a single Reference
Entity).

For
purposes hereof:

“Moody’s
Industry Classification Groups” means each of the categories set forth in Table 1 below.

“Weighted
Average Rating” means, as of any date of determination, the number obtained by (a) multiplying the Notional
Amount of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference
Entity; (b) summing the products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum
obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations.

 

    	Page 43

    	 

    

 

Table
1

Moody’s
Industry Classification Groups

Aerospace
& Defense

Automotive

Banking,
Finance, Insurance and Real Estate

Beverage,
Food, & Tobacco

Capital
Equipment

Chemicals,
Plastics, & Rubber

Construction
& Building

Consumer
goods: durable

Consumer
goods: non-durable

Containers,
Packaging, & Glass

Energy:
Electricity

Energy:
Oil & Gas

Environmental
Industries

Forest
Products & Paper

Healthcare
& Pharmaceuticals

High
Tech Industries

Hotel,
Gaming, & Leisure

Media:
Advertising, Printing & Publishing

Media:
Broadcasting & Subscription

Media:
Diversified & Production

Metals
& Mining

Retail

Services:
Business

Services:
Consumer

Sovereign
& Public Finance

Telecommunications

Transportation:
Cargo

Transportation:
Consumer

Utilities:
Electric

Utilities:
Oil & Gas

Utilities:
Water

Wholesale

 

    	Page 44

    	 

    

 

Table
2

Rating
Factors

 

	Moody’s
    Rating	Rating
    Factor
	Aaa	1
	Aa1	10
	Aa2	20
	Aa3	40
	A1	70
	A2	120
	A3	180
	Baa1	260
	Baa2	360
	Baa3	610
	Ba1	940
	Ba2	1,350
	Ba3	1,766
	B1	2,220
	B2	2,720
	B3	3,490
	Caa1	4,770
	Caa2	6,500
	Caa3
    or below	10,000

 

 

 

    	Page 45

     

    

Annex III

Approved
Buyers

Bank
of America, NA

The
Bank of Montreal

The
Bank of New York Mellon, N.A.

Barclays
Bank plc

BNP
Paribas

Calyon

Canadian
Imperial Bank of Commerce

Citibank,
N.A.

Credit
Agricole S.A.

Credit
Suisse

Deutsche
Bank AG

Dresdner
Bank AG

Goldman
Sachs & Co.

HSBC
Bank

JPMorgan
Chase Bank, N.A.

Merrill
Lynch, Pierce, Fenner & Smith Incorporated

Morgan
Stanley & Co.

Natixis

Northern
Trust Company

Royal
Bank of Canada

The
Royal Bank of Scotland plc

Societe
Generale

The
Toronto-Dominion Bank

UBS
AG

U.S.
Bank, National Association

Wachovia
Bank National Association

Wells
Fargo Bank, National Association

 

 

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