Document:

Form of Guaranty made by Jeffries Group, Inc.

  EXHIBIT 10.34 
   
  GUARANTY 
   
  This GUARANTY, dated as of
[                        ], 2005 made by Jefferies Group, Inc. (“Guarantor”), a Delaware corporation, in favor of
Frontier Trading Company VIII, LLC (the “Company”). 
   
  WHEREAS, Jefferies Financial Products, LLC (“JFP”), a wholly owned subsidiary of Guarantor, has entered into an ISDA Master Agreement (Multicurrency-Cross Border) dated as of this date with the Company (that agreement, the
schedule thereto, the credit support annex and paragraph 13 thereto and any confirmation issued thereunder, each as amended, modified or supplemented from time to time after its date being referred to herein as the “Agreement”);

   
  NOW, THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Guarantor, intending to be legally bound, agrees as follows. 
   
  1. Guaranty. 
   
  (a) Guarantor hereby unconditionally and irrevocably guarantees the full, prompt and punctual payment when due of any obligations of JFP owed to the
Company under the Agreement, including, in case of default, interest on any amount due, when and as the same shall become due and payable, whether on the scheduled payment dates, at maturity, upon declaration of termination or otherwise, according
to the terms thereof. 
   
  (b) Guarantor hereby agrees to
make such payment, or cause such payment to be made, promptly upon demand made by Company to Guarantor; provided, however that delay by the Company in giving such demand shall in no event affect Guarantor’s obligations under this Guarantee.

   
  (c) This is a continuing Guaranty and a guaranty of
payment (not merely of collection), and it shall remain in full force and effect until all amounts payable by JFP to the Company under the Agreement have been validly, finally and irrevocably paid in full and shall not be affected in any way by
(i) the absence of any action by the Company to obtain those amounts from JFP or any other guarantor or surety or to proceed against any other security provided by JFP or any other person or entity, or (ii) any agreement by the Company to
amend or waive any of the terms of the Agreement or any obligations thereunder. 
   
  (d) This Guaranty shall not be affected by the existence of any bankruptcy, insolvency, reorganization or similar proceedings involving JFP or by any other circumstance (other than complete, irrevocable payment) that
might vary the risk of or otherwise constitute a legal or equitable discharge or defense of Guarantor or of a surety or a guarantor. 
   
  (e) So long as any amount payable by JFP in connection with the Agreement is overdue and unpaid, Guarantor shall not exercise any right of subrogation. If
at any time when any amount is overdue and unpaid Guarantor receives any amount as a result of any action against JFP or any of its property or assets or otherwise for or on account of any payment made by Guarantor under this Guaranty, Guarantor
shall forthwith pay that amount received by it, to the extent necessary to satisfy any such amount overdue and unpaid, to the Company, to be credited and applied against the amount so payable by JFP. 
   
  (f) If JFP merges or consolidates with or into another entity, loses its
separate legal identity or ceases to exist, Guarantor shall nonetheless continue to be liable for the payment of all amounts payable by JFP under the Agreement to the extent such amounts are not paid when due by JFP. 
   
  (g) Guarantor agrees to pay all reasonable expenses, including without
limitation reasonable attorneys fees and costs, paid or incurred by the Company in any action to enforce, interpret or defend this Guaranty unless Guarantor is the substantially prevailing party in such action. 
   
  (h) Guarantor hereby waives notice of acceptance of this Guaranty and any
notice of presentment or of protest and all other notices whatsoever, subject to Section 1(b) hereof. 
   
  (i) Guarantor agrees that this Guaranty shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof,
of any obligations under the Agreement, or interest thereon, is rescinded or must otherwise be restored or returned by the Company upon the bankruptcy, insolvency, dissolution or reorganization of JFP. 
   
  2. Remedies. The rights and remedies provided for in this
Guaranty are in addition to and not exclusive of any rights and remedies available to the Company by law in respect of this Guaranty. A failure or delay in exercising any right, power or privilege in respect of this Guaranty will not be presumed to
operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

  3. Representations and Warranties. Guarantor hereby makes to the Company the following
representations and warranties: 
   
  (a) Guarantor is
duly organized, validly existing and in good standing under the laws of the State of Delaware; 
   
  (b) Guarantor has the power to execute this Guaranty and any other documentation relating to this Guaranty to which it is a party, to deliver this
Guaranty and any other documentation relating to this Guaranty that it is required by this Guaranty to deliver and to perform its obligations under this Guaranty and has taken all necessary action to authorize such execution, delivery and
performance; 
   
  (c) Such execution delivery and
performance do not violate or conflict with any law applicable to Guarantor, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets; and 
   
  (d) Guarantor’s obligations under this Guaranty constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms. 
   
  4. Amendments, Waivers, Notices. All amendments, waivers
and modifications of or to any provision of this Guaranty and any consent to departure by Guarantor from the terms of this Guaranty shall be in writing and signed and delivered by the Company and, in the case of any such amendment or modification,
by Guarantor, and shall not otherwise be effective. Any such waiver or consent shall be effective only in the specific instance and for the purpose for which it is given. No failure or delay by the Company in exercising any right, power or privilege
in respect of this Guaranty will be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise of that right, power or privilege or the
exercise of any other right, power or privilege. Any notice or communication to the parties shall be addressed to such party at the address set forth below, or such other address as may be specified by written notice from time to time. 

  
  5. Binding Effect. This Guaranty shall be binding
on Guarantor and its successors and assigns. However, Guarantor shall not transfer any of its obligations under this Guaranty without the prior written consent of the Company, and any purported transfer without that consent shall be void. This
Guaranty shall inure to the benefit of the Company and its successors and assigns. 
   
  6. Governing Law; Jurisdiction; Termination; Etc. This Guaranty shall be governed by and construed and interpreted in accordance with the law of the State of New York (without reference to the choice
of law doctrine). The parties irrevocably submit to the non-exclusive jurisdiction of any United States Federal or New York State court sitting in Manhattan, and any appellate court from any such court, for purposes of any action or proceeding
relating to this Guaranty. Each of the parties irrevocably waives, to the fullest extent permitted by law, any defense or objection it may have that any such action or proceeding in any such court has been brought in an inconvenient forum. This
Guaranty may be terminated at any time by notice by Guarantor to the Company given in accordance with the notice provisions in the Agreement, effective upon receipt of such notice by the Company or such later date as may be specified in such notice;
provided, however, that this Guaranty shall continue in full force and effect with respect to any obligation of JFP under the Agreement entered into prior to the effectiveness of such notice of termination. 
   
  7. Headings. The section headings in this Guaranty are for
convenience of reference only and shall not affect the meaning or construction of any provision of this Guaranty. 
   
  8. Savings Clause. In case any one or more of the provisions contained in this Guaranty shall be invalid, illegal or unenforceable in any
respect, the validity, legality or enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. 

  IN WITNESS WHEREOF Guarantor has duly executed this Guaranty with effect from the date first written
above, on the date specified below. 
   
  
			
	JEFFERIES GROUP, INC.
		
	By:	 	  

	Title:	 	  

	Date:	 	  

	
	Address of Guarantor for notice purposes:
		
	 	 	Jefferies Group, Inc.
	 	 	Attn: General Counsel
	 	 	520 Madison Avenue
	 	 	New York, NY 10022
	 	 	TEL: 212-284-2000
	 	 	FAX: 212-284-2280
		
	 	 	With a copy to:
		
	 	 	Jefferies Group, Inc.
	 	 	Attn: Chief Financial Officer
	 	 	520 Madison Avenue
	 	 	New York, NY 10022
	 	 	TEL: 212-284-2000Form of International Swaps and Derivatives Association Master Agreement

 Exhibit 10.35 
  
 ISDA® 
 International
Swap Dealers Association, Inc. 
  
 2002 MASTER AGREEMENT

  
 dated as of July 27, 2004 
  
 among 
  

					
	Deutsche Bank AG (“Party A”)	  	and	  	Equinox Fund Management LLC, a limited liability company organized and organized and existing under the laws of the State of Delaware (the “Agent”) and Frontier Trading Company
III LLC, a limited liability company organized and existing under the laws of the State of Delaware (the “Fund” or “Party B”)

  
 have entered and/or anticipate
entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule: (the “Schedule”), and the documents and other confirming evidence (each a
“Confirmation”) exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement and the Schedule are together referred to as this “Master Agreement”.

  
 Accordingly, the parties agree as follows: — 
  

	1.	 	Interpretation 

  
 (a) Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose of this Master Agreement. 
  
 (b) Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will prevail for the purpose of the
relevant Transaction. 
  
 (c) Single Agreement. All Transactions are
entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any
Transactions. 
  

	2.	 	Obligations 

  
 (a) General Conditions. 
  
 (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 
  

(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant
Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for
receipt on the due date in the 

  

 Copyright 2002 by International Swaps and Derivatives Association, Inc 

 
manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 
  
 (iii) Each obligation of each party under Section 2(a)(i) is subject to
(1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant
Transaction has occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement. 
  
 (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
  
 (c) Netting of Payments. If on any date amounts would otherwise be payable: — 
  
 (i) in the same currency; and 
  
 (ii) in respect of the same Transaction, 
  
 by each party to the other, then, on such date, each party’s obligation
to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
  
 The parties may elect in respect of two or more Transactions that a net
amount and payment obligation will be determined in respect of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The
election may be made in the Schedule or any Confirmation by specifying that “Multiple Transaction Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply
to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not
specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through
which the parties make and receive payments or deliveries. 
  
 (d) Deduction
or Withholding for Tax. 
  
 (i) Gross Up.
All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”) will:— 
  
 (1) promptly notify the other party (“Y”) of such requirement; 
  
 (2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required
to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against
Y; 
  
 (3) promptly forward to Y an official receipt (or a
certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
  
 (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional
amount as is necessary to ensure that the 

  

					
	 	 	 	 	ISDA® 2002

 
net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received
had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for: — 
  
 (A) the failure by Y to comply with or perform any agreement contained in
Section 4(a)(i), 4(a)(iii) or 4(d); or 
  
 (B) the failure
of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a
Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 
  
 (ii) Liability. If:— 
  
 (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding
in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
  
 (2) X does not so deduct or withhold; and 
  
 (3) a liability resulting from such Tax is assessed directly against X, 
  
 then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X
the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

  

	3.	 	Representations 

  
 Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be
repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional Representation” is specified
in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional
Representation. 
  
 (a) Basic Representations 
  
 (i) Status. It is duly organised and validly existing under the laws
of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
  
 (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a
party and has taken all necessary action to authorise such execution, delivery and performance; 
  
 (iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any
provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
  

					
	 	 	 	 	ISDA® 2002

 (iv) Consents. All governmental and other consents that are required to have been obtained
by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 
  
 (v) Obligations Binding. Its obligations under this Agreement
and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar
laws affecting creditors’ rights generally and subject as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  
 (b) Absence of Certain Events. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support
Document to which it is a party. 
  
 (c) Absence of Litigation.
There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body,
agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement
or such Credit Support Document. 
  
 (d) Accuracy of Specified
Information. All applicable information that is finished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate
and complete in every material respect. 
  
 (e) Payer Tax
Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true. 
  
 (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and
true. 
  
 (g) No Agency. It is entering into this Agreement,
including each Transaction, as principal and not as agent of any person or entity. 
  

	4.	 	Agreements 

  
 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party: — 
  
 (a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under clause (iii) below, to such government or taxing authority as the other party reasonably directs: — 
  
 (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 
  
 (ii) any other documents specified in the Schedule or any Confirmation; and

  
 (iii) upon reasonable demand by such other party, any form or
document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding
for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt
of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 

  

					
	 	 	 	 	ISDA® 2002

 
in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
  
 (b) Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any
that may become necessary in the future. 
  
 (c) Comply With Laws.
It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to
which it is a party. 
  
 (d) Tax Agreement. It will give notice of
any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 
  
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of
this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located (“Stamp Tax
Jurisdiction”), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not
also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	 	Events of Default and Termination Events 

  
 (a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an “Event of Default”) with respect to such party: — 
  
 (i) Failure to Pay or Deliver. Failure by the party to make,
when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the
first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party; 
  
 (ii) Breach of Agreement; Repudiation of Agreement. 
  
 (1) Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment
under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the
party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or 
  
 (2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation
executed and delivered by that party or any Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
  
 (iii) Credit Support Default. 
  
 (1) Failure by the party or any Credit Support Provider of such party to
comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
  

					
	 	 	 	 	ISDA® 2002

 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such
Credit Support Document, or any security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case
other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or 
  
 (3) the party or such Credit Support Provider disaffirms, disclaims,
repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
  
 (iv) Misrepresentation. A representation (other than a
representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or
misleading in any material respect when made or repeated or deemed to have been made or repeated; 
  
 (v) Default Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such
party: — 
  
 (1) defaults (other than by failing to make a
delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction; 
  
 (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a Specified
Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local Business Day); 
  
 (3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any credit
support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all
transactions outstanding under the documentation applicable to that Specified Transaction; or 
  
 (4) disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support arrangement relating to a Specified Transaction that is, in either
case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed or empowered to operate it or act on
its behalf); 
  
 (vi) Cross Default. If “Cross
Default” is specified in the Schedule as applying to the party, the occurrence or existence of: — 
  
 (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such
party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or
instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or
becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or 
  

					
	 	 	 	 	ISDA® 2002

 (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or
collectively) in making one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the
amount, if any, referred to in clause (1) above, of not less than the applicable Threshold Amount; 
  
 (vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party: — 

 
 (1) is dissolved (other than pursuant to a consolidation, amalgamation or
merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of
its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or
organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or
insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause
(A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each
case within 15 days of the institution or presentation thereof, (5) has a resolution passed for its winding up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes
subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or
substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process
is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the
events specified in clauses (1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
  
 (viii) Merger Without Assumption. The party or any Credit
Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the time of such
consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution: — 
  
 (1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement
or any Credit Support Document to which it or its predecessor was a party; or 
  
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement.

  
 (b) Termination Events. The occurrence at any time with respect
to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below, a
Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be
applicable, a Credit Event Upon Merger if the 

  

					
	 	 	 	 	ISDA® 2002

 
event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below: —

  
 (i) Illegality. After giving effect to any
applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support
Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any
Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)): —

  
 (1) for the Office through which such party (which will be
the Affected Party) makes and receives payments or deliveries with respect to such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect
of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
  
 (2) for such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent obligation to
make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other material
provision of such Credit Support Document; 
  
 (ii) Force
Majeure Event. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after
a Transaction is entered into, on any day: 
  
 (1) the Office
through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of
such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating to such Transaction (or would be so prevented if such payment delivery or compliance
were required on that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment delivery or
compliance were required on that day); or 
  
 (2) such party or
any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support
Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or
compliance were required on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to
perform, receive or comply if such payment, delivery or compliance were required on that day), 
  
 so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such
Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention,
impossibility or impracticability; 
  
 (iii) Tax
Event. Due to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with 

  

					
	 	 	 	 	ISDA® 2002

 
respect to a party to this Agreement) or (2) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial
likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under
Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required to be paid in
respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
  
 (iv) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will either
(1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating
with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or
reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption; 
  
 (v) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated
Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without
Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such
Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated
Event” with respect to X means that: — 
  
 (1) X
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises,
reincorporates or reconstitutes into or as, another entity; 
  
 (2) any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or
(B) any other ownership interest enabling it to exercise control of X; or 
  
 (3) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other securities convertible into or exchangeable
for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or 
  
 (vi) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any Confirmation as
applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination Event in the Schedule or such Confirmation). 
  
 (c) Hierarchy of Events 
  
 (i) An event or circumstance that constitutes or gives rise to an Illegality
or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(l) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any
payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document, as the case may be. 
  

					
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 (ii) Except in circumstances contemplated by clause (i) above, if an event or circumstance which
would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and
will not constitute or give rise to an Illegality or a Force Majeure Event. 
  
 (iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause
(ii) above, and not a Force Majeure Event. 
  
 (d) Deferral of Payments
and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will
be deferred to, and will not be due until: — 
  
 (i) the
first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting
or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be; or 
  
 (ii) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure
Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate. 
  
 (e) Inability of Head or Home Office to Perform Obligations of Branch. If
(i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks
performance of the relevant obligation or compliance with the relevant provision by the Affected Party’s head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence of an
event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force
Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i)or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the
Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1). 
  

	6.	 	Early Termination; Close-Out Netting 

  
 (a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has
occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(i), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding
the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

  
 (b) Right to Terminate Following Termination Event. 

 
 (i) Notice. If a Termination Event other than a Force
Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about
that 

  

					
	 	 	 	 	ISDA® 2002

 
Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all
reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require. 
  
 (ii) Transfer to Avoid Termination Event. If a Tax Event
occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv),
use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this
Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 
  
 If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the
other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
  
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which
consent will not be withheld if such other party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
  
 (iii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all
reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. 
  
 (iv) Right to Terminate 
  
 (1) If: — 
  
 (A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all
Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
  
 (B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected
Party, 
  
 the Burdened Party in the case of a Tax Event Upon
Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non-affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one
Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected
Transactions. 
  
 (2) If at any time an Illegality or a Force
Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired: — 
  
 (A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (1) a day not earlier than the
day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as an Early
Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon receipt of a notice designating an Early
Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is 

  

					
	 	 	 	 	ISDA® 2002

 
effective on or before the day so designated, designate that same day as an Early Termination Date in respect of any or all other Affected Transactions.

  
 (B) An Affected Party (if the Illegality or Force Majeure
Event relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only
have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other
party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. 
  
 (c) Effect of Designation. 
  
 (i) If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so
designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
  
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in
respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and
9(h)(ii). 
  
 (d) Calculations; Payment Date. 
  
 (i) Statement. On or as soon as reasonably practicable
following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such
calculations (including any quotations, market data or information from internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving
details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close out Amount, the records of the party obtaining such
quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data. 
  
 (ii) Payment Date. An Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest
payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default and (2) on
the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement provided pursuant to clause (i) above by the second party to
provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event. 
  
 (e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date (the
“Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). 
  
 (i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal
to (1) the sum of (A) the Termination Currency Equivalent of the Close out Amount or Close-out Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated Transaction or group of Terminated
Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the
Early Termination Amount is a positive number, the Defaulting Party will pay it to the 

  

					
	 	 	 	 	ISDA® 2002

 
Non-defaulting Party; if it is a negative number, the Non defaulting Party will pay the absolute value of the Early Termination Amount to the Defaulting
Party. 
  
 (ii) Termination Events. If the Early
Termination Date results from a Termination Event: — 
  
 (1)
One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non
defaulting Party will be deemed to be references to the Affected Party and to the Non affected Party, respectively. 
  
 (2) Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal to the
Termination Currency Equivalent of the sum of the Close out Amount or Close out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will be
an amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party “X”) and the lower amount so determined (by party “Y”) and (II) the Termination Currency Equivalent of
the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of
the Early Termination Amount to Y. 
  
 (3) Mid Market
Events. If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a
Close out Amount or Close out Amounts, the Determining Party will: — 
  
 (A) if obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third party or Affiliate (1) not to take account of the current creditworthiness of
the Determining Party or any existing Credit Support Document and (II) to provide mid market quotations; and 
  
 (B) in any other case, use mid market values without regard to the creditworthiness of the Determining Party. 
  
 (iii) Adjustment for Bankruptcy. In circumstances where an
Early Termination Date occurs because Automatic Early Termination applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or
deliveries made by one party to the other under this Agreement (and retuned by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
  
 (iv) Adjustment for Illegality or Force Majeure Event. The
failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or
circumstance which would, if it occurred with respect to payment delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event Such amount will (1) accrue interest and otherwise be treated as
an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected
Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2). 
  
 (v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a
penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of the
termination of the Terminated Transactions. 
  

					
	 	 	 	 	ISDA® 2002

 (f) Set Off. Any Early Termination Amount payable to one party (the “Payee”) by the other party
(the “Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other Termination Event in respect of which all outstanding
Transactions are Affected Transactions has occurred, will, at the option of the Non defaulting Party or the Non-affected Party, as the case may be (“X”) (and without prior notice to the Defaulting Party or the Affected Party, as the case
may be), be reduced by its set off against any other amounts (“Other Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective of the currency, place of payment or
place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set off effected under this
Section 6(f). 
  
 For this purpose, either the Early Termination Amount or
the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable
procedures, to purchase the relevant amount of such currency. 
  
 If an obligation
is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 
  
 Nothing in this Section 6(f) will be effective to create a charge or other security
interest. This Section 6(f) will be without prejudice and in addition to any right of set off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise
entitled or subject (whether by operation of law, contract or otherwise). 
  

	7.	Transfer 

  
 Subject to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or
otherwise) by either party without the prior written consent of the other party, except that: — 
  
 (a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without
prejudice to any other right or remedy under this Agreement); and 
  
 (b) a party
may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest
pursuant to Sections 8, 9(h) and 11. 
  
 Any purported transfer that is not in
compliance with this Section 7 will be void. 
  

	8.	Contractual Currency 

  
 (a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To
the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such
tender results in the actual receipt by the party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual
Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make
the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
  

					
	 	 	 	 	ISDA® 2002

 (b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency
other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in
respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the
judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other
party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual
Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using commercially reasonable procedures in converting the
currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. 
  
 (c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in this Section 8 constitute
separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will
not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
  
 (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made. 
  

	9.	Miscellaneous 

  
 (a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this
Agreement it has not relied on any oral or written representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof,
except that nothing in this Agreement will limit or exclude any liability of a party for fraud. 
  
 (b) Amendments. An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of
the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system. 
  
 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction. 
  
 (d) Remedies Cumulative. Except
as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
  
 (e) Counterparts and Confirmations. 
  
 (i) This Agreement (and each amendment, modification and waiver in respect
of it) may be executed and delivered in counterparts (including by facsimile transmission and by electronic messaging system), each of which will be deemed an original. 
  
 (ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those
terms (whether orally or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes, by an exchange of
electronic messages on an electronic messaging system or by an exchange of e mails, which in each case will be sufficient for all purposes to evidence a 

  

					
	 	 	 	 	ISDA® 2002

 
binding supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex, electronic
message or e mail constitutes a Confirmation. 
  
 (f) No Waiver of
Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to
preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
  
 (g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement. 
  
 (h) Interest and
Compensation. 
  
 (i) Prior to Early
Termination. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction: — 
  
 (1) Interest on Defaulted Payments. If a party defaults in the performance of any payment obligation, it will, to the extent permitted by
applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the original due date
for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (3)(B) or (C) below), at the Default Rate.

  
 (2) Compensation for Defaulted Deliveries. If a party
defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless
otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the
fair market value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period
in respect of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date
for delivery, in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery. 
  
 (3) Interest on Deferred Payments. If: — 
  
 (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and
subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period
from (and including) the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate; 
  
 (B) a payment is deferred pursuant to Section 5(d), the party which
would otherwise have been required to make that payment will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is
continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the
date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no longer 

  

					
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deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with respect to
that party occurs, at the Applicable Deferral Rate; or 
  
 (C) a
party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to
Section 6(c) and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay
interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the
relevant Illegality or Force Majeure Event (or, if later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure
Event ceases to exist and the date during the period upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue
amount is due pursuant to clause (B) above), at the Applicable Deferral Rate. 
  
 (4) Compensation for Deferred Deliveries. If: — 
  
 (A) a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery; 
  
 (B) a delivery is deferred pursuant to Section 5(d); or 
  
 (C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any
applicable Waiting Period has expired, 
  
 the party required (or
that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and
(B) above, such delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 
  
 (ii) Early Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of a Transaction: 

 
 (1) Unpaid Amounts. For the purpose of determining an Unpaid
Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required to be settled by
delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but
excluding) the relevant Early Termination Date, at the Applicable Close out Rate. 
  
 (2) Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with
interest (before as well as after judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close out Rate. 
  
 (iii) Interest Calculation. Any interest pursuant to this
Section 9(h) will be calculated on the basis of daily compounding and the actual number of days elapsed. 
  

					
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	10.	Offices; Multibranch Parties 

  
 (a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction
through its head or home office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so
deferred. This representation and agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction. 
  
 (b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a Transaction
in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing). 
  
 (c) The Office through which a party enters into a Transaction will be the Office specified
for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office. Unless the
parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with respect to the
Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior written
consent of the other party. 
  

	11.	Expenses 

  
 A Defaulting Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of-pocket expenses, including legal fees, execution fees and Stamp Tax, incurred by such other party by
reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of
collection. 
  

	12.	Notices 

  
 (a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner described below (except that a notice or other communication under Section 5 or 6 may not
be given by electronic messaging system or e mail) to the address or number or in accordance with the electronic messaging system or e mail details provided (see the Schedule) and will be deemed effective as indicated: — 
  
 (i) if in writing and delivered in person or by courier, on the date it is
delivered; 
  
 (ii) if sent by telex, on the date the
recipient’s answerback is received; 
  
 (iii) if sent by
facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the
sender’s facsimile machine); 
  
 (iv) if sent by certified
or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or its delivery is attempted; 
  
 (v) if sent by electronic messaging system, on the date it is received; or 
  
 (vi) if sent by e mail, on the date it is delivered, 
  

					
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 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or
that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business
Day. 
  
 (b) Change of Detail. Either party may by notice to the
other change the address, telex or facsimile number or electronic messaging system or e mail details at which notices or other communications are to be given to it. 
  

	13.	Governing Law and Jurisdiction 

  
 (a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 
  
 (b) Jurisdiction. With respect to any suit, action or proceedings relating to
any dispute arising out of or in connection with this Agreement (“Proceedings”), each party irrevocably: 
  
 (i) submits: — 
  
 (1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do
not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or 
  
 (2) if this Agreement is expressed to be governed by the laws of the State of New York, to the non exclusive jurisdiction of the courts of the State of
New York and the United States District Court located in the Borough of Manhattan in New York City; 
  
 (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such
Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and 
  
 (iii) agrees, to the extent permitted by applicable law, that the bringing
of Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction. 
  
 (c) Service of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other
party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other
manner permitted by applicable law. 
  
 (d) Waiver of Immunities.
Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from
(i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or
enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such
immunity in any Proceedings. 
  

	14.	Definitions 

  
 As used in this Agreement: — 
  
 “Additional Representation” has the meaning specified in Section 3. 
  

					
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 “Additional Termination Event” has the meaning specified in Section 5(b). 
  
 “Affected Party” has the meaning specified in Section 5(b).

  
 “Affected Transactions” means (a) with respect to
any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a
Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a
Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all Transactions. 
  
 “Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity
that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the
entity or person. 
  
 “Agreement” has the meaning
specified in Section 1 (c). 
  
 “Applicable Close out
Rate” means: — 
  
 (a) in respect of the determination of an
Unpaid Amount: — 
  
 (i) in respect of obligations payable
or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
  
 (ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non defaulting Party, the Non default
Rate; 
  
 (iii) in respect of obligations deferred pursuant to
Section 5(d), if there is no Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and 
  
 (iv) in all other cases following the occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above), the
Applicable Deferral Rate; and 
  
 (b) in respect of an Early Termination Amount:
— 
  
 (i) for the period from (and including) the relevant
Early Termination Date to (but excluding) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable: — 
  
 (1) if the Early Termination Amount is payable by a Defaulting Party, the Default Rate; 
  
 (2) if the Early Termination Amount is payable by a Non defaulting Party, the Non default Rate; and 
  
 (3) in all other cases, the Applicable Deferral Rate; and 
  
 (ii) for the period from (and including) the date (determined in accordance
with Section 6(d)(ii)) on which that amount is payable to (but excluding) the date of actual payment: — 
  
 (1) if a party fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with respect to a
payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Maieure Event, and for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable
Deferral Rate; 
  

					
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 (2) if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect
of which clause (1) above applies), the Default Rate; 
  
 (3) if the Early Termination Amount is payable by a Non defaulting Party (but excluding any period in respect of which clause (1) above applies), the Non default Rate; and 
  
 (4) in all other cases, the Termination Rate. 
  
 “Applicable Deferral Rate” means: — 
  
 (a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer
to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will
reasonably reflect conditions prevailing at the time in that relevant market; 
  
 (b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close out Rate, the rate certified by the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market
for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable,’ for the purpose of obtaining a representative rate that will reasonably reflect
conditions prevailing at the time in that relevant market; and 
  
 (c) for
purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close out Rate, a rate equal to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum
equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount. 
  
 “Automatic Early Termination” has the meaning specified in Section 6(a). 
  
 “Burdened Party” has the meaning specified in Section 5(b)(iv).

  
 “Change in Tax Law” means the enactment, promulgation,
execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction. 
  
 “Close out Amount” means, with respect to each Terminated Transaction
or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the
Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that Terminated
Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of
Terminated Transactions. 
  
 Any Close-out Amount will be determined by the
Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close out Amount for any group of Terminated
Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each Close out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable,
as of the date or dates following the Early Termination Date as would be commercially reasonable. 
  

					
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 Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and
out-of-pocket expenses referred to in Section 11 are to be excluded in all determinations of Close out Amounts. 
  
 In determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of
information: — 
  
 (i) quotations (either firm or indicative) for replacement
transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation,
between the Determining Party and the third party providing the quotation; 
  
 (ii) information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other
relevant market data in the relevant market; or 
  
 (iii) information of the types
described in clause (i) or (ii) above from internal sources (including any of the Determining Party’s Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the
valuation of similar transactions. 
  
 The Determining Party will consider, taking
into account the standards and procedures described in this definition, quotations pursuant to clause (i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such
quotations or relevant market data are not readily available or would produce a result that would not satisfy those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include
costs of funding, to the extent costs of funding are not and would not be a component of the other information being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may
include, without limitation, dealers in the relevant markets, end users of the relevant product, information vendors, brokers and other sources of market information. 
  
 Without duplication of amounts calculated based on information described in clause (i), (ii) or (iii) above, or other relevant
information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close out Amount any loss or cost incurred in connection with its terminating, liquidating or re establishing any hedge
related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them). 
  
 Commercially reasonable procedures used in determining a Close out Amount may include the following: — 
  
 (1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant
to clause (iii) above of pricing or other valuation models that are, at the time of the determination of the Close out Amount used by the Determining Party in the regular course of its business in pricing or valuing transactions between the
Determining Party and unrelated third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and 
  
 (2) application of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity, size or number of the
Terminated Transactions or group of Terminated Transactions. 
  
 “Confirmation” has the meaning specified in the preamble. 
  
 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 
  
 “Contractual Currency” has the meaning specified in Section 8(a). 
  
 “Convention Court” means any court which is bound to apply to the
Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 

  

					
	 	 	 	 	ISDA® 2002

 
17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters. 
  
 “Credit Event Upon Merger” has the meaning specified in
Section 5(b). 
  
 “Credit Support Document” means any
agreement or instrument that is specified as such in this Agreement. 
  
 “Credit Support Provider” has the meaning specified in the Schedule. 
  
 “Cross Default” means the event specified in Section 5(a)(vi). 
  
 “Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it)
if it were to fund or of funding the relevant amount plus I% per annum. 
  
 “Defaulting Party” has the meaning specified in Section 6(a). 
  
 “Designated Event” has the meaning specified in Section 5 (b)(v). 
  
 “Determining Party” means the party determining a Close out Amount. 
  
 “Early Termination Amount” has the meaning specified in
Section 6(e). 
  
 “Early Termination Date” means the
date determined in accordance with Section 6(a) or 6(b)(iv). 
  
 “electronic messages” does not include e mails but does include documents expressed in markup languages, and “electronic messaging system” will be construed accordingly. 
  
 “English law” means the law of England and Wales, and
“English” will be construed accordingly. 
  
 “Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule. 
  
 “Force Majeure Event” has the meaning specified in Section 5(b). 
  
 “General Business Day” means a day on which commercial banks are open for general business (including dealings in
foreign exchange and foreign currency deposits). 
  
 “Illegality” has the meaning specified in Section 5(b). 
  
 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the
government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or
resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a
connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). 
  
 “law” includes any treaty, law, rule or regulation (as modified, in
the case of tax matters, by the practice of any relevant governmental revenue authority), and “unlawful” will be construed accordingly. 
  

“Local Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places
specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in
writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business 

  

					
	 	 	 	 	ISDA® 2002

 
Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs,
(c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a
single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a
General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give
rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located
and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant location for performance with respect to such Specified Transaction. 
  

“Local Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant
delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in
accordance with customary market practice for the relevant delivery. 
  
 “Master Agreement” has the meaning specified in the preamble. 
  
 “Merger Without Assumption” means the event specified in Section 5(a)(viii). 
  
 “Multiple Transaction Payment Netting” has the meaning specified in Section 2(c). 
  
 “Non-affected Party” means, so long as there is only one Affected
Party, the other party. 
  
 “Non-default Rate” means the
rate certified by the Non defaulting Party to be a rate offered to the Non defaulting Party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non
defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market. 
  
 “Non-defaulting Party” has the meaning specified in Section 6(a). 
  
 “Office” means a branch or office of a party, which may be such party’s head or home office. 
  
 “Other Amounts” has the meaning specified in Section 6(f).

  
 “Payee” has the meaning specified in
Section 6(f). 
  
 “Payer” has the meaning specified
in Section 6(f). 
  
 “Potential Event of Default”
means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 
  
 “Proceedings” has the meaning specified in Section 13(b). 
  
 “Process Agent” has the meaning specified in the Schedule. 
  
 “rate of exchange” includes, without limitation, any premiums and
costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 
  
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat,
(b) where an Office through which the party is 

  

					
	 	 	 	 	ISDA® 2002

 
acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or
through which such payment is made. 
  
 “Schedule” has the
meaning specified in the preamble. 
  
 “Scheduled Settlement
Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 
  
 “Specified Entity” has the meaning specified in the Schedule. 
  
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or
otherwise, as principal or surety or otherwise) in respect of borrowed money. 
  
 “Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this
Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other
party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option,
bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross currency rate swap transaction, currency option, credit protection transaction, credit swap,
credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell back transaction, securities lending transaction, weather index transaction or forward
purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause
(i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other
derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or
deliveries are to be made, (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 
  
 “Stamp Tax” means any stamp, registration, documentation or similar
tax. 
  
 “Stamp Tax Jurisdiction” has the meaning
specified in Section 4(e). 
  
 “Tax” means any
present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other
than a stamp, registration, documentation or similar tax. 
  
 “Tax
Event” has the meaning specified in Section 5(b). 
  
 “Tax Event Upon Merger” has the meaning specified in Section 5(b). 
  
 “Terminated Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions specified in the notice
given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness of
the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. 
  
 “Termination Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely available, that currency,
and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. 
  

					
	 	 	 	 	ISDA® 2002

 “Termination Currency Equivalent” means, in respect of any amount denominated in the Termination
Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the
relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close out Amount is determined as of a later date, that later date, with the Termination Currency
at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is
obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
  
 “Termination Event” means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit
Event Upon Merger or an Additional Termination Event. 
  
 “Termination
Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 
  
 “Threshold Amount” means the amount, if any, specified as such in the
Schedule. 
  
 “Transaction” has the meaning specified in
the preamble. 
  
 “Unpaid Amounts” owing to any party
means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for
Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation
under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early
Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered and (c) if the Early Termination Date results from an Event of Default a Credit Event Upon Merger or an Additional
Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together
with any amount of interest accrued or other compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation referred to in
clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so
obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties. 
  
 “Waiting Period” means:— 
  
 (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or
compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following
the occurrence of that event or circumstance; and 
  
 (b) in respect of any event
or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of
eight Local Business Days (or days that would have been local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event of circumstance. 
  

					
	 	 	 	 	ISDA® 2002

 IN WITNESS WHEREOF the parties have executed this document 13n the respective dates specified below with effect from the
date specified on the first page of this document. 
  

									
	DEUTSCHE BANK AG	 	 	 	EQUINOX FUND MANAGEMENT LLC
					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	Name:	 	 	 	 	 	Name:
	 	 	Title	 	 	 	 	 	Title
			
	 	 	 	 	FRONTIER TRADING COMPANY III LLC
					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	Name:	 	 	 	 	 	Name:
	 	 	Title	 	 	 	 	 	Title

  

					
	 	 	 	 	ISDA® 2002

 SCHEDULE 
 to the 
 ISDA Master Agreement 
 dated as of July 27, 2004 
 among Deutsche Bank AG (“Party A”),
Equinox Fund Management LLC, a limited liability 
 company organized and existing under the laws of the State of Delaware (the
“Agent”) and 
 Frontier Trading Company III LLC, a limited liability company organized and existing 
 under the laws of the State of Delaware (the “Fund” or “Party B”) (Except where otherwise 
 indicated herein, capitalized terms used herein shall have the respective meanings set forth 
 in Part 5 of this Schedule) 
  

	Part	1.     Termination Provisions. 

  

	(a)	“Specified Entity” means: 

  
 in relation to Party A: Not applicable 
  
 and in relation to the Fund for the purpose of: 
  

			
	Section 5(a)(v):	  	Not Applicable
	Section 5(a)(vi):	  	Not Applicable
	Section 5(a)(vii):	  	The Agent
	Section 5(b)(v):	  	Not Applicable

  

	(b)	The definition of “Specified Transaction” in Section 14 of this Agreement is hereby amended by adding the text “prime brokerage or margin lending
transaction” after the words “weather index transaction” in the tenth line thereof. 

  

	(c)	The “Cross Default” provisions of Section 5(a)(vi) will apply to both parties and is hereby amended by: 

  
 (i) deleting the words “or becoming capable at such time of being
declared,” which deletion shall apply only with respect to reverse repurchase transactions or other similar transactions (such as securities lending transactions) where the party has borrowed securities and (ii) adding the following at the
end thereof: 
  
 “provided, however, that, notwithstanding
the foregoing, an Event of Default shall not occur under either (1) or (2) above if (A) (I) the default, or other similar event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to
pay or deliver caused by an error or omission of an administrative or operational nature, and (II) funds or the asset to be delivered were available to such party to enable it to make the relevant payment or delivery when due and (III) such payment
or delivery is made within three (3) Local Business Days following receipt of written notice from an interested party of such failure to pay, or (B) such party was precluded from paying, or was unable to pay, using reasonable means,
through the office of the party through which it was acting for purposes of the relevant Specified Indebtedness, by reason of force majeure, act of State, illegality or impossibility.” 

 The definition of Specified Indebtedness shall be amended in its entirety to read as follows: 

 
 “Specified Indebtedness” means any obligation (whether present
or future, contingent or otherwise) in respect of (i) borrowed money (other than indebtedness in respect of bank deposits received in the ordinary course of business) and (ii) Financial Market Transactions. For purposes herein, Financial
Market Transactions shall mean any transaction of a type specified in clause (a) or (b) of the definition of Specified Transaction which is entered into between such party and an entity other than the party to this Agreement, or any Credit
Support Provider or Specified Entity of such party. For the purposes of determining whether the Threshold Amount has been exceeded in respect of any Financial Market Transaction, the portion attributable to Financial Market Transactions shall be the
amount owed and not paid or delivered when due (whether on any regularly scheduled payment or delivery date, on early termination or otherwise) to the other party under the terms relating to such Financial Market Transaction. 
  
 With regard to Party A, “Threshold
Amount” means, at any time, two percent (2%) of its shareholders’ equity (as calculated in accordance with generally accepted accounting principles applicable to Party A). 
  
 With regard to the Fund, “Threshold
Amount” means at any time two percent (2%) of the Currency Series Net Asset Value (defined below); provided that with respect to any Financial Market Transaction entered into between the Fund or any Credit Support Provider
or Specified Entity of the Fund, and any Affiliate of Party A, the Threshold Amount shall be zero. 
  

	(d)	The “Credit Event Upon Merger” provision in Section 5(b)(v) will apply to both parties. 

  

	(e)	The “Bankruptcy” provisions of Section 5(a)(vii) shall apply to Party A and Party B, provided that with regard to Party B
subsection (4) of such provisions shall be amended by deleting “15” and substituting “5”. 

  

	(f)	The “Automatic Early Termination” provisions of Section 6(a) will not apply to Party A or the Fund. 

  

	(g)	“Termination Currency” means United States Dollars. 

  

	(h)	Additional Termination Events. The occurrence of any of the following events shall constitute a Termination Event: 

  

	 	(i)	the Agent fails to notify Party A in writing of the Currency Series Net Asset Value (defined below) in accordance with the terms of Part 3 of this Schedule;

  

	 	(ii)	 the Fund’s net asset value per Currency Series 1 Unit of the Frontier Fund, a Delaware statutory trust (the “Frontier Fund”), calculated in
accordance with generally accepted accounting principles in the United States (herein, the “Currency Series Net Asset Value”) on any day declines by (x) twenty percent (20%) or more from the Currency Series Net Asset Value as of
the immediately preceding calendar month-end, (y) thirty percent (30%) or more from the Currency Series Net Asset Value as of the calendar month-end of the month that is three-months prior to the immediately preceding month or
(z) thirty-five 

	 	 
percent (35%) or more from the Currency Series Net Asset Value as of the calendar month-end of the month that is twelve-months prior to the immediately
preceding month. 

  

	 	(iii)	the Currency Series Net Asset Value declines below 50% of the Currency Series Net Asset Value on the date hereof (such percentage of the Currency Series Net Asset Value to be
referred to herein as the “Current Floor”), or, if the Currency Series Net Asset Value set forth in any annual financial statements of the Frontier Fund exceeds a number which is two times the Current Floor, 50% of the highest Currency
Series Net Asset Value so set forth; 

  

	 	(iv)	Alan Paul Chappell, of C-View, dies, is declared incompetent or otherwise ceases to act on behalf of C-View, the Agent and the Fund in principally the same or similar capacity as
that held as of the date of this Agreement, or C-View shall cease to be an investment advisor to the Fund and shall not be replaced by an investment advisor approved by Party A in writing within fifteen days thereafter (which approval shall not be
unreasonably withheld), or the Agent (either separately or through C-View) shall cease to have the power to perform its obligations under this Agreement, any Credit Support Document or any Transaction, or the Advisory Agreement dated March 1,
2004 between the Agent, the Fund and C-View (the “C-View Advisory Agreement”) or any other Operative Document is (x) terminated or ceases to be in full force and effect or (y) is amended or modified and such amendment or
modification may have a material adverse effect on Party A under this Agreement, any Credit Support Document or any Transaction; 

  

	 	(v)	Each of the Additional Termination Events specified in the Credit Support Annex which is annexed hereto and is to be delivered to Party A on or before the date of the execution of
this Agreement. 

  

	 	(vi)	Mark Elliott Galant, of Gain, dies, is declared incompetent or otherwise ceases to act on behalf of Gain, the Agent and the Fund in principally the same or similar capacity as that
held as of the date of this Agreement, or Gain shall cease to be an investment advisor to the Fund and shall not be replaced by an investment advisor approved by Party A in writing within fifteen days thereafter (which approval shall not be
unreasonably withheld), or the Agent (either separately or through Gain) shall cease to have the power to perform its obligations under this Agreement, any Credit Support Document or any Transaction, or the Advisory Agreement dated January 1,
2006 between the Agent, the Fund and Gain (the “Gain Advisory Agreement”) or any other Operative Document is (x) terminated or ceases to be in full force and effect or (y) is amended or modified and such amendment or modification
may have a material adverse effect on Party A under this Agreement, any Credit Support Document or any Transaction. 

  
 For the purpose of the foregoing Termination Events specified in clauses (i) through (vi) above, the Fund shall be deemed to be the Affected
Party and Party A shall not be an Affected Party. 

	Part	2.     Tax Representations. 

  

	(a)	Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A and the Fund make the following representations to the other:

  
 It is not required by any applicable law, as
modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement)
to be made by it to the other party under this Agreement. In making this representation, each party may rely on: 
  

	 	(i)	the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement; 

  

	 	(ii)	the satisfaction of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by
the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and 

  

	 	(iii)	the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, 

  
 provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the
other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 
  

	(b)	Payee Tax Representations. 

  
 For purposes of Section 3(f) of this Agreement, Party A makes the following representations: 
  

	 	(1)	It is a “foreign person” within the meaning of the applicable U.S. Treasury Regulations concerning information reporting and backup withholding tax (as in effect on
January 1, 2001), unless Party A provides written notice to Party B that it is no longer a foreign person. In respect of each Transaction it enters into through an office or discretionary agent in the United States or which otherwise is
allocated for United States federal income tax purposes to such United States trade or business, each payment received or to be received by it under such Transaction will be effectively connected with its conduct of a trade or business in the United
States. 

  

	 	(2)	In respect of all Transactions (other than those described in (1) above), no payment received or to be received by it in connection with this Agreement is attributable to a
trade or business carried on by it through a permanent establishment in the United States. 

  
 Counterparty Tax Representations: For purposes of transactions entered into with Deutsche Bank AG, New York Branch or the US effectively connected
business of Deutsche Bank AG, London, Party B makes the following representations under Section 3(f) of this Agreement: 
  
 (1) It is a U.S. person, and it is a limited liability corporation that is the beneficial owner of all payments to be made to it under
this Agreement, organized under the State of Delaware, and its taxpayer identification number is 59-3781489. 

	Part	3.     Agreement to Deliver Documents. 

  

	(a)	For the purpose of Section 4(a)(i), the documents to be delivered are: 

  

							
	 Party required to
 deliver
document

	  	 Form/Document/
 Certificate

	  	 Date by which to be
 delivered

	  	 
	Party A	  	An executed United States Internal Revenue Service Form W-8ECI (or any successor thereto) and an executed United States Internal Revenue Service Form W-8BEN (or any successor
thereto).	  	(i) Upon execution of this Agreement, (ii) promptly upon reasonable demand by Party B and (iii) promptly upon learning that any such form previously provided by Party A has become obsolete or
incorrect.	  	 
	The Fund	  	An executed United States Internal Revenue Service Form W-9 (or any successor thereto), as applicable.	  	(i) Upon execution of this Agreement, (ii) promptly upon reasonable demand by Party A and (iii) promptly upon learning that any such form previously provided by Party B has become obsolete or
incorrect.	  	 

  

	(b)	For the purposes of Section 4(a)(ii), the other documents to be delivered (which will be covered by the representation in Section 3(d) of the Agreement if specified) are:

  

							
	 Party required to
 deliver
document

	  	 Form/Document/
 Certificate

	  	 Date by which to be
 delivered

	  	 Covered by
Section 3(d)
Representation

	Party A, the Agent, the Fund	  	Evidence of the authority, incumbency and specimen signature of each person executing this Agreement or any Confirmation, Credit Support Document or other document entered into in connection
with this Agreement on its behalf or on behalf of a Credit Support Provider or otherwise, as the case may be.	  	Upon or prior to the execution and delivery of this Agreement and, with respect to any Confirmation upon request by the other party.	  	Yes
				
	The Fund	  	The most recent Prospectus of the Frontier Fund, the C-View Advisory Agreement, the Gain Advisory Agreement, any other trading advisor agreement related to the Fund, the investment policies,
procedures, restrictions, or guidelines of the Fund, the current disclosure documents of the Fund, if any, and any other power of attorney or trading authorization by the Fund of C-View or Gain (the “Operative Documents”).	  	As of execution of this Agreement, or upon any material change in such documents.	  	Yes

							
	 Party required to
 deliver
document

	  	 Form/Document/
 Certificate

	  	 Date by which to be
 delivered

	  	Covered by
Section 3(d)
Representation

				
	Party A	  	A copy of its most recent annual report containing consolidated financial statements, certified without qualification by independent public accountants, and such other public information
respecting its condition or operations, financial or otherwise, as the other party may reasonably request from time to time.	  	Promptly after request by the other party.	  	Yes
				
	The Fund	  	Copies of the most recent annual financial statements of the Frontier Fund, certified by independent public accountants, (ii) the Fund’s most recent monthly report of performance,
subscriptions, redemptions and ending net assets, (iii) the Frontier Fund’s most recent unaudited month-end balance sheet including, in each case, the Currency Series Net Asset Value, the Frontier Fund’s net asset value, and the
Fund’s net asset value per share, each determined in accordance with generally accepted accounting principles.	  	(i) Upon the earlier of fifteen days after completion of the audit or one hundred and twenty (120) days after the end of the relevant year, as the case may be, (ii) within five (5) business days
after the end of the relevant calendar month, and (iii) within five (5) business days after the end of the relevant calendar month.	  	Yes

							
	 Party required to
 deliver
document

	  	 Form/Document/
 Certificate

	  	 Date by which to be
 delivered

	  	Covered by
Section 3(d)
Representation

				
	The Fund	  	Information regarding the Fund’s portfolio including information regarding asset allocation, leverage, liquidity and measure of portfolio risk (VaR or its equivalent) as Party A may
reasonably request from time to time and such other information respecting the condition or operations, financial or otherwise, of the Agent and the Fund as Party A may reasonably request from time to time.	  	Within five (5) business days after the end of the relevant calendar month or promptly upon request.	  	Yes
				
	The Agent and the Fund	  	Certificate evidencing acceptance by Equinox Fund Management LLC of appointment as agent for service of process.	  	As of execution of this Agreement.	  	No
				
	The Fund	  	The trust indenture, corporate charter, limited partnership agreement, and the by-laws or other similar documents, instruments or other organizational and constituent documents of the Fund as
applicable.	  	As of execution of this Agreement.	  	Yes

  
 Part 4.
    Miscellaneous. 
  

	(a)	Address for Notices. For the purpose of Section 12(a) of this Agreement, the addresses for notices and communications to Party A and the Fund shall be as follows:

  

	 	(i)	TO PARTY A: 

  
 All notices to Party A under Sections 5 or 6 of the Agreement (other than notices under Section 5(a)(i)) shall be sent to: 
  
 Deutsche Bank AG, Head Office 

			
	 Taunusanlage 12
 60262 Frankfurt

GERMANY

	Attention:	  	Legal Department
	Fax No.	  	4969910 36097
	Telex No:	  	411836 or 416731 or 41233
	Answerback:	  	DBF-D

  
 All notices to Party
A shall be sent directly to the office through which Party A is acting for the relevant Transaction, using the address and contact particulars specified in the Confirmation of that Transaction or otherwise notified. 
  

	 	(ii)	TO THE FUND: 

  

			
	 Frontier Trading Company III LLC, c/o Equinox Fund Management LLC 1660 Lincoln Street, Suite 100
 Denver, Colorado 80264
 Attention: Richard Bornhoft
 Fax No.: 303-832-9354

  

	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

  
 Party A appoints as its Process Agent: Not applicable 
  
 The Fund and the Agent appoint as Process Agent: Equinox Fund Management LLC 
  

	(c)	Offices. The provisions of Section 10(a) will apply to this Agreement. 

  

	(d)	Multibranch Party. For the purpose of Section 10(b) of this Agreement: 

  
 Party A is a Multibranch Party and may act through the following Offices: 
  
 Its New York, London, Tokyo, Paris, Singapore, Brussels, Sydney, Amsterdam,
Vienna, Canada (Toronto) and New Zealand (Auckland) Branches and its Frankfurt Head Office. 
  
 The Fund is not a Multibranch Party. 
  

	(e)	Calculation Agent. The Calculation Agent shall be Party A. 

  

	(f)	Credit Support Document. Details of any Credit Support Document: 

  
 The ISDA Credit Support Annex forming a part hereof shall constitute a “Credit Support Document” in relation to
each party. 
  

	(g)	Credit Support Provider. Credit Support Provider is not applicable to Party A or to Party B. 

  

	(h)	Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York (without reference to its choice
of law doctrine). 

	(i)	Multiple Transaction Payment Netting. Multiple Transaction Payment Netting will apply separately as agreed in writing from time to time. 

  

	(j)	Absence of Litigation. For the purpose of Section 3(c): 

  
 “Specified Entity” means in relation to Party A, Party A’s Affiliates. 
  
 “Specified Entity” means in relation to Party B, Party
B’s Affiliates. 
  

	(k)	No Agency. The provisions of Section 3(g) will apply to this Agreement with respect to Party A and Party B. 

  

	(l)	Additional Representation will apply. For the purpose of Section 3 of this Agreement each of the following will constitute an Additional Representation:—

  

	 	(i)	Representations of All Parties. Each party will be deemed to represent to the other party on the date that it enters into a Transaction that (absent a written
agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): 

  

	 	(A)	Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction
is appropriate or proper for it based upon its own judgment and upon advice from such advisers 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 that Transaction: it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered to be investment advice or a recommendation to enter into that Transaction. No
communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of that Transaction. 

  

	 	(B)	Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and
understands and accepts the terms and conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

  

	 	(C)	Status of Parties. The other party is not acting as a fiduciary for or adviser to it in respect of that Transaction. 

  

	 	(ii)	Commodity Exchange Act. Each party represents to the other party on and as of the date hereof and on each date on which a Transaction is entered into between them
that: 

  

	 	(A)	each Transaction is intended to be exempt from, or otherwise not subject to regulation under, the Commodity Exchange Act; and 

  

	 	(B)	such party is an “eligible contract participant” within the meaning of the Commodity Exchange Act, Section 1a(12). 

	 	(iii)	Securities Act Representations. Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on
which a Transaction is entered into) that: 

  

	 	(A)	it acknowledges that certain Transactions under the Agreement may involve the purchase or sale of “securities” as defined under the U.S. Securities Act of 1933, as amended
(the “Securities Act”) and understands that any such purchase or sale of securities will not be registered under the Securities Act and that any such securities may not be reoffered, resold, pledged or otherwise transferred except
(1) pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act and (2) in accordance with any applicable securities laws of any state of the
United States of America. 

  

	 	(B)	it is an “accredited investor” as defined under the Securities Act; and 

  

	 	(C)	unless otherwise expressly provided in a Confirmation for a Transaction, any securities it is required to deliver under this Agreement and any Transaction will not at the time of
such delivery constitute “restricted securities” or be subject to restrictions on transfer (including so-called “control securities”) under the Securities Act (as defined above) or otherwise. This representation will be deemed
repeated at the time of such delivery. 

  

	 	(iv)	Additional Representations of the Fund. The Fund represents to Party A on and as of the date hereof and at all times until the termination of this Agreement that with
respect to each source of funds to be used by it to enter into such Transactions (each such source being referred to herein as a “Source”), the Source is not the assets of any “plan” (as such term is defined in Section 4975
of the Code) subject to Section 4975 of the Code or any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) subject to Title I of ERISA, or otherwise out of “plan assets” within the meaning of
United States Department of Labor regulation § 2510.3-101, 29CFR § 2510-3-101. 

  

	 	(v)	Agent’s Representations. The Agent represents to, and covenants and agrees with, Party A on and as of the date hereof and on each date on which a Transaction is
entered into and regardless of whether such Transaction or any portion thereof has been finally allocated to the Fund that: 

  

	 	(A)	it is duly incorporated and validly existing under the laws of its place of incorporation. 

  

	 	(B)	(1) that it is entering into this Agreement and each Transaction on behalf of the Fund as agent; (2) the persons executing this Agreement on its behalf have been
authorized to do so; (3) that it has the power and the authority to execute and deliver this Agreement as agent for the Fund and to bind the Fund and to act on its behalf in all matters related to this Agreement; and (4) this Agreement is
binding upon the Fund and enforceable against the Fund in accordance with its terms and does not and will not violate the terms of any agreement by which the Fund is bound. 

	Part	5.     Other Provisions. 

  

	(a)	Elective Termination. 

  
 Unless a confirmation of a Transaction otherwise provides, Party A (the “Electing Party”, the other party being the “Non-Electing
Party”) may elect to terminate any Transaction (which shall be deemed to be the only Affected Transaction) on the second anniversary of the Trade Date of such Transaction and annually thereafter (which date shall be the Early Termination Date
with respect to such Transaction) by at least five days’ prior notice, provided that no other Event of Default, Potential Event of Default or Termination Event shall have occurred and then be continuing under this Agreement with respect to
Party A on such Early Termination Date (any such termination, an “Elective Termination”). 
  
 For purposes of calculating amounts due under this Part 5(a), the Electing Party shall be treated as if it were the Affected Party and the Non-Electing
Party shall be treated as if it were the Non-affected Party. 
  
 For the purposes of calculating amounts due under an Elective Termination, all references to Additional Termination Event under Section 6(b), (c), (d) and (e) should be read as references to an Elective Termination and should
apply mutatis mutandis. 
  

	(b)	Consent to Recording. 

  
 Each party (i) consents to the recording of the telephone conversations of trading and marketing and/or other personnel of the parties and their
Affiliates in connection with this Agreement or any potential Transaction (ii) agrees to obtain any necessary consent of and give notice of such recording to such personnel of it and its Affiliates; and (iii) agrees that recordings may be
submitted in evidence in any Proceedings relating to this Agreement. 
  

	(c)	Tax Provisions. 

  

	 	(i)	The definition of Tax Event, Section 5(b)(iii), is hereby modified by adding the following provision at the end thereof: 

  
 “provided, however, that the parties acknowledge that the proposal of
laws, regulations or guidelines, shall not, prior to the actual adoption or enactment thereof, constitute a Termination Event hereunder;” 
  

	 	(ii)	The definition of term “Indemnifiable Tax” is amended by adding the following provisions at the end thereof: 

  
 “Notwithstanding the foregoing, “Indemnifiable Tax” also
means any Tax imposed in respect of a payment under this Agreement by reasons of a Change in Tax Law by a government or taxing authority of a Relevant Jurisdiction of the party making such payment, unless the other party is incorporated, organized,
managed and controlled or considered to have 

 
its seat in such jurisdiction, or is acting for purposes of this Agreement through a branch or office located in such jurisdiction.” 
  

	(d)	Set Off. 

  
 Section 6(f) of this Agreement is deleted in its entirety and replaced with the following: 
  
 “(f) Upon the designation of any Early Termination Date, the party that
is not the Defaulting Party or Affected Party (“X”) may, without prior notice to the Defaulting or Affected Party (“Y”), set off any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured,
whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Y to X or any Affiliate of X (the “X Set Off Amount”) against any sum or obligation (whether or not arising
under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by X or any Affiliate of X to Y (the “Y Set Off Amount”). X
will give notice to the other party of any set off effected under this Section 6(f). 
  
 For this purpose, either the X Set Off Amount or the Y Set Off Amount (or the relevant portion of such set off amounts) may be converted by X into the currency in which the other set off amount is denominated at the
rate of exchange at which X would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. 
  
 If a sum or obligation is unascertained, X may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant
party accounting to the other when the obligation is ascertained. 
  
 Nothing in this Section 6(f) shall be effective to create a charge or other security interest. This Section 6(f) shall be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to
which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise).” 
  

	(e)	Escrow. 

  
 On any date on which both parties are required to make payments hereunder, either party may at its option and in its sole discretion notify the other
party that payments on that date are to be made in escrow. In this case deposit of the payment due earlier on that date shall be made by 2:00 p.m. (local time at the place for the earlier payment if there is a time difference between the cities in
which payments are to be made) on that date with an escrow agent selected by the party giving the notice and reasonably acceptable to the other party, accompanied by irrevocable payment instructions (i) to release the deposited payment to the
intended recipient upon receipt by the escrow agent of the required deposit of the corresponding payment from the other party on the same date accompanied by irrevocable payment instructions to the same effect or (ii) if the required deposit of
the corresponding payment is not made on that same date, to return the payment deposited to the party that paid it into escrow at such party’s request. The party that elects to have payments made in escrow shall pay the costs of the escrow
arrangements and shall cause those arrangements to provide that the intended recipient of the payment due to be deposited first shall be entitled to interest on that deposited payment for each day in the period of its deposit at the rate offered by
the escrow agent for that day for overnight 

 
deposits in the relevant currency in the office where it holds that deposited payment (at 11:00 a.m. local time on that day) if that payment is not released
by 5:00 p.m. local time on the date it is deposited for any reason other than the intended recipient’s failure to make the escrow deposit it is required to make hereunder in a timely fashion. 
  

	(f)	Additional Acknowledgments and Agreements of the Parties. Section 4 is hereby amended by adding the following new agreements:

  

	 	(i)	Additional Agreements of the Fund and the Agent. 

  
 Notice of Certain Events. The Fund and the Agent will provide Party A, promptly upon becoming aware of the same, with written notice of
(A) any proposed action, change, or modification to any constitutive document, the C-View Advisory Agreement or any investment guidelines, policies, procedures or restrictions to which the Agent may be subject, which change could have a
material adverse effect on the ability of the Fund to perform its obligations under this Agreement, (B) any Potential Event of Default or, Event of Default, (C) any pending or threatened litigation, action, claim, proceeding, or
investigation which could materially adversely affect the ability of the Fund or the Agent to perform its obligations under this Agreement, and (D) the Agent’s impending resignation or termination as investment adviser to the Fund.

  

	 	(ii)	Waiver of Right to Trial by Jury. Each of the parties hereby irrevocably waives any and all right to a trial by jury with respect to any legal proceeding arising out
of or relating to this Agreement or any Transaction. 

  

	 	(iii)	Deutsche Bank Securities Inc. Each party acknowledges and agrees that (A) Deutsche Bank Securities Inc. or another designated Affiliate of Party A (the
“Designated Agent”) will act as agent for Party A in connection with certain Transactions when so specified in the Transaction Confirmation; and (B) the Designated Agent is acting solely as agent and shall have no liability for the
performance of either party’s obligations under this Agreement or any Transaction, or for costs, expenses, damages or claims arising out of the failure of either party to perform any such obligation. 

  

	(g)	Amendments. 

  
 Section 9(b) is modified by the deletion of the words “or confirmed by an exchange of telexes or by an exchange of electronic messages on an
electronic messaging system”. 
  

	(h)	Counterparts and Confirmations 

  
 Section 9(e)(i) is modified by the deletion of the words “and by electronic messaging system”. 
  

	(i)	Foreign Exchange Transactions. 

  

	 	(a)	 The parties agree that any transaction which is an FX Transaction or a Currency Option Transaction (as defined in the 1998 FX and Currency Option Definitions,
including Annex A, published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association and the Foreign 

	 	 
Exchange Committee (the “FX Definitions”)) entered into between them through an Office specified in Part 4(d) of the Schedule to this Agreement and
which (a) is outstanding between the parties at the date this Agreement comes into effect or (b) is or will be entered into by the parties at or after the date this Agreement comes into effect, will (i) be deemed to incorporate the FX
Definitions into the Confirmation thereof and (ii) be a Transaction for the purposes of this Agreement whether or not a Confirmation of such a transaction refers to this Agreement. 

  

	 	(b)	Section 1(b) of this Agreement is amended by adding the following proviso at the end thereof: “provided, however, that with respect to FX Transactions (as defined in the
FX Definitions) (other than FX Transactions that are identified as non-deliverable in the relevant Confirmation), this Agreement will prevail for the purpose of the relevant FX Transaction, and the Confirmation shall not modify the terms of this
Agreement unless specific reference to this Agreement is made in the relevant Confirmation.” 

  

	(j)	Disclosure. Each party hereby consents to the communication or disclosure by the other party of information in respect of or relating to this Agreement and any
Transactions hereunder to such other party’s branches, subsidiaries and Affiliates and, to the extent required by law or regulation, any government or regulatory authority. 

  

	(k)	Notices. Section 12(a) of the Agreement is amended by adding the words “given to Party A” after the word “communication” in the second line
thereof. 

  

	(l)	Series Disclaimer. The parties hereto acknowledge and agree that Party B is a wholly-owned subsidiary of the Frontier Fund which is organized in series pursuant to
Sections 3804(a) and 3806(b)(2) of the Delaware Statutory Trust Act. As such, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each series of the Frontier Fund shall be enforceable
against the assets of such series of the Frontier Fund only, and not against the assets of the Frontier Fund generally or the assets of any other series of the Frontier Fund or against the trustee of The Frontier Fund. There may be several series of
the Frontier Fund created pursuant to the Declaration of Trust and Trust Agreement of the Frontier Fund. 

  

									
	DEUTSCHE BANK AG	 	 	 	EQUINOX FUND MANAGEMENT LLC
					
	 By:
	 	 	 	 	 	 By:
	 	 
	Name:	 	 	 	 	 	Name:	 	 
	Title:	 	 	 	 	 	Title:	 	 
			
	 	 	 	 	FRONTIER TRADING COMPANY III LLC
					
	 By:
	 	 	 	 	 	 By:
	 	 
	Name:	 	 	 	 	 	Name:	 	 
	Title:	 	 	 	 	 	Title:	 	 

			
	(Bilateral Form) 	  	(ISDA Agreements Subject to New York Law Only)

  
 ISDA® 
 International Swaps and Derivatives Association, Inc. 
  
 CREDIT SUPPORT ANNEX 
 to the Schedule
to the 
  
 ISDA® 
 MASTER AGREEMENT 
  
 dated
as of July 27, 2004 
  
 between 
  

					
	Deutsche Bank AG (“Party A”)	  	and	  	Equinox Fund Management LLC, a limited liability company organized and existing under the laws of the State of Delaware (the “Agent”) and Frontier Trading Company III LLC, a limited
liability company organized and existing under the laws of the State of Delaware (the “Fund” or Party B”)

  
 This Annex supplements, forms part of,
and is subject to, the above-referenced Agreement, is part of its Schedule and is a Credit Support Document under this Agreement with respect to each party. 
  
 Accordingly, the parties agree as follows: — 
  

	Paragraph	1. Interpretation 

  

	(a)	Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph
12, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency
between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will prevail. 

  

	(b)	Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to either party when acting in that capacity and all
corresponding references to the “Pledgor” will be to the other party when acting in that capacity; provided, however, that if Other Posted Support is held by a party to this Annex, all references herein to that party as the Secured
Party with respect to that Other Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured
parties. 

  

	Paragraph	2. Security Interest 

  
 Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right
of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured 

  

 Copyright © 1994 by International Swap Dealers Association, Inc. 

 
Party to the Pledgor of Posted Collateral, the security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to
the extent possible, without any further action by either party. 
  

	Paragraph	3. Credit Support Obligations 

  

	(a)	Delivery Amount. Subject to Paragraphs 4 and 5, upon demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount for that
Valuation Date equals or exceeds the Pledgor’s Minimum Transfer Amount, then the Pledgor will Transfer to the Secured Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the applicable Delivery Amount
(rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Delivery Amount” applicable to the Pledgor for any Valuation Date will equal the amount by which: 

  

	 	(i)	the Credit Support Amount 

  
 exceeds 
  

	 	(ii)	the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party. 

  

	(b)	Return Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount for that Valuation Date
equals or exceeds the Secured Party’s Minimum Transfer Amount, then the Secured Party will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that demand having a Value as of the date of Transfer as close as practicable
to the applicable Return Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the “Return Amount” applicable to the Secured Party for any Valuation Date will equal the amount by
which: 

  

	 	(i)	the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party 

  
 exceeds 
  

	 	(ii)	the Credit Support Amount. 

  
 “Credit Support Amount” means, unless otherwise specified in Paragraph 13, for any Valuation Date (i) the Secured Party’s Exposure for that Valuation Date plus
(ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured Party, if any, minus (iv) the Pledgor’s Threshold; provided, however,
that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields a number less than zero. 
  

	Paragraph	4. Conditions Precedent, Transfer Timing, Calculations and Substitutions 

  

	(a)	Conditions Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to
the conditions precedent that: 

  

	 	(i)	no Event of Default, Potential Event of Default or Specified Condition has occurred and is continuing with respect to the other party; and 

  

	 	(ii)	no Early Termination Date for which any unsatisfied payment obligations exist has occurred or been designated as the result of an Event of Default or Specified Condition with
respect to the other party. 

  

	(b)	Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is
made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the next Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be made not later than the
close of business on the second Local Business Day thereafter. 

  

					
	 	 	 	 	ISDA® 2002

	(c)	Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation Time. The Valuation
Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or in the case of Paragraph 6(d),
following the date of calculation). 

  

	(d)	Substitutions. 

  

	 	(i)	Unless otherwise specified in Paragraph 13, upon notice to the Second Party specifying the items of Posted Credit Support to be exchanged, the Pledgor may, on any Local Business
Day, Transfer to the Secured Party substitute Eligible Credit Support (the “Substitute Credit Support”); and 

  

	 	(ii)	subject to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted Credit Support specified by the Pledgor in its notice not later than the Local Business
Day following the date on which the Secured Party receives the Substitute Credit Support, unless otherwise specified in Paragraph 13 (the “Substitution Date”); provided that the Secured Party will only be obligated to Transfer
Posted Credit Support with a Value as of the date of Transfer of that Posted Credit Support equal to the Value as of that date of the Substitute Credit Support. 

  

	Paragraph	5. Dispute Resolution 

  
 If a party (a “Disputing Party”) disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any
Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local
Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the
undisputed amount to the other party not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of
(II) above, (3) the parties will consult with each other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the Resolution Time, then: 
  

	 	(i)	In the case of a dispute involving a Delivery Amount or Return Amount, unless otherwise specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the Value as
of the Recalculation Date by: 

  

	 	(A)	utilizing any calculations of Exposure for the Transactions (or Swap Transactions) that the parties have agreed are not in dispute; 

  

	 	(B)	Calculating the Exposure for the Transactions (or Swap Transactions) in dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of
calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction (or Swap Transaction), then fewer than four quotations may be used for that
Transaction (or Swap Transaction); and if no quotations are available for a particular Transaction (or Swap Transaction), then the Valuation Agent’s original calculations will be used for that Transaction (or Swap Transaction); and

  

	 	(C)	utilizing the procedures specified in Paragraph 13 for calculating the Value, if disputed, of Posted Credit Support. 

  

	 	(ii)	In the case of a dispute involving the Value of any Transfer of Eligible Credit Support or Posted Credit Support, the Valuation Agent will recalculate the Value as of the date of
Transfer pursuant to Paragraph 13. 

  

					
	 	 	 	 	ISDA® 2002

 Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if
the Valuation Agent is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Valuation Agent or a resolution pursuant to
(3) above and subject to Paragraphs 4(a) and 4(b), make the appropriate Transfer. 
  

	Paragraph	6. Holding and Using Posted Collateral 

  

	(a)	Care of Posted Collateral. Without limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party will exercise reasonable care to assure the safe
custody of all Posted Collateral to the extent required by applicable law, and in any event the Secured Party will be deemed to have exercised reasonable care if it exercises at least the same degree of care as it would exercise with respect to its
own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to Posted Collateral, including, without limitation, any duty to collect any Distributions, or enforce or preserve any rights pertaining
thereto. 

  

	(b)	Eligibility to Hold Posted Collateral; Custodians. 

  

	 	(i)	General. Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral, the Secured Party will be entitled to hold Posted
Collateral or to appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian, the Pledgor’s obligations to make any Transfer will
be discharged by making the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed to be the holding of that Posted Collateral by the Secured Party for which the Custodian is acting. 

  

	 	(ii)	Failure to Satisfy Conditions. If the Secured Party or its Custodian fails to satisfy conditions for holding Posted Collateral, then upon a demand made by the Pledgor,
the Secured Party will, not later than five Local Business Days after the demand, Transfer or cause its Custodian to Transfer all Posted Collateral held by it to a Custodian that satisfies those conditions or to the Secured Party if it satisfies
those conditions. 

  

	 	(iii)	Liability. The Secured Party will be liable for the acts or omissions of its Custodian to the same extent that the Secured Party would be liable hereunder for its own
acts or omissions. 

  

	(c)	Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5,
6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with
respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to: 

  

	 	(i)	sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Posted Collateral it holds, free from any claim or right of
any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor; and 

  

	 	(ii)	register any Posted Collateral in the name of the Secured Party, its Custodian or a nominee for either. 

  
 For purposes of the obligation to Transfer Eligible Credit Support or Posted Credit Support pursuant to Paragraphs 3 and 5 and any rights or
remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral and to receive Distributions made thereon, regardless of whether the Secured Party has exercised any rights with respect to any
Posted Collateral pursuant to (i) or (ii) above. 
  

					
	 	 	 	 	ISDA® 2002

	(d)	Distributions and Interest Amount. 

  

	 	(i)	Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a Local Business Day, it will Transfer to the Pledgor
not later than the following Local Business Day any Distributions it receives or is deemed to receive to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of
calculation will be deemed to be a Valuation Date for this purpose). 

  

	 	(ii)	Interest Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have
been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the Secured Party), the Secured Party will Transfer to the Pledgor at the times specified in Paragraph 13 the Interest Amount to the extent that a
Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred
pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and will be subject to the security interest granted under Paragraph 2. 

  

	Paragraph	7. Events of Default 

  
 For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if: 
  

	 	(i)	that party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable, required to be
made by it and that failure continues for two Local Business Days after notice of that failure is given to that party; 

  

	 	(ii)	that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for
five Local Business Days after notice of that failure is given to that party; or 

  

	 	(iii)	that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of
that failure is given to that party. 

  

	Paragraph	8. Certain Rights and Remedies 

  

	(a)	Secured Party’s Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with respect to the Pledgor has occurred and is continuing
or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all of its Obligations that are then due, the
Secured Party may exercise one or more of the following rights and remedies: 

  

	 	(i)	all rights and remedies available to a secured party under applicable law with respect to Posted Collateral held by the Secured Party; 

  

	 	(ii)	any other rights and remedies available to the Secured Party under the terms of Other Posted Support, if any; 

  

	 	(iii)	the right to Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash equivalent of any Posted Collateral held by the
Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 

  

	 	(iv)	 the right to liquidate any Posted Collateral held by the Secured Party through one or more public or private sales or other dispositions with such notice, if any,
as may be required under applicable 

  

					
	 	 	 	 	ISDA® 2002

	 	 
law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party
having the right to purchase any or all of the Posted Collateral to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral to any amounts payable by the Pledgor with respect to any
Obligations in that order as the Secured Party may elect. 

  
 Each party acknowledges and agrees that Posted Collateral in the form of securities may decline speedily in value and is of a type customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any
sale of that Posted Collateral by the Secured Party, except any notice that is required under applicable law and cannot be waived. 
  

	(b)	Pledgor’s Rights and Remedies. If at any time an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified
Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to less than all Transactions (or Swap Transactions) where the Secured Party has paid in full all of its obligations that are then due under
Section 6(e) of this Agreement): 

  

	 	(i)	the Pledgor may exercise all rights and remedies available to a pledgor under applicable law with respect to Posted Collateral held by the Secured Party; 

 

	 	(ii)	the Pledgor may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted Support, if any; 

  

	 	(iii)	the Secured Party will be obligated immediately to Transfer all Posted Collateral and the Interest Amount to the Pledgor; and 

  

	 	(iv)	to the extent that Posted Collateral or the Interest Amount is not so Transferred pursuant to (iii) above, the Pledgor may: 

  

	 	(A)	Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party
(or any obligation of the Secured Party to Transfer that Posted Collateral); and 

  

	 	(B)	to the extent that the Pledgor does not Set-off under (iv)(A) above, withhold payment of any remaining amounts payable by the Pledgor with respect to any Obligations, up to the
Value of any remaining Posted Collateral held by the Secured Party, until that Posted Collateral is Transferred to the Pledgor. 

  

	(c)	Deficiencies and Excess Proceeds. The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support remaining after liquidation, Set-off and/or
application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor with respect to any Obligations; the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off
and/or application under Paragraphs 8(a) and 8(b). 

  

	(d)	Final Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except for any potential liability under
Section 2(d) of this Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the Interest Amount, if any. 

  

					
	 	 	 	 	ISDA® 2002

	Paragraph	9. Representations 

  
 Each party represents to the other party (which representation will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral) that: 
  

	 	(i)	it has the power to grant a security interest in and lien on any Eligible Collateral it Transfers as the Pledgor and has taken all necessary actions to authorize the granting of
that security interest and lien; 

  

	 	(ii)	it is the sole owner of or otherwise has the right to Transfer all Eligible Collateral it Transfers to the Secured Party hereunder, free and clear of any security interest, lien,
encumbrance or other restrictions other than the security interest and lien granted under Paragraph 2; 

  

	 	(iii)	upon the Transfer of any Eligible Collateral to the Secured Party under the terms of this Annex, the Secured Party will have a valid and perfected first priority security interest
therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the Pledgor involved in the Transfer of that Eligible Collateral gives the notices and takes the action
required of it under applicable law for perfection of that interest); and 

  

	 	(iv)	the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any Posted Collateral other than the
security interest and lien granted under Paragraph 2. 

  

	Paragraph	10. Expenses 

  

	(a)	General. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection herewith. 

  

	(b)	Posted Credit Support. The Pledgor will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to Posted Credit
Support held by the Secured Party upon becoming aware of the same, regardless of whether any portion of that Posted Credit Support is subsequently disposed of under Paragraph 6(c), except for those taxes, assessments and charges that result from the
exercise of the Secured Party’s rights under Paragraph 6(c). 

  

	(c)	Liquidation/Application of Posted Credit Support. All reasonable costs and expenses incurred by or on behalf of the Secured Party or the Pledgor in connection with the
liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally by the parties.

  

	Paragraph	11. Miscellaneous 

  

	(a)	Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral or the Interest Amount will be obligated to pay the Pledgor
(to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted Collateral or Interest
Amount was required to be Transferred to (but excluding) the date of Transfer of that Posted Collateral or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed.

  

	(b)	Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or
other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to enable that party to exercise or
enforce its rights under this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or an Interest Amount. 

  

	(c)	 Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or lien that
involves Posted Credit Support Transferred by the Pledgor or that 

  

					
	 	 	 	 	ISDA® 2002

	 	 
could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise
of the Secured Party’s rights under Paragraph 6(c). 

  

	(d)	Good Faith and Commercially Reasonable Manner. Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and
determinations made by either party, will be made in good faith and in a commercially reasonable manner. 

  

	(e)	Demands and Notices. All demands and notices given by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise
provided in Paragraph 13. 

  

	(f)	Specifications of Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also may be specified in one or more Confirmations or other
documents and this Annex will be construed accordingly. 

  

	Paragraph	12. Definitions 

  
 As used in this Annex: — 
  
 “Cash” means the lawful currency of the United States of America. 
  
 “Credit Support Amount” has the meaning specified in Paragraph 3. 
  
 “Custodian” has the meaning specified in Paragraphs
6(b)(i) and 13. 
  
 “Delivery Amount” has
the meaning specified in Paragraph 3(a). 
  
 “Disputing
Party” has the meaning specified in Paragraph 5. 
  
 “Distributions” means, with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions of cash or other property with respect thereto, regardless of
whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon any disposition or liquidation of Posted Collateral or, with respect to any
Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein. 
  
 “Eligible Collateral” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13.

  
 “Eligible Credit Support” means Eligible
Collateral and Other Eligible Support. 
  
 “Exposure” means for any Valuation Date or other date for which Exposure is calculated and subject to Paragraph 5 in the case of a dispute, the amount, if any, that would be payable to a party that is
the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap
Transactions) were being terminated as of the relevant Valuation Time; provided that Market Quotation will be determined by the Valuation Agent using its estimates at mid-market of the amounts that would be paid for Replacement Transactions
(as that term is defined in the definition of “Market Quotation”). 
  
 “Independent Amount” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 
  
 “Interest Amount” means, with respect to an Interest
Period, the aggregate sum of the amounts of interest calculated for each day in that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party on that day, determined by the Secured Party for each
such day as follows: 
  

	 	(x)	the amount of that Cash on that day; multiplied by 

  

					
	 	 	 	 	ISDA® 2002

	 	(y)	the Interest Rate in effect for that day; divided by 

  

	 	(z)	360. 

  
 “Interest Period” means the period from (and including) the last Local Business Day on which an Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local Business
Day on which Posted Collateral in the form of Cash was Transferred to or received by the Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount is to be Transferred. 
  
 “Interest Rate” means the rate specified in Paragraph
13. 
  
 “Local Business Day”, unless
otherwise specified in Paragraph 13, has the meaning specified in the Definitions Section of this Agreement, except that references to a payment in clause (b) thereof will be deemed to include a Transfer under this Annex. 
  
 “Minimum Transfer Amount” means, with respect to a
party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 
  
 “Notification Time” has the meaning specified in Paragraph 13. 
  
 “Obligations” means, with respect to a party, all present and future obligations of that party under this Agreement and any
additional obligations specified for that party in Paragraph 13. 
  
 “Other Eligible Support” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. 
  
 “Other Posted Support” means all Other Eligible Support Transferred to the Secured Party that remains
in effect for the benefit of that Secured Party. 
  
 “Pledgor” means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit Support
under Paragraph 3(a). 
  
 “Posted
Collateral” means all Eligible Collateral, other property, Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to
Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash. 
  
 “Posted Credit Support” means Posted Collateral and
Other Posted Support. 
  
 “Recalculation
Date” means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute, then the
“Recalculation Date” means the most recent Valuation Date under Paragraph 3. 
  
 “Resolution Time” has the meaning specified in Paragraph 13. 
  
 “Return Amount” has the meaning specified in Paragraph 3(b). 
  
 “Secured Party” means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support
under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support. 
  
 “Specified Condition” means, with respect to a party, any event specified as such for that party in Paragraph 13. 
  

“Substitute Credit Support” has the meaning specified in Paragraph 4(d)(i). 
  
 “Substitution Date” has the meaning specified in
Paragraph 4(d)(ii). 
  

					
	 	 	 	 	ISDA® 2002

 “Threshold” means, with respect to a party, the amount specified as such for that
party in Paragraph 13; if no amount is specified, zero. 
  
 “Transfer” means, with respect to any Eligible Credit Support, Posted Credit Support or Interest Amount, and in accordance with the instructions of the Secured Party, Pledgor or Custodian, as
applicable: 
  

	 	(i)	in the case of Cash, payment or delivery by wire transfer into one or more bank accounts specified by the recipient; 

  

	 	(ii)	in the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied
by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient; 

  

	 	(iii)	in the case of securities that can be paid or delivered by book-entry, the giving of written instructions to the relevant depository institution or other entity specified by the
recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a legally effective transfer of the relevant interest to the recipient; and 

  

	 	(iv)	in the case of Other Eligible Support or Other Posted Support, as specified in Paragraph 13. 

  
 “Valuation Agent” has the meaning specified in Paragraph 13. 
  
 “Valuation Date” means each date specified in or
otherwise determined pursuant to Paragraph 13. 
  
 “Valuation
Percentage” means, for any item of Eligible Collateral, the percentage specified in Paragraph 13. 
  
 “Valuation Time” has the meaning specified in Paragraph 13. 
  
 “Value” means for any Valuation Date or other date for which Value is calculated, and subject to
Paragraph 5 in the case of a dispute, with respect to: 
  

	 	(i)	Eligible Collateral or Posted Collateral that is: 

  

	 	(A)	Cash, the amount thereof; and 

  

	 	(B)	a security, the bid price obtained by the Valuation Agent multiplied by the applicable Valuation Percentage, if any; 

  

	 	(ii)	Posted Collateral that consists of items that are not specified as Eligible Collateral, zero; and 

  

	 	(iii)	Other Eligible Support and Other Posted Support, as specified in Paragraph 13. 

  

	Paragraph	13. Elections and Variables 

  

	(a)	Security Interest for “Obligations”. The term “Obligations” as used in this Annex includes the following additional obligations.

  
 With respect to the Fund,
“Obligations” means any and all present and future obligations of the Fund under or in connection with this Agreement (including all Credit Support Annexes hereto, including this Annex, and all Transactions and Confirmations hereunder), or
any other contract between the Fund and Party A, or any other transaction between the Fund and Party A. 
  

					
	 	 	 	 	ISDA® 2002

	(b)	Credit Support Obligations. 

  

	 	(i)	Delivery Amount, Return Amount and Credit Support Amount. 

  

	 	(A)	“Delivery Amount” has the meaning specified in Paragraph 3(a), except that each reference therein to “Valuation Date” is hereby amended to be
“Valuation Time”. 

  

	 	(B)	“Return Amount” has the meaning specified in Paragraph 3(b), except that each reference therein to “Valuation Date” is hereby amended to be
“Valuation Time”. 

  

	 	(C)	“Credit Support Amount” means, for any Valuation Time, (i) the Secured Party’s Exposure for that Valuation Time plus (ii) the aggregate of all
Independent Amounts applicable to the Pledgor, if any, minus (iii) the Pledgor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields an amount less
than zero. 

  

	 	(ii)	Eligible Collateral. The following items will qualify as “Eligible Collateral” for the party specified: 

  

											
	 	 	 	  	Party A

	  	The Fund

	 	 	Valuation
Percentage

	 
	(A)	 	 Cash
	  	Inapplicable	  	[X	]	 	100	%
	(B)	 	Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of less than one year (“Treasury Bills”)	  	Inapplicable	  	[X	]	 	98	%
	(C)	 	Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of 1-10 years (“Treasury Notes”)	  	Inapplicable	  	[X	]	 	95	%
	(D)	 	Negotiable debt obligations issued by the U.S. Treasury Department having a remaining maturity of more than 10 years (“Treasury Bonds”)	  	Inapplicable	  	[X	]	 	90	%
	(E)	 	Such other collateral as Party A and the Fund may agree.	  	Inapplicable	  	[X	]	 	As
may be
agreed.	 
 
 

  

	 	(iii)	Other Eligible Support. The following items will qualify as “Other Eligible Support” for the party specified: 

  

										
	 	 	 	  	Party A

	  	The Fund

	 	 	 
	(A)	 	 Inapplicable
	  	Inapplicable	  	[X	]	 	 
	(B)	 	 Inapplicable
	  	Inapplicable	  	[X	]	 	 

  

	 	(iv)	Thresholds. 

  

	 	(A)	“Independent Amount” means with respect to Party A: Inapplicable. 

  

					
	 	 	 	 	ISDA® 2002

 “Independent Amount” means with respect to the Fund: an amount in the Base
Currency equal to the sum of (1) for Derivatives Transactions, the aggregate of the amounts specified in the Confirmations for such Transactions or as otherwise agreed by the parties, and (2) for Foreign Exchange Transactions, an amount
equal to the sum of (a) the product of the Standard Net Open Position multiplied by the Standard Independent Amount Ratio, (b) the product of the Exotic Net Open Position multiplied by the Exotic Independent Amount Ratio, (c) the
product of the Emerging Market Net Open Position multiplied by the Emerging Market Independent Amount Ratio and (d) the Forward Risk Adjustment Amount. 
  

	 	(B)	“Threshold” means with respect to Party A: Inapplicable. 

  
 “Threshold” means with respect to the Fund: $0; provided, however, that the Threshold for such
party shall be zero upon the occurrence and during the continuance of an Event of Default, Potential Event of Default, Termination Event, Additional Termination Event (other than an Elective Termination) or Specified Condition with respect to such
party. 
  

	 	(C)	“Minimum Transfer Amount” means with respect to Party A: $100,000; provided, however, that the Minimum Transfer Amount for such party shall be zero
upon the occurrence and during the continuance of an Event of Default, Potential Event of Default, Termination Event, Additional Termination Event (other than an Elective Termination), or Specified Condition with respect to such party.

  
 “Minimum Transfer
Amount” means with respect to the Fund: $100,000; provided, however, that the Minimum Transfer Amount for such party shall be zero upon the occurrence and during the continuance of an Event of Default, Potential Event of
Default, Termination Event, Additional Termination Event (other than an Elective Termination) or Specified Condition with respect to such party. 
  

	 	(D)	Rounding. The Delivery Amount and the Return Amount will be rounded up and down respectively to the nearest integral multiple of $1. 

  

	(c)	Valuation and Timing. 

  

	 	(i)	“Valuation Agent” means: Party A 

  

	 	(ii)	“Valuation Date” means: any Local Business Day. 

  

	 	(iii)	“Valuation Time” means the close of business on the Local Business Day preceding the Valuation Date or any time on any Valuation Date as determined by the
Valuation Agent. 

  

	 	(iv)	“Notification Time” means 11:00 a.m., New York time, on any Valuation Date. 

  

					
	 	 	 	 	ISDA® 2002

	(d)	Conditions Precedent and Secured Party’s Rights and Remedies. Each Termination Event specified below with respect to a party will be a “Specified
Condition” for that party (the specified party being the Affected Party if a Termination Event or Additional Termination Event occurs with respect to that party). 

  

						
	 	  	Party A

	  	The Fund

	 
	 Illegality
	  	Inapplicable	  	[X	]
	 Tax Event
	  	Inapplicable	  	[    	]
	 Tax Event Upon Merger
	  	Inapplicable	  	[    	]
	 Credit Event Upon Merger
	  	Inapplicable	  	[X	]
	 The Additional Termination Events
 specified in paragraph (i) of Part 1
 (other than an Elective Termination)
 of the Schedule to this Agreement.
	  	Inapplicable	  	[X	]

  

	(e)	Substitution. 

  

	 	(i)	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 

  

	 	(ii)	Consent. If specified here as applicable, then the Pledgor must obtain the Secured Party’s consent for any substitution pursuant to Paragraph 4(d): Inapplicable

  

	(f)	Dispute Resolution. 

  
 Paragraph 5 of this Annex is deleted in its entirety and thus is inapplicable. 
  

	(g)	Holding and Using Posted Collateral. 

  

	 	(i)	Eligibility to Hold Posted Collateral; Custodians. Party A and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided
that the following conditions applicable to it are satisfied: 

  

	 	(A)	Party A is not a Defaulting Party. 

  

	 	(B)	Posted Collateral may be held only in the following jurisdictions: Posted Collateral consisting of certificated securities must be held in New York. 

  
 Initially, the Custodian for Party A is: Deutsche Bank AG New York
Branch. 
  

	 	(ii)	Use of Posted Collateral. The provisions of Paragraph 6(c) will apply to Party A. 

  

	(h)	Distributions and Interest Amount. 

  

	 	(i)	Interest Rate. The “Interest Rate” will be, with respect to Eligible Collateral in the form of Cash, for any day, the rate opposite the caption
“Federal Funds (Effective)” for such day as published for such day in Federal Reserve Publication H.15 (519) or any successor publication as published by the Board of Governors of the Federal Reserve System. 

 

	 	(ii)	Transfer of Interest Amount. The Transfer of the Interest Amount will be made on the first Local Business Day of each calendar month. 

  

	 	(iii)	Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 

  

	(i)	Other Eligible Support and Other Posted Support. 

  

	 	(i)	“Value” with respect to Other Eligible Support and Other Posted Support means: Inapplicable 

  

	 	(ii)	“Transfer” with respect to Other Eligible Support and Other Posted Support means: Inapplicable 

  

					
	 	 	 	 	ISDA® 2002

	(j)	Demands and Notices. All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise
specified here: 

  

			
	Party A:	  	Deutsche Bank AG
	 	  	New York Branch
	 	  	60 Wall Street
	 	  	New York, New York 10005
	 	  	Attention: Collateral Management and Valuations
		
	The Fund:	  	Frontier Trading Company III,
	 	  	c/o Equinox Fund Management LLC
	 	  	1660 Lincoln Street
	 	  	Suite 100
	 	  	Denver, Colorado 80264
	 	  	Attention: Richard Bornhoft

  

	(k)	Addresses for Transfers 

  

			
	Party A:	  	For Cash: DBAG NY, ABA: 026003780, Ref: A /C# to be provided by Party A to Party B
		
	 	  	For Eligible Collateral:
		
	 	  	 Fed Eligible Settlements:

	 	  	 Bk of NYC/Cust/604000

	 	  	 Acct: Deutsche Bank AG CMV Group

		
	 	  	 DTC Eligible Settlements:

	 	  	 DTC# 901

	 	  	 A/c# 604000

	 	  	 Acct: Deutsche Bank AG CMV Group

		
	 	  	 Euroclear Settlements:

	 	  	 Euroclear # 10104

	 	  	 Ref: Acct: Deutsche Bank AG CMV Group 604000

		
	 	  	 Canadian Settlements:

	 	  	 Royal Bank of Canada

	 	  	 BIC Code: ROYCCAT2

	 	  	 Acct: Bank of New York, Brussels

	 	  	 Ref: Acct: Deutsche Bank AG CMV Group 604000

	The Fund:	  	to be provided by Party B to Party A

  

	(l)	Other Provisions. 

  

	 	(i)	The following definitions are hereby inserted into Paragraph 12 in the appropriate alphabetical order: 

  

	 	(A)	“Aggregate Ceiling Limit” means USD 50,000,000. 

  

	 	(B)	“Aggregate Net Open Position” means, at any time, the sum of (i) the Standard Net Open Position, (ii) the Exotic Net Open Position and
(iii) the Emerging Market Net Open Position. 

  

					
	 	 	 	 	ISDA® 2002

	 	(C)	“Base Currency” means U.S. Dollars. 

  

	 	(D)	“Derivatives Transaction” means any Transaction other than a Foreign Exchange Transaction. 

  

	 	(E)	“Eligible Currency” means each currency specified as such in Paragraph 13(b)(ii)(A). 

  

	 	(F)	“Emerging Market Ceiling Limit” means USD 5,000,000. 

  

	 	(G)	“Emerging Market Close-Out Ratio” means a number expressed as a percentage representing the quotient of (A) the portion of the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions involving Tier III Currencies, divided by (B) the Emerging Market Net Open Position, such number being determined and notified by Party A to Party B from time to time, and
initially being 8%. 

  

	 	(H)	“Emerging Market Independent Amount Ratio” means a number expressed as a percentage representing the minimum proportion of (1) the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions involving Tier III Currencies to (2) the Emerging Market Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option
Transactions involving Tier III Currencies, such number being determined and notified by Party A to Party B from time to time, and initially being 15%. 

  

	 	(I)	“Emerging Market Net Open Position” means, at any given time, the amount obtained by calculating the Net Open Position as it applies to all FX Transactions
and Currency Option Transactions involving Tier III Currencies. 

  

	 	(J)	“Exotic Ceiling Limit” means USD 10,000,000. 

  

	 	(K)	“Exotic Close-Out Ratio” means a number expressed as a percentage representing the quotient of (A) the portion of the Net Collateral Value attributable
to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies, divided by (B) the Exotic Net Open Position, such number being determined and notified by Party A to the Fund from time
to time, and initially being 4%. 

  

	 	(L)	“Exotic Independent Amount Ratio” means a number expressed as a percentage representing the minimum proportion of (1) the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies to (2) the Exotic Net Open Position, which the Fund must maintain in respect of outstanding FX Transactions
and Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies, such number being determined and notified by Party A to the Fund from time to time, and initially being 8%. 

  

	 	(M)	“Exotic Net Open Position” means, at any given time, the amount obtained by calculating the Net Open Position as it applies to all FX Transactions and
Currency Option Transactions involving Tier II Currencies but not involving Tier III Currencies. 

  

	 	(N)	“Foreign Exchange Transactions” means any Transaction that is a FX Transaction or Currency Option Transaction as defined in the FX Definitions (as defined
below). 

  

	 	(O)	“Forward Risk Adjustment Amount” means an amount in the Base Currency determined by Party A in a commercially reasonable manner to account for the risk
attributable to movements in the yield curves of the underlying currencies of the FX Transactions. 

  

					
	 	 	 	 	ISDA® 2002

	 	(P)	“Net Collateral Value” means an amount expressed in the Base Currency equal to the difference of (1) the Value of Posted Credit Support, minus
(2) the Secured Party’s Exposure, such amount being determined and notified by Party A to the Fund from time to time, provided that if such difference shall be an amount less than zero, the Net Collateral Value shall be zero.

  

	 	(Q)	“Net Open Position” means an amount expressed in the Base Currency deriving from the likely changes in the rep1acement value of all outstanding FX
Transactions and Currency Option Transactions determined by Party A using its normal methodology in place from time to time. 

  

	 	(R)	“Standard Ceiling Limit” means USD 50,000,000. 

  

	 	(S)	“Standard Close-Out Ratio” means a number expressed as a percentage representing the quotient of (A) the portion of the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions not involving Tier II Currencies or Tier III Currencies, divided by (B) the Standard Net Open Position, such number being determined and notified by Party A to the Fund from
time to time, and initially being 2%. 

  

	 	(T)	“Standard Independent Amount Ratio” means a number expressed as a percentage representing the minimum proportion of (1) the Net Collateral Value
attributable to all FX Transactions and Currency Option Transactions not involving Tier II Currencies or Tier III Currencies to (2) the Standard Net Open Position, which the Fund must maintain in respect of outstanding FX Transactions and
Currency Option Transactions not involving Tier II Currencies or Tier III Currencies, such number being determined and notified by Party A to the Fund from time to time, and initially being 6%. 

  

	 	(U)	“Standard Net Open Position” means, at any given time, the amount obtained by calculating the Net Open Position as it applies to all FX Transactions and
Currency Option Transactions not involving Tier II Currencies or Tier III Currencies. 

  

	 	(V)	“Tier I Currencies” means AUD, CAD, CHF, DKK, EUR, GBP, JPY, NOK, NZD, SEK and USD. 

  

	 	(W)	“Tier II Currencies” means: CNY, CZK, GRD, HKD, HUF, ILS, INR, KRW, MXN, PLN, SGD, THB, TWD, and ZAR. 

  

	 	(X)	“Tier III Currencies” means: ARS, BRL, IDR, PHP, RUB, SAR and TRL. 

  

	 	(ii)	Definitions. Any terms used in this Credit Support Annex which are not otherwise defined herein and which are defined in the 1998 FX and Currency Option Definitions
(the “FX Definitions”) (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the FX Definitions (without
regard to any amendments thereto subsequent to the date hereof). Nothing in this Annex shall affect the parties’ agreement that this Agreement and all Credit Support Annexes hereto (including this Annex) and all Transactions and related
Confirmations hereunder are entered into in reliance on the fact that this Agreement, all Credit Support Annexes and all Transactions and Confirmations form a single agreement between the parties, the Posted Credit Support under all Credit Support
Annexes constitutes a pledge with respect to and shall secure all Transactions and all Obligations, and the parties would not otherwise enter into any Transactions. 

  

	 	(iii)	 Limit on Secured Party’s Liability. The Secured Party will not be liable for any losses or damages that the Pledgor may suffer as a result of any
failure by the Secured Party to perform, or any delay by it in performing, any of its obligations under this Annex if the failure or delay results 

  

					
	 	 	 	 	ISDA® 2002

	 	 
from circumstances beyond the reasonable control of the Secured Party or its Custodian, including but not limited to interruption or loss of computer or
communication services, labor disturbance, natural disaster or local or national emergency. 

  

	 	(iv)	Further Assurances. If the Pledgor fails (a) to execute and deliver to the Secured Party financing statements, assignments, or other documents or (b) to do
other things relating to the Posted Credit Support as the Secured Party may reasonably request in order to protect and maintain its security interest in the Posted Credit Support and to protect, preserve, and realize upon the Posted Credit Support,
then the Secured Party is hereby authorized by the Pledgor (but not required) to complete and execute such financing statements, assignments, and other documents as the Secured Party deems appropriate for such purposes. The Pledgor hereby appoints
the Secured Party, during the term of this Agreement, as the Pledgor’s agent and attorney-in-fact to complete and execute such financing statements, assignments and other documents and to perform all other acts which the Secured Party may deem
appropriate to protect and maintain its security interest in the Posted Credit Support and to protect, preserve, and realize upon the Posted Credit Support. The power-of-attorney granted herein to the Secured Party is coupled with an interest and is
irrevocable during the term of this Agreement. 

  

	 	(v)	Agreement as to Single Secured Party and Pledgor. Party A and the Fund agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph
l(b) or Paragraph 2 or the definitions in Paragraph 12, (a) the term “Secured Party” as used in this Annex means only Party A, (b) the term “Pledgor” as used in this Annex means only the Fund,
(c) only the Fund makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9, (d) only the Fund will be required to make Transfers of Eligible Credit Support
hereunder and (e) Paragraph 7 shall apply to the Fund only and shall not apply to Party A. 

  

	 	(vi)	Additional Termination Events. 

  
 Each of the following shall constitute an Additional Termination Event with respect to the Fund: 
  

	 	(A)	the quotient of (I) the portion of Net Collateral Value attributable to all FX Transactions and Currency Option Transactions not involving Tier II or Tier III Currencies,
divided by (II) the Standard Net Open Position is equal to or less than the Standard Close-Out Ratio; 

  

	 	(B)	the quotient of (I) the portion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving
Tier III Currencies, divided by (II) the Exotic Net Open Position is equal to or less than the Exotic Close-Out Ratio; 

  

	 	(C)	the quotient of (I) the portion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier III Currencies, divided by (II)
the Emerging Market Net Open Position is equal to or less than the Emerging Market Close-Out Ratio; 

  

	 	(D)	the Aggregate Net Open Position is equal to or greater than the Aggregate Ceiling Limit; 

  

	 	(E)	the Standard Net Open Position is equal to or greater than the Standard Ceiling Limit; 

  

	 	(F)	the Exotic Net Open Position is equal to or greater than the Exotic Ceiling Limit; or 

  

	 	(G)	 the Emerging Market Net Open Position is equal to or greater than the Emerging Market Ceiling Limit; 

  

					
	 	 	 	 	ISDA® 2002

	 	 
in each case irrespective of whether or not Eligible Credit Support has been requested by Party A, or is being delivered to Party A, pursuant to the terms of
this Annex. For purposes of determining whether such an Additional Termination Event has occurred, at the discretion of Party A, Exposure and Net Collateral Value may be calculated at any time on any calendar day and, if such day is not a Valuation
Date, the Value of Posted Credit Support may at the discretion of Party A be calculated based on the Value on the preceding Valuation Date. For purposes of each such Additional Termination Event, the Fund shall be the sole Affected Party.

  
 Notwithstanding any provision of this
Agreement that may be to the contrary, if an Additional Termination Event specified in this Credit Support Annex shall occur with respect to the Fund, Party A shall be entitled to designate an Early Termination Date with respect to all Transactions
with immediate effect. Without limiting such right, Party A agrees to use reasonable efforts to deliver to the Fund notice of such designation in accordance with Section 12 of this Agreement. 
  

	 	(vii)	No Additional Amounts. Notwithstanding Section 2(d) of this Agreement, Party A shall not be obliged to pay any additional amount in respect of Tax in relation to
any amount required to be paid by it under this Annex. 

  

	 	(viii)	Transfer Timing. Paragraph 4(b) is hereby amended by: (A) replacing “the next Local Business Day” in the third line thereof with “that same Local
Business Day”; and (B) replacing “second Local Business Day thereafter” in the fifth line thereof with “next Local Business Day”. 

  

	 	(ix)	Grace Period. Paragraph 7(i) is hereby amended in the last line thereof by replacing “two Local Business Days” with “one Local Business Day”.

  

	 	(x)	Modifications to the Annex. The following amendments are made to the Annex: 

  

	 	(A)	References throughout this Annex to “Swap Transactions” are deleted; and 

  

	 	(B)	The definition of “Exposure” in Paragraph 12 of the Annex is hereby amended to read in its entirety as follows: 

  
 “Exposure” means for any Valuation
Time or other date for which Exposure is calculated, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party
(expressed as a negative number) pursuant to Section 6(e)(ii)(l) of this Agreement if all Transactions were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and (ii) United
States Dollars is the Termination Currency; provided that the Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for transactions providing
the economic equivalent of (x) the material terms of the Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the Transactions that would, but for the occurrence of the relevant Early
Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)); and (y) the option rights of the parties in respect of the Transactions and provided, further,
that, for purposes of determining the Credit Support Amount and the Net Collateral Value, the amount determined as set forth above shall be increased by reducing the value of Currency Option Transactions owned by Party B by a factor determined and
notified by Party A to Party B from time to time.” 
  

	 	(xi)	Changes to Net Open Position. Party A and Party B agree that Party A shall have the right to change the methodology used to calculate the Net Open Position at any
time. Party A agrees to provide a description of such methodology to Party B upon request. 

  

					
	 	 	 	 	ISDA® 2002

									
	DEUTSCHE BANK AG	 	 	 	EQUINOX FUND MANAGEMENT LLC
					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	Name:	 	 	 	 	 	Name:
	 	 	Title	 	 	 	 	 	Title
			
	 	 	 	 	FRONTIER TRADING COMPANY III LLC
					
	 By:
	 	 	 	 	 	 By:
	 	 
	 	 	Name:	 	 	 	 	 	Name:
	 	 	Title	 	 	 	 	 	Title

  

					
	 	 	 	 	ISDA® 2002

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