Document:

FS Investment Corporation IV 8-K

 

Exhibit 10.1

 

	
        Citibank,
        N.A.

        390
        Greenwich Street

        New
        York, New York 10013
	

 

 

EXECUTION
COPY

 

	Date:	January 19, 2016 (amended and restated as of January 19, 2019)
	 	 
	To:	Cheltenham
Funding LLC
	 	c/o
FS Investment Corporation IV
	 	201
Rouse Boulevard
	 	Philadelphia,
PA 19112
	 	Attention:
William Goebel, Chief Financial Officer
	 	Phone:
215-220-4247
	 	Fax:
215-222-4649
	 	Email:	credit.notices@fsinvestments.com
	 	 	FSICIVTeam@fsinvestments.com
	 	 
	From:	Citibank,
N.A.
	 	388 Greenwich Street
	 	11th Floor
	 	New York, New York 10013
	 	Attention: Director Derivative Operations
	 	Facsimile: 212-615-8594

Transaction
Reference Number: __________

CONFIRMATION

Ladies
and Gentlemen:

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

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

With
effect from and after the Ninth Amendment Effective Date specified below, this Confirmation amends and restates the prior Confirmation
dated as of January 19, 2016 and amended and restated as of April 12, 2016, June 3, 2016, June 30, 2016, January 19, 2017, July
19, 2017, September 5, 2017, January 19, 2018 and July 19, 2018 (the “Original Confirmation”) relating
to the Transactions described herein, which Original Confirmation (with respect to the period from and after the Ninth Amendment Effective Date) is hereby superseded and
shall be of no further force or effect.

    	 	 	Page 1

    	 

    

1.       Agreement

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

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

2.       Terms
of Transactions

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

	General
    Terms:	 
	Trade
    Date:	January
    19, 2016
	Effective
    Date:	January
    19, 2016
	Amendment
    Effective Date:	April
    12, 2016
	Second
    Amendment Effective Date:	June
    3, 2016
	Third
    Amendment Effective Date:	June
    30, 2016
	Fourth
    Amendment Effective Date:	January
    19, 2017
	Fifth
    Amendment Effective Date:	July
    19, 2017
	Sixth
    Amendment Effective Date:	September
    5, 2017
	Seventh
    Amendment Effective Date:	January
    19, 2018
	Eighth
    Amendment Effective Date:	July
    19, 2018
	Ninth
    Amendment Effective Date:	January
    19, 2019
	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.

    	 	 	Page 2

    	 

    

 

	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 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).

 

    	 	 	Page 3

    	 

    

 

 

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

        The
        "Obligation Settlement Date" for a Transaction shall be the date following the Obligation Trade
        Date for such Transaction that is customary for settlement of the related Reference Obligation substantially in accordance
        with the then-current market practice in the principal market for the related Reference Obligation (as determined by the
        Calculation Agent).

        On
        the Obligation Trade Date for a Transaction, the Reference Amount of such Transaction shall, for all purposes hereof (including
        the determination of the "Maximum Portfolio Notional Amount") other than calculating Rate Payments, be increased
        by the "Reference Amount" specified in such notice from Counterparty. On the Obligation Settlement Date for
        a Transaction, the Reference Amount of such Transaction shall, solely for the purposes of calculating Rate Payments, be
        increased by the "Reference Amount" specified in such notice from Counterparty.

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

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

    	 	 	Page 4

    	 

    

 

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

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

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

    	 	 	Page 5

    	 

    

 

	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.
	Maximum
    Portfolio Notional Amount:	USD175,000,000
	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

    	 	 	Page 6

    	 

    

 

	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
	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

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	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 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%.

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	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, (a) on
        or following the Termination Date if the Termination Date results from the designation of an Early Termination Date pursuant
        to Section 6(a) of the Master Agreement by reason of an Event of Default under Section 5(a)(i) or 5(a)(vii)
        of the Master Agreement in relation to Citibank as the Defaulting Party or (b) on or following any date on which each
        of the following two conditions has been satisfied: (i) Counterparty has designated at least 20 Designated Reference
        Obligations to become the subject of Transactions hereunder (as contemplated opposite the caption "Reference Obligation"
        above) and (ii) the aggregate Notional Amount of all Designated Reference Obligations as to which Citibank has not
        given its consent to such Designated Reference Obligations becoming the subject of Transactions hereunder (as contemplated
        opposite the caption "Reference Obligation" above) exceeds 50% of the aggregate Notional Amount of all Designated
        Reference Obligations that Counterparty has designated are to become the subject of Transactions hereunder (as contemplated
        opposite the caption "Reference Obligation" above).

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	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.
	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.

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	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
	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.

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	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 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.

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	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) after
giving effect to such termination, no Delivery Amount (as defined in the Credit Support Annex) would be required under the Credit
Support Annex to be transferred by Counterparty. The Accelerated Termination Notice shall specify the Reference Obligation that
is the subject of such Accelerated Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date and
the proposed Termination Settlement Date.

(ii) 

Following
the occurrence of a Credit Event (as determined by the Calculation Agent) with respect to the related Reference Entity (including
any guarantor or other obligor referred to in the definition thereof), Citibank will have the right, but not the obligation, to
request that Counterparty agree to increase the Independent Amount Percentage with respect to the related Transaction to (i) 100%
minus (ii) the Supplemental Independent Amount Percentage. 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.

    	 	 	Page 13

    	 

    

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, or

(ii)

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

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.
Citibank may exercise this termination right with respect to each Terminated Obligation by delivering an Accelerated Termination
Notice to Counterparty that is given, as to any Terminated Obligation, (1) on the proposed Termination Trade Date and (2) no
less than 10 days prior to the proposed Termination Settlement Date for the related Terminated Obligation. The Accelerated Termination
Notice shall specify each Reference Obligation that is the subject of such Accelerated Termination and, with respect to each such
Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination
Settlement Date.

Citibank
Optional Termination Date

(c) 

Citibank
will have the right, but not the obligation, to terminate each Transaction that is the subject of this Confirmation, effective
on any Business Day occurring on or after the date that is three months after the Ninth Amendment Effective Date (such 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 30 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, the Supplemental 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:

    	 	 	Page 14

    	 

    

(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), 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 each reference to the day preceding the first day of the Ramp-Down Period in the definitions of "Counterparty Second
Floating Rate Payer Payment Date" and "Counterparty Third Floating Rate Payer Payment Date", will instead be a
reference to the date occurring 30 days prior to the Citibank Optional 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 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.

    	 	 	Page 15

    	 

    

4.       Final
Price Determination

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

Determination
by Counterparty

(a)       

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

Determination
by Calculation Agent

(b)       

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

    	 	 	Page 16

    	 

    

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

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

Notwithstanding
anything to the contrary herein,

(i)       

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

(ii)     

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

    	 	 	Page 17

    	 

    

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).

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

Early
Termination of Facility

(c)       

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

    	 	 	Page 18

    	 

    

5.       Repayment.

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

(a)       

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

(b)       

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

(c)       

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

6.       Adjustments.

(a)       

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

(b)       

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

    	 	 	Page 19

    	 

    

(c)       

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

(d)       

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

7.       Representations,
Warranties and Agreements.

(a)       

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

(i)       

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

(ii)       

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

(iii)       

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

(iv)       

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

(b)       

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

    	 	 	Page 20

    	 

    

(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 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;

    	 	 	Page 21

    	 

    

(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

(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;

    	 	 	Page 22

    	 

    

(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;

(v)       

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

(vi)       

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

(vii)       

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

(viii)       

it
is not an Affiliate of the Reference Entity.

(e)       

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

(f)       

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

(g)       

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

    	 	 	Page 23

    	 

    

8.       Adjustments
Relating to Certain Unpaid or Rescinded Payments.

(a)       

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

(b)       

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

(c)       

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

(d)       

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

9.       Credit
Support.

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

(a)       

With
respect to each Transaction to which this Confirmation relates, a single "Independent Amount" shall be applicable to
Counterparty in an amount equal to the Notional Amount with respect to such Transaction (or, in the case of any increase of the
Notional Amount under any Transaction, the amount of such increase) multiplied by the percentage set forth in Clause 9(b)
under the caption "Independent Amount Percentage".

    	 	 	Page 24

    	 

    

(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 22.5%.
	(ii)
    Except as provided in clause (iv) below, on or after the Portfolio Criteria Satisfaction Date, with respect to any Transaction
    not relating to a Specified Reference Obligation:	17.5%
	(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% minus the Supplemental Independent Amount Percentage) as Citibank shall specify from time to
    time in its sole discretion in a notice to Counterparty

(c)       

With
respect to each Transaction to which this Confirmation relates, a single "Supplemental Independent Amount" shall be
applicable to Counterparty in an amount equal to the Notional Amount with respect to such Transaction multiplied by 2.5% (the
"Supplemental Independent Amount Percentage").

(d)       

For
purposes of calculating "Exposure" with respect to any Transaction to which this Confirmation relates, (i) Citibank
shall be the sole Valuation Agent and shall determine any Close-out Amount in relation to such Transaction, (ii) such Close-out
Amount will be determined by the Valuation Agent using its estimate of the amount that would be paid to or by the Secured Party
based on the application of Section 6(e)(ii)(1) of the Master Agreement, (iii) such Close-out Amount may from time to
time be determined by the Valuation Agent in its sole discretion and without notice to Counterparty solely in respect of payments
in respect of Capital Appreciation or Capital Depreciation that would have been required in respect of a Transaction after the
relevant Early Termination Date (provided that the Valuation Agent will not thereafter be precluded from making such determination
with respect to all payments and deliveries that would have been required after the relevant Early Termination Date, regardless
of the absence of notice thereof to Counterparty) and (iv) if Counterparty disputes the calculation of Exposure with respect
to such Transaction, the Valuation Agent will recalculate Exposure for such Transaction on the basis that the market value of
the related Reference Obligation is equal to its Current Price.

(e)       

Neither
party shall have any rights under Paragraph 5 of the Credit Support Annex with respect to the determination of "Exposure"
in respect of any Transaction to which this Confirmation relates.

    	 	 	Page 25

    	 

    

The
foregoing will not limit the rights of Counterparty as provided in the definition of "Current Price" set forth in this
Confirmation.

(f)       

Notwithstanding
anything in this Confirmation to the contrary, a Secured Party's Exposure with respect to any Terminated Transaction will, during
the period from and including the related Termination Trade Date to but excluding the date on which the amount required to be
paid on the related Total Return Payment Date is actually paid, be equal to the amount of Capital Appreciation or Capital Depreciation,
if any, that would be payable on such Total Return Payment Date to the Secured Party (expressed as a positive number) or by the
Secured Party (expressed as a negative number).

10.       Notice
and Account Details.

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

        390
        Greenwich Street, 4th Floor

        New
        York, New York 10013

        Tel:
        (212) 723-6181

        Fax:
        (646) 291-5779

        Attn:
        Mitali Sohoni

         

        with
        a copy to:

         

        Office
        of the General Counsel

        Fixed
        Income and Derivatives Sales and Trading

        Citibank,
        N.A., New York Branch

        388
        Greenwich Street, 17th Floor

        New
        York, New York 10013

        Tel:
        (212) 816-2121

        Fax:
        (646) 862-8431

        Attn:
        Craig Seledee

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

        ABA
        No.: 021-000-089

        Account
        No.: 00167679

        Ref:
        Financial Futures

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

 

    	 	 	Page 26

    	 

    

11.       Offices.

(a)       

The
Office of Citibank for each Transaction:

New
York, NY

(b)       

The
Office of Counterparty for each Transaction:

Philadelphia,
PA

    	 	 	Page 27

    	 

    

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/ Donald Merritt	 
	 	Name:	 Donald Merritt	 
	 	Title:	
Vice President	 
	 	 
	 	 
	CONFIRMED
AND AGREED

AS OF THE DATE FIRST ABOVE WRITTEN:	 
	 	 
	CHELTENHAM
FUNDING LLC	 
	 	 
	 	 
	By:	/s/ William Goebel	 
	 	Name:	William Goebel	 
	 	Title:	Chief Financial Officer	 
	 	 
	 	 
	 	 

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

    	 	 	Page 28

    	 

    

"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.

"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.

"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.

    	 	 	Page 29

    	 

    

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

    	 	 	Page 30

    	 

    

	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 31

    	 

    

(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.

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

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

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

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

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

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

    	 	 	Page 32

    	 

    

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

(i)       

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

(ii)       

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

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

(iii)       

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

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

(iv)       

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

    	 	 	Page 33

    	 

    

 

	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 34

    	 

    

"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.

    	 	 	Page 35

    	 

    

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

(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.

    	 	 	Page 36

    	 

    

ANNEX
I

 

	Reference

Obligation	Reference

Entity	Reference

Amount	Outstanding

Principal Amount	Initial

Price (%)	Obligation

Trade Date	Obligation

Settlement Date
	 	 	 	 	 	 	 

 

 

 

    	 	 	Page 37

    	 

    

 

ANNEX
II

Obligation
Criteria

The
"Obligation Criteria" are as follows:

(i)                

The obligation is a Loan.

(ii)              

The obligation is denominated in USD.

(iii)            

The obligation is secured.

(iv)             

The obligation is not Subordinate.

(v)               

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

(vi)             

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

(vii)           

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

(viii)         

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

(ix)             

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

(x)               

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

(xi)             

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

(xii)           

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

(xiii)         

Except for any Specified Reference Obligation,

(I)
       

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

    	 	 	Page 38

    	 

    

(II)       

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

    	 	 	Page 39

    	 

    

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 (A) in the case of termination of all Transactions by Counterparty pursuant to Clause 3(a)(i)
or by Citibank pursuant to its election to exercise its rights under Clause 3(c), the first proposed Termination Trade Date specified
in the related Accelerated Termination Notice and (B) otherwise, 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 40

    	 

    

 

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 41

    	 

    

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 42

    	 

    

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 43EX-10.1

 Exhibit 10.1 

EXETER FINANCE LLC 
 AMENDED AND
RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

Dated as of                , 2019 

 
  

THE LIMITED LIABILITY COMPANY INTERESTS (THE “UNITS”) OF EXETER FINANCE LLC (THE “COMPANY”) HAVE NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), THE SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY ONLY BE SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. SUCH UNITS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES
ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR PROVINCE, AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (THE “LLC AGREEMENT”); AND
(III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE OTHER MEMBER. THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS, THIS LLC AGREEMENT AND ANY OTHER TERMS AND
CONDITIONS AGREED TO IN WRITING BY THE MANAGING MEMBER AND THE APPLICABLE OTHER MEMBER. THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH UNITS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.

  
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I
  

DEFINITIONS
	  			
	  			
			
	 Section 1.01
	 	Definitions	  	 	1	 
		
	 ARTICLE II
  

FORMATION, TERM, PURPOSE AND POWERS
	  			
	  			
			
	 Section 2.01
	 	Formation	  	 	10	 
	 Section 2.02
	 	Name	  	 	10	 
	 Section 2.03
	 	Term	  	 	10	 
	 Section 2.04
	 	Offices	  	 	10	 
	 Section 2.05
	 	Agent for Service of Process; Existence and Good Standing; Foreign Qualification	  	 	11	 
	 Section 2.06
	 	Business Purpose	  	 	11	 
	 Section 2.07
	 	Powers of the Membership	  	 	11	 
	 Section 2.08
	 	Members; Admission of New Members	  	 	11	 
	 Section 2.09
	 	Withdrawal	  	 	12	 
	 Section 2.10
	 	Investment Representations of Members	  	 	12	 
		
	 ARTICLE III
  

MANAGEMENT
	  			
	  			
			
	 Section 3.01
	 	Managing Member	  	 	12	 
	 Section 3.02
	 	Compensation	  	 	13	 
	 Section 3.03
	 	Expenses	  	 	13	 
	 Section 3.04
	 	Officers	  	 	14	 
	 Section 3.05
	 	Authority of Members	  	 	14	 
	 Section 3.06
	 	Action by Written Consent or Ratification	  	 	14	 
		
	 ARTICLE IV
  

DISTRIBUTIONS
	  			
	  			
			
	 Section 4.01
	 	Distributions	  	 	15	 
	 Section 4.02
	 	Liquidation Distribution	  	 	16	 
	 Section 4.03
	 	Limitations on Distribution	  	 	16	 

							
	 ARTICLE V
  

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;
	  			
	  			
	TAX ALLOCATIONS; TAX MATTERS	  			
			
	 Section 5.01
	 	Initial Capital Contributions; Register	  	 	16	 
	 Section 5.02
	 	No Additional Capital Contributions	  	 	17	 
	 Section 5.03
	 	Capital Accounts	  	 	18	 
	 Section 5.04
	 	Allocations of Profits and Losses	  	 	18	 
	 Section 5.05
	 	Special Allocations	  	 	18	 
	 Section 5.06
	 	Tax Allocations	  	 	20	 
	 Section 5.07
	 	Tax Advances	  	 	20	 
	 Section 5.08
	 	Tax Matters	  	 	20	 
	 Section 5.09
	 	Other Allocation Provisions	  	 	21	 
		
	 ARTICLE VI
  

BOOKS AND RECORDS; REPORTS
	  			
	  			
			
	 Section 6.01
	 	Books and Records	  	 	22	 
		
	 ARTICLE VII
  

MEMBERSHIP INTEREST UNITS
	  			
	  			
			
	 Section 7.01
	 	Units	  	 	23	 
	 Section 7.02
	 	Reclassification of Interests	  	 	24	 
	 Section 7.03
	 	Register; Certificates; Legends	  	 	25	 
	 Section 7.04
	 	Registered Members	  	 	25	 
	 Section 7.05
	 	Exchange of Class B Units for Class A Common Stock or Cash	  	 	25	 
	 Section 7.06
	 	Adjustment	  	 	27	 
	 Section 7.07
	 	Class A Common Stock to be Issued	  	 	27	 
	 Section 7.08
	 	Contractual Transfer Restrictions	  	 	28	 
		
	 ARTICLE VIII
  

VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS
	  			
	  			
			
	 Section 8.01
	 	Vesting of Unvested Units	  	 	28	 
	 Section 8.02
	 	Forfeiture of Units	  	 	28	 
	 Section 8.03
	 	Member Transfers	  	 	29	 
	 Section 8.04
	 	Mandatory Exchanges	  	 	30	 
	 Section 8.05
	 	Encumbrances	  	 	30	 
	 Section 8.06
	 	Further Restrictions	  	 	30	 
	 Section 8.07
	 	Rights of Assignees	  	 	31	 
	 Section 8.08
	 	Admissions, Withdrawals and Removals	  	 	32	 
	 Section 8.09
	 	Admission of Assignees as Substitute Members	  	 	32	 

  
 ii 

							
	 Section 8.10
	 	Withdrawal and Removal of Members	  	 	31	 
		
	 ARTICLE IX
  

DISSOLUTION, LIQUIDATION AND TERMINATION
	  			
	  			
			
	 Section 9.01
	 	No Dissolution	  	 	31	 
	 Section 9.02
	 	Events Causing Dissolution	  	 	31	 
	 Section 9.03
	 	Distribution upon Dissolution	  	 	34	 
	 Section 9.04
	 	Time for Liquidation	  	 	34	 
	 Section 9.05
	 	Termination	  	 	35	 
	 Section 9.06
	 	Claims of the Members	  	 	35	 
	 Section 9.07
	 	Survival of Certain Provisions	  	 	35	 
		
	 ARTICLE X
  

LIABILITY AND INDEMNIFICATION
	  			
	  			
			
	 Section 10.01
	 	Liability of Members	  	 	35	 
	 Section 10.02
	 	Indemnification	  	 	36	 
		
	 ARTICLE XI
  

MISCELLANEOUS
	  			
	  			
			
	 Section 11.01
	 	Severability	  	 	39	 
	 Section 11.02
	 	Notices	  	 	39	 
	 Section 11.03
	 	Cumulative Remedies	  	 	40	 
	 Section 11.04
	 	Binding Effect	  	 	40	 
	 Section 11.05
	 	Interpretation	  	 	40	 
	 Section 11.06
	 	Counterparts	  	 	41	 
	 Section 11.07
	 	Further Assurances	  	 	41	 
	 Section 11.08
	 	Entire Agreement	  	 	41	 
	 Section 11.09
	 	Governing Law	  	 	41	 
	 Section 11.10
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	41	 
	 Section 11.11
	 	Expenses	  	 	42	 
	 Section 11.12
	 	Amendments and Waivers	  	 	42	 
	 Section 11.13
	 	No Third Party Beneficiaries	  	 	43	 
	 Section 11.14
	 	Headings	  	 	43	 
	 Section 11.15
	 	Power of Attorney	  	 	44	 
	 Section 11.16
	 	Separate Agreements; Schedules	  	 	44	 
	 Section 11.17
	 	Partnership Status	  	 	44	 
	 Section 11.18
	 	Delivery by Facsimile or Email	  	 	44	 

  

  
 iii 

 AMENDED AND RESTATED 

LIMITED LIABILITY COMPANY AGREEMENT OF 

EXETER FINANCE LLC 
 This AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Exeter Finance LLC, a Delaware limited liability company (the “Company”), is dated as
of                , 2019 (the “Effective Date”) and is by and among Exeter Finance Corporation, a Delaware corporation (“IPO Corp”), as
the Managing Member, and the other Members whose names are set forth in the books and records of the Company. 
 BACKGROUND 

1. The Company was organized on April 30, 2017 as a limited liability company pursuant to the provisions of the Delaware Limited
Liability Company Act, upon the conversion of its predecessor, Exeter Finance Corp., from a corporation organized under the laws of the State of Texas to a limited liability company organized under the laws of the State of Texas and its subsequent
conversion to a limited liability company organized under the laws of the State of Delaware, by (i) filing a certificate of conversion and a certificate of formation in the office of the Secretary of State of the State of Delaware on
April 30, 2017 (as it may be amended from time to time, the “Certificate”), and (ii) executing the Limited Liability Company Agreement of the Company, dated as of April 30, 2017 (the “Original
Agreement”). 
 2. Pursuant to the IPO Reorganization Agreement, dated as
of                ,2019 (the “IPO Reorganization Agreement”), prior to the completion of an initial public offering of shares of Class A Common
Stock of IPO Corp, the Company and certain of its Affiliates will complete an internal reorganization as more fully set forth in the IPO Reorganization Agreement, pursuant to which, among other things, (i) all outstanding common units in the
Company will be converted into Class B Units, (ii) all outstanding profits interest units in the Company will be converted into Class B Units, (iii) the Original Agreement will be amended and restated in the form of this
Agreement and (iv) the Company will be continued without dissolution. 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. Capitalized terms used herein without definition have the following meanings (such meanings being
equally applicable to both the singular and plural form of the terms defined): 
 “Act” means the Delaware Limited
Liability Company Act, 6 Del. L. Section 18-101, et seq., as it may be amended or supplemented from time to time and any successor thereto. 

“Adjusted Capital Account Balance” means, with respect to each Member, the balance in such Member’s Capital Account
adjusted (i) by taking into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6); and (ii) by adding to such
balance such Member’s share of Partner Minimum Gain and Partner Nonrecourse Debt Minimum Gain, determined pursuant to Treasury Regulations 

 
Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Member is obligated to restore pursuant to any provision of
this Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account Balance is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall
be interpreted consistently therewith. 
 “Affiliate” means, with respect to a specified Person, any other Person that
directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such specified Person. 

“Agreement” has the meaning set forth in the preamble of this Agreement. 

“Assignee” has the meaning set forth in Section 8.07 hereof. 

“Available Cash” means, with respect to any fiscal period, the amount of cash on hand which the Managing Member, in its sole
discretion, deems available for distribution to the Members, taking into account all debts, liabilities and obligations of the Company then due (or anticipated to be due) and amounts which the Managing Member, in its sole discretion, deems necessary
to expend or retain for working capital or to place into reserves for customary and usual claims or obligations with respect to the Company’s operations. 

“Award Agreement” means any award agreement or grant agreement between the Company and a Person to whom the Company (or a
predecessor in interest thereto) has granted or issued Units (or awards that were converted into Units pursuant to the IPO Reorganization Agreement). 

“Blackstone Members” means the entities listed on the signature pages hereto under the heading Blackstone Members and their
respective successors and assigns. 
 “Business Day” means any day except a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or required by law to close. 
 “Capital Account” means the separate
capital account maintained for each Member in accordance with Section 5.03 hereof. 
 “Capital
Contribution” means, with respect to any Member, the aggregate amount of money contributed to the Company and the Carrying Value of any property (other than money), net of any liabilities assumed by the Company upon contribution or to which
such property is subject, contributed to the Company pursuant to or as contemplated by Article V hereof. 
 “Capital
Stock” means a share of any class or series of capital stock of IPO Corp now or hereafter authorized. 
 “Carrying
Value” means, with respect to any Company asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial carrying value of assets contributed to the Company shall be their respective gross fair market
values on the date of contribution as determined by the Managing Member in its sole discretion, and the Carrying Values of all Company assets shall be adjusted to equal their respective fair market values, in

  
 2 

 
accordance with the rules set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(f), except as otherwise provided herein, as of: (a) the
date of the acquisition of any additional membership interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (b) the date of the distribution of more than a de minimis
amount of Company assets to a Member; (c) the date a Unit is relinquished to the Company; or (d) any other date specified in the Treasury Regulations; provided, however, that adjustments pursuant to clauses (a),
(b), (c) and (d) above shall be made only if such adjustments are deemed necessary or appropriate by the Managing Member in its sole discretion to reflect the relative economic interests of the Members. The Carrying
Value of any Company asset distributed to any Member shall be adjusted immediately before such distribution to equal its fair market value. In the case of any asset that has a Carrying Value that differs from its adjusted tax basis, Carrying Value
shall be adjusted by the amount of depreciation calculated for purposes of the definition of “Profits” and “Losses” rather than the amount of depreciation determined for U.S. federal income tax purposes, and depreciation shall be
calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis. 
 “Cash Settlement
Amount” means, as of a particular date, for each Class B Unit, the product of (a) (i) if the shares of Class A Common Stock trade on NYSE or another national securities exchange, the volume weighted average price of a share
of Class A Common Stock for the three Trading Days ending one day prior to the date the Election of Exchange is delivered to IPO Corp and the Company; (ii) if the shares of Class A Common Stock trade over-the-counter, the average of the closing bid or sale prices of a share of Class A Common Stock over the three Trading Days ending one day prior to the date the Election of Exchange is delivered to
IPO Corp and the Company; or (iii) otherwise, the fair value of a share of Class A Common Stock as determined in good faith by the Board of Directors of IPO Corp, in each case, multiplied by (b) the Exchange Rate. 

“Cause” with respect to any particular Member has the meaning set forth in any effective Award Agreement, employment
agreement or other written contract of engagement entered into between the Company and such Member, or if none, then “Cause” means: (A) the commission of an act of fraud or dishonesty by the Member in the course of the Member’s
employment or service; (B) the indictment of, or conviction of, or entering of a plea of nolo contendere by, the Member for a crime constituting a felony or in respect of any act of fraud or dishonesty; (C) the commission of an act by the
Member which would make the Member or the Company (including any of its Affiliates) subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory
disqualification; (D) gross negligence or willful misconduct in connection with the Member’s performance of his or her duties in connection with the Member’s employment or service to the Company (including any Affiliate for whom the
Member may be employed by or providing services to at the time) or the Member’s failure to comply with any of the restrictive covenants to which the Member is subject; (E) the Member’s willful failure to comply with any material
policies or procedures of the Company as in effect from time to time, provided that the Member shall have been delivered a copy of such policies or notice that they have been posted on a Company website prior to such compliance failure; or
(F) the Member’s failure to perform the material duties in connection with the Member’s position, unless the Member remedies the failure referenced in this clause (F) no later than ten (10) days following delivery to the
Member of a written notice from the Company (including any of its Affiliates) describing such failure in reasonable detail (provided that the Member shall not be given more than one opportunity in the aggregate to remedy failures described in this
clause (F)). 

  
 3 

 “Certificate” has the meaning set forth in the recitals of this Agreement.

 “Class” means the classes of Units into which the membership interests in the Company may be classified or divided from
time to time by the Managing Member in its sole discretion pursuant to the provisions of this Agreement. Subclasses or series within a Class shall not be separate Classes for purposes of this Agreement. For all purposes hereunder and under the
Act, only such Classes expressly established under this Agreement, including by the Managing Member in accordance with this Agreement, shall be deemed to be a class of membership interests in the Company. For the avoidance of doubt, to the extent
that the Managing Member holds membership interests of any Class, the Managing Member shall not be deemed to hold a separate Class, subclass or series of such interests from any other Member because it is the Managing Member. 

“Class A Common Stock” means the Class A common stock, par value 0.0001 per share, of IPO Corp. 

“Class A Unit” means a Unit of membership interest in the Company designated as a “Class A
Unit” herein and having the rights pertaining thereto as are set forth in this Agreement. 
 “Class B Common
Stock” means the Class B common stock, par value 0.0001 per share, of IPO Corp. 
 “Class B
Unit” means a Unit of membership interest in the Company designated as a “Class B Unit” herein and having the rights pertaining thereto as are set forth in this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Common Stock” means the Class A Common Stock and the Class B Common Stock. 

“Common Units” means the Class A Units and the Class B Units. 

“Company” has the meaning set forth in the preamble of this Agreement. 

“Contingencies” has the meaning set forth in Section 9.03(a) hereof. 

“Control” (including the terms “Controlled by” and “under common Control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise, including, without
limitation, the ownership, directly or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs of such Person. 

  
 4 

 “Debt” means, as to any Person, as of any date of determination,
(i) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of
credit, surety bonds and other similar instruments guaranteeing payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien
on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) financing lease obligations of such
Person that, in accordance with generally accepted accounting principles, are or should be capitalized. 
 “Dissolution
Event” has the meaning set forth in Section 9.02 hereof. 
 “Election of Exchange” has
the meaning set forth in Section 7.05(b) hereof. 
 “Encumbrance” means any mortgage,
hypothecation, claim, lien, encumbrance, conditional sales or other title retention agreement, right of first refusal, preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title
of any nature whatsoever. 
 “Equivalent Units” means, with respect to any class or series of Capital Stock, corresponding
Units with preferences, conversion and other rights (other than voting rights), restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption that are substantially the same as (or
correspond to) the preferences, conversion and other rights, restrictions, limitations as to distributions, qualifications and terms and conditions or redemption of such class or series of Capital Stock as are appropriate to reflect, with respect to
such Equivalent Units in relation to the Common Units and any other class or series of Units, the same relative rights and preferences as such class or series of Capital Stock enjoy in relation to the Common Stock and the other classes and series of
Capital Stock, but not as to matters such as voting for members of the Board of Directors that are not applicable to the Company. For the avoidance of doubt, the voting rights, redemption rights and rights to Transfer Equivalent Units need not be
similar to the rights of the corresponding class or series of Capital Stock. 
 “ERISA” means The Employee Retirement
Income Security Act of 1974, as amended. 
 “Exchange” has the meaning set forth in
Section 7.05(a) hereof. The term “Exchanged” shall have a correlative meaning. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Exchange Rate” means, at any time, the number of shares of Class A Common Stock for which a
Class B Unit is entitled to be exchanged at such time in accordance with Section 7.05(a). On the date of this Agreement, the Exchange Rate is 1.0, subject to adjustment pursuant to
Section 7.06 hereof. 

  
 5 

 “Fiscal Year” means the fiscal year of the Company, which shall be the
calendar year unless otherwise determined by the Managing Member in its sole discretion in accordance with Section 11.12 hereof 

“GAAP” means accounting principles generally accepted in the United States of America as in effect from time to time. 

“Incapacity” means, with respect to any Person, the bankruptcy, dissolution, termination, entry of an order of incompetence,
or the insanity, permanent disability or death of such Person. 
 “Indemnitee” means (a) the Managing Member,
(b) any additional or substitute Managing Member, (c) any Person who is or was a Tax Matters Member, officer or director of the Managing Member or any additional or substitute Managing Member, (d) any officer or director of the
Managing Member or any additional or substitute Managing Member who is or was serving at the request of the Managing Member or any additional or substitute Managing Member as an officer, director, employee, member, partner, Tax Matters Member,
agent, fiduciary or trustee of another Person and any other Person required to be indemnified by the Managing Member pursuant to the certificate of incorporation or bylaws of the Managing Member as in effect from time to time; provided that a
Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services, (e) any Officer or other Person the
Managing Member in its sole discretion designates as an “Indemnitee” for purposes of this Agreement and (f) any heir, executor or administrator with respect to Persons named in clauses (a) through (e). 

“IPO Corp” has the meaning set forth in the preamble of this Agreement. 

“Law” means any statute, law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order
issued or promulgated by any national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with authority therefrom with jurisdiction over the Company or any Member, as the case may be.

 “Liquidation Agent” has the meaning set forth in Section 9.03 hereof. 

“Managing Member” means IPO Corp, or any successor managing member admitted to the Company in accordance with the terms of
this Agreement, in each case in its capacity as managing member of the Company. 
 “Member” means each of the Persons from
time to time listed as a member (including the Managing Member) on the books and records of the Company, in each case for so long as he, she or it remains a member of the Company as provided hereunder, and, for purposes of
Section 8.01, Section 8.02, Section 8.03, Section 8.04, Section 8.05 and Section 8.06 hereof,
any Personal Planning Vehicle of such Member, in its capacity as a member of the Company. 
 “New Partnership Audit
Procedures” shall mean Subchapter C of Chapter 63 of the Code, as modified by Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, any amended or successor version,
Treasury Regulations promulgated thereunder, official interpretations thereof, related notices, or other related administrative guidance. 

  
 6 

 “New Securities” means (i) any rights, options, warrants or
convertible or exchangeable securities that entitle the holder thereof to subscribe for or purchase, convert such securities into or exchange such securities for, Common Stock or Preferred Stock, excluding Preferred Stock and grants under any equity
compensation plans of IPO Corp, or (ii) any Debt issued by the Company that provides any of the rights described in clause (i). 

“Non-U.S. Investments” has the meaning set forth in
Section 6.01(d) hereof. 
 “Nonrecourse Deductions” has the meaning set forth in Treasury
Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions of the Company for a fiscal year equals the net increase, if any, in the amount of Partner Minimum Gain of the Company during that
fiscal year, determined according to the provisions of Treasury Regulations Section 1.704-2(c). 

“NYSE” means The New York Stock Exchange. 

“Officer” means each Person designated as an officer of the Company by the Managing Member pursuant to and in accordance with
the provisions of Section 3.04 hereof, subject to any resolutions of the Managing Member appointing such Person as an officer of the Company or relating to such appointment. 

“Original Agreement” has the meaning set forth in the recitals of this Agreement. 

“Partner Minimum Gain” has the meaning set forth in Treasury Regulations Sections
1.704-2(b)(2) and 1.704-2(d). 
 “Partner
Nonrecourse Debt Minimum Gain” means an amount with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) equal to the Partner Minimum Gain that
would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3). 
 “Partner Nonrecourse Deductions” has the meaning set forth
in Treasury Regulations Section 1.704-2(i)(2). 
 “Percentage Interest” means,
with respect to each Member, as to any one or more classes or series of Units, a fraction, expressed as a percentage, the numerator of which is the aggregate number of Units of such one or more classes or series held by such Member and the
denominator of which is the total number of Units of such one or more classes or series held by all Members. If not otherwise specified, “Percentage Interest” shall be deemed to refer to both the Class A Units and the Class B
Units together. A Member’s Percentage Interest in Common Units means a fraction, expressed as a percentage, the numerator of which is the aggregate number of Class A Units and Class B Units held by such Member, and the denominator of
which is the aggregate number of Class A Units and Class B Units held by all Members. 
 “Person” means any
individual, estate, corporation, partnership, limited partnership, limited liability company, limited company, joint venture, trust, unincorporated or governmental organization or any agency or political subdivision thereof. 

  
 7 

 “Personal Planning Vehicle” means, in respect of any Person that is a
natural person, any other Person that is not a natural person designated as a “Personal Planning Vehicle” of such natural person in the books and records of the Company. 

“Preferred Stock” means a share of IPO Corp now or hereafter authorized, designated or reclassified that has dividend rights,
or rights upon liquidation, winding up and dissolution, that are superior or prior to the Common Stock. 
 “Primary
Indemnification” has the meaning set forth in Section 10.02(a) hereof. 
 “Profits” and
“Losses” means, for each Fiscal Year or other period, the taxable income or loss of the Company, or particular items thereof, determined in accordance with the accounting method used by the Company for U.S. federal income tax
purposes with the following adjustments: (a) all items of income, gain, loss or deduction allocated pursuant to Section 5.05 hereof shall not be taken into account in computing such taxable income or loss; (b) any
income of the Company that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss; (c) if the Carrying Value of any asset differs from its
adjusted tax basis for U.S. federal income tax purposes, any gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than an
adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value, the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (e) if the Carrying Value of any asset
differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount
which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation,
amortization or other cost recovery deduction is zero, the Managing Member may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profits and Losses); and (f) except
for items in clause (a) above, any expenditures of the Company not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profits and Losses pursuant to this
definition shall be treated as deductible items. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder. 
 “Service Provider” means any Member (in his, her or its individual
capacity) or other Person, who at the time in question, is employed by or providing services to the Managing Member, the Company or any of its subsidiaries. 

“Similar Law” means any law or regulation that could cause the underlying assets of the Company to be treated as assets of
the Member by virtue of its Units and thereby subject the Company and the Managing Member (or other persons responsible for the investment and operation of the Company’s assets) to laws or regulations that are similar to the fiduciary
responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code. 

  
 8 

 “Tax Advances” has the meaning set forth in
Section 5.07 hereof. 
 “Tax Amount” has the meaning set forth in
Section 4.01(c) hereof. 
 “Tax Matters Member” has the meaning set forth in
Section 5.08 hereof. 
 “Total Percentage Interest” means, with respect to any Member, the
quotient obtained by dividing the total number of Units (vested and unvested) then owned by such Member by the total number of Units (vested and unvested) then owned by all Members. 

“Trading Day” means a day on which shares of the Class A Common Stock (i) are not suspended from trading at the
close of business on the NYSE or such other national securities exchange where the Class A Common Stock has been listed or admitted for trading or any successor to any such exchange and (ii) have traded at least once on the NYSE or such
other national securities exchange where the Class A Common Stock has been listed or admitted for trading or any successor to any such exchange. If the Class A Common Stock is not listed or admitted for trading on the NYSE or another
national securities exchange, or any successor to any of the foregoing, “Trading Day” means a Business Day. 

“Transfer” or “Transferred” means, in respect of any Unit, property or other asset, any sale, assignment,
transfer, distribution, exchange, mortgage, pledge, hypothecation or other disposition thereof, whether voluntarily or by operation of Law, directly or indirectly, in whole or in part, including, without limitation, the exchange of any Unit for any
other security. 
 “Transferee” means any Person that is a permitted transferee of a Member’s interest in the Company,
or part thereof. 
 “Treasury Regulations” means the income tax regulations, including temporary and proposed regulations,
promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Units” means the Class A Units, the Class B Units, and any other Class of Units that is established in
accordance with this Agreement, which shall constitute membership interests in the Company as provided in this Agreement and under the Act, entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions
and credits of the Company at any particular time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Member as provided in this Agreement, together with the obligations of such Member to
comply with all terms and provisions of this Agreement. 
 “Unvested Units” means Units which are subject to vesting
pursuant to the terms of an Award Agreement or which are otherwise listed as unvested Units in the books and records of the Company. 

“U.S. Investments” has the meaning set forth in Section 6.01(d) hereof. 

  
 9 

 “Vested Percentage Interest” means, with respect to any Member, the
quotient obtained by dividing the total number of Vested Units then owned by such Member by the total number of Vested Units then owned by all Members. 

“Vested Units” means (a) those Units not listed as unvested Units in the books and records of the Company, as the same
may be amended from time to time in accordance with this Agreement, or (b) those Units that are no longer subject to vesting pursuant to an Award Agreement. 

ARTICLE II 

FORMATION, TERM, PURPOSE AND POWERS 

Section 2.01 Formation. The Company has been formed as a limited liability company pursuant to the provisions of the Act. If
requested by the Managing Member, the other Members shall promptly execute all certificates and other documents consistent with the terms of this Agreement necessary for the Managing Member to accomplish all filing, recording, publishing and other
acts as may be appropriate to comply with all requirements for (a) the formation and operation of a limited liability company under the laws of the State of Delaware, (b) if the Managing Member in its sole discretion deems it advisable,
the operation of the Company as a limited liability company, or entity in which the other Members have limited liability, in all jurisdictions where the Company proposes to operate and (c) all other filings required to be made by the Company.
The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Member are different by reason of
any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the extent permitted by the Act, control. The execution, delivery and filing of the Certificate and each amendment thereto is hereby
ratified, approved and confirmed by the Members. 
 Section 2.02 Name. The name of the Company shall be, and the business
of the Company shall be conducted under, the name of “Exeter Finance LLC,” and all Company business shall be conducted in that name or in such other names that comply with applicable law as the Managing Member in its sole discretion may
select from time to time. Subject to the Act, the Managing Member in its sole discretion may change the name of the Company (and amend this Agreement to reflect such change) at any time and from time to time without the consent of any other Person.
Prompt notification of any such change shall be given to all Members. 
 Section 2.03 Term. The term of the Company
commenced on April 30, 2017, and the term shall continue until the dissolution of the Company in accordance with Article IX. The existence of the Company shall continue until cancellation of the Certificate in the manner required by the
Act. 
 Section 2.04 Offices. The Company may have offices at such places either within or outside the State of Delaware as
the Managing Member from time to time may select in its sole discretion. As of the date hereof, the principal place of business and office of the Company is located at 222 West Las Colinas Boulevard., Suite 1800, Irving, Texas 75039. 

  
 10 

 Section 2.05 Agent for Service of Process; Existence and Good Standing; Foreign
Qualification. 
 (a) The registered office of the Company in the State of Delaware shall be located at c/o Corporation Service Company,
2801 Centerville Road, Wilmington, Delaware 19808. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware shall be Corporation Service Company, 2801 Centerville Road, Wilmington,
Delaware 19808. 
 (b) The Managing Member in its sole discretion may take all action which may be necessary or appropriate (i) for the
continuation of the Company’s valid existence as a limited liability company under the laws of the State of Delaware (and of each other jurisdiction in which such existence is necessary to enable the Company to conduct the business in which it
is engaged) and (ii) for the maintenance, preservation and operation of the business of the Company in accordance with the provisions of this Agreement and applicable laws and regulations. The Managing Member in its sole discretion may file or
cause to be filed for recordation in the proper office or offices in each other jurisdiction in which the Company is formed or qualified, such certificates (including certificates of formation and fictitious name certificates) and other documents as
are required by the applicable statutes, rules or regulations of any such jurisdiction or as are required to reflect the identity of the Members. The Managing Member may cause the Company to comply, to the extent procedures are available and those
matters are reasonably within the control of the Officers, with all requirements necessary to qualify the Company to do business in any jurisdiction other than the State of Delaware. 

Section 2.06 Business Purpose. The Company was formed for the object and purpose of, and the nature and character of the
business to be conducted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act. 

Section 2.07 Powers of the Membership. Subject to the limitations set forth in this Agreement, the Company will possess and
may exercise all of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation of the assets and other property contributed to the Company by the Members, by any other Law or this Agreement,
together with all powers incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the purpose of the Company set forth in Section 2.06 hereof. Notwithstanding anything
herein to the contrary, nothing set forth herein shall be construed as authorizing the Company to possess any purpose or power, or to do any act or thing, forbidden by Law to a limited liability company organized under the laws of the State of
Delaware. 
 Section 2.08 Members; Admission of New Members. Each of the Persons listed in the books and records of the
Company, as the same may be amended from time to time in accordance with this Agreement, by virtue of its execution of this Agreement (including by use of a power of attorney), are admitted as, or continue as, Members of the Company. The rights,
duties and liabilities of the Members shall be as provided in the Act, except as is otherwise expressly provided herein, and the Members consent to the variation of such rights, duties and liabilities as provided herein. Subject to
Section 8.09 hereof with respect to substitute Members, 

  
 11 

 
a Person may be admitted from time to time as a new Member with the written consent of the Managing Member in its sole discretion. Each new Member shall execute and deliver to the Managing Member
an appropriate supplement to this Agreement pursuant to which the new Member agrees to be bound by the terms and conditions of this Agreement, as it may be amended from time to time. A new Managing Member or substitute Managing Member may be
admitted to the Company solely in accordance with Section 8.08 or Section 9.02(e) hereof. 

Section 2.09 Withdrawal. No Member shall have the right to withdraw as a Member of the Company other than following the
Transfer of all Units owned by such Member in accordance with Article VIII hereof. 
 Section 2.10 Investment Representations of
Members. Each Member hereby represents, warrants and acknowledges to the Company that: (a) such Member has such knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of an
investment in the Company and is making an informed investment decision with respect thereto; (b) such Member is acquiring interests in the Company for investment only and not with a view to, or for resale in connection with, any distribution
to the public or public offering thereof; and (c) the execution, delivery and performance of this Agreement have been duly authorized by such Member. 

ARTICLE III 

MANAGEMENT 

Section 3.01 Managing Member. 

(a) The business, property and affairs of the Company shall be managed under the sole, absolute and exclusive direction of the Managing
Member, which may from time to time delegate authority to Officers or to others to act on behalf of the Company. 
 (b) Without limiting the
foregoing provisions of this Section 3.01, the Managing Member shall have the general power to manage or cause the management of the Company (which may be delegated to Officers of the Company), including, without
limitation, the following powers: 
 (i) to develop and prepare a business plan each year which will set forth the operating
goals and plans for the Company; 
 (ii) to execute and deliver or to authorize the execution and delivery of contracts,
deeds, leases, licenses, instruments of transfer and other documents on behalf of the Company; 
 (iii) to make any
expenditures, to lend or borrow money, to assume or guarantee, or otherwise contract for, indebtedness and other liabilities, to issue evidences of indebtedness and to incur any other obligations; 

(iv) to establish and enforce limits of authority and internal controls with respect to all personnel and functions; 

  
 12 

 (v) to engage attorneys, consultants and accountants for the Company; 

(vi) to acquire or dispose of any businesses, properties or assets of the Company; 

(vii) to cause the Company to enter into any new lines of business or new geographic area of operations, in each case, subject
to obtaining all necessary licenses; 
 (viii) to develop or cause to be developed accounting procedures for the maintenance
of the Company’s books of account; and 
 (ix) to do all such other acts as shall be authorized in this Agreement or by
the Members in writing from time to time. 
 Section 3.02 Compensation. The Managing Member shall not be entitled to any
compensation for services rendered to the Company in its capacity as Managing Member. 
 Section 3.03 Expenses. The Company
shall pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs, fees and expenses of attorneys, accountants or other professionals) incurred in pursuing and conducting, or otherwise related
to, the activities of the Company and its subsidiaries. The Company shall also, in the sole discretion of the Managing Member, bear and/or reimburse the Managing Member for (i) any costs, fees or expenses incurred by the Managing Member in
connection with serving as the Managing Member and (ii) all other expenses allocable to the Company or otherwise incurred by the Managing Member in connection with operating the business of the Company and its subsidiaries (including expenses
allocated to the Managing Member by its Affiliates). To the extent that the Managing Member determines in its sole discretion that such expenses are related to the business and affairs of the Managing Member that are conducted through, on behalf of
or for the benefit of the Company and/or its subsidiaries (including expenses that relate to the business and affairs of the Company and/or its subsidiaries and that also relate to other activities of the Managing Member), the Managing Member may
cause the Company to pay or bear all expenses of the Managing Member, including, without limitation, compensation and meeting costs of any board of directors or similar body of the Managing Member, any salary, bonus, incentive compensation and other
amounts paid to any Person including Affiliates of the Managing Member to perform services for the Company, litigation costs and damages arising from litigation, accounting and legal costs and franchise or other taxes; provided that the
Company shall not pay or bear any income tax obligations of the Managing Member or any obligations of the Managing Member under the Tax Receivable Agreement among the Managing Member and the persons named therein,
dated                ,2019. Reimbursements pursuant to this Section 3.03 shall be in addition to any reimbursement to the Managing Member as a
result of indemnification pursuant to Section 10.02 hereof. 
  

  
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 Section 3.04 Officers. Subject to the direction and oversight of the
Managing Member, the day-to-day administration of the business of the Company may be carried out by persons who may be designated as officers by the Managing Member,
with titles including but not limited to “assistant secretary,” “assistant treasurer,” “chairman,” “chief executive officer,” “chief financial officer,” “chief operating officer,”
“chief risk officer,” “director,” “general counsel,” “general manager,” “managing director,” “president,” “principal accounting officer,” “secretary,” “senior
chairman,” “senior managing director,” “treasurer,” “vice chairman” or “vice president,” and as and to the extent authorized by the Managing Member in its sole discretion. The officers of the Company
shall have such titles and powers and perform such duties as shall be determined from time to time by the Managing Member and otherwise as shall customarily pertain to such offices. Any number of offices may be held by the same person. In its sole
discretion, the Managing Member may choose not to fill any office for any period as it may deem advisable. All officers and other persons providing services to or for the benefit of the Company shall be subject to the supervision and direction of
the Managing Member and may be removed, with or without cause, from such office by the Managing Member and the authority, duties or responsibilities of any employee, agent or officer of the Company may be suspended by the Managing Member from time
to time, in each case in the sole discretion of the Managing Member. The Managing Member shall not cease to be a managing member of the Company as a result of the delegation of any duties hereunder. No officer of the Company, in his or her or its
capacity as such, shall be considered a manager or managing member of the Company by agreement, as a result of the performance of his or her or its duties hereunder or otherwise. 

Section 3.05 Authority of Members. No Member (other than the Managing Member), in its capacity as such, shall participate in
or have any control over the business of the Company. Except as expressly provided herein, the Units do not confer any rights upon the Members to participate in the affairs of the Company described in this Agreement. Except as expressly provided
herein, no Member (other than the Managing Member) shall have any right to vote on any matter involving the Company, including with respect to any merger, consolidation, combination or conversion of the Company, or any other matter that a Member
might otherwise have the ability to vote on or consent with respect to under the Act, at law, in equity or otherwise. The conduct, control and management of the Company shall be vested exclusively in the Managing Member. In all matters relating to
or arising out of the conduct of the operation of the Company, the decision of the Managing Member shall be the decision of the Company. Except as required or permitted by Law, or expressly provided in the ultimate sentence of this
Section 3.05 or by separate agreement with the Company, no Member who is not also the Managing Member (and acting in such capacity) shall take any part in the management or control of the operation or business of the
Company in its capacity as a Member, nor shall any Member who is not also a Managing Member (and acting in such capacity) have any right, authority or power to act for or on behalf of or bind the Company in his, her or its capacity as a Member in
any respect or assume any obligation or responsibility of the Company or of any other Member. Notwithstanding the foregoing, the Company may from time to time appoint one or more Members as officers or employ one or more Members as employees, and
such Members, in their capacity as officers or employees of the Company (and not, for clarity, in their capacity as Members of the Company), may take part in the control and management of the business of the Company to the extent such authority and
power to act for or on behalf of the Company has been delegated to them by the Managing Member. 
 Section 3.06 Action by Written
Consent or Ratification. Any action required or permitted to be taken by the Members pursuant to this Agreement shall be taken if all Members whose consent or ratification is so required provide a consent thereto or ratification thereof in
writing. 

  
 14 

 ARTICLE IV 

DISTRIBUTIONS 

Section 4.01 Distributions. 

(a) The Managing Member, in its sole discretion, may authorize distributions (each distribution pursuant to this
Section 4.01(a), a “Profits Distribution”) by the Company to the Members of Distributable Amounts. The term “Distributable Amounts” means at any time determined by the Managing Member as
may be permitted under the laws or regulatory requirements applicable to the Company, IPO Corporation and their Subsidiaries, any amounts designated by the Managing Member to the extent that the cash available to the Company is in excess of the
reasonably anticipated needs of the business (including the reserves). Subject to the payment of the “catch-up” pursuant to Section 4.01(b) hereof, any Profits Distribution
pursuant to this Section 4.01(a) shall be made pro rata to Members holding Vested Units (including Units that by their terms vest as a result of such Profits Distribution) in accordance with all such Members’
respective Vested Units (including Units that by their terms vest as a result of such Profits Distribution). Immediately prior to the making of any Profits Distribution, a tentative distribution schedule shall be prepared for the approval by the
Managing Member (and no Profits Distribution shall be made without such approval), which schedule shall be prepared on a pro forma basis giving effect to (i)(x) the vesting of any Units as a result of such Profits Distribution and (y) the
corresponding determination of whether and to what extent such Unit will participate in such Profits Distribution in accordance with its vesting terms and (ii) the payment of any “catch-up”
payment pursuant to Section 4.01(b) hereof. 
 (b) If, from time to time, an Unvested Unit becomes a Vested Unit,
on each subsequent distribution date, the amounts that would otherwise have been distributable to the Members in accordance with Section 4.01(a) shall instead first be distributed to the Members holding Vested Units which
were outstanding Unvested Units on the date amounts were previously distributed, until the amount distributed in respect of each such Vested Unit equals the amounts that such Vested Unit would have received had it been a Vested Unit through all
prior distribution dates during which such Vested Unit was an Unvested Unit, pro rata in accordance with all such Members’ respective Vested Units for which the “catch-up” distributions
contemplated by this Section 4.01(b) are due; provided that this Section 4.01(b) shall not apply with respect to such Vested Units held directly or indirectly by any Person who is not a Service
Provider on such subsequent distribution date. Any amounts remaining after all such “catch-up” distributions have been made shall be distributed in accordance with
Section 4.01(a). 
 (c) Notwithstanding any distribution pursuant to Section 4.01(a), to
the extent the Company has Available Cash, the Company shall make distributions, on a quarterly basis and no later than five (5) days before the dates specified in Section 6655(c)(2) of the Code, to each Member, pro rata (based on
Total Percentage Interests), so that aggregate distributions to each Member pursuant to this Section 4.01(c) for each Fiscal Year, equal the 

  
 15 

 
federal, state and local income tax liability that would be payable in respect of the taxable income allocable to such Member (without regard to any taxable income allocable as a result of Code
Section 704(c)) determined (A) solely by reference to such Member’s allocable share of the Company’s income, (B) as if such Member were an individual resident in New York, New York, (C) as if such Member were subject to
federal, state and local income tax at the highest marginal rate then in effect, taking into account the character of such income and the deductibility of state and local taxes and (D) taking into account any prior year net cumulative taxable
losses of the Company allocable to such Member to the extent such net cumulative taxable losses would be deductible against such Member’s share of the Company’s taxable income (assuming the items of loss and deduction comprising such net
cumulative taxable losses are carried forward to the extent of any applicable law and not applied against any non-Company income); provided to the extent of Available Cash there will be an adjustment following
each Fiscal Year (but no later than 90 days following the close of each Fiscal Year), and the Company will make pro rata distributions to each Member of any additional amounts as necessary to make the amounts previously distributed to a
Member pursuant to Section 4.01(a) hereof in such Fiscal Year, Section 4.01(b) hereof on account of distributions made in such Fiscal Year under Section 4.01(a) hereof or
this Section 4.01(c) with respect to such Fiscal Year sufficient for each Member to pay its federal, state and local income tax for such Fiscal Year, calculated in accordance with the principles set forth in this
Section 4.01(c); provided, further, that the aggregate distributions pursuant to this Section 4.01(c) with respect to any taxable year shall be limited to the aggregate amount of
federal, state and local income taxes that the Company would have paid if it were (1) a corporation for U.S. federal income tax purposes and (2) subject to U.S. federal income tax at a rate of 35% (and each Member’s tax liability
shall correspondingly be so limited). Distributions pursuant to this provision shall be treated as an advance against distributions pursuant to Section 4.01(a), Section 4.01(b) and
Section 9.03 hereof for all purposes, and, thus, shall reduce/offset subsequent distributions under Section 4.01(a), Section 4.01(b) and
Section 9.03 hereof to the Members that participate in such distributions pursuant to this Section 4.01(c). For the avoidance of doubt, all distributions made pursuant to this
Section 4.01(c) shall be made on a pro rata basis in accordance with Total Percentage Interests. 

Section 4.02 Liquidation Distribution. Distributions made upon dissolution of the Company shall be made as provided in
Section 9.03 hereof. 
 Section 4.03 Limitations on Distribution. Notwithstanding any provision
to the contrary contained in this Agreement, the Managing Member shall not make a distribution to any Member if such distribution would violate the Act or other applicable Law. 

ARTICLE V 
 CAPITAL
CONTRIBUTIONS; CAPITAL ACCOUNTS; 
 TAX ALLOCATIONS; TAX MATTERS 

Section 5.01 Initial Capital Contributions; Register. The Members have made, on or prior to the date hereof, Capital
Contributions. The Managing Member shall cause to be maintained in the principal business office of the Company, or such other place as may be determined by the Managing Member, the books and records of the Company, which shall include, among other
things, a register containing the name, address, and number of Units of 

  
 16 

 
each Member, and such other information as the Managing Member may deem necessary or desirable (the “Register”). The Managing Member shall from time to time update the Register
as necessary to accurately reflect the information therein, including as a result of any sales, exchanges or other Transfers, or any redemptions, issuances or similar events involving Units. Any reference in this Agreement to the Register shall be
deemed a reference to the Register as in effect from time to time. Subject to the terms of this Agreement, the Managing Member may take any action authorized hereunder in respect of the Register without any need to obtain the consent of any other
Member. No action of any Member shall be required to amend or update the Register. Except as required by law, no Member shall be entitled to receive a copy of the information set forth in the Register relating to any Member other than itself. 

Section 5.02 No Additional Capital Contributions.

(a) Except as otherwise provided in this Article V, no Member shall be required to make additional Capital Contributions to the Company
without the consent of such Member or shall be permitted to make additional capital contributions to the Company without the consent of the Managing Member, which may be granted or withheld in its sole discretion. 

(b) Notwithstanding anything to the contrary set forth herein, in the event that, following any cash distribution made by the Company to the
Members pursuant to Section 4.01(c) of this Agreement, IPO Corp determines that it does not intend to use all the cash it receives in such distribution to pay its tax liabilities or any other liabilities and that it will
contribute any such unused cash back to the Company (in each case, an “Excess Cash Contribution”), then, in order to maintain the Exchange Rate at 1.0 and in lieu of issuing additional Class A Units to IPO Corp in consideration
for such Excess Cash Contribution, the Company may elect to effect a reverse unit split of the outstanding Class B Units (in each case, a “Reverse Unit Split”), such that each Member holding Class B Units before such
Reverse Unit Split shall thereafter own a number of Class B Units determined by multiplying the number of Class B Units held by such Member immediately prior to the effectiveness of such Reverse Unit Split by a fraction the numerator of
which shall be the Per Unit Value (as defined below) and the denominator of which shall be (x) the Per Unit Value plus (y)(A) the Excess Cash Contribution divided by (B) the aggregate number of the then issued and outstanding shares of
Class A Common Stock, provided, however, that in lieu of the Reverse Unit Split, the Managing Member, in its sole discretion, may take other actions, including, without limitation, redemption, reclassifications, combinations, subdivisions and
other adjustments, in each case intended to achieve the same economic result as the Reverse Unit Split (in each case, an “Alternative Adjustment”). In the event that any Reverse Unit Split or Alternative Adjustment made in
accordance with this Section 5.02(b) would result in a Member being entitled to receive a fraction of a Class B Unit, then in lieu of holding such fractional Class B Unit following the effectiveness of such Reverse Unit Split or
Alternative Action the Company shall pay such Member an amount in cash equal to the product of such fraction and the Per Unit Value. Each Member acknowledges and agrees that no consent or approval of any Member and no amendment to this Agreement
shall be required in connection with any Excess Cash Contribution made or any Reverse Unit Split or Alternative Action effected in accordance with this Section 5.02(b), and the Managing Member shall reflect the effects of each such Excess Cash
Contribution and Reverse Unit Split or Alternative Action in the books and records of the Company and shall provide written notice to each Member holding Class B Units of the amount 

  
 17 

 
of any such Excess Cash Contribution and the total number of Class B Units held by such Member after giving effect to any such Reverse Unit Split or Alternative Action as well as the amount
of cash to be paid to such Member in lieu of such Member holding a fractional interest in a Class B Unit after giving effect to such Reverse Unit Split or Alternative Action. The Managing Member shall deliver to each Member holding Class B
Units the notice contemplated by the preceding sentence and any cash payment to which such Member is entitled in accordance with the second preceding sentence not later than 15 Business Days following the effectiveness of such Excess Cash
Contribution. As used herein, “Per Unit Value” means, with respect to any Reverse Unit Split or Alternative Adjustment, the product of (a) (i) if the shares of Class A Common Stock trade on NYSE or another national
securities exchange, the volume weighted average price of a share of Class A Common Stock for the three Trading Days ending one day prior to the date of effectiveness of the related Excess Cash Contribution; (ii) if the shares of
Class A Common Stock trade over-the-counter, the average of the closing bid or sale prices of a share of Class A Common Stock over the three Trading Days
ending one day prior to the date of effectiveness of the related Excess Cash Contribution; and (iii) otherwise, the fair value of a share of Class A Common Stock as determined in good faith by the Board of Directors of IPO Corp, in each
case, multiplied by (b) the Exchange Rate. 
 Section 5.03 Capital Accounts. A Capital Account shall be established and
maintained for each Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Member shall be credited with such Member’s Capital
Contributions, if any, all Profits allocated to such Member pursuant to Section 5.04 hereof and any items of income or gain which are specially allocated pursuant to Section 5.05 hereof; and shall
be debited with all Losses allocated to such Member pursuant to Section 5.04 hereof, any items of loss or deduction of the Company specially allocated to such Member pursuant to Section 5.05
hereof, and all cash and the Carrying Value of any property (net of liabilities assumed by such Member and the liabilities to which such property is subject) distributed by the Company to such Member. Any references in any section of this Agreement
to the Capital Account of a Member shall be deemed to refer to such Capital Account as the same may be credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Company in accordance with the terms
of this Agreement, the Transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred interest. 

Section 5.04 Allocations of Profits and Losses. Except as otherwise provided in Section 5.05 hereof
or this Agreement, Profits and Losses shall be allocated among the Capital Accounts of the Members pro rata in accordance with their respective Total Percentage Interests Notwithstanding the foregoing, the Managing Member shall make such
adjustments to Capital Accounts as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a Member’s interest in the Company. 

Section 5.05 Special Allocations. Notwithstanding any other provision in this Article V: 

(a) Minimum Gain Chargeback. If there is a net decrease in Partner Minimum Gain or Partner Nonrecourse Debt Minimum Gain
(determined in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Company taxable year, the Members shall be specially
allocated items of Company income and gain for 

  
 18 

 
such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulations
Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations Sections and shall be interpreted
consistently therewith; including that no chargeback shall be required to the extent of the exceptions provided in Treasury Regulations Sections 1.704-2(f) and
1.704-2(i)(4). 
 (b) Qualified Income Offset. If any Member unexpectedly receives any
adjustments, allocations, or distributions described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Company income and gain shall be specially allocated to such Member
in an amount and manner sufficient to eliminate the deficit balance in such Member’s Adjusted Capital Account Balance created by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant
to this Section 5.05(b) shall be made only to the extent that a Member would have a deficit Adjusted Capital Account Balance in excess of such sum after all other allocations provided for in this Article V have been
tentatively made as if this Section 5.05(b) were not in this Agreement. This Section 5.05(b) is intended to comply with the “qualified income offset” requirement of the Code and shall be
interpreted consistently therewith. 
 (c) Gross Income Allocation. If any Member has a deficit Capital Account at the end of
any Fiscal Year which is in excess of the sum of (i) the amount such Member is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Member is deemed to be obligated to restore pursuant to the
penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income and
gain in the amount of such excess as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent that a Member would have a deficit Capital Account in
excess of such sum after all other allocations provided for in this Article V have been tentatively made as if Section 5.05(b) hereof and this Section 5.05(c) were not in this Agreement.

 (d) Nonrecourse Deductions. Nonrecourse Deductions shall be allocated to the Members in accordance with their respective
Total Percentage Interests. 
 (e) Partner Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall
be allocated to the Member who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Treasury Regulations
Section 1.704-2(j). 
 (f) Ameliorative Allocations. Any special allocations of
income or gain pursuant to Section 5.05(b) or Section 5.05(c) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.04 hereof and
this Section 5.05(f), so that the net amount of any items so allocated and all other items allocated to each Member shall, to the extent possible, be equal to the net amount that would have been allocated to each Member if
such allocations pursuant to Section 5.05(b) or Section 5.05(c) hereof had not occurred. 

  
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 Section 5.06 Tax Allocations. For income tax purposes, each item of income,
gain, loss and deduction of the Company shall be allocated among the Members in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for Capital Account purposes; provided that in the
case of any asset the Carrying Value of which differs from its adjusted tax basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely for income tax purposes in accordance with
the principles of Sections 704(b) and (c) of the Code (in any manner determined by the Managing Member and permitted by the Code and Treasury Regulations) so as to take account of the difference between Carrying Value and adjusted basis of such
asset; provided, further, that the Company shall use the traditional method (as provided in Treasury Regulations Section 1.704-3(b)) for all Section 704(c) allocations). Notwithstanding
the foregoing (other than the immediately preceding proviso), the Managing Member shall make such allocations for tax purposes as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a
Member’s interest in the Company. 
 Section 5.07 Tax Advances. To the extent the Managing Member reasonably believes
that the Company is required by law to withhold or to make tax payments on behalf of or with respect to any Member or the Company is subjected to tax itself by reason of the status of any Member (“Tax Advances”), the Managing Member
may cause the Company to withhold such amounts and cause the Company to make such tax payments as so required. All Tax Advances made on behalf of a Member shall be repaid by reducing the amount of the current or next succeeding distribution or
distributions which would otherwise have been made to such Member or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Member. For all purposes of this Agreement such
Member shall be treated as having received the amount of the distribution that is equal to the Tax Advance. Each Member hereby agrees to indemnify and hold harmless the Company and the other Members from and against any liability (including, without
limitation, any liability for taxes, penalties, additions to tax or interest other than any penalties, additions to tax or interest imposed as a result of the Company’s failure to withhold or make a tax payment on behalf of such Member which
withholding or payment is required pursuant to applicable Law but only to the extent amounts sufficient to pay such taxes were not timely distributed to the Member pursuant to Section 4.01(c) hereof) with respect to income
attributable to or distributions or other payments to such Member. 
 Section 5.08 Tax Matters.

(a) The Managing Member shall be the “tax matters partner” within the meaning of Section 6231(a)(7) of the Code (or
corresponding provisions of state or local Law) and, for taxable years of the Company to which the New Partnership Audit Procedures (or corresponding provisions of state or local Law) are applicable, the “partnership representative” as
defined in Section 6223 of the New Partnership Audit Procedures (or corresponding provisions of state or local Law) (collectively, the “Tax Matters Member”). The Company shall file as a partnership for federal, state and local
income tax purposes, except where otherwise required by Law. All elections required or permitted to be made by the Company, and all other tax decisions and determinations relating to federal, state or local tax matters of the Company, shall be made
by the Tax Matters Member, in consultation with the Company’s attorneys and/or accountants. Tax audits, controversies and litigations shall be conducted under the direction of 

  
 20 

 
the Tax Matters Member. The Tax Matters Member is authorized to make any election under the New Partnership Audit Procedures or otherwise take any legally permissible action so that, to the
greatest extent possible, no Member shall bear liability for taxes, interest, or penalties imposed on the Company under Section 6225 of the New Partnership Audit Procedures that such Member would not have borne if the law in effect prior to the
effective date of the New Partnership Audit Procedures continued to remain effective and Section 6225 were not effective. The Tax Matters Member may apportion any taxes (and related interest and penalties) imposed on the Company pursuant to the
New Partnership Audit Procedures among the current and former Members and may withhold any such amounts from distributions made to any such Member. To the extent that the Company is required or elects to withhold or otherwise pays over to any taxing
authority any such amounts apportioned to a Member with respect to the New Partnership Audit Procedures, the Managing Member may, in its sole discretion, treat the amount withheld as a Tax Advance or the amount paid over as an expense to be borne by
the Members. If withholding from distributions is insufficient to satisfy any amounts apportioned to any current or former Member with respect to the New Partnership Audit Procedures, such Member shall indemnify and hold harmless the Managing
Member, the Tax Matters Member and the Company for such amounts, which indemnity obligation shall survive the Exchange or other Transfer of Units and the termination of this Agreement. 

(b) As soon as reasonably practicable after the end of each taxable year (but not later than sixty (60) days following the end of each
taxable year), the Company shall send to each Member a copy of U.S. Internal Revenue Service Schedule K-1 (which Schedule K-1 shall separately state, to the extent
reasonably required by any Member, any items of all items of income, gain, loss or deduction with respect to U.S. Investments and Non-U.S. Investments, in accordance with the tracking contemplated by
Section 6.01(d) hereof), and any comparable statements required by applicable U.S. state or local income tax Law as a result of the Company’s activities or investments, with respect to such Fiscal Year. The Company
also shall provide the Members with such other information as may be reasonably requested for purposes of allowing the Members to prepare and file their own tax returns; provided that any costs or expenses with respect to the foregoing shall
be borne by the requesting Member. 
 Section 5.09 Other Allocation Provisions. Certain of the foregoing provisions and the
other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner
consistent with such regulations. In addition to amendments effected in accordance with Section 11.12 or otherwise in accordance with this Agreement, Section 5.03,
Section 5.04 and Section 5.05 hereof may also, so long as any such amendment does not materially change the relative economic interests of the Members, be amended at any time by the Managing Member
if necessary, in the opinion of tax counsel to the Company, to comply with such regulations or any applicable Law. 

  
 21 

 ARTICLE VI 

BOOKS AND RECORDS; REPORTS 

Section 6.01 Books and Records. 

(a) At all times during the continuance of the Company, the Managing Member shall prepare and maintain separate books of account for the
Company in accordance with GAAP. 
 (b) Except as limited by Section 6.01(c) hereof, each Member shall have the
right to receive, for a purpose reasonably related to such Member’s interest as a Member of the Company, upon reasonable written demand stating the purpose of such demand and at such Member’s own expense: 

(i) a copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of
all powers of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and 

(ii) promptly after their becoming available, copies of the Company’s U.S. federal income tax returns for the three most
recent years. 
 (c) The Managing Member may keep confidential from the Members, for such period of time as the Managing Member determines
in its sole discretion, (i) any information that the Managing Member reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the Managing Member believes is not in the best interests of
the Company, could damage the Company or its business or that the Company is required by law or by agreement with any third party to keep confidential. 

(d) The Members acknowledge and agree that the Company shall separately track the performance of the operations, assets, acquisitions and
investments of the Company and its subsidiaries located in the U.S. (and any indebtedness or liabilities with respect thereto) (“U.S. Investments”) and the operations, assets, acquisitions and investments of the
Company and its subsidiaries located outside of the U.S. (and any indebtedness or liabilities with respect thereto) (“Non-U.S. Investments”). For the avoidance of doubt, such separate tracking
shall reflect the sources and uses of funds with respect to U.S. Investments and Non-U.S. Investments. Separate and distinct records shall be maintained with respect to U.S. Investments generally and Non-U.S. Investments generally, and the assets and liabilities associated with U.S. Investments and Non-U.S. Investments shall be held and accounted for separately. In the
event of a distribution made by the Company, (A) where distributed assets are derived from income or other proceeds separately arising out of U.S. Investments, such distributed assets shall be separately accounted for from any distributions in
respect of Non-U.S. Investments, and (B) where the distributed assets are derived from income or other proceeds arising out of Non-U.S. Investments, such
distributed assets shall be separately accounted for from any distributions in respect of U.S. Investments. 

  
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 ARTICLE VII 

MEMBERSHIP INTEREST UNITS 

Section 7.01 Units. (a) General. Membership interests shall be represented by Units. Initially, all Units shall be
designated as either “Class A Units” or “Class B Units.”    Except as expressly provided herein, Class A Units and Class B Units shall entitle the holders thereof to identical rights under
this Agreement. The Managing Member in its sole discretion may establish and issue, from time to time in accordance with such procedures as the Managing Member shall determine from time to time, additional Units, in one or more additional Classes or
series of Units, or other Company securities, at such price, and with such designations, preferences and relative, participating, optional or other special rights, powers and duties (which may be senior to existing Units, Classes and series of Units
or other Company securities), as shall be determined by the Managing Member without the approval of any Member or any other Person who may acquire an interest in any of the Units, including (i) the right of such Units to share in Profits and
Losses or items thereof; (ii) the right of such Units to share in Company distributions; (iii) the rights of such Units upon dissolution and liquidation of the Company; (iv) whether, and the terms and conditions upon which, the
Company may or shall be required to redeem such Units (including sinking fund provisions); (v) whether such Units are issued with the privilege of conversion or exchange and, if so, the terms and conditions of such conversion or exchange;
(vi) the terms and conditions upon which such Units will be evidenced by certificates and assigned or transferred; (vii) the method for determining the Total Percentage Interest as to such Units; (viii) the terms and conditions of the
issuance of such Units (including, without limitation, the amount and form of consideration, if any, to be received by the Company in respect thereof, the Managing Member being expressly authorized, in its sole discretion, to cause the Company to
issue such Units for less than fair market value and/or as consideration in connection with any merger, acquisition or business contribution transaction to which the Company and/or a subsidiary of the Company is a party); and (ix) the right, if
any, of the holder of such Units to vote on Company matters, including matters relating to the relative designations, preferences, rights, powers and duties of such Units. The Managing Member in its sole discretion, without the approval of any
Member or any other Person, is authorized (i) to issue Units or other Company securities of any newly established Class or any existing Class to Members or other Persons who may acquire an interest in the Company; and (ii) to
amend this Agreement to reflect the creation of any such new Class, the issuance of Units or other Company securities of such Class, and the admission of any Person as a Member which has received Units or other Company securities. Except as
expressly provided in this Agreement to the contrary, any reference to “Units” shall include the Class A Units, the Class B Units and Units of any other Class or series that may be established in accordance with this
Agreement. All Units of a particular Class shall have identical rights in all respects as all other Units of such Class, except in each case as otherwise specified in this Agreement. Upon the issuance of any additional Units, the Managing
Member shall amend the Register and the books and records of the Company as appropriate to reflect such issuance. 
 (b) Issuances to IPO
Corp. Class A Units shall be issued only to IPO Corp and only in connection with a substantially simultaneous issuance by IPO Corp of a like number of shares of Class A Common Stock. No additional Units shall be issued to IPO Corp
unless (i) the additional Units are issued to all Members holding Class A Units or Class B Units, in proportion to their respective Percentage Interests, (ii) (A) the additional Units are (x) Class A Units issued in
connection with an issuance of Class A Common Stock, or (y) Equivalent Units issued in connection with an issuance of Preferred Stock, New Securities or other interests in IPO Corp (other than Common Stock), and (B) IPO Corp
contributes to the Company all of the net cash proceeds, deemed proceeds, or other consideration, if any, received in connection with the issuance of such Class A Common Stock, Preferred Stock, New Securities or other interests in IPO Corp,
(iii) the additional Units are issued upon the conversion, redemption or exchange of Debt, Units or other securities issued by the Company, or (iv) the additional Units are issued pursuant to Section 7.01(d) or
Section 7.05. 

  
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 (c) No Preemptive Rights. Except as expressly provided in this Agreement, no Person,
including, without limitation, any Member or Assignee, shall have any preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Units. 

(d) Issuance of Securities by IPO Corp. IPO Corp shall not issue any additional shares of Class A Common Stock, Preferred Stock or
New Securities unless IPO Corp contributes all of the net cash proceeds or other consideration received from the issuance of such additional Class A Common Stock, Preferred Stock or New Securities (as the case may be), and from the exercise of
the rights contained in any such additional New Securities, to the Company in exchange for (x) in the case of an issuance of Class A Common Stock, a like number of Class A Units, or (y) in the case of an issuance of Preferred
Stock or New Securities, a like number of Equivalent Units; provided, however, that notwithstanding the foregoing, IPO Corp may issue Class A Common Stock, Preferred Stock or New Securities (i) pursuant to
Section 7.05 hereof, (ii) pursuant to a dividend or distribution (including any share split) of Class A Common Stock, Preferred Stock or New Securities to all holders of Class A Common Stock, Preferred Stock
or New Securities (as the case may be), (iii) upon a conversion, redemption or exchange of Preferred Stock, (iv) upon a conversion, redemption, exchange or exercise of New Securities, or (v) in connection with an acquisition of Units or
any property or other asset to be owned, directly or indirectly, by IPO Corp. In the event of any issuance of additional Class A Common Stock, Preferred Stock or New Securities by IPO Corp, and the contribution to the Company, by IPO Corp, of
the net cash proceeds or other consideration received from such issuance, the Company shall pay IPO Corp’s expenses associated with such issuance, including any underwriting discounts or commissions. IPO Corp shall not issue any additional
shares of Class B Common Stock except in connection with a substantially simultaneous issuance by the Company of a like number of Class B Units to the same Persons to whom such Class B Units are issued. In the event that IPO Corp
issues any additional Class A Common Stock, and contributes the net cash proceeds or other consideration received from the issuance thereof to the Company, the Company is authorized to issue a number of Class A Units to IPO Corp equal to
the number of Class A Common Stock so issued in accordance with this Section 7.01(d) without any further act, approval or vote of any Member or any other Persons. In the event that IPO Corp issues any Capital Stock or
New Securities and contributes the net cash proceeds or other consideration received from the issuance thereof to the Company, the Company is authorized to issue to IPO Corp an equal number of Equivalent Units that correspond to the class or series
of Capital Stock or New Securities so issued, in accordance with this Section 7.01(d) without any further act, approval or vote of any Member or any other Persons. 

Section 7.02 Reclassification of Interests. In accordance with the IPO Reorganization Agreement, all Common Units (as defined
in the Original Agreement) and profits interest units in the Company issued and outstanding immediately prior to the effectiveness of this Agreement were converted into Class B Units, and as of the effectiveness of this Agreement, each Member
owns the number and class of Units set forth opposite the name of such Member in the Register. 

  
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 Section 7.03 Register; Certificates; Legends. The Register shall be the
definitive record of ownership of each Unit and all relevant information with respect to each Member. Unless the Managing Member in its sole discretion shall determine otherwise, Units shall be uncertificated and recorded in the books and records of
the Company. Certificates, if any, representing Units that are issued to any Member shall bear a legend in substantially the following form: 
 THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY OTHER STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, OR TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AS SET FORTH IN THE AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT DATED AS
OF                , 2019, AS AMENDED FROM TIME TO TIME A COPY OF WHICH WILL BE FURNISHED BY EXETER FINANCE LLC UPON REQUEST. 

Section 7.04 Registered Members. The Company shall be entitled to recognize the exclusive right of a Person registered on its
records as the owner of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part of any other Person, whether or not it shall have express or other notice thereof, except as
otherwise provided by the Act or other applicable Law. 
 Section 7.05 Exchange of Class B Units for
Class A Common Stock or Cash. 
 (a) Each Member shall be entitled at any time and from time to time, upon the terms
and subject to the conditions hereof, to surrender Class B Units (other than Unvested Units) to the Company, in exchange (an “Exchange”) for (i) a number of shares of Class A Common Stock that is equal to the product
of the number of Class B Units surrendered multiplied by the Exchange Rate; provided that any such Exchange is for a minimum of the lesser of 1,000 Class B Units or all of the Class B Units (other than Unvested Units)
held by such Member; or (ii) if the independent members of the Board of Directors of IPO Corp (acting on IPO Corp’s behalf as the Managing Member) so elect, the Cash Settlement Amount. Upon an Exchange, a number of shares of Class B
Common Stock then held by the exchanging Member equal to the number of Class B Units so Exchanged shall automatically be cancelled without any action on the part of any Person and shall no longer be outstanding. 

(b) A Member shall exercise its right to exchange Class B Units as set forth in Section 7.05(a) hereof by
delivering to the Company a written election of exchange in respect of the Class B Units to be exchanged substantially in the form of Exhibit A hereto (an “Election of Exchange”) and certificates, if any, representing
Class B Units, duly executed by such holder or such holder’s duly authorized attorney, in each case delivered during normal business hours at the principal executive offices of the Company. As promptly as practicable following the delivery
of such a written election of exchange, provided that the independent members of the Board of Directors of IPO Corp (acting on IPO Corp’s behalf as the Managing Member) have not elected to provide the Cash Settlement Amount, the Company
shall deliver or cause to be delivered at the offices of the then-acting registrar and transfer agent of the Class A 

  
 25 

 
Common Stock or, if there is no then-acting registrar and transfer agent of the Class A Common Stock, at the principal executive offices of IPO Corp, the number of shares of Class A
Common Stock deliverable upon such Exchange, registered in the name of the relevant exchanging Member. To the extent the Class A Common Stock is settled through the facilities of The Depository Trust Company, and the exchanging Member is
permitted to hold shares of Class A Common Stock through The Depository Trust Company, the Company will, subject to Section 7.05(c) hereof, upon the written instruction of an exchanging Member, use its reasonable best
efforts to deliver or cause to be delivered the shares of Class A Common Stock deliverable to such exchanging Member, through the facilities of The Depository Trust Company, to the account of the participant of The Depository Trust Company
designated by such exchanging Member. IPO Corp shall take such actions as may be required to ensure the performance by the Company of its obligations under Section 7.05(a) and this Section 7.05(b),
including the issuance and sale of shares of Class A Common Stock to or for the account of the Company in exchange for the delivery to IPO Corp of a number of Class B Units that is equal to the number of Class B Units surrendered by
an exchanging Member. Any Member that surrenders any Class B Units (other than Unvested Units) held by such Member to the Company, pursuant to this Section 7.05 shall concurrently surrender an equal number of shares of
Class B Common Stock held by such Member (including any fractions thereof) to IPO Corp for cancellation in accordance with Section 7.05(a). Each Class B Unit surrendered to IPO Corp pursuant to this
Section 7.05 in exchange for Class A Common Stock shall automatically be converted into Class A Units at the Exchange Rate, and each such Class B Unit so surrendered thereafter shall cease to exist. 

(c) Each of the Company and the exchanging Member shall bear its own expenses in connection with the consummation of any Exchange, whether or
not any such Exchange is ultimately consummated, except that the Company shall bear any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange; provided, however, that if
any shares of Class A Common Stock are to be delivered in a name other than that of the Member that requested the Exchange, then such Member and/or the person in whose name such shares are to be delivered shall pay to the Company the amount of
any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of the Company that such tax has been paid or is not payable. 

(d) To the extent IPO Corp or the Company shall determine that the Units do not meet the requirements of Treasury Regulations Section 1.7704-1(h), IPO Corp or the Company may impose such restrictions on Exchange as IPO Corp or the Company may reasonably determine to be necessary or advisable so that the Company is not treated as a
“publicly traded partnership” under Section 7704 of the Code; provided, that each Member shall be entitled at any time to Exchange Class B Units for Class A Common Stock if the aggregate number of Class B Units
surrendered by such Member in any such Exchange is greater than 2% of the Total Percentage Interests and such Exchange otherwise constitutes part of a “block transfer” within the meaning of Treasury Regulations Section 1.7704-1(e)(2)). Notwithstanding anything to the contrary herein, no Exchange shall be permitted (and, if attempted, shall be void ab initio) if, in the good faith determination of IPO Corp or of
the Company, such an Exchange would pose a material risk that the Company would be a “publicly traded partnership” under Section 7704 of the Code. 

  
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 (e) For the avoidance of doubt, and notwithstanding anything to the contrary herein, a
Member shall not be entitled to exchange Class B Units to the extent IPO Corp determines that such Exchange (i) would be prohibited by law or regulation (including, without limitation, the unavailability of any requisite registration
statement filed under the U.S. Securities Act or any exemption from the registration requirements thereunder) or (ii) would not be permitted under any other agreements with IPO Corp or its subsidiaries to which such Member may be party
(including, without limitation, this Agreement) or any written policies of IPO Corp related to unlawful or inappropriate trading applicable to its directors, officers or other personnel. 

(f) IPO Corp may adopt reasonable procedures for the implementation of the exchange provisions set forth in this
Section 7.05, including, without limitation, procedures for the giving of notice of an election of exchange. 

Section 7.06 Adjustment. The Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by any unit split,
unit distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse unit split, reclassification, reorganization, recapitalization or otherwise) of the Class B Units that is not accompanied by an
identical subdivision or combination of the Class A Common Stock; or (2) any subdivision (by any stock split, stock dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse stock
split, reclassification, reorganization, recapitalization or otherwise) of the Class A Common Stock that is not accompanied by an identical subdivision or combination of the Class B Units; provided, however, no adjustment to
the Exchange Rate will be made solely as a result of a reverse split of the Class B Units effected by the Company in accordance with Section 5.02(b) hereof. If there is any reclassification, reorganization,
recapitalization or other similar transaction in which the Class A Common Stock is converted or changed into another security, securities or other property, then upon any subsequent Exchange, an exchanging Member shall be entitled to receive
the amount of such security, securities or other property that such exchanging Member would have received if such Exchange had occurred immediately prior to the effective date of such reclassification, reorganization, recapitalization or other
similar transaction, taking into account any adjustment as a result of any subdivision (by any split, distribution or dividend, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split, reclassification,
recapitalization or otherwise) of such security, securities or other property that occurs after the effective time of such reclassification, reorganization, recapitalization or other similar transaction. Except as may be required in the immediately
preceding sentence, no adjustments in respect of distributions shall be made upon the exchange of any Class B Unit. 

Section 7.07 Class A Common Stock to be Issued. 

(a) IPO Corp shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the
purpose of issuance upon an Exchange, such number of shares of Class A Common Stock as shall be deliverable upon any such Exchange; provided that nothing contained herein shall be construed to preclude the Company from satisfying its
obligations in respect of the Exchange of the Class B Units by delivery of shares of Class A Common Stock which are held in the treasury of IPO Corp or are held by the Company or any of its subsidiaries or by delivery of purchased shares
of Class A Common Stock (which may or may not be held in the treasury of IPO Corp or held by any subsidiary of the Company). IPO Corp and the Company covenant that all Class A Common Stock issued upon an Exchange will, upon issuance, be
validly issued, fully paid and non-assessable. 

  
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 Section 7.08 Contractual Transfer Restrictions. Any restrictions on transfer
under any agreements with the IPO Corp or any of its subsidiaries to which an exchanging Member may be party shall apply, mutatis mutandis, to any shares of Class A Common Stock. 

ARTICLE VIII 

VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS 

Section 8.01 Vesting of Unvested Units. 

(a) Unvested Units shall become vested pursuant to the terms of an Award Agreement entered into by and between the Managing Member and the
applicable Member, and shall thereafter be Vested Units for all purposes of this Agreement. 
 (b) The Managing Member in its sole
discretion may authorize the earlier vesting of all or a portion of Unvested Units owned by any one or more Members at any time and from time to time, and in such event, such Unvested Units shall vest and thereafter be Vested Units for all purposes
of this Agreement. Any such determination in the Managing Member’s discretion in respect of Unvested Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Members, whether or not such
Members are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 

(c) Upon the vesting of any Unvested Units in accordance with this Section 8.01 or an Award Agreement entered into
in accordance with this Agreement, the Managing Member shall modify the books and records of the Company to reflect such vesting. 

Section 8.02 Forfeiture of Units. 

(a) Except as otherwise provided in the applicable Award Agreement or agreed to in writing between the Managing Member and the applicable
Person and reflected in the books and records of the Company, if a Person that is a Service Provider ceases to be a Service Provider for any reason, all Unvested Units held by such Person (or any Personal Planning Vehicle of such Person), and/or in
which such Person (or any Personal Planning Vehicle of such Person) has an indirect interest, as set forth in the books and records of the Company, shall be immediately forfeited without any consideration, and any such Person (or any such Personal
Planning Vehicle) shall cease to own or have any rights, directly or indirectly, with respect to such forfeited Unvested Units. 
 (b)
Except as otherwise provided in the applicable Award Agreement or otherwise agreed to in writing between the Managing Member and the applicable Person and reflected in the books and records of the Company, if the Managing Member determines in good
faith that Cause exists with respect to any Person that is or was at any time a Service Provider, 

  
 28 

 
the Units (whether or not vested) held by such Person (or any Personal Planning Vehicle of such Person), and/or in which such Person (or any Personal Planning Vehicle of such Person) has an
indirect interest, as set forth in the books and records of the Company, shall be immediately forfeited without any consideration, and any such Person (or any such Personal Planning Vehicle) shall cease to own or have any rights, directly or
indirectly, with respect to such forfeited Units. Such determinations need not be uniform and may be made selectively among such Persons, whether or not such Persons are similarly situated, and shall not constitute the breach by the Managing Member
or any of its directors, managers, officers or members of any duty (including any fiduciary duty) hereunder or otherwise existing at law, in equity or otherwise. 

(c) Upon the forfeiture of any Units in accordance with this Section 8.02, such Units shall be cancelled and the
Managing Member shall modify the books and records of the Company to reflect such forfeiture and cancellation. 
 Section 8.03
Member Transfers. 
 (a) Except as otherwise agreed to in writing between the Managing Member and the applicable Member and reflected
in the books and records of the Company, no Member or Assignee thereof may Transfer (other than pursuant to an Exchange) all or any portion of its Units or other interest in the Company (or beneficial interest therein) without the prior consent of
the Managing Member, which consent may be given or withheld, or made subject to such conditions (including, without limitation, the receipt of such legal opinions and other documents that the Managing Member may require) as are determined by the
Managing Member, in each case in the Managing Member’s sole discretion, and which consent may be in the form of a plan or program entered into or approved by the Managing Member, in its sole discretion. Any such determination in the Managing
Member’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Members, whether or not such Members are similarly situated, and shall not constitute the breach of
any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units that is not in accordance with, or subsequently violates, this Agreement shall be, to the fullest extent permitted by law, null and void. 

(b) Notwithstanding anything otherwise to the contrary in this Section 8.03, each Member may Transfer Units in an
Exchange pursuant to, and in accordance with, Section 7.05(a) of this Agreement; provided that such Exchange shall be effected in compliance with policies that the Managing Member may adopt or promulgate from time to
time (including policies requiring the use of designated administrators or brokers) in its sole discretion. Notwithstanding Section 18-702(e) of the Act, any Class B Units acquired by the Company
pursuant to an Exchange shall not be cancelled and shall be automatically converted into Class A Units to be held by the Managing Member in accordance with Section 7.05(b). 

(c) Notwithstanding anything otherwise to the contrary in this Section 8.03, a Personal Planning Vehicle of a Member
may Transfer Units: (i) to the donor thereof; (ii) if the Personal Planning Vehicle is a grantor retained annuity trust and the trustee(s) of such grantor retained annuity trust is obligated to make one or more distributions to the donor
of the grantor retained annuity trust, the estate of the donor of the grantor retained annuity trust, 

  
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the spouse of the donor of the grantor retained annuity trust or the estate of the spouse of the donor of the grantor retained annuity trust, to any such Persons; or (iii) upon the death of
such Member, to the spouse of such Member or a trust for which a deduction under Section 2056 or 2056A (or any successor provisions) of the Code may be sought. 

(d) Notwithstanding anything otherwise to the contrary in this Section 8.03, but subject to
Section 8.06(b), Blackstone Members may Transfer all or any portion of their Units or other interest in the Company (or beneficial interest therein) without the prior consent of the Managing Member. 

Section 8.04 Mandatory Exchanges. The Managing Member may in its sole discretion at any time and from time to time, without the
consent of any Member or other Person, cause to be Transferred in an Exchange any and all Units, except for Units held by any Person that is a Blackstone Member or who is a Service Provider at the time in question and/or in which a Person that is a
Blackstone Member or a Service Provider at the time in question has an indirect interest as set forth in the books and records of the Company. Any such determinations by the Managing Member need not be uniform and may be made selectively among
Members, whether or not such Members are similarly situated. In addition, the Managing Member may, with the consent of Members whose Vested Percentage Interests exceed 66 2/3% of the Vested Percentage Interests of all Members in the aggregate,
require all Members to Transfer in an Exchange all Units held by them; provided that the prior written consent of each Blackstone Member affected by any such proposed Transfer will be required. 

Section 8.05 Encumbrances. Other than any Blackstone Member or Assignee thereof, no Member or Assignee may create an
Encumbrance with respect to all or any portion of its Units (or any beneficial interest therein) other than Encumbrances that run in favor of the Member unless the Managing Member consents in writing thereto, which consent may be given or withheld,
or made subject to such conditions as are determined by the Managing Member, in the Managing Member’s sole discretion. Consent of the Managing Member shall be withheld until the holder of the Encumbrance acknowledges the terms and conditions of
this Agreement. Any purported Encumbrance that is not in accordance with this Agreement shall be, to the fullest extent permitted by law, null and void. 

Section 8.06 Further Restrictions. 

(a) Notwithstanding any contrary provision in this Agreement, the Managing Member may impose such vesting requirements, forfeiture provisions,
Transfer restrictions, minimum retained ownership requirements or other similar provisions with respect to any Units that are outstanding as of the date of this Agreement or are created thereafter, with the written consent of the holder of such
Units. Such requirements, provisions and restrictions need not be uniform and may be waived or released by the Managing Member in its sole discretion with respect to all or a portion of the Units owned by any one or more Members at any time and from
time to time, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise. 
 (b)
Notwithstanding any contrary provision in this Agreement, in no event may any Transfer of a Unit be made by any Member or Assignee if: 

  
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 (i) such Transfer is made to any Person who lacks the legal right, power or
capacity to own such Unit; 
 (ii) such Transfer would require the registration of such transferred Unit or of any
Class of Unit pursuant to any applicable U.S. federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other non-U.S. securities laws (including Canadian
provincial or territorial securities laws) or would constitute a non-exempt distribution pursuant to applicable provincial or state securities laws; 

(iii) such Transfer would cause (i) all or any portion of the assets of the Company to (A) constitute “plan
assets” (under ERISA, the Code or any applicable Similar Law) of any existing or contemplated Member, or (B) be subject to the provisions of ERISA, Section 4975 of the Code or any applicable Similar Law, or (ii) the Managing
Member to become a fiduciary with respect to any existing or contemplated Member, pursuant to ERISA, any applicable Similar Law, or otherwise; 

(iv) to the extent requested by the Managing Member, the Company does not receive such legal and/or tax opinions and written
instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the Managing Member, as determined in the Managing
Member’s sole discretion; provided that no legal and/or tax opinions will be required for any Transfer of a Unit by a Blackstone Member; or 

(v) the Managing Member shall determine in its sole discretion that such Transfer (other than an Exchange) would pose a
material risk that the Company would be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code and the regulations promulgated thereunder. 

(c) In addition, notwithstanding any contrary provision in this Agreement (other than Section 7.05(d)), to the
extent the Managing Member shall determine that the Units do not meet the requirements of Treasury Regulations Section 1.7704-1(h), the Managing Member may impose such restrictions on the Transfer (other
than an Exchange) of Units or other interests in the Company as the Managing Member may determine in its sole discretion to be necessary or advisable so that the Company is not treated as a “publicly traded partnership” within the meaning
of Section 7704 of the Code and the regulations promulgated thereunder. 
 (d) To the fullest extent permitted by law, any Transfer in
violation of this Article VIII shall be deemed null and void ab initio and of no effect. 
 Section 8.07 Rights of
Assignees. Subject to Section 8.06(b) hereof, the Transferee of any permitted Transfer pursuant to this Article VIII will be an assignee only (“Assignee”), and only will receive, to the
extent transferred, the distributions and allocations of income, gain, loss, deduction, credit or similar item to which the Member which transferred its 

  
 31 

 
Units would be entitled, and such Assignee will not be entitled or enabled to exercise any other rights or powers of a Member, such other rights, and all obligations relating to, or in connection
with, such interest remaining with the transferring Member. The transferring Member will remain a Member even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to the Company as a Member
pursuant to Section 8.09 hereof. 
 Section 8.08 Admissions, Withdrawals and Removals. 

(a) No Person may be admitted to the Company as an additional Managing Member or substitute Managing Member without the prior written consent
of each incumbent Managing Member, which consent may be given or withheld, or made subject to such conditions as are determined by each incumbent Managing Member, in each case in the sole discretion of each incumbent Managing Member. A Managing
Member will not be entitled to Transfer all of its Units or to withdraw from being a Managing Member of the Company unless another Managing Member shall have been admitted hereunder (and not have previously been removed or withdrawn). 

(b) No Member will be removed or entitled to withdraw from being a Member of the Company except in accordance with
Section 8.10 hereof. Any additional Managing Member or substitute Managing Member admitted as a Managing Member of the Company pursuant to this Section 8.08 is hereby authorized to, and shall,
continue the Company without dissolution. 
 (c) Except as otherwise provided in Article IX hereof or the Act, no admission,
substitution, withdrawal or removal of a Member will cause the dissolution of the Company. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is not in accordance with this Agreement shall be null and void.

 Section 8.09 Admission of Assignees as Substitute Members. An Assignee will become a substitute Member only if and when
each of the following conditions is satisfied: 
 (a) the Managing Member consents in writing to such admission, which consent may be given
or withheld, or made subject to such conditions as are determined by the Managing Member, in each case in the Managing Member’s sole discretion; 

(b) if required by the Managing Member, the Managing Member receives written instruments (including, without limitation, copies of any
instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Member) that are in a form satisfactory to the Managing Member (as determined in its sole discretion); 

(c) if required by the Managing Member with respect to any Member other than a Blackstone Member, the Managing Member receives an opinion of
counsel satisfactory to the Managing Member to the effect that such Transfer is in compliance with this Agreement and all applicable Law; and 

  
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 (d) if required by the Managing Member, the parties to the Transfer, or any one of them,
pays all of the Company’s reasonable expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Company). 

Section 8.10 Withdrawal and Removal of Members. Subject to Section 8.07 hereof, if a Member ceases
to hold any Units, including as a result of a forfeiture of Units pursuant to Section 8.02 hereof, then such Member shall cease to be a Member and to have the power to exercise any rights or powers of a Member. 

ARTICLE IX 

DISSOLUTION, LIQUIDATION AND TERMINATION 

Section 9.01 No Dissolution. Except as required by the Act, the Company shall not be dissolved by the admission of additional
Members or the withdrawal of Members in accordance with the terms of this Agreement. The Company may be dissolved, liquidated, wound up and terminated only pursuant to the provisions of this Article IX, and the Members hereby irrevocably waive any
and all other rights they may have to cause a dissolution of the Company or a sale or partition of any or all of the Company assets. 

Section 9.02 Events Causing Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the occurrence
of any of the following events (each, a “Dissolution Event”): 
 (a) the entry of a decree of judicial dissolution of the
Company under Section 18-802 of the Act upon the finding by a court of competent jurisdiction that it is not reasonably practicable to carry on the business of the Company in conformity with this
Agreement; 
 (b) any event which makes it unlawful for the business of the Company to be carried on by the Members; 

(c) the written consent of all Members; 

(d) at any time there are no Members, unless the Company is continued in accordance with the Act; 

(e) the Incapacity, resignation or removal of the Managing Member; provided that the Company will not be dissolved or required to be
wound up in connection with any of the events specified in this Section 9.02(e) if: (i) at the time of the occurrence of such event there is at least one other Managing Member of the Company who is hereby authorized
to, and elects to, carry on the business of the Company; or (ii) all remaining Members consent to or ratify the continuation of the business of the Company and the appointment of another Managing Member of the Company, effective as of the event
that caused the Managing Member to cease to be a Managing Member of the Company, within one hundred twenty (120) days following the occurrence of any such event, which consent shall be deemed (and if requested each Member shall provide a
written consent or ratification) to have been given for all Members if the holders of more than 50% of the Vested Units then outstanding agree in writing to so continue the business of the Company; or 

  
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 (f) the determination of the Managing Member in its sole discretion; provided that
in the event of a dissolution pursuant to this Section 9.02(f), the relative economic rights of each Class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable with
respect to distributions made to Members pursuant to Section 9.03 hereof in connection with the winding up of the Company, taking into consideration tax and other legal constraints that may adversely affect one or more
parties hereto and subject to compliance with applicable laws and regulations, unless, and to the extent that, with respect to any Class of Units, holders of not less than 90% of the Units of such Class consent in writing to a treatment
other than as described above. 
 Section 9.03 Distribution upon Dissolution. Upon dissolution, the Company shall not be
terminated and shall continue until the winding up of the affairs of the Company is completed. Upon the winding up of the Company, the Managing Member, or any other Person designated by the Managing Member (the “Liquidation Agent”),
shall take full account of the assets and liabilities of the Company and shall, unless the Managing Member determines otherwise, liquidate the assets of the Company as promptly as is consistent with obtaining the fair value thereof. The proceeds of
any liquidation shall be applied and distributed in the following order: 
 (a) First, to the satisfaction of debts and liabilities of the
Company (including satisfaction of all indebtedness to Members and/or their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment of any reserve which the Liquidation Agent shall
deem reasonably necessary for any contingent, conditional or unmatured contractual liabilities or obligations of the Company (“Contingencies”). Any such reserve may be paid over by the Liquidation Agent to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies and, at the expiration of such period as shall be deemed
advisable by the Liquidation Agent for distribution of the balance in the manner hereinafter provided in this Section 9.03; 

(b) Second, to the satisfaction of “catch-up” distributions due pursuant to
Section 4.01(b), if any, to the Members holding any such Vested Units for which such distributions are due pro rata in accordance with all such Members’ respective Vested Units for which such distributions are
due; and 
 (c) The balance, if any, to the Members, pro rata in accordance with the Members’ respective Vested Percentage
Interests (taking into account any amounts previously deemed distributed pursuant to Section 5.07 and not offset against prior distributions). 

Section 9.04 Time for Liquidation. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of
the Company and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such liquidation. 

  
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 Section 9.05 Termination. The Company shall terminate when all of the
assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company, shall have been distributed to the holders of Units in the manner provided for in this Article IX, and the Certificate shall
have been cancelled in the manner required by the Act. 
 Section 9.06 Claims of the Members. The Members shall look solely
to the Company’s assets for the return of their Capital Contributions, and if the assets of the Company remaining after payment of or due provision for all debts, liabilities and obligations of the Company are insufficient to return such
Capital Contributions, the Members shall have no recourse against the Company or any other Member or any other Person. No Member with a negative balance in such Member’s Capital Account shall have any obligation to the Company or to the other
Members or to any creditor or other Person to restore such negative balance during the existence of the Company, upon dissolution or termination of the Company or otherwise, except to the extent required by the Act. 

Section 9.07 Survival of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of
Section 5.07, Section 10.02, Section 11.09 and Section 11.10 hereof shall survive the termination of the Company. 

ARTICLE X 
 LIABILITY
AND INDEMNIFICATION 
 Section 10.01 Liability of Members. 

(a) No Member and no Affiliate, manager, member, employee or agent of a Member shall be liable for any debt, obligation or liability of the
Company or of any other Member or have any obligation to restore any deficit balance in its Capital Account solely by reason of being a Member of the Company, except to the extent required by the Act. 

(b) This Agreement is not intended to, and does not, create or impose any duty (including any fiduciary duty) other than express contractual
duties set forth herein on any of the Members (including without limitation, the Managing Member) hereto or on their respective Affiliates. Further, notwithstanding any other provision of this Agreement or any duty otherwise existing at law or in
equity, the parties hereto agree that no Member or Managing Member shall, to the fullest extent permitted by law, have duties (including fiduciary duties) other than express contractual duties set forth herein to any other Member or to the Company,
and in doing so, recognize, acknowledge and agree that their duties and obligations to one another and to the Company are only as expressly set forth in this Agreement; provided, however, that each Member shall have the duty to act in
accordance with the implied contractual covenant of good faith and fair dealing. 
 (c) To the extent that, at law or in equity, any Member
(including without limitation, the Managing Member) has duties (including fiduciary duties) and liabilities relating thereto to the Company, to another Member or to another Person who is a party to or is otherwise bound by this Agreement, the
Members (including without limitation, the Managing Member) acting under this Agreement will not be liable to the Company, to any such other 

  
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Member or to any such other Person who is a party to or is otherwise bound by this Agreement, for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement,
to the extent that they restrict or eliminate the duties and liabilities relating thereto of any Member (including without limitation, the Managing Member) otherwise existing at law or in equity, are agreed by the Members to replace to that extent
such other duties and liabilities of the Members relating thereto (including without limitation, the Managing Member). 
 (d) The Managing
Member may consult with legal counsel, accountants and financial or other advisors selected by it, and any act or omission taken by the Managing Member on behalf of the Company or in furtherance of the interests of the Company in good faith in
reliance upon and in accordance with the advice of such Person as to matters the Managing Member reasonably believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in
good faith and in accordance with such opinion or advice, and the Managing Member will be fully protected in so acting or omitting to act so long as such counsel or accountants or financial or other advisors were selected with reasonable care. 

(e) Notwithstanding any other provision of this Agreement or otherwise applicable provision of law or equity, whenever in this Agreement the
Managing Member is permitted or required to make a decision (i) in its “sole discretion” or “discretion” or under a grant of similar authority or latitude, the Managing Member shall be entitled to consider only such
interests and factors as it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation to give any consideration to any interest of or factors affecting the Company or the Members,
or (ii) in its “good faith” or under another expressed standard, the Managing Member shall act under such express standard and shall not be subject to any other or different standards. 

Section 10.02 Indemnification. 

(a) Exculpation and Indemnification. Notwithstanding any other provision of this Agreement, whether express or implied, to the
fullest extent permitted by law, no Indemnitee shall be liable to the Company or any Member for any act or omission in relation to the Company or this Agreement or any transaction contemplated hereby taken or omitted by an Indemnitee unless such
Indemnitee’s conduct constituted fraud, bad faith or willful misconduct. To the fullest extent permitted by law, as the same exists or hereafter be amended (but in the case of any such amendment, only to the extent that such amendment permits
the Company to provide broader indemnification rights than such law permitted the Company to provide prior to such amendment), the Company shall indemnify any Indemnitee who was or is made or is threatened to be made a party to or is otherwise
involved in any threatened, pending or completed action, suit or proceeding (brought in the right of the Company or otherwise), whether civil, criminal, administrative, arbitrative or investigative, and whether formal or informal, including appeals,
by reason of his or her or its status as an Indemnitee or by reason of any action alleged to have been taken or omitted to be taken by Indemnitee in such capacity, for and against all loss and liability suffered and expenses (including
attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by such Indemnitee in connection with such action, suit or proceeding, including appeals; provided that such Indemnitee shall not be entitled to
indemnification hereunder if, but only to the extent that, such Indemnitee’s conduct 

  
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constituted fraud, bad faith or willful misconduct. Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c) hereof, the Company shall be
required to indemnify an Indemnitee in connection with any action, suit or proceeding (or part thereof) (i) commenced by such Indemnitee only if the commencement of such action, suit or proceeding (or part thereof) by such Indemnitee was
authorized by the Managing Member and (ii) by or in the right of the Company only if the Managing Member has provided its prior written consent. The indemnification of an Indemnitee of the type identified in clause (d) of the definition of
Indemnitee shall be secondary to any and all indemnification to which such Indemnitee is entitled from the relevant other Person (including any payment made to such Indemnitee under any insurance policy issued to or for the benefit of such Person or
Indemnitee) (the “Primary Indemnification”), and will only be paid to the extent the Primary Indemnification is not paid and/or does not provide coverage (e.g., a self-insured retention amount under an insurance policy). No such
Person shall be entitled to contribution or indemnification from or subrogation against the Company. The indemnification of any other Indemnitee shall, to the extent not in conflict with such policy, be secondary to any and all payment to which such
Indemnitee is entitled from any relevant insurance policy issued to or for the benefit of the Company or any Indemnitee. For the avoidance of doubt, this Agreement shall not affect the indemnification and advancement rights provided pursuant to the
Original Agreement in favor of any Person relating to proceedings arising out of actions or omissions occurring in whole or in part prior to the effectiveness of this Agreement. 

(b) Advancement of Expenses. To the fullest extent permitted by law, the Company shall promptly pay expenses (including
attorneys’ fees) incurred by any Indemnitee in appearing at, participating in or defending any action, suit or proceeding in advance of the final disposition of such action, suit or proceeding, including appeals, upon presentation of an
undertaking on behalf of such Indemnitee to repay such amount if it shall ultimately be determined that such Indemnitee is not entitled to be indemnified under this Section 10.02 or otherwise. Notwithstanding the preceding
sentence, except as otherwise provided in Section 10.02(c) hereof, the Company shall be required to pay expenses of an Indemnitee in connection with any action, suit or proceeding (or part thereof) (i) commenced by
such Indemnitee only if the commencement of such action, suit or proceeding (or part thereof) by such Indemnitee was authorized by the Managing Member and (ii) by or in the right of the Company only if the Managing Member has provided its prior
written consent. 
 (c) Unpaid Claims. If a claim for indemnification (following the final disposition of such action, suit or
proceeding) or advancement of expenses under this Section 10.02 is not paid in full within thirty (30) days after a written claim therefor by any Indemnitee has been received by the Company, such Indemnitee may file
proceedings to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Company shall have the burden of proving that such Indemnitee
is not entitled to the requested indemnification or advancement of expenses under applicable Law. 
 (d) Insurance. (i) To the
fullest extent permitted by law, the Company may purchase and maintain insurance on behalf of any person described in Section 10.02(a) hereof against any liability asserted against such person, whether or not the Company
would have the power to indemnify such person against such liability under the provisions of this Section 10.02 or otherwise. 

  
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 (ii) In the event of any payment by the Company under this
Section 10.02, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee from any relevant other Person or under any insurance policy issued to or for the benefit of
the Company, such relevant other Person, or any Indemnitee. Each Indemnitee agrees to execute all papers required and take all action necessary to secure such rights, including the execution of such documents as are necessary to enable the Company
to bring suit to enforce any such rights in accordance with the terms of such insurance policy or other relevant document. The Company shall pay or reimburse all expenses actually and reasonably incurred by the Indemnitee in connection with such
subrogation. 
 (iii) The Company shall not be liable under this Section 10.02 to make any payment
of amounts otherwise indemnifiable hereunder (including, but not limited to, judgments, fines and amounts paid in settlement, and excise taxes with respect to an employee benefit plan or penalties) if and to the extent that the applicable Indemnitee
has otherwise actually received such payment under this Section 10.02 or any insurance policy, contract, agreement or otherwise. 

(e) Non-Exclusivity of Rights. The provisions of this
Section 10.02 shall be applicable to all actions, claims, suits or proceedings made or commenced after the date of this Agreement, whether arising from acts or omissions to act occurring before or after its adoption. The
provisions of this Section 10.02 shall be deemed to be a contract between the Company and each person entitled to indemnification under this Section 10.02 (or legal representative thereof) who
serves in such capacity at any time while this Section 10.02 and the relevant provisions of applicable Law, if any, are in effect, and any amendment, modification or repeal hereof shall not affect any rights or obligations
then existing with respect to any state of facts or any action, suit or proceeding then or theretofore existing, or any action, suit or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. If any
provision of this Section 10.02 shall be found to be invalid or limited in application by reason of any law or regulation, it shall not affect the validity of the remaining provisions hereof. The rights of indemnification
provided in this Section 10.02 shall neither be exclusive of, nor be deemed in limitation of, any rights to which any person may otherwise be or become entitled or permitted by contract, this Agreement or as a matter of
law, both as to actions in such person’s official capacity and actions in any other capacity, it being the policy of the Company that indemnification of any person whom the Company is obligated to indemnify pursuant to
Section 10.02(a) hereof shall be made to the fullest extent permitted by law. 
 For purposes of this
Section 10.02, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes assessed on a person with respect to an employee benefit plan;
and references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee, or agent with
respect to an employee benefit plan, its participants, or beneficiaries. 

  
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 This Section 10.02 shall not limit the right of the Company, to
the extent and in the manner permitted by law, to indemnify and to advance expenses to, and purchase and maintain insurance on behalf of, persons other than persons described in Section 10.02(a) hereof. 

ARTICLE XI 

MISCELLANEOUS 

Section 11.01 Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of
being enforced by any rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any
manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 11.02 Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier service (delivery receipt requested), by fax, by electronic mail or by registered or certified mail (postage prepaid, return receipt
requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 11.02): 

(a) If to the Company, to: 

Exeter Finance LLC 
 222 W. Las
Colinas Blvd., Suite 1800 
 Irving, Texas 75039 

Attention: Executive Vice President, General Counsel & Secretary 

Email: Walter.Evans@exeterfinance.com 

Fax: 
 with a copy (not
constituting notice) to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York,
New York 10036 
 Attention: Laura Kaufmann Belkhayat 

Email: Laura.Kaufmann@skadden.com 

Fax: (917) 777-2439 

  
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 (b) If to any Member, to the address or electronic mail address of such Member as the Member
may designate from time to time by notice in writing to the Company.     
 (c) If to the Managing Member, to: 

Exeter Finance LLC 
 222 W. Las
Colinas Blvd., Suite 1800 
 Irving, Texas 75039 

Attention: Executive Vice President, General Counsel & Secretary 

Email: Walter.Evans@exeterfinance.com 

Fax: 
 with a copy (not
constituting notice) to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 
 New York,
New York 10036 
 Attention: Laura Kaufmann Belkhayat 

Email: Laura.Kaufmann@skadden.com 

Fax: (917) 777-2439 

Section 11.03 Cumulative Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one
right or remedy by any party shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the parties may have by Law. 

Section 11.04 Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the
extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

Section 11.05 Interpretation. Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine,
neuter, singular or plural, whichever shall be applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and paragraphs shall refer to corresponding provisions of this Agreement. 

Each party hereto acknowledges and agrees that the parties hereto have participated collectively in the negotiation and drafting of this
Agreement and that he or she or it has had the opportunity to draft, review and edit the language of this Agreement; accordingly, it is the intention of the parties that no presumption for or against any party arising out of drafting all or any part
of this Agreement will be applied in any dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted by law the benefit of any rule of law or any legal decision that
would require that in cases of uncertainty, the language of a contract should be interpreted most strongly against the party who drafted such language. 

  
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 Section 11.06 Counterparts. This Agreement may be executed and delivered
(including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.06.

 Section 11.07 Further Assurances. Each Member shall perform all other acts and execute and deliver all other documents
as may be necessary or appropriate to carry out the purposes and intent of this Agreement. 
 Section 11.08 Entire
Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 

Section 11.09 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. 
 Section 11.10 Submission to Jurisdiction; Waiver of Jury Trial. 

(a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of, relating to or in
connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be
finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an
arbitrator within thirty (30) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the English language.
Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 
 (b) Notwithstanding the
provisions of Section 11.10(a) hereof, the parties hereto may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary
relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this Section 11.10(b), each party hereto (i) expressly consents to the application of
Section 11.10(c) hereof to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that
remedies at law would be inadequate. 
 (c) (i) EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW
YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 11.10, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR
CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings 

  
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include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge
that the fora designated by this Section 11.10(c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter
may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 11.10 and such parties agree not to
plead or claim the same. 
 Section 11.11 Expenses. Except as otherwise specified in this Agreement, the Company shall be
responsible for all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with its operation. 

Section 11.12 Amendments and Waivers. 

(a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or modified by the Managing Member in its sole
discretion without the approval of any Member or other Person; provided that for so long as Blackstone Members collectively own, in the aggregate, at least 5% of the outstanding Common Units, the prior written consent of each Blackstone
Member will be required for any amendment, supplement, waiver or modification of this Agreement, including any amendment, supplement, waiver or modification that may occur as a result of merger, consolidation, combination or conversion of the
Company; provided further that no amendment may materially and adversely affect the rights of a holder of Units, as such, other than on a pro rata basis with other holders of Units of the same Class without the consent of
such holder (or, if there is more than one such holder that is so affected, without the consent of a majority in interest of such affected holders in accordance with their holdings of such Class of Units); provided, however, that
notwithstanding the foregoing, the Managing Member may, without the written consent of any Member or any other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file and record
whatever documents may be required in connection therewith, to reflect: (1) any amendment, supplement, waiver or modification that the Managing Member determines in its sole discretion to be necessary or appropriate in connection with the
creation, authorization or issuance of Units or any Class or series of equity interest in the Company pursuant to Section 7.01 hereof; (2) the admission, substitution, withdrawal or removal of Members in
accordance with this Agreement, including pursuant to Section 7.01 hereof; (3) a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or
the registered office of the Company; (4) any amendment, supplement, waiver or modification that the Managing Member determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations,
legislation or interpretation; and/or (5) a change in the Fiscal Year or taxable year of the Company and any other changes that the Managing Member determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable
year of the Company including a change in the dates on which distributions are to be made by the Company. If an amendment has been approved in accordance with this agreement, such amendment shall be adopted and

  
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effective with respect to all Members. Upon obtaining such approvals as may be required by this Agreement, and without further action or execution on the part of any other Member or other Person,
any amendment to this Agreement may be implemented and reflected in a writing executed solely by the Managing Member and the Members shall be deemed a party to and bound by such amendment. 

(b) No failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period of
time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided
shall be cumulative and not exclusive of any rights or remedies provided by Law. 
 (c) The Managing Member may, in its sole discretion,
unilaterally amend this Agreement on or before the effective date of the final regulations to provide for (i) the election of a safe harbor under Proposed Treasury Regulations Section 1.83-3(l) (or
any similar provision) under which the fair market value of a membership interest (or interest in an entity treated as a partnership for U.S. federal income tax purposes) that is transferred is treated as being equal to the liquidation value of that
interest; (ii) an agreement by the Company and each of its Members to comply with all of the requirements set forth in such regulations and Notice 2005-43 (and any other guidance provided by the Internal
Revenue Service with respect to such election) with respect to all membership interests (or interest in an entity treated as a partnership for U.S. federal income tax purposes) transferred in connection with the performance of services while the
election remains effective; (iii) the allocation of items of income, gains, deductions and losses required by the final regulations similar to Proposed Treasury Regulations
Sections 1.704-1(b)(4)(xii)(b) and (c), 1.704-1(b)(2)(iv)(b)(1); and (iv) any other related amendments. 

(d) Except as may be otherwise required by law in connection with the winding-up, liquidation, or
dissolution of the Company, each Member hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of any of the Company’s property. 

Section 11.13 No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the
parties hereto and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by
reason of this Agreement (other than pursuant to Section 10.02 hereof); provided, however, that each employee, officer, director, agent or indemnitee of any Person who is bound by this Agreement or its
Affiliates is an intended third party beneficiary of Section 11.10 hereof and shall be entitled to enforce its rights thereunder. 

Section 11.14 Headings. The headings and subheadings in this Agreement are included for convenience and identification only
and are in no way intended to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 

  
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 Section 11.15 Power of Attorney. Each Member hereby irrevocably makes,
constitutes and appoints the Managing Member as its true and lawful agent and attorney in fact, with full power of substitution and full power and authority in its name, place and stead, to make, execute, sign, acknowledge, swear to, record and file
(a) this Agreement and any amendment to this Agreement that has been adopted as herein provided; (b) all amendments to the Certificate required or permitted by law or the provisions of this Agreement; (c) all certificates and other
instruments (including consents and ratifications which the Members have agreed to provide upon a matter receiving the agreed support of Members) deemed advisable by the Managing Member to carry out the provisions of this Agreement (including the
provisions of Section 8.04 hereof) and Law or to permit the Company to become or to continue as a limited liability company or entity wherein the Members have limited liability in each jurisdiction where the Company may be
doing business; (d) all instruments that the Managing Member deems appropriate to reflect a change or modification of this Agreement or the Company in accordance with this Agreement, including, without limitation, the admission of additional
Members or substituted Members pursuant to the provisions of this Agreement; (e) all conveyances and other instruments or papers deemed advisable by the Managing Member to effect the liquidation and termination of the Company; and (f) all
fictitious or assumed name certificates required or permitted (in light of the Company’s activities) to be filed on behalf of the Company. 

Section 11.16 Separate Agreements; Schedules. Notwithstanding any other provision of this Agreement, including
Section 11.12 hereof, the Managing Member in its sole discretion may, or may cause the Company to, without the approval of any Member or other Person, enter into separate subscription, letter or other agreements with
individual Members with respect to any matter, which have the effect of establishing rights under, or altering, supplementing or amending the terms of, this Agreement. The parties hereto agree that any terms contained in any such separate agreement
shall govern with respect to such Member(s) party thereto notwithstanding the provisions of this Agreement. The Managing Member in its sole discretion may from time to time execute and deliver to the Members schedules which set forth information
contained in the books and records of the Company and any other matters deemed appropriate by the Managing Member. Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for any purpose whatsoever.
Notwithstanding anything to the contrary, solely for U.S. federal income tax purposes, this Agreement, and any other separate agreement described in this Section 11.16 shall together constitute a “partnership
agreement” within the meaning of Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

Section 11.17 Partnership Status. The Members intend for the Company to be treated as a partnership for U.S. federal income
tax purposes and notwithstanding anything to the contrary herein, no election to the contrary shall be made. 
 Section 11.18
Delivery by Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or
thereto, to the extent signed and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same
binding legal effect as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or email to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email as a defense to the formation or enforceability of a contract, and each such party forever waives any such defense. 

[Remainder of Page Intentionally Left Blank] 

  
 44 

 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement or have caused this
Agreement to be duly executed by their respective authorized officers, in each case as of the date first above stated. 
  

			
	Managing Member:
	
	EXETER FINANCE CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Blackstone Member(s):
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Other Members:
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Amended and Restated Limited Liability Company Agreement of Exeter Finance LLC]

 EXHIBIT A 

FORM OF 
 ELECTION OF
EXCHANGE 
 Exeter Finance Corporation 
 Exeter Finance LLC

 222 W. Las Colinas Blvd., Suite 1800 
 Irving, Texas 75039

 Attention: Chief Legal Officer 
 Reference is hereby made to
the Amended and Restated Limited Liability Company Agreement, dated as of                , 2019 (the “LLC Agreement”), by and between Exeter Finance
Corporation, a Delaware company (“IPO Corp”), and the other Members whose names are set forth in the books and records of the Company. Capitalized terms used but not defined herein shall have the meanings given to them in the LLC
Agreement. 
 The undersigned Member hereby transfers to IPO Corp, for the account of the Company, the number of Class B Units, and surrenders for
cancellation the number of shares of Class B Common Stock, set forth below in exchange for shares of Class A Common Stock to be issued in its name as set forth below, or cash, to the extent this Election of Exchange is being delivered
pursuant to Section 7.05(c) of the LLC Agreement. 

Legal Name of Member:                
                
                                         
                

Address:                
                                 
                                         
                                         
                                         
              
 Number of Class
B Units to be exchanged:                                 
                            

The undersigned hereby represents and warrants that (i) the undersigned has full legal capacity to execute and deliver this Election of Exchange and to
perform the undersigned’s obligations hereunder; (ii) this Election of Exchange has been duly executed and delivered by the undersigned and is the legal, valid and binding obligation of the undersigned enforceable against it in accordance
with the terms thereof or hereof, as the case may be, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable remedies; (iii) the Class B Units subject to
this Election of Exchange are being transferred to the Company free and clear of any pledge, lien, security interest, encumbrance, equities or claim; and (iv) no consent, approval, authorization, order, registration or qualification of any
third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Class B Units subject to this Election of Exchange is required to be obtained by the undersigned for the transfer of such Class B
Units to the Company. 
 The undersigned hereby irrevocably constitutes and appoints any officer of the Company or of IPO Corp as the
attorney of the undersigned, with full power of substitution and resubstitution in the premises, to do any and all things and to take any and all actions that may be necessary to transfer to the Company, for the account of the Company, the
Class B Units subject to this Election of Exchange and to deliver to the undersigned the shares of Class A Common Stock to be delivered in exchange therefor. 

  
 Exhibit A - 1 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Election of
Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

	
	Name:
	Dated:

  
 Exhibit A - 2 

 EXHIBIT B 

[FORM OF] 
 CASH ELECTION NOTICE

 [Exchanging Member] 
 [Address] 

Reference is hereby made to the Amended and Restated Limited Liability Company Agreement, dated as
of                , 2019 (the “LLC Agreement”), by and between Exeter Finance Corporation, a Delaware corporation (“IPO Corp”), and the
other Members whose names are set forth in [the books and records of the Company]. Capitalized terms used but not defined herein shall have the meanings given to them in the LLC Agreement. 

Pursuant to Section 7.05(a) of the LLC Agreement, the Company hereby notifies you of its election to satisfy
Exchanges of Class B Units, not to exceed                Class B Units, pursuant to any Election of Exchange delivered by you to IPO Corp and the Company commencing
on the date hereof and continuing for the period specified in Section 7.05(a) of the Agreement through the delivery of the Cash Amount in lieu of shares of Class A Common Stock. 

 

			
	EXETER FINANCE LLC
		
	By:	 	  

		 	Name:
		 	Title:

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