Document:

FS Investment Corporation IV

Exhibit 10.2

 

	 	 
	Citibank, N.A.

    390 Greenwich Street 

    New York, New York 10013	 
		 

Execution
Copy 

	 	 
	Date:	January 19, 2016
	 	 
	To:	Cheltenham Funding LLC

    c/o FS Investment Corporation IV

    201 Rouse Boulevard

    Philadelphia, PA 19112

    Attention: Gerald F. Stahlecker

    Phone: 215-495-1169

    Fax: 215-222-4649 

    Email: jerry.stahlecker@franklinsquare.com
	 	 
	From:	Citibank, N.A.

    388 Greenwich Street

    11th Floor
	 	New York, New York 10013
	 	Attention: Director Derivative Operations

    Facsimile: 212-615-8594
	 	 
	Transaction Reference Number: __________

CONFIRMATION

Ladies
and Gentlemen:

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

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

	 	 
	1.	Agreement

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

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

	 	 
	2.	Terms of Transactions 

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

	 	 	 
	General Terms:	 	 
	 	 	 
	Trade Date:	 	January 19, 2016
	 	 	 
	Effective Date:	 	January 19, 2016
	 	 	 
	Scheduled Termination Date:	 	The latest date for the final scheduled
    payment (or, if there is only one scheduled payment, for the scheduled payment) of principal of any Reference Obligation at
    any time included in the Reference Portfolio.
	 	 	 
	Termination Date:	 	The final Scheduled Settlement Date
    (as defined in the Master Agreement) with respect to all Transactions (other than (i) any Citibank Fixed Amount Payer Payment
    Date that occurs after the final Obligation Termination Date and (ii) any Counterparty Fourth Floating Rate Payer Payment
    Date). The obligations of the parties to make payments required to be made hereunder shall survive the Termination Date.
	 	 	 
	Obligation Termination Date:	 	(a) In relation to any Repaid Obligation,
    the related Repayment Date; and
	 	 	 
	 	 	(b) In relation to any Terminated Obligation,
    the related Termination Settlement Date.
	 	 	 
	Reference Portfolio:	 	As of any date of determination, all
    Reference Obligations with respect to all Transactions outstanding on such date.
	 	 	 
	Reference Obligation:	 	Each obligation listed on Annex I from
    time to time having a Reference Amount equal to the “Reference Amount” indicated on Annex I for such obligation
    (and, in the case of a Committed Obligation, having an Outstanding Principal Amount equal to the “Outstanding Principal
    Amount” indicated on Annex I for such Committed Obligation), in each

 

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	 	 	case, subject to adjustment
    by the Calculation Agent in accordance with the terms of this Confirmation.
	 	 	 
	 	 	Counterparty may, by notice to Citibank
    on any Business Day on or after the Trade Date (each, an “Obligation Trade Date”), designate that
    any obligation (each, a “Reference Obligation”) shall become the subject of a Transaction hereunder.
    Any such notice shall specify the proposed Reference Obligation and the proposed Reference Amount, Reference Entity and Initial
    Price in relation to such Transaction.
	 	 	 
	 	 	Notwithstanding the foregoing, no such
    designation by Counterparty will be effective unless:
	 	 	 
	 	 	(a)          Citibank
    consents on or prior to the Obligation Trade Date to the relevant Reference Obligation becoming the subject of a Transaction
    hereunder (having the proposed Reference Amount and Initial Price in the notice of designation from Counterparty);
	 	 	 
	 	 	(b)         on
    the Obligation Trade Date (i) the relevant Reference Obligation satisfies the Obligation Criteria set forth in Annex II and
    (ii) on and after the Portfolio Criteria Satisfaction Date, the Portfolio Criteria set forth in Annex II are satisfied (or,
    if any Portfolio Criterion is not satisfied immediately prior to such designation, then the extent of compliance with such
    Portfolio Criterion is improved); and
	 	 	 
	 	 	(c)          if
    the relevant Reference Obligation would be a Specified Reference Obligation, Counterparty gives notice of such fact to Citibank
    in such notice of designation (provided that any failure to give such notice shall not affect the effectiveness of such designation).
	 	 	 
	 	 	Without limiting the generality of
    the foregoing clause (a), Citibank may withhold its consent to any such designation based on any legal, accounting, tax or
    other similar issues that are adverse to Citibank in any material respect and that would or could reasonably be expected to
    arise as a result of the entry into such Transaction or any purchase by the Citibank Holder of such Reference Obligation as
    a hedge for such Transaction. In the event that Citibank determines not to hold, or cause to be held, all or any portion of
    any such Reference Obligation as a hedge for such Transaction on the Obligation Settlement

 

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	 	 	Date for such Transaction, Citibank
    shall give prompt notice thereof to Counterparty.
	 	 	 
	 	 	The “Obligation Settlement
    Date” for a Transaction shall be the date following the Obligation Trade Date for such Transaction that is customary
    for settlement of the related Reference Obligation substantially in accordance with the then-current market practice in the
    principal market for the related Reference Obligation (as determined by the Calculation Agent).
	 	 	 
	 	 	On the Obligation Trade Date for a
    Transaction, the Reference Amount of such Transaction shall, for all purposes hereof (including the determination of the “Maximum
    Portfolio Notional Amount”) other than calculating Rate Payments, be increased by the “Reference Amount”
    specified in such notice from Counterparty. On the Obligation Settlement Date for a Transaction, the Reference Amount of such
    Transaction shall, solely for the purposes of calculating Rate Payments, be increased by the “Reference Amount”
    specified in such notice from Counterparty.
	 	 	 
	 	 	Once a Reference Obligation becomes
    the subject of a Transaction hereunder, Citibank shall promptly prepare and deliver to Counterparty a revised Annex I reflecting
    the Reference Portfolio as of the related Obligation Trade Date.
	 	 	 
	 	 	If any payment of interest on a Reference
    Obligation that would otherwise be made during the period from and including the Obligation Trade Date to but excluding the
    Termination Trade Date is not made but is capitalized as additional principal (without default), then the amount of interest
    so capitalized as principal shall become a new Transaction hereunder (a “PIK Transaction”) having
    the same terms and conditions as the Transaction relating to the Reference Obligation in respect of which such interest is
    capitalized, except that (1) the Initial Price in relation to such PIK Transaction shall be zero, (2) the Obligation Trade
    Date and Obligation Settlement Date for such PIK Transaction shall be the date on which such interest is capitalized and (3)
    the Reference Amount of such PIK Transaction will be the amount of interest so capitalized as principal. Citibank shall give
    notice to Counterparty after a PIK Transaction becomes outstanding as provided above, which notice shall set forth the information
    in the

 

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	 	 	foregoing clauses (2) and (3).
	 	 	 
	Reference Entity:	 	The borrower of the Reference Obligation
    identified as such in Annex I hereto. In addition, “Reference Entity”, unless the context otherwise requires,
    shall also refer to any guarantor of or other obligor on the Reference Obligation.
	 	 	 
	Ramp-Up Period:	 	The period from and including the Effective
    Date and ending on and including the date occurring 90 days after the Effective Date.
	 	 	 
	Ramp-Down Period:	 	The period from and including the date
    30 days prior to the Scheduled Termination Date and ending on and including the Scheduled Termination Date.
	 	 	 
	Portfolio Notional Amount:	 	As of any date of determination, the
    sum of the Notional Amounts for all Reference Obligations as of such date.
	 	 	 
	Notional Amount:	 	(a) In relation to any Transaction
    (other than with respect to any Terminated Obligation or Repaid Obligation), as of any date of determination, the Reference
    Amount of the related Reference Obligation as of such date multiplied by the Initial Price in relation to such Reference
    Obligation; and
	 	 	 
	 	 	(b) In relation to any Transaction
    with respect to a Terminated Obligation or Repaid Obligation, the amount of the reduction in the Reference Amount of the related
    Reference Obligation determined, in the case of a Terminated Obligation, pursuant to Clause 3 or, in the case of a Repaid
    Obligation, pursuant to Clause 5, in each case multiplied by the Initial Price in relation to the related Reference
    Obligation.
	 	 	 
	Outstanding Principal Amount:	 	In relation to any Reference Obligation
    as of any date of determination, the outstanding principal amount of such obligation as shown in the then-current Annex I,
    as increased pursuant to this Clause 2 (or, in the case of any Committed Obligation, pursuant to any borrowing in respect
    of such Committed Obligation after the Obligation Trade Date) and reduced pursuant to Clauses 3 and 5. Except as otherwise
    expressly provided below with respect to Counterparty First Floating Amounts, the principal amount of any Committed Obligation
    outstanding on any date shall include the aggregate stated face amount of all letters of credit, bankers’ acceptances and
    other similar instruments issued in respect of such Committed Obligation to the extent that the holder of such

 

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

 

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	Maximum Portfolio Notional Amount:	 	USD100,000,000 
	 	 	 
	Minimum Portfolio Notional Amount:	 	85% of the Maximum Portfolio Notional
    Amount
	 	 	 
	Utilization Amount:	 	In relation to any Calculation Period,
    the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
	 	 	 
	Business Day:	 	New York
	 	 	 
	Business Day Convention:	 	Following (which shall apply to any
    date specified herein for the making of any payment or determination or the taking of any action which falls on a day that
    is not a Business Day).
	 	 	 
	 	 	If any anniversary date specified herein
    would fall on a day on which there is no corresponding day in the relevant calendar month, then such anniversary date shall
    be the last day of such calendar month.
	 	 	 
	Floating Rate Index:	 	Whenever in this Confirmation reference
    is made to USD-LIBOR-BBA (a “Floating Rate Index”), in no event may such Floating Rate Index be
    less than zero
	 	 	 
	Monthly Period:	 	Each period from but excluding the
    last day of any calendar month to and including the last day of the immediately succeeding calendar month.
	 	 	 
	Calculation Agent:	 	Citibank; provided that, if
    an Event of Default described in Section 5(a)(i) or Section 5(a)(vii) occurs with respect to Citibank as Defaulting Party
    and no Event of Default has occurred and is continuing with respect to Counterparty as Defaulting Party, then Counterparty
    may designate any of Bank of America, NA, The Bank of Montreal, Barclays Bank plc, Canadian Imperial Bank of Commerce, Credit
    Suisse, Deutsche Bank AG, JPMorgan Chase Bank, N.A., UBS AG and Wells Fargo Bank, National Association as Calculation Agent,
    which designation shall be effective only (a) if such designated entity accepts such appointment and agrees to perform the
    duties of the Calculation Agent hereunder and (b) so long as such Event of Default with respect to Citibank as Defaulting
    Party continues. Unless otherwise specified, the Calculation Agent shall make all determinations, calculations and adjustments
    required pursuant to this Confirmation in good faith and on a commercially reasonable basis.
	 	 	 
	Calculation Agent City:	 	New York

 

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

 

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	 	 	end on, but exclude, the related Obligation
    Termination Date.
	 	 	 
	First Floating Rate Payer Payment Date:	 	(a) In relation to any Transaction
    (other than with respect to any Terminated Obligation or Repaid Obligation), the tenth Business Day following the last day
    of any Monthly Period, commencing with the first such date after the Obligation Settlement Date for such Transaction and ending
    with the last such date occurring prior to the related Obligation Termination Date; and
	 	 	 
	 	 	(b) In relation to any Terminated Obligation
    or Repaid Obligation, the related Total Return Payment Date.
	 	 	 
	Floating Rate Option:	 	In relation to any Transaction, USD-LIBOR-BBA.
	 	 	 
	Designated Maturity:	 	In relation to any Transaction, one
    month.
	 	 	 
	Spread:	 	(a) Prior to the Portfolio Criteria
    Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.
	 	 	 
	Floating Rate Day Count Fraction:	 	In relation to any Transaction, Actual/360.
	 	 	 
	Reset Dates:	 	The first day of each First Floating
    Rate Payer Calculation Period.
	 	 	 
	Compounding:	 	Inapplicable
	 	 	 
	Counterparty Second Floating Amounts:	 	 
	 	 	 
	Second Floating Amount Payer:	 	Counterparty
	 	 	 
	Second Floating Amount:	 	In relation to any Second Floating
    Rate Payer Payment Date, the product of (a) the Second Floating Rate Payer Calculation Amount for the related Second Floating
    Rate Payer Calculation Period multiplied by (b) the Spread multiplied by (c) the Floating Rate Day Count Fraction.
	 	 	 
	 	 	Notwithstanding the foregoing, no Second
    Floating Amount shall be payable on any Second Floating Rate Payer Payment Date, and no amount shall be payable under Clause
    4(c) on any date after the last day of the Ramp-Up Period, (a) on or following the Termination Date if the Termination Date
    results

 

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	 	 	from the designation of an Early Termination
    Date pursuant to Section 6(a) of the Master Agreement by reason of an Event of Default under Section 5(a)(i) or 5(a)(vii)
    of the Master Agreement in relation to Citibank as the Defaulting Party or (b) on or following any date on which each of the
    following two conditions has been satisfied: (i) Counterparty has designated at least 20 Designated Reference Obligations
    to become the subject of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above)
    and (ii) the aggregate Notional Amount of all Designated Reference Obligations as to which Citibank has not given its consent
    to such Designated Reference Obligations becoming the subject of Transactions hereunder (as contemplated opposite the caption
    “Reference Obligation” above) exceeds 50% of the aggregate Notional Amount of all Designated Reference Obligations
    that Counterparty has designated are to become the subject of Transactions hereunder (as contemplated opposite the caption
    “Reference Obligation” above).
	 	 	 
	Second Floating Rate Payer Calculation Amount:	 	In relation to any Second Floating
    Rate Payer Calculation Period, the excess, if any, of (a) the Minimum Portfolio Notional Amount over (b) the Utilization Amount
    for such Second Floating Rate Payer Calculation Period.
	 	 	 
	Second Floating Rate Payer Calculation Period:	 	Each Monthly Period; provided that
    (a) the initial Second Floating Rate Payer Calculation Period shall begin on the first day following the last day of the Ramp-Up
    Period and (b) the final Second Floating Rate Payer Calculation Period shall end on the last Second Floating Rate Payer Payment
    Date.
	 	 	 
	Second Floating Rate Payer Payment Dates:	 	The tenth Business Day following the
    last day of each Monthly Period; provided that (a) the initial Second Floating Rate Payer Payment Date will be the
    first such Business Day after the last day of the Ramp-Up Period and (b) the final Second Floating Rate Payer Payment Date
    will be the day preceding the first day of the Ramp-Down Period.
	 	 	 
	Spread:	 	(a) Prior to the Portfolio Criteria
    Satisfaction Date, 1.60%; and (b) on or after the Portfolio Criteria Satisfaction Date, 1.50%.
	 	 	 
	Floating Rate Day Count Fraction:	 	Actual/360.

 

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

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

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

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

Count Fraction:	 	Actual/360.
	 	 	 
	Compounding:	 	Inapplicable
	 	 	 
	Counterparty Fourth Floating Amounts:	 	 
	 	 	 
	Fourth Floating Amount Payer:	 	Counterparty

 

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

 Payer Payment Dates:	 	Each Total Return Payment Date.
	 	 	 
	Payments by Citibank:	 	 
	 	 	 
	Citibank Fixed Amounts:	 	 
	 	 	 
	Fixed Amount Payer:	 	Citibank
	 	 	 
	Fixed Amount:	 	In relation to any Transaction, the
    Interest and Fee Amount with respect to such Transaction for the related Fixed Amount Payer Payment Date.
	 	 	 
	Fixed Amount Payer Calculation Periods:	 	In relation to each Reference Obligation
    in the Reference Portfolio, each period from and including any date upon which a payment of interest is made on such Reference
    Obligation to but excluding the next such date; provided that (a) the initial Fixed Amount Payer Calculation Period
    shall commence on and

 

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	 	 	include the Obligation Settlement Date
    for such Reference Obligation and (b) the final Fixed Amount Payer Calculation Period shall end on, but exclude, the related
    Obligation Termination Date.
	 	 	 
	Fixed Amount Payer Payment Dates:	 	(a) In relation to any Transaction
    (other than with respect to any Terminated Obligation or Repaid Obligation), the tenth Business Day following the last day
    of any Monthly Period, commencing with the first such date after the Obligation Settlement Date for such Transaction and ending
    with the last such date occurring prior to the related Obligation Termination Date; and
	 	 	 
	 	 	(b) In relation to any Transaction
    with respect to any Terminated Obligation or Repaid Obligation, the related Total Return Payment Date; provided that, if interest
    on the Reference Obligation is actually paid on the scheduled interest payment date next succeeding the related Obligation
    Termination Date, then the final Fixed Amount Payer Payment Date shall be the tenth Business Day next succeeding the last
    day of the Monthly Period during which such scheduled interest payment date occurs.
	 	 	 
	Citibank Floating Amounts: 	 	 
	 	 	 
	Floating Amount Payer:	 	Citibank
	 	 	 
	Floating Amount:	 	In relation to any Terminated Obligation
    or Repaid Obligation, Capital Appreciation, if any.
	 	 	 
	Floating Rate Payer Payment Dates:	 	Each Total Return Payment Date.

 

		3.	Reference
Obligation Removal; Accelerated Termination.

 

Reference
Obligation Removal

 

(a)

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

 

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

 

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

 

Elective Termination by Citibank due to Certain Events 

 

		(b)	If:

 

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

 

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

 

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

 

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

 

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

 

    	Page 14

    	 

    

 

 

Obligation that is the subject of such
Accelerated Termination and, with respect to each such Reference Obligation, the amount of the Terminated Obligation, the proposed
Termination Trade Date and the proposed Termination Settlement Date.

 

Citibank Optional Termination Date 

 

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

 

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

 

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

 

Early Termination Date under Master Agreement 

 

(d)         If there is effectively designated
an Early Termination Date under the Master Agreement, then (i) each Transaction will be terminated in its entirety (but without
limiting Clause 4(c)), (ii) notwithstanding any contrary or otherwise inconsistent provision of the Master Agreement, the provisions
set forth in Section 6(e) of the Master Agreement shall not apply to any Transaction (except that amounts that become due and payable
on or prior to such Early Termination Date with respect to any

 

    	Page 15

    	 

    

 

Transaction as provided in this Confirmation
will constitute Unpaid Amounts) and (iii) the Termination Trade Date for each Transaction will be the date specified by the Calculation
Agent occurring on or promptly after such Early Termination Date; provided that, if such Early Termination Date is designated
by reason of an Event of Default as to which Citibank is the Defaulting Party, Counterparty may specify the Termination Trade Date
with respect to any Transaction as to which the Calculation Agent has not specified the Termination Trade Date within 10 days after
such Early Termination Date. The Calculation Agent shall give notice (an “Accelerated Termination Notice”)
to each party (such termination, an “Accelerated Termination”) on or prior to such Early Termination
Date, which Accelerated Termination Notice shall specify each Reference Obligation that is the subject of such Accelerated Termination
and, with respect to each such Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date
and the proposed Termination Settlement Date. The amount, if any, payable in respect of such Early Termination Date will be determined
in accordance with Clause 4(b) of this Confirmation based upon the delivery of such Accelerated Termination Notice.

 

Effect of Termination 

 

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

 

		4.	FINAL PRICE DETERMINATION 

 

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

 

Determination by Counterparty 

 

(a)           In order to determine the Final
Price for any Terminated Obligation then held by or on behalf of Citibank as a hedge for the related Transaction, if such determination
is being made as the result of a termination pursuant to Clause 3(a), Counterparty may arrange for the sale of such Terminated
Obligation by giving notice of such sale to Citibank; provided that Counterparty shall have no right to arrange a sale

 

    	Page 16

    	 

    

 

 

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

 

Determination by Calculation Agent 

 

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

 

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

 

If the Calculation Agent is able to obtain
at least one Firm Bid or combination of Firm Bids for all or any portion of the Reference Amount of any Terminated Obligation,
the Final Price for such Terminated Obligation or portion thereof shall be determined by reference to such Firm Bid or Firm Bids
pursuant to

 

    	Page 17

    	 

    

 

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

 

Notwithstanding anything to the contrary herein,

 

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

 

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

 

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

 

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

 

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

 

Early Termination of Facility 

 

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

 

		5.	REPAYMENT. 

 

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

 

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

 

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

 

		(c)	the related Final Price in relation to the Repaid Obligation shall be (i) in the case of a Committed
Obligation, the portion of the Reference Amount that is permanently reduced (excluding any such reduction below the Outstanding
Principal Amount thereof) on such Repayment Date and (ii) in the case of a Term Obligation, the amount of principal and premium
in respect of principal paid

 

    	Page 19

    	 

    

 

by
such Reference Entity on the Repaid Obligation to holders thereof (or the amount by which the Reference Obligation was otherwise
reduced) on such Repayment Date. Following any Repayment Date, Citibank shall promptly prepare and deliver to Counterparty a revised
Annex I showing the revised Reference Amount for the related Reference Obligation.

 

		6.	ADJUSTMENTS. 

 

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

 

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

 

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

 

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

 

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		7.	REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(iii)	except as provided in Clause 7(d)(iii), each party and its Affiliates and the Calculation Agent may, whether by virtue of the
types of relationships described herein or otherwise, at the date hereof or at any time hereafter, be in possession of information
regarding any Reference Entity or any Affiliate of any Reference Entity that is or may be material in the context of such Transaction

 

    	Page 21

    	 

    

 

and that may or may not be publicly available or known to the
other party. In addition, except as provided in Clause 7(b)(vii), this Confirmation does not create any obligation on the part
of such party and its Affiliates to disclose to the other party any such relationship or information (whether or not confidential);

 

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

 

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

 

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

 

    	Page 22

    	 

    

 

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

 

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

 

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

 

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

 

		(d)	Counterparty hereby represents to Citibank that:

 

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

 

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

 

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

 

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

 

    	Page 23

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		8.	Adjustments Relating to Certain Unpaid or Rescinded Payments. 

 

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

 

(b)           If, with respect to any Repaid Obligation,
the corresponding payment of principal of the Repaid Obligation is required to be returned (in whole or in part) by a holder thereof
(including, without limitation, the Citibank Holder) to the applicable Reference Entity or paid to any other person or entity or
is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other applicable law, then (i) the parties hereto shall
be restored severally and respectively to their former positions hereunder and

  

    	Page 24

    	 

    

 

thereafter all rights and obligations of the
parties hereunder shall continue as though no Repayment had occurred and (ii) without limiting the generality of the foregoing,
if either party has made a payment to the other party in respect of Capital Appreciation or Capital Depreciation related to such
Repayment as provided under Clause 2, then the party that received the payment in respect of such Capital Appreciation or Capital
Depreciation, as applicable, shall repay such amount (subject to Clause 8(c)) to the other party. If such returned, paid or otherwise
rescinded amount is subsequently paid by the related Reference Entity or any such other person or entity, then the relevant party
shall pay the amount of such Capital Appreciation or Capital Depreciation, as applicable, within ten Business Days after the date
of such subsequent payment.

 

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

 

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

 

		9.	Credit
                                         Support. 

 

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

 

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

 

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

 

	Condition	Independent Amount Percentage
	(i) Prior to the Portfolio Criteria Satisfaction Date:	Such percentage as Citibank shall specify on or prior to the Obligation Trade Date for such Transaction; provided that such percentage specified shall not be less than 25%.
	(ii) Except as provided in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date,	20% 

 

    	Page 25

    	 

    

 

	with respect to any Transaction not relating to a Specified Reference Obligation: 	 
	(iii) Except as indicated in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction relating to a Specified Reference Obligation: 	Such percentage as Citibank shall specify for such Transaction on or within five Business Days after Counterparty gives notice to Citibank of the occurrence of the Portfolio Criteria Satisfaction Date 
	(iv) On or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction relating to a Reference Obligation whose Reference Entity is the subject of a Credit Event: 	Such percentage (not to exceed 100%) as Citibank shall specify from time to time in its sole discretion in a notice to Counterparty 

  

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

 

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

 

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

 

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

 

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

 

		(h)	The “Interest Rate” will be
(i) the overnight ask rate in effect for such day, as set forth opposite the caption “O/N” under the heading “USD”
on Reuters Page LIBOR01 or any successor page thereto on or about 11:00 a.m., New York time, on such day, or (ii) if no successor
page is quoted, the rate in effect for such day, as set forth in H.15(519) for that day opposite the caption “Federal Funds
(Effective)” and if the rate is not yet published in H.15(519), the rate for such day

  

    	Page 26

    	 

    

 

will
be the rate set forth in Composite 3:30 p.m. Quotations for U.S. Government Securities for that day under the caption “Federal
Funds/Effective Rate”. If on any day the appropriate rate for such day is not published in either H.15(519) or Composite
3:30 p.m. Quotations for U.S. Government Securities, the rate for such day will be the arithmetic mean of the rate for the last
transaction in overnight U.S. Dollar Federal funds arranged by three leading brokers of U.S. Dollar federal funds transactions
in New York City selected by Citibank in good faith prior to 9:00 a.m., New York City time on such day. “H.15(519)”
means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors of
the Federal Reserve System. “Composite 3:30 p.m. Quotations for U.S. Government Securities” means the
daily statistical release designated as such, or any successor publication, published by the Federal Reserve Bank of New York,
or (iii) if such Federal funds rate is not available, any page agreed by the parties. Transfers of the Interest Amount will be
made in arrears on the tenth Business Day following the last day of each Monthly Period.

 

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

 

		10.	Notice and Account Details.

 

Notices to Citibank: 

 

Citibank,
N.A., New York Branch

390 Greenwich Street, 4th Floor

New York, New York 10013

Tel: (212) 723-6181

Fax: (646) 291-5779

Attn: Mitali Sohoni

 

with
a copy to:

 

Office
of the General Counsel

Fixed Income and Derivatives Sales and Trading

Citibank, N.A., New York Branch

388 Greenwich Street, 17th Floor

New York, New York 10013

Tel: (212) 816-2121

Fax: (646) 862-8431

Attn: Craig Seledee

 

Notices to Counterparty: 

 

As
set forth in Part 4 of the Schedule to the Master Agreement

 

Payments to Citibank: 

 

Citibank,
N.A., New York

ABA No.: 021-000-089

Account No.: 00167679

Ref: Financial Futures

  

    	Page 27

    	 

    

 

Payments to Counterparty: 

 

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

 

		11.	Offices.

 

		(a)	The Office of Citibank for each Transaction:

 

New
York, NY

 

		(b)	The Office of Counterparty for each Transaction:

 

Philadelphia,
PA 

 

    	Page 28

    	 

    

 

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

	 	 	 
	Very truly yours,
	 	 	 
	CITIBANK, N.A.
	 	 	 
	By:	/s/ David Santos 	 
	 	Name: David Santos 
	 	Title: Vice President
	 	 
	CONFIRMED AND AGREED
	AS OF THE DATE FIRST ABOVE WRITTEN:
	 
	CHELTENHAM FUNDING LLC
	 	 	 
	By:	/s/ Gerald F. Stahlecker	 
	 	Name: Gerald F. Stahlecker 
	 	Title: Executive Vice President

  

TRS
Confirmation – Signature Page

 

    	 

    	 

    

 

 

 

 

ANNEX A

 

ADDITIONAL DEFINITIONS 

 

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

 

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

 

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

 

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

 

Final Price
– Applicable Notional Amount

 

where 

 

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

 

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

 

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

 

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

 

“Costs of Assignment”
means, in the case of any Terminated Obligation, the sum of (a) any actual costs of transfer or assignment paid by the seller under
the terms of any Terminated Obligation or otherwise actually imposed on the seller by any applicable administrative agent, borrower
or obligor incurred in connection with the sale of such Terminated Obligation and (b) any reasonable expenses incurred by the

 

    	 

    	 

    

 

seller
in connection with such sale and, if transfers of the Terminated Obligation are subject to the Standard Terms and Conditions for
Distressed Trade Confirmations, as published by the LSTA and as in effect on the Obligation Trade Date, reasonable legal costs
incurred by the seller in connection with such sale, in each case to the extent not already reflected in the Final Price.

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Page 31

    	 

    

 

Termination Date in respect of amounts incurred or any event
that occurred before the related Obligation Termination Date.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Page 32

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

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

 

		(iv)	if the foregoing paragraphs are not applicable, but there is a rating by Moody’s on an unsecured
obligation of the Reference Entity (or, failing that, an obligation that is a Second Lien Obligation)

 

    	Page 33

    	 

    

 

but is not Subordinate (the “other obligation”),
the rating specified in the applicable row of the table below under “Relevant Rating” opposite the row in the table
below that describes such Reference Obligation:

 

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

 

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

 

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

 

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

 

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

 

    	Page 34

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Page 35

    	 

    

 

Obligation expire or are terminated or
reduced to zero, such Reference Obligation shall cease to be a Revolving Reference Obligation.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(iv)	if the foregoing paragraphs are not applicable, but there is a rating by S&P on an unsecured
obligation of the Reference Entity (or, failing that, an obligation that is a Second Lien Obligation) but is not Subordinate (the
“other obligation”), the rating specified in the applicable row of the

 

    	Page 36

    	 

    

 

table below under “Relevant Rating” opposite
the row in the table below that describes such Reference Obligation:

 

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

  

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

 

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

  

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

 

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

 

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

 

    	Page 37

    	 

    

 

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Termination Threshold” means:

 

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

 

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

 

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

 

    	Page 38

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	Page 39

    	 

    

 

ANNEX
I

 

	Reference

Obligation	Reference

Entity	Reference

Amount	Outstanding

Principal

Amount	Initial

Price

(%)	Obligation

Trade Date	Obligation

Settlement

Date
	 	 	 	 	 	 	 

 

    	Page 40

    	 

    

 

ANNEX
II

 

OBLIGATION
CRITERIA

 

The “Obligation Criteria” are as follows:

 

		(i)	The obligation is a Loan.

 

		(ii)	The obligation is denominated in USD.

 

		(iii)	The obligation is secured.

 

		(iv)	The obligation is not Subordinate.

 

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

 

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

 

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

 

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

 

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

 

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

  

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

 

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

 

		(xiii)	Except for any Specified Reference Obligation,

 

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

 

		(II)	on or after the Portfolio Criteria Satisfaction Date,
either (x) the obligation is on the Obligation Trade Date the subject of at least two bid quotations from nationally recognized
independent dealers in the related obligation as reported on a nationally recognized pricing service or (y) the obligation satisfies
each of the following four

 

    	Page 41

    	 

    

 

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

 

    	Page 42

    	 

    

 

PORTFOLIO
CRITERIA

 

The “Portfolio Criteria” are as follows:

 

		(i)	The Portfolio Notional Amount does not exceed the Maximum
Portfolio Notional Amount.

 

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

 

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

 

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

 

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

 

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

 

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

 

For purposes hereof:

 

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

 

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

 

    	Page 43

    	 

    

 

TABLE
1

 

MOODY’S INDUSTRY CLASSIFICATION GROUPS 

	 
	Aerospace & Defense
	Automotive
	Banking, Finance, Insurance and Real Estate
	Beverage, Food, & Tobacco
	Capital Equipment
	Chemicals, Plastics, & Rubber
	Construction & Building
	Consumer goods: durable
	Consumer goods: non-durable
	Containers, Packaging, & Glass
	Energy: Electricity
	Energy: Oil & Gas
	Environmental Industries
	Forest Products & Paper
	Healthcare & Pharmaceuticals
	High Tech Industries
	Hotel, Gaming, & Leisure
	Media: Advertising, Printing & Publishing
	Media: Broadcasting & Subscription
	Media: Diversified & Production
	Metals & Mining
	Retail
	Services: Business
	Services: Consumer
	Sovereign & Public Finance
	Telecommunications
	Transportation: Cargo
	Transportation: Consumer
	Utilities: Electric
	Utilities: Oil & Gas
	Utilities: Water
	Wholesale

 

    	Page 44

    	 

    

 

TABLE
2

 

RATING FACTORS 

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

 

    	Page 45

    	 

    

 

ANNEX
III

 

APPROVED BUYERS

 

	Bank of America, NA
	The Bank of Montreal
	The Bank of New York Mellon, N.A.
	Barclays Bank plc
	BNP Paribas
	Calyon
	Canadian Imperial Bank of Commerce
	Citibank, N.A.
	Credit Agricole S.A.
	Credit Suisse
	Deutsche Bank AG
	Dresdner Bank AG
	Goldman Sachs & Co.
	HSBC Bank
	JPMorgan Chase Bank, N.A.
	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	Morgan Stanley & Co.
	Natixis
	Northern Trust Company
	Royal Bank of Canada
	The Royal Bank of Scotland plc
	Societe Generale
	The Toronto-Dominion Bank
	UBS AG
	U.S. Bank, National Association
	Wachovia Bank National Association
	Wells Fargo Bank, National Association

 

    	Page 46FS Investment Corporation IV

Exhibit 10.3

 

INVESTMENT MANAGEMENT AGREEMENT

dated as of January 19, 2016

BY
AND BETWEEN

CHELTENHAM FUNDING LLC,

a Delaware limited liability company

AND

FS INVESTMENT CORPORATION IV,

a Maryland corporation

 

    	 

    	 

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	General Duties of the Investment Manager	1
	 	 	 
	2.	Authority to Bind the Company	2
	 	 	 
	3.	Brokerage	3
	 	 	 
	4.	Compensation	3
	 	 	 
	5.	Expenses	3
	 	 	 
	6.	Services to Other Companies or Accounts; Conflicts of Interest	4
	 	 	 
	7.	Term of Agreement	4
	 	 	 
	8.	Power of Attorney; Further Assurances	6
	 	 	 
	9.	Amendment of this Agreement	7
	 	 	 
	10.	Notices	7
	 	 	 
	11.	Binding Nature of Agreement; Successors and Assigns	7
	 	 	 
	12.	Entire Agreement	8
	 	 	 
	13.	Costs and Expenses	8
	 	 	 
	14.	Books and Records	8
	 	 	 
	15.	Titles Not to Affect Interpretation	8
	 	 	 
	16.	Provisions Separable	8
	 	 	 
	17.	Governing Law	8
	 	 	 
	18.	Execution in Counterparts	8
	 	 	 
	19.	Third Party Rights; Benefits of Agreement	8
	 	 	 
	20.	Representations and Warranties of the Investment Manager	9

    	-i-

    	 

    

 

INVESTMENT
MANAGEMENT AGREEMENT

This Investment
Management Agreement (the “Agreement”), dated as of January 19, 2016, is made by and between CHELTENHAM FUNDING
LLC (the “Company”), a Delaware limited liability company, and FS INVESTMENT CORPORATION IV (the “Investment
Manager”), a Maryland corporation. Reference is made to that certain ISDA 2002 Master Agreement (together with the Schedule,
Credit Support Annex and the total return swap transaction Confirmation related thereto, as amended, modified, extended, supplemented
or restated from time to time, collectively, the “Swap Agreement”) between the Company and Citibank, N.A. (“Citibank”).
Unless otherwise specified, capitalized terms used but not otherwise defined in this Agreement shall have the meanings given to
them in the Limited Liability Company Agreement of the Company dated as of January 19, 2016 (as the same may be amended from time
to time, the “Operating Agreement”) or if not defined therein, shall have the meanings given to them in the
Swap Agreement. References herein to the Swap Agreement shall be applicable solely while it is in effect.

1.

General
Duties of the Investment Manager.

Subject
to the direction and control of the Company and subject to and in accordance with the terms of the Swap Agreement, the Operating
Agreement, the policies adopted or approved by the Company and the terms of this Agreement, the Investment Manager agrees to supervise
and direct the investment activities of the Company, including, without limitation, the execution, delivery and performance by
the Company of the Swap Agreement, and to perform its duties set forth herein, and shall have such other powers with respect to
the investment and leverage-related functions of the Company as shall be delegated from time to time to the Investment Manager
by the Company. The Investment Manager shall endeavor to comply in all material respects with all applicable federal and state
laws and regulations. Subject to the foregoing, the other provisions of this Agreement and the terms of the Swap Agreement, the
Investment Manager is hereby appointed as the Company’s agent and attorney-in-fact with authority to negotiate, execute and
deliver all documents and agreements on behalf of the Company and to do or take all related acts, with the power of substitution,
to acquire, dispose of or otherwise take action with respect to or arising out of the Swap Agreement, including, without limitation:

(a)

selecting the
specific Reference Obligations to be included in the portfolio of obligations subject to the Swap Agreement (the “Portfolio”);

(b)

with respect
to Citibank’s exercise (including but not limited to any waiver) of any rights (including but not limited to voting rights and rights arising in connection with the bankruptcy or insolvency
of an underlying obligor of any Reference Obligation (each, an “Underlying Obligor”) or the consensual or non-judicial
restructuring of the debt or equity of an Underlying Obligor) or remedies in connection with any Reference Obligations held by
Citibank and participating in the committees (official or otherwise) or other groups formed by creditors of an Underlying Obligor,
requesting or electing not to request on behalf of the Company that Citibank exercise such rights or remedies;

    	-1- 

    	 

    

 

(c)

monitoring
the credit quality of the Reference Obligations;

(d)

determining
whether each Loan to be included in the Portfolio meets the Obligation Criteria;

(e)

determining
whether the Portfolio of Reference Obligations meets the Portfolio Criteria;

(f)

causing the
Company to deliver Eligible Collateral to Citibank in such amounts and at such times as may be required by the Swap Agreement;

(g)

determining
whether to terminate one or all of the Transactions, in whole or in part;

(h)

arranging for
the sale of any Reference Obligations held by Citibank to the extent provided by Clause 4(a) of the Confirmation constituting part
of the Swap Agreement;

(i)

delivering
notices and instructions to Citibank as required by the Swap Agreement;

(j)

from time to
time on or after the termination of the Swap Agreement, determining specific debt obligations or other assets to be purchased or
sold by the Company;

(k)

from time to
time on or after the termination of the Swap Agreement, effecting the purchase and sale of debt obligations or other assets to
be purchased or sold by the Company; and

(l)

directing the
Company to comply with such other duties and responsibilities as may be expressly required of the Company by the Swap Agreement.

For the avoidance
of doubt, the Investment Manager does not guarantee the performance of any obligations of any other Person under any Transaction
Document.

2.

Authority to Bind the Company.

Except
as provided in or pursuant to Sections 1 and 8 hereof, the Investment Manager shall have no authority to bind or obligate the Company.
All acts of the Investment Manager (other than as provided in the Swap Agreement, the Operating Agreement or in Sections 1 or 8
hereof with respect to the Swap Agreement) shall require the Company’s consent and approval to bind the Company. Nothing
in this Agreement shall be deemed to create a joint venture or partnership between the parties with respect to the arrangements
set forth in this Agreement. For all purposes hereof, the Investment Manager shall be deemed to be an independent contractor and,
unless otherwise provided herein or specifically authorized by the Company from time to time, shall have no authority to act for
or represent the Company.

    	-2- 

    	 

    

 

3.

Brokerage.

The Investment Manager
shall use commercially reasonable efforts to effect all purchases and sales of securities, including, to the extent applicable,
any Reference Obligations in a manner consistent with the principles of best execution, taking into account net price (including
commissions) and execution capability and other services which the broker or other intermediary may provide. In this regard, the
Investment Manager may effect transactions which cause the Company to pay a commission in excess of a commission which another
broker or other intermediary would have charged; provided, however, that the Investment Manager shall have first determined
that such commission is reasonable in relation to the value of the brokerage or research services performed by that broker or other
intermediary or that the Company is the sole beneficiary of the services provided.

4.

Compensation.

(a)

The Company shall
pay to the Investment Manager, for services rendered and performance of its obligations under this Agreement fees which are payable
in arrears on the fifth Business Day following the last day of each calendar quarter (such date, the “Payment Date”)
(subject to availability of funds) in an amount equal to 0.35% per annum of the Portfolio Notional Amount measured as of the last
day of the related calendar quarter immediately preceding such payment date (the “Management Fees”). The Management
Fees will be calculated on the basis of a calendar year consisting of 360 days and the actual number of days elapsed.

(b)

The Investment Manager
may, in its sole discretion, (i) waive all or any portion of the Management Fees or (ii) defer all or any portion of the Management
Fees. Such deferred amounts will become payable on the next Payment Date in the same manner and priority as their original characterization
would have required unless deferred again.

(c)

If
this Agreement is terminated pursuant to Section 7 hereof or otherwise, the Management Fees calculated as provided in Section 4(a)
hereof shall be prorated for any partial periods between Payment Dates during which this Agreement was in effect and shall be due
and payable, along with any deferred Management Fees, on the first Payment Date following the effective date of such termination.

5.

Expenses.

Other
than as set forth below, the Company will be responsible for paying all of its expenses. On behalf of the Company, the Investment
Manager may advance payment of any expenses, and the Company shall, upon request, reimburse the Investment Manager therefor within
thirty (30) days following written request from the Investment Manager. Nothing in this Section 5 shall limit the ability of the
Investment Manager to be reimbursed by any Person other than the Company (including issuers or obligors of securities, instruments
or obligations owned by the Company) for out-of-pocket expenses incurred by the Investment Manager in connection with the performance
of services hereunder. The Investment Manager shall maintain complete and accurate records with respect to costs and expenses and
shall furnish the Company with receipts or other written vouchers with respect thereto upon request of the Company.

    	-3- 

    	 

    

 

6.

Services
to Other Companies or Accounts; Conflicts of Interest.

(a)

The
Investment Manager may, subject to applicable legal requirements, direct the Company (i) to select any Reference Obligations to
be included in the Portfolio, (ii) to notify Citibank of its election to terminate one or more Transactions, or (iii) to acquire
any Reference Obligations from Citibank in connection with the termination of the Swap Agreement to the extent permitted by Clause
4 of the Confirmation constituting part of the Swap Agreement.

(b)

The
Investment Manager and its Affiliates, employees or associates are in no way prohibited from, and intend to, spend substantial
business time in connection with other businesses or activities, including, but not limited to, managing investments, advising
or managing entities whose investment objectives are the same as or overlap with those of the Company, participating in actual
or potential investments of the Company, providing consulting, merger and acquisition, structuring or financial advisory services,
including with respect to actual, contemplated or potential investments of the Company, or acting as a director, officer or creditors’
committee member of, advisor to, or participant in, any corporation, company, trust or other business entity. The Investment Manager
and its Affiliates may, and expect to, receive fees or other compensation from third parties for any of these activities unrelated
to the Company, which fees will be for the benefit of their own account and not the Company.

7.

Term of Agreement.

(a) Term.

(i)

This
Agreement may be terminated, and the Investment Manager may be

removed, without payment to the
Investment Manager of any penalty, for cause upon prior written notice by the Company. For this purpose, “cause” will
mean the occurrence of any of the following events or circumstances:

(A)

the
Investment Manager’s breach, in any respect, of any provision of this Agreement or the Swap Agreement applicable to it (except
for any breach that has not had, and could not reasonably be expected to have, a material adverse effect on the Company or Citibank)
and the Investment Manager’s failure to cure such breach within thirty (30) days of its becoming aware of, or receiving notice
of, the occurrence of such breach;

(B)

the
Investment Manager’s intentional breach of (a) any provision of this Agreement or the Swap Agreement applicable to it relating
to the Investment Manager’s or the Company’s obligation to cause the Reference Obligations to comply with (1) the Obligation
Criteria and (2) the Portfolio Criteria or (b) any other material provision of this Agreement or the Swap Agreement applicable
to it, and the Investment Manager’s failure to cure such breach within fifteen (15) days of the occurrence of such breach;

(C)

the
failure of any representation, warranty, certification or statement made or delivered by the Investment Manager in or pursuant
to this Agreement or the Swap Agreement to be correct in any material respect when made, which failure (a) could reasonably be
expected to have a material adverse effect on Citibank and (b) is not corrected by the Investment Manager within thirty (30) days
of its receipt of notice from the Company or Citibank of such failure, unless, if such failure is not capable of being cured in
thirty (30) days but is curable within ninety (90) days, the Investment Manager has taken action that the Investment Manager in
good faith believes will remedy, and does in fact remedy, such failure within ninety (90) days after notice of such failure being
given to the Investment Manager;

    	-4- 

    	 

    

 

(D)

the
Investment Manager (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger), (2) files, or consents by
answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in
bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law
of any jurisdiction, (3) 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, (4) makes a general assignment, arrangement or composition with or for the benefit of its
creditors, (5) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect
to it or with respect to any substantial part of its property or (6) is adjudicated as insolvent or bankrupt, or a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Investment Manager, or appointing a receiver, liquidator,
assignee, or sequestrator (or other similar official) of the Investment Manager or of any substantial part of its property, and
the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days;

(E)

the
occurrence of an Event of Default or Termination Event under the Swap Agreement that results from any breach by the Investment Manager of its duties under the Swap Agreement or this Agreement;
or

(F)

the
occurrence of an act by the Investment Manager that constitutes fraud or criminal activity in the performance of its obligations under this Agreement, or the Investment Manager being
indicted for a criminal offense materially related to its business of providing asset management services.

If any such event occurs, the
Investment Manager shall give written notice thereof to the Company and Citibank promptly upon the Investment Manager becoming
aware of the occurrence of such event.

(ii)

The
Investment Manager shall have the right to terminate this Agreement only upon ninety (90) days prior written notice to the Company
and Citibank, and this Agreement shall terminate automatically in the event of its assignment by the Investment Manager which
is not made in accordance with this Agreement.

(iii)

Within thirty (30)
days of the resignation or removal of the Investment Manager, the Company may appoint a successor investment manager.

(b) 

Liability
of Investment Manager; Action Upon Termination.

    	-5- 

    	 

    

 

Upon the effective
termination of this Agreement, the Investment Manager shall as soon as practicable:

(i)

deliver
to the Company all property and documents of the Company or otherwise relating to the Transactions then in the custody of the Investment
Manager; and

(ii)

deliver to Citibank
an account with respect to the books and records delivered to Citibank or the successor investment manager appointed pursuant to
Section 7(a)(iii).

Notwithstanding
such termination, the Investment Manager shall remain liable to the extent set forth herein for its acts or omissions hereunder
arising prior to termination and for any expenses, losses, damages, liabilities, demands, charges and claims (including reasonable
attorney’s fees) in respect of or arising out of a breach of the representations and warranties made by the Investment Manager
in Section 20 hereof or from any failure of the Investment Manager to comply with the provisions of this Section 7.

8.

Power of Attorney; Further Assurances.

In
addition to the power of attorney granted to the Investment Manager in Section 1 of this Agreement, the Company hereby makes, constitutes
and appoints the Investment Manager, with full power of substitution, as its true and lawful agent and attorney-in-fact, with full
power and authority in its name, place and stead, in accordance with the terms of this Agreement:
(a) to sign, execute, certify, swear to, acknowledge, deliver, file, receive and record any and all documents which the Investment
Manager reasonably deems necessary or appropriate in connection with its investment management duties under this Agreement and
(b) to (i) subject to any policies adopted by the Member or the Company with respect thereto, exercise in its discretion any voting
or consent rights associated with any securities, instruments or obligations included in the Company’s assets, (ii) execute
proxies, waivers, consents and other instruments with respect to such securities, instruments or obligations, (iii) endorse, transfer
or deliver such securities, instruments and obligations and (iv) participate in or consent (or decline to consent) to any modification,
work-out, restructuring, bankruptcy proceeding, class action, plan of reorganization, merger, combination, consolidation, liquidation
or similar plan or transaction with regard to such securities, instruments and obligations. To the extent permitted by applicable
law, this grant of power of attorney is irrevocable and coupled with an interest, and it shall survive and not be affected by the
subsequent dissolution or bankruptcy of the Company; provided that this grant of power of attorney will expire, and the
Investment Manager will cease to have any power to act as the Company’s attorney-in-fact, upon termination of this Agreement
in accordance with its terms. The Company shall execute and deliver to the Investment Manager all such other powers of attorney,
proxies, dividend and other orders, and all such instruments, as the Investment Manager may reasonably request for the purpose
of enabling the Investment Manager to exercise the rights and powers which it is entitled to exercise pursuant to this Agreement.
Each of the Investment Manager and the Company shall take such other actions, and furnish such certificates, opinions and other
documents, as may be reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement and to
facilitate compliance with applicable laws and regulations and the terms of this Agreement.

    	-6- 

    	 

    

 

9.

Amendment
of this Agreement.

No provision of this
Agreement may be amended, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against
which enforcement of the amendment, waiver, discharge or termination is sought.

10.

Notices.

Unless
expressly provided otherwise herein, any notice, request, direction, demand or other communication required or permitted under
this Agreement shall be in writing and shall be deemed to have been duly given, made and received if sent by hand or by overnight
courier, when personally delivered, if sent by telecopier, when receipt is confirmed by telephone, or if sent by registered or
certified mail, postage prepaid, return receipt requested, when actually received if addressed as set forth below:

(a)

If
to the Company:

Cheltenham Funding
LLC

c/o FS Investment
Corporation IV

201 Rouse Boulevard

Philadelphia, PA
19112

Attention:
Gerald F. Stahlecker, Executive Vice President

Tel:
(215) 495-1169

Fax:
(215) 222-4649

(b)

If
to the Investment Manager:

FS Investment Corporation
IV

201 Rouse Boulevard

Philadelphia, PA
19112

Attention:
Gerald F. Stahlecker, Executive Vice President

Tel:
(215) 495-1169

Fax:
(215) 222-4649

(c)

If to Citibank, as
provided in the Swap Agreement, as may be amended therein.

Either party to this Agreement may alter
the address to which communications or copies are to be sent to it by giving notice of such change of address in conformity with
the provisions of this Section 11.

11.

Binding
Nature of Agreement; Successors and Assigns.

This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns as provided herein.

    	-7- 

    	 

    

 

12.

Entire
Agreement.

This Agreement contains
the entire agreement and understanding between the parties hereto with respect to the subject matter hereof, and supersedes all
prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature
whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance
or usage of the trade inconsistent with any of the terms hereof.

13.

Costs
and Expenses.

The costs and expenses
(including the fees and disbursements of counsel and accountants) incurred in connection with the negotiation, preparation and
execution of this Agreement, and all matters incident thereto, shall be borne by each party hereto.

14.

Books
and Records.

In compliance with
the requirements of Rule 31a-3 under the Investment Company Act of 1940, as amended (the “1940 Act”), the Investment
Manager hereby agrees that all records which it maintains for the Company are the property of the Company and further agrees to
surrender promptly to the Company any such records upon the Company’s request. The Investment Manager further agrees to preserve
for the periods prescribed by Rule 31a-2 under the 1940 Act the records maintained by it in its capacity as Investment Manager
that are required to be maintained by Rule 31a-1 under the 1940 Act.

15.

Titles
Not to Affect Interpretation.

The titles of sections
contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in
the construction or interpretation hereof.

16.

Provisions
Separable.

The provisions of this
Agreement are independent of and separable from each other, and, to the extent permitted by applicable law, no provision shall
be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid
or unenforceable in whole or in part.

17.

Governing
Law.

This Agreement shall
be governed by and construed in accordance with the laws of the State of New York.

18.

Execution
in Counterparts.

This Agreement may
be executed in separate counterparts, each of which shall be an original and all of which taken together shall constitute one and
the same instrument.

19.

Third
Party Rights; Benefits of Agreement.

Other than as set forth
in this Section 19, none of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the
Company or by any creditor of the Member.

    	-8- 

    	 

    

 

20.

Representations
and Warranties of the Investment Manager.

The Investment Manager
represents, warrants and covenants as of the date hereof:

(a)

Organization and
Good Standing. It has been duly organized and is validly existing as a corporation in good standing under the laws of its jurisdiction
of organization, with power and authority to own its properties and to conduct its business as such properties are currently owned
and such business is currently conducted, and had at all relevant times;

(b)

Due Qualification.
It is duly qualified to do business as a Maryland corporation in good standing and has obtained all necessary licenses and approvals
in all jurisdictions where the failure to do so would have a material adverse effect upon the performance by the Investment Manager
of its duties under this Agreement or the provisions of the Swap Agreement applicable to the Investment Manager;

(c)

Power and Authority.
It has the power, authority and legal right to execute and deliver this Agreement and to perform its obligations hereunder; and
the execution, delivery and performance of this Agreement has been duly authorized by the Investment Manager by all necessary corporate
action;

(d)

Binding Obligations.
This Agreement has been executed and delivered by the Investment Manager and, assuming due authorization, execution and delivery
by the Company, constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except
as enforceability may be limited by (A) bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement
of creditors’ rights generally, (B) equitable limitations on the availability of specific remedies, regardless of whether
such enforceability is considered in a proceeding in equity or at law and (C) implied covenants of good faith and fair dealing;

(e)

No
Violation. Neither the execution and delivery of this Agreement, nor the performance of the terms hereof or the provisions
of the Swap Agreement applicable to the Investment Manager, conflicts with or results in a material breach or violation of any
of the material terms or provisions of, or constitutes a material default under, (A) its constituent documents, (B) the terms of
any material indenture, agreement, mortgage, deed of trust, or other material instrument to which it is a party or by which it
or its properties are bound, (C) any statute applicable to the Investment Manager, or (D) any law, decree, order, rule or regulation
applicable to the Investment Manager of any court or regulatory, administrative or governmental agency, body or authority or arbitrator
(each, an “Official Body”) having or asserting jurisdiction over the Investment Manager or its properties, and
which would have, in the case of any of clauses (B) through (D) of this paragraph (e), a material adverse effect upon the performance
by the Investment Manager of its duties under this Agreement or the provisions of the Swap Agreement applicable to the Investment
Manager;

    	-9- 

    	 

    

 

(f)

No
Proceedings. There are no proceedings or investigations pending or, to the best of the Investment Manager’s knowledge, threatened against it, before any Official Body having jurisdiction over
it or its properties (A) asserting the invalidity of this Agreement, (B) seeking to prevent the consummation of any of the transactions
contemplated hereby or (C) seeking any determination or ruling that would reasonably be expected to have a material adverse effect
upon the performance by the Investment Manager of its duties under this Agreement or the provisions of the Swap Agreement applicable
to the Investment Manager; and

(g)

No
Consents. No consent, license, approval, authorization or order of, or registration, declaration or filing with, any Official Body having jurisdiction over it or any of its properties is required to
be made in connection with the execution, delivery or performance of this Agreement or the consummation of the transactions contemplated
hereby, in each case other than (A) consents, licenses, approvals, authorizations, orders, registrations, declarations or filings
which have been obtained or made and continuation statements and renewals in respect thereof and (B) where the lack of such consents,
licenses, approvals, authorizations, orders, registrations, declarations or filings would not have a material adverse effect upon
the performance by the Investment Manager of its duties under this Agreement or the provisions of the Swap Agreement applicable
to the Investment Manager.

[Remainder
of page intentionally left blank.]

    	-10- 

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

	 	FS INVESTMENT CORPORATION IV
	 	 
	 	 
	 	 
	 	By:	/s/ Gerald F. Stahlecker
	 	 	Name: Gerald F. Stahlecker
	 	 	Title: Executive Vice President 
	 	 
	 	 
	 	 
	 	CHELTENHAM FUNDING LLC
	 	 	 
	 	 	 
	 	 	 
	 	By:	/s/ Gerald F. Stahlecker
	 	 	Name: Gerald F. Stahlecker
	 	 	Title: Executive Vice President

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