Document:

EX-10.2

 Exhibit 10.2 
  

 
 

 
  

					
		  		  	December 9, 2014
			
	 Mr. Joseph Darling

501 Mandalay Avenue

Unit 409

Clearwater Beach, Florida 33767
	  		  	

  

	 	Re:	Separation and Release Agreement 

 Dear Joe: 

This letter agreement (“Letter Agreement”) sets forth the understanding between you and CONMED Corporation (together with its
subsidiaries, affiliates, and other related entities, the “Company”) regarding your separation from the Company. 
  

	1.	Termination of Employment Agreement 

 Your employment with the Company will terminate on
December 31, 2014 (the “Termination Date”). It is agreed that you hereby resign, as of the Termination Date, from any and all offices, board memberships and other positions you hold with the Company. 

 

	2.	Separation Payments 

 Upon your termination of employment, you will be entitled to the
following payments and benefits (in each case, less applicable withholdings): 
  

	 	(a)	The Company will pay you, within ten (10) days after the Termination Date, a lump sum of $385,770, which is equal to your current base annual salary; 

 

	 	(b)	The Company will pay you, beginning in January 2016, the sum of $192,885, which is equal to one half of your current base annual salary, payable in six (6) equal monthly installments, provided that, beginning
January 2016, you provide the Company a monthly certification in a form reasonably satisfactory to the Company, signed by you attesting that you remain unemployed, and not acting as a consultant or agent earning income (other than income as provided
herein) since the Termination Date. In the event that you become employed or otherwise do not provide such certification in a timely manner, payments under this Paragraph 2(b) shall cease. A form of certification satisfactory to the Company is
attached hereto as Exhibit A. 

 Joseph Darling 

Separation and Release Agreement 
 December 9, 2014 

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	 	(c)	Pursuant to the terms of the 2014 Executive Bonus Plan, the Company will pay you the 20% “holdback” from the 2013 Bonus Plan at the time when other similarly situated executives receive such holdback payments
but in no event later than March 15, 2015, provided that 2014 adjusted EPS is not less than $1.66; and 

  

	 	(d)	The Company will also pay you any amount that you may earn for the year-ended December 31, 2014 under the terms of the 2014 Executive Bonus Plan at the time when other similarly situated executives receive such
payments but in no event later than March 15, 2015; 

  

	 	(e)	You will be eligible for a reduced COBRA rate for the medical and/or dental coverage which you may elect to continue through June 2016 or such other later time as allowed by law. Thereafter, the regular COBRA rate will
be due for the remainder of the COBRA period. The reduced COBRA rate is the monthly equivalent of the employee contribution rate for the plans that you elect; and 

 

	 	(f)	The Company will pay you within 10 (ten) days after the Termination Date, (i) any earned but unpaid annual base salary, (ii) any unreimbursed business expenses, in accordance with the Company’s applicable
expense reimbursement policies and (iii) one (1) week of accrued but unused vacation, in accordance with the Company’s practices. 

  

	 	(g)	Your entitlement to any outstanding equity compensation awards will be determined by the terms of such equity compensation award agreements and the terms of the equity plans under which such awards were granted, subject
further to the Company’s policies on compliance with securities law. 

 You will only be entitled to receive the benefits in
Paragraph 2(a)-(e) above if you sign this Letter Agreement and do not revoke any part of the general release and waiver of Claims in Paragraph 3 within the 7-day revocation period described below, and if you do revoke any part of the
general release and waiver of Claims in Paragraph 3, the Company will have no obligation to provide any payments to you as set forth in Paragraph 2(a)-(e) above or otherwise. 

 

	3.	General Release and Waiver of Claims 

 (a) Release. By signing this Letter
Agreement, you, on behalf of yourself and your heirs, executors, administrators and assigns, in consideration of the payments and benefits provided to you by the Company pursuant to this Letter Agreement, knowingly and voluntarily waive, terminate,
cancel, release and discharge forever the Company, its officers, directors, employees, members, attorneys and agents and their predecessors, successors and assigns, individually and in their official capacities (together, the “Released
Parties”) from any and all actions, causes of action, claims, allegations, rights, obligations, liabilities, or charges (collectively, “Claims”) that you (or your heirs, executors, administrators, successors and assigns)
has or may have, whether known or unknown, by reason of any matter, cause or thing occurring at any time before and including the date of this Letter Agreement arising under or in connection with your employment or termination of employment with the
Company, including, without limitation: claims for any cash or equity compensation or bonuses, whether or not paid under any Company compensation plan or arrangement; breach 

  
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 Joseph Darling 

Separation and Release Agreement 
 December 9, 2014 

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 of contract; tort; wrongful, abusive, unfair, constructive, or unlawful discharge or dismissal; impairment of
economic opportunity; defamation; age and national origin discrimination; sexual harassment; back pay; front pay; benefits; attorneys’ fees; whistleblower claims; emotional distress; intentional infliction of emotional distress; assault;
battery, pain and suffering; punitive or exemplary damages; violations of the Equal Pay Act, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967 (“ADEA”), the
Americans with Disabilities Act of 1991, the Employee Retirement Income Security Act, the Worker Adjustment Retraining and Notification Act, the Family Medical Leave Act, including all amendments to any of the aforementioned acts; and violations of
any other federal, state, or municipal fair employment statutes or laws, including, without limitation, violations of any other law, rule, regulation, or ordinance pertaining to employment, wages, compensation, hours worked, or any other matters
related in any way to your employment with the Company or the termination of that employment. In addition, in consideration of the provisions of this Letter Agreement, you further agree to waive any and all rights under the laws of any jurisdiction
in the United States, or any other country, that limit a general release to those claims that are known or suspected to exist in your favor as of the Termination Date. This release of Claims will not, however, apply to any obligation of the Company
pursuant to this Letter Agreement, any rights to indemnification from the Company you may have, any rights to continuing directors’ and officers’ liability insurance to the same extent as the Company covers its other officers and
directors, any rights that you may have to obtain contribution in the event of the entry of judgment against yourself as a result of any act or failure to act for which both you and the Company are jointly responsible or any benefit to which you are
entitled under any tax qualified pension plan of the Company or its affiliates, COBRA continuation coverage benefits, vested benefits under any other benefit plans of the Company or its affiliates or any other welfare benefits required to be
provided by statute, and any claims which may not be released under applicable law (claims with respect thereto, collectively, “Excluded Claims”). For the avoidance of doubt, you shall remain covered under directors’ and
officers’ liability insurance and your indemnification agreement or policy for acts or omissions occurring during your period of providing services to the Company and any of its affiliates, including the 90-day period referenced in Paragraph 5
of this Letter Agreement, to the extent such coverage is permitted under the Company’s policies and your indemnification agreement. 

The Company knows of no claims held by the Released Parties against you. 

(b) Proceedings. You further agree, promise and covenant that, to the maximum extent permitted by law, neither you, nor any person,
organization, or other entity acting on your behalf, has filed or will file, charged or will charge, claimed or will claim, sued or will sue, or caused or will cause, or permitted or will permit to be filed, charged or claimed, any action for
damages or other relief (including injunctive, declaratory, monetary or other relief) against the Released Parties with respect to any Claims other than Excluded Claims. 

(c) Acknowledgements by You. You hereby acknowledge and confirm that you were advised by the Company in connection with your
termination of employment or services to consult with an attorney of your choice prior to signing this release and waiver of Claims, including, without limitation, with respect to the terms relating to your release and waiver of Claims arising under
ADEA, 

  
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 Joseph Darling 

Separation and Release Agreement 
 December 9, 2014 

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 and that you have in fact consulted an attorney. You have been given twenty-one (21) days to review this
release and waiver of Claims, and you are signing this release and waiver of Claims knowingly, voluntarily and with full understanding of its terms and effects, and you voluntarily accept the benefits provided for under
Paragraph 2(a)-(e) of this Letter Agreement for the purpose of making full and final settlement of all claims referred to above. You also understand that you have seven (7) days after the Termination Date to revoke the release and
waiver of Claims in this Paragraph 3, and that this release and waiver of Claims and any obligations that the Company has under Paragraph 2(a)-(e) of this Letter Agreement will not become effective if you exercise your right to revoke
the release and waiver of Claims within seven (7) days of execution. You understand that such revocation must be delivered to the Company at its headquarters, attn: General Counsel, during such period to be effective. 

 

	4.	Non-Competition and Non-Disclosure 

 You agree and acknowledge that your obligations
under the Agreement relating to Inventions, Trade Secrets, and Confidential Information with Covenant Not to Compete dated April 15, 2008 (“Confidentiality Agreement”) will continue to apply after the Termination Date for the
period of time specified in such agreement; provided, that, (1) the Company waives the post-employment restrictions set forth in paragraph 14 thereof, and (2) you may disclose confidential or proprietary information of the Company
to the extent required by law or by any court, arbitrator, or administrative or governmental body, or as reasonably necessary in any legal, arbitration, administrative or governmental proceeding. You affirm that the Confidentiality Agreement does
not unduly burdensome to you and are reasonably necessary to protect the legitimate interests of the Company. 
  

	5.	Cooperation and Representation 

 You agree to, during the ninety (90) days after the
Termination Date, reasonably cooperate with the Company and its affiliates and their respective directors, officers, attorneys and experts, and take all actions the Company may reasonably request, to assist in the orderly transition of your pending
work to other officers or employees of the Company as may be designated by the Company. Such requests shall take into account any of your personal and business commitments and you shall be reimbursed (within thirty (30) days of providing an
invoice to the Company) for any reasonable expenses incurred in connection with such cooperation. 
  

	6.	Other Terms 

 (a) Breach. You agree and acknowledge that should you violate any
term of this Letter Agreement, the amount of damages that the Company would suffer as a result of such violation could be difficult to ascertain and money damages might not afford the Company an adequate remedy. You further agree and acknowledge
that in the event of your material breach of any material term of this Letter Agreement, the Company’s obligation to provide you with any payments or benefits pursuant to Paragraph 2(a)-(e) of this Letter Agreement will immediately
cease, and the Company will be entitled to seek recovery of monetary damages and seek to obtain all other relief provided by law or equity, including, but not limited to, injunctive relief. 

  
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 Joseph Darling 

Separation and Release Agreement 
 December 9, 2014 

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 (b) Additional Representations and Nondisclosure. You acknowledge that you have not
relied on any representations or statements not set forth in this Letter Agreement. Except to the extent publicly disclosed by the Company or its representatives, you will not disclose the contents or substance of this Letter Agreement to anyone
except your immediate family, any lenders (for purposes of obtaining credit), your financial advisors or accountants and any tax, legal or other counsel that you have consulted regarding the meaning or effect hereof, and you will instruct each of
the foregoing not to disclose the same; provided, that you may disclose the contents or substance of this Letter Agreement to the extent necessary to enforce or implement its terms, as required by law or by any court, arbitrator, or
administrative or governmental body or to the extent appropriate in connection with any dispute over this Letter Agreement or otherwise involving you and the Company. Any such disclosure by any member of your immediate family, your financial
advisors or accountants or any of your tax, legal or other counsel will be regarded as a breach of this Paragraph 6(b) by you, and you will be fully responsible for any such breach. 

(c) Non-disparagement. You agree that you will not make or publish any statement (orally or in writing) that becomes or reasonably
could be expected to become publicly known, or instigate, assist or participate in the making or publication of any such statement, which would libel, slander or disparage (whether or not such disparagement legally constitutes libel or slander) the
Company or any other entity or person within the Company, any of their affairs or operations, or the reputations of any of their past or present officers, directors, agents, representatives or employees. The Company’s Board of Directors will
not make any formal statement and will instruct the Company’s executive officers not to make or publish any statement (orally or in writing) that becomes or reasonably could be expected to become publicly known, or instigate, assist or
participate in the making or publication of any such statement, which would libel, slander or disparage (whether or not such disparagement legally constitutes libel or slander) you. This Paragraph 6(c) shall not be violated by making any
truthful statement to the extent required by law or by any court, arbitrator, or administrative or governmental body or to the extent appropriate in connection with any dispute over this Agreement or otherwise involving you and the Company. 

(d) Nonadmission. Nothing contained in this Letter Agreement will be deemed or construed as an admission of wrongdoing or liability on
the part of the Company or any of the other Released Parties or by you. 
 (e) Entire Understanding. This Letter Agreement sets forth
the entire agreement between you and the Company regarding your termination of employment and other service relationships with the Company, and supersedes any other severance, separation and/or employment agreements between you and the Company
(including, without limitation, your Executive Severance Agreement with CONMED Linvatec dated May 1, 2008 and your Change in Control Severance Agreement with the Company dated May 3, 2010) other than the Confidentiality Agreement (as
modified herein). 
 (f) Governing Law. This Letter Agreement will be governed by and construed in accordance with the laws of
the State of New York applicable to agreements made and to be performed entirely within such State. If any provision in this Letter Agreement is held invalid or unenforceable for any reason, the remaining provisions will be construed as if the
invalid or unenforceable provision had not been included. 

  
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 Joseph Darling 

Separation and Release Agreement 
 December 9, 2014 

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 (g) Severability; Counterparts. The invalidity or unenforceability of any provision of
this Letter Agreement will not affect the validity or enforceability of any other provision. If any provision of this Letter Agreement is held invalid or unenforceable in part, the remaining portion of such provision, together with all other
provisions of this Letter Agreement, will remain valid and enforceable and continue in full force and effect to the fullest extent consistent with law. This Letter Agreement may be executed in several counterparts, each of which will be deemed an
original, and such counterparts will constitute one and the same instrument. 
 (h) Section 409A of the Code. It is the
parties’ intent that the payments and benefits provided under this Letter Agreement be exempt from the definition of “non-qualified deferred compensation” within the meaning of Section 409A of the Code (including as
“separation pay” pursuant to Treas. Reg. §1.409A-1(b)(9)(iii)), and the Letter Agreement shall be interpreted accordingly. To the extent that any payment or benefit under this Agreement constitutes “non-qualified deferred
compensation” then this Letter Agreement is intended to comply with Section 409A of the Code and the Letter Agreement shall be interpreted accordingly. In this regard each payment under this Letter Agreement shall be treated as a separate
payment for purposes of Section 409A of the Code. If and to the extent that any payment or benefit is determined by the Company (a) to constitute “non-qualified deferred compensation” subject to Section 409A of the Code and
(b) such payment or benefit must be delayed for six (6) months from your date of termination (or an earlier date) in order to comply with Section 409A(a)(2)(B)(i) of the Code and not cause you to incur any additional tax under
Section 409A of the Code, then the Company will delay making any such payment or providing such benefit until the expiration of such six (6)-month period (or, if earlier, your death or a “change in control event”, as such term is
defined in Section 1.409A-3(i)(5) of the Code). 
 (i) Death. In the event of your death, any amounts that remain due to you
pursuant to this Letter Agreement will be paid to your estate or beneficiaries at the time such amounts would otherwise have been paid to you. 

(j) Successors. This Letter Agreement will be binding on and inure to the benefit of the Company’s successors and assigns and, for
the avoidance of doubt, will survive a change in control of the Company. 
 (k) The Company shall reimburse you for, or pay directly,
reasonable legal fees (up to $15,000) in connection with the negotiation and execution of this Letter Agreement. Such payment shall be made within thirty (30) days of the Company’s receipt of an invoice for such amounts. 

(l) You agree to return all Company property and any confidential information and proprietary data (regardless of the medium in which it is
memorialized), provided, that the Company agrees that you are permitted to retain your contact lists and calendars, computers, cell phone and cell phone number and copies of materials relating to your compensation and otherwise containing
data reasonably needed for tax purposes. You understand and agree that the Company will remove all data from the computer and cell phone before the Termination Date. 

[Remainder of Page Left Intentionally Blank] 

  
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 To indicate your agreement with the foregoing, please sign and return this Letter Agreement to
Heather L. Cohen, Executive Vice President Human Resources 525 French Road, Utica, New York 13502. 
  

			
	Very truly yours,
	
	CONMED CORPORATION
		
	By:	 	 /s/ Heather L. Cohen

	Name:	 	Heather L. Cohen
	Title:	 	Executive Vice President – HR

  

			
	Accepted and Agreed:
	
	 /s/ Joseph Darling

	Name:	 	Joseph Darling
		
	 Date:
	 	December 9, 2014

 [Signature Page to Letter Agreement re Separation and Release] 

 Joseph Darling 

Separation and Release Agreement 
 December 9, 2014 

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 EXHIBIT A 

CERTIFICATION 
 CONMED Corporation 

Attn: EVP HR 
 525 French Road 

Utica, New York 13502 
 Dear Heather, 

This letter shall serve to confirm that since January 1, 2015 I am and have not been employed, whether as an employee, consultant, agent,
independent contractor or in any other capacity, since I was employed at Conmed Corporation. I agree to notify you when I am employed within three (3) business days of such an event. 

Sincerely, 

/s/ Joseph Darling 

Joseph DarlingExhibit 10.1

 Exhibit 10.1 

ISDA® 

International Swaps and Derivatives Association, Inc. 

2002 MASTER AGREEMENT 

dated as of December 4, 2014 

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

	1.	Interpretation 

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

 

	2.	Obligations 

 (a) General Conditions. 

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

  
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payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this
Agreement. 
 (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of
Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated
and (3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii). 
 (b)
Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to
which such change applies unless such other party gives timely notice of a reasonable objection to such change. 
 (c) Netting of Payments. If
on any date amounts would otherwise be payable:— 
  

	 	(i)	in the same currency; and 

  

	 	(ii)	(in respect of the same Transaction, 

 by each party to the other, then, on such date, each party’s
obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the
other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 

The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on
the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that “Multiple
Transaction Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to
Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by
the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 

(d) Deduction or Withholding for Tax. 

(i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax
unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party (“X”)
will:— 
 (1) promptly notify the other party (“Y”) of such requirement; 

  
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 (2) pay to the relevant authorities the full amount required to be deducted or withheld
(including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that
such amount has been assessed against Y; 
 (3) promptly forward to Y an official receipt (or a certified copy), or other documentation
reasonably acceptable to Y, evidencing such payment to such authorities; and 
 (4) if such Tax is an Indemnifiable Tax, pay to Y, in
addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will
equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 

(A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or 

(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have
occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement)
or (II) a Change in Tax Law. 
 (ii) Liability. If:— 

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or
withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 
 (2) X does not so
deduct or withhold; and 
 (3) a liability resulting from such Tax is assessed directly against X, 

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability
(including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 

  
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	3.	Representations 

 Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e)
and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in
Section 3(f), at all times until the termination of this Agreement). If any “Additional Representation” is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation
will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation. 
 (a)
Basic Representations. 
 (i) Status. It is duly organised and validly existing under the laws of the
jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has
the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and
to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to
it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 

(iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement
or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute
its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to
enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
 (b)
Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. 
 (c) Absence of
Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal,
governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations
under this Agreement or such Credit Support Document. 

  
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 (d) Accuracy of Specified Information. All applicable information that is furnished in writing by
or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e)
is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of
this Section 3(f) is accurate and true. 
 (g) No Agency. It is entering into this Agreement, including each Transaction, as
principal and not as agent of any person or entity. 
  

	4.	Agreements 

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

(i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 

(ii) any other documents specified in the Schedule or any Confirmation; and 

(iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to
allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a
reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and
completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 
 in
each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
 (b) Maintain
Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document
to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. 

  
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 (c) Comply With Laws. It will comply in all material respects with all applicable laws and orders
to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly
upon learning of such failure. 
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed
upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of
this Agreement is located (“Stamp Tax Jurisdiction”), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any
such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	Events of Default and Termination Events 

 (a) Events of Default. The occurrence at any
time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an “Event of
Default”) with respect to such party:— 
 (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local
Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party; 
 (ii) Breach of
Agreement; Repudiation of Agreement. 
 (1) Failure by the party to comply with or perform any agreement or obligation (other than an
obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be
complied with or performed by the party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or 

(2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any
Confirmation executed and delivered by that party or any Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

  
 6 

 (iii) Credit Support Default. 

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with
or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

(2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security
interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms)
prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or 

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of,
such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed
to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been
made or repeated; 
 (v) Default Under Specified Transaction. The party, any Credit Support Provider of such party or any
applicable Specified Entity of such party:— 
 (1) defaults (other than by failing to make a delivery) under a Specified Transaction or
any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination
of, that Specified Transaction; 
 (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any
payment due on the last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local Business Day); 

(3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or
any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination
of, all transactions outstanding under the documentation applicable to that Specified Transaction; or 

  
 7 

 (4) disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity
of, a Specified Transaction or any credit support arrangement relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support
Provider or Specified Entity (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(vi) Cross-Default. If “Cross-Default” is specified in the Schedule as applying to the party, occurrence or existence
of:— 
 (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit
Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such
agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness
becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or 

(2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more
payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause
(1) above, of not less than the applicable Threshold Amount; 
 (vii) Bankruptcy. The party, any Credit Support Provider
of such party or any applicable Specified Entity of such party:— 
 (l) is dissolved (other than pursuant to a consolidation,
amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for
the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation
or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a
petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any
bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person

  
 8 

 
or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its
winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation
(other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all
or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or
substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it
which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (l) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval
of, or acquiescence in, any of the foregoing acts; or 
 (viii) Merger Without Assumption. The party or any Credit Support
Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation,
amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:— 
 (1) the resulting, surviving or transferee entity
fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or 

(2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting,
surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination Events. The occurrence at any time with respect to
a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below, a
Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be
applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below:— 

(i) Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the
relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes
unlawful under any applicable law (including without limitation 

  
 9 

 
the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the
relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):— 

(1) for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such
Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this
Agreement relating to such Transaction; or 
 (2) for such party or any Credit Support Provider of such party (which will be the Affected
Party) to perform any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit
Support Document or to comply with any other material provision of such Credit Support Document; 
 (ii) Force Majeure Event.
After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction
is entered into, on any day:— 
 (1) the Office through which such party (which will be the Affected Party) makes and receives payments
or deliveries with respect to such Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or
from complying with any other material provision of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such Office
so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that day); or 

(2) such party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or
contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from
complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such party or Credit Support
Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance were

  
 10 

 
required on that day), so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such Office, party or
Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or
impracticability; 
 (iii) Tax Event. Due to (1) any action taken by a taxing authority, or brought in a court of
competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in Tax Law, the party (which will be the Affected Party) will, or
there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect
of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under
 Section 9(h)) and no additional amount is
required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 
 (iv)
Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay
an additional amount (other than by reason of
 Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any
substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action
does not constitute a Merger Without Assumption; 
 (v) Credit Event Upon Merger. If “Credit Event Upon Merger” is
specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and
such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is
materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as
appropriate, will be the Affected Party). A “Designated Event” with respect to X means that:— 
 (1) X consolidates or
amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates or
reconstitutes into or as, another entity; 

  
 11 

 (2) any person, related group of persons or entity acquires directly or indirectly the beneficial
ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or 

(3) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of
(A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or 

(vi) Additional Termination Event. If any “Additional Termination Event” is specified in the Schedule or any
Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination Event in the Schedule or such Confirmation). 

(c) Hierarchy of Events. 
 (i) An
event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1)
insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document, as the case may be. 

(ii) xcept in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to
an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an
Illegality or a Force Majeure Event. 
 (iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure
Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event. 

(d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with
respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until:— 

(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local
Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that
Illegality or Force Majeure Event, as the case may be; or 
 (ii) if earlier, the date on which the event or circumstance constituting or
giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as
appropriate. 

  
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 (e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or
a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the
relevant obligation or compliance with the relevant provision by the Affected Party’s head or home office and (iv) the Affected Party’s head or home office fails so to perform or comply due to the occurrence of an event or
circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure
Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office
referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party’s head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1). 

 

	6.	Early Termination; Close-Out Netting 

 (a) Right to Terminate Following Event of Default.
If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party
specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in
the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3),
(5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of
Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). 
 (b) Right to Terminate Following Termination
Event. 
 (i) Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly
upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may
reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party
such other information about that Force Majeure Event as the other party may reasonably require. 
 (ii) Transfer to Avoid Termination
Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date
under Section 6(b)(iv), use all reasonable efforts (which will not 

  
 13 

 
require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under
this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period,
whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such
transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit it
to enter into transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. If a Tax Event occurs and
there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. 

(iv) Right to Terminate. 

(1) If:— 
 (A) a transfer
under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 

(B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the
Affected Party, 
 the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional
Termination Event if there are two Affected Parties, or the Non-affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then
continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 

(2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has
expired:— 
 (A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate
(I) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating
the relevant day as an Early Termination Date, a day not earlier than two Local Business 

  
 14 

 
Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon receipt of a notice designating an Early
Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an Early Termination Date in
respect of any or all other Affected Transactions. 
 (B) An Affected Party (if the Illegality or Force Majeure Event relates to performance
by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only have the right to designate an
Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of an Early Termination
Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. 
 (c) Effect of Designation. 

(i) If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date
so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective
designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement.
The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii). 
 (d) Calculations;
Payment Date. 
 (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early
Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (l) showing, in reasonable detail, such calculations (including any quotations,
market data or information from internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving details of the relevant account to which
any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be
conclusive evidence of the existence and accuracy of such quotation or market data. 
 (ii) Payment Date. An Early Termination
Amount due in respect of any Early Termination Date will, together with any amount of interest payable pursuant to 

  
 15 

 
Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated or occurs as a result of
an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement provided pursuant to clause
(i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date
(the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to
 Section 6(f). 

(i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an
amount equal to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated Transaction or group of
Terminated Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting
Party. If the Early Termination Amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the
Defaulting Party. 
 (ii) Termination Events. If the Early Termination Date results from a Termination Event:— 

(1) One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be
determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and to the Non-affected Party, respectively. 

(2) Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal
to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount
will be an amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party “X”) and the lower amount so determined (by party “Y”) and (II) the Termination Currency
Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a negative number, X will pay the
absolute value of the Early Termination Amount to Y. 

  
 16 

 (3) Mid-Market Events. If that Termination Event is an Illegality or a Force Majeure
Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out Amounts, the Determining Party will:—

 (A) if obtaining quotations from one or more third parties (or from any of the Determining Party’s Affiliates), ask each third party
or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and 

(B) in any other case, use mid-market values without regard to the creditworthiness of the Determining Party. 

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination
applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and
retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 

(iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to
pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment,
delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an
Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance
with Section 9(h)(ii)(2). 
 (v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e)
is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither party will be entitled to recover
any additional damages as a consequence of the termination of the Terminated Transactions. 
 (f) Set-Off. Any Early Termination Amount
payable to one party (the “Payee”) by the other party (the “Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any
other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non-affected Party, as the case may be (“X”) (and without prior notice
to the Defaulting Party or the Affected Party, as the 

  
 17 

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

	7.	Transfer 

 Subject to Section 6(b)(ii) and to the extent permitted by applicable law, neither this
Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that:— 

(a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or
substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 
 (b) a party may make such
a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest pursuant to
Sections 8, 9(h) and 11. 
 Any purported transfer that is not in compliance with this Section 7 will be void. 

 

	8.	Contractual Currency 

 (a) Payment in the Contractual Currency. Each payment under this
Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual
Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith and using

  
 18 

 
commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this
Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b)
Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above,
the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if
such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of
exchange at which such party is able, acting in good faith and using commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the
judgment or order actually received by such party. 
 (c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in
this Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to
which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss
had an actual exchange or purchase been made. 
  

	9.	Miscellaneous 

 (a) Entire Agreement. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance (except as provided for or
referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud. 

  
 19 

 (b) Amendments. An amendment, modification or waiver in respect of this Agreement will only be
effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system. 

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will
survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and
privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e)
Counterparts and Confirmations. 
 (i) This Agreement (and each amendment, modification and waiver in respect of it) may be
executed and delivered in counterparts (including by facsimile transmission and by electronic messaging system), each of which will be deemed an original. 

(ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally
or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes, by an exchange of electronic messages on an
electronic messaging system or by an exchange of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another effective means that any such
counterpart, telex, electronic message or e-mail constitutes a Confirmation. 
 (f) No Waiver of Rights. A failure or delay in exercising any
right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege. 
 (g) Headings. The headings used in this Agreement are for
convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
 (h)
Interest and Compensation. 
 (i) Prior to Early Termination. Prior to the occurrence or effective designation of
an Early Termination Date in respect of the relevant Transaction:— 
 (1) Interest on Defaulted Payments. If a party defaults in
the performance of any payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency
as the overdue amount, for the period from (and including) the original due date for payment to 

  
 20 

 
(but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (3)(B) or
(C) below), at the Default Rate. 
 (2) Compensation for Defaulted Deliveries. If a party defaults in the performance of any
obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise provided in the relevant
Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market value of that which was
required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect of which interest or
compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date for delivery, in good faith and
using commercially reasonable procedures, by the party that was entitled to take delivery. 
 (3) Interest on Deferred Payments.
If:— 
 (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent
permitted by applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same
currency as that amount, for the period from (and including) the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate; 

(B) a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to the
extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the
amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would, but for Section 5(d), have been payable
to (but excluding) the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with respect to that party occurs, at the
Applicable Deferral Rate; or 
 (C) a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after
giving effect to any deferral 

  
 21 

 
period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or circumstance giving rise to that
Illegality or Force Majeure Event continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date the payment is no
longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period upon which an Event of Default
or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable Deferral Rate. 

(4) Compensation for Deferred Deliveries. If:— 

(A) a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery; 

(B) a delivery is deferred pursuant to Section 5(d); or 

(C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting
Period has expired, the party required (or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand
(after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

(ii) Early Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of a
Transaction:— 
 (1) Unpaid Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant Transaction, and
to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required to be settled by delivery included in such determination in the same
currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding) the relevant Early Termination Date, at
the Applicable Close-out Rate. 
 (2) Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such
Early Termination Date, that amount will, to the extent 

  
 22 

 
permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination Currency, for the period from (and including) such Early
Termination Date to (but excluding) the date the amount is paid, at the Applicable Close-out Rate. 
 (iii) Interest Calculation.
Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual number of days elapsed. 
  

	10.	Offices; Multibranch Parties 

 (a) If Section 10(a) is specified in the Schedule as applying, each
party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organisation, its obligations
are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery
deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction. 

(b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a
Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing). 

(c) The Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation or as otherwise agreed
by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office. Unless the parties otherwise agree in writing, the Office through which a party
enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither party may
change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior written consent of the other party. 

 

	11.	Expenses 

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

	12.	Notices 

 (a) Effectiveness. Any notice or other communication in respect of this Agreement
may be given in any manner described below (except that a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address or number or in accordance with the electronic messaging
system or e-mail details provided (see the Schedule) and will be deemed effective as indicated:— 
 (i) if in writing and delivered in
person or by courier, on the date it is delivered; 

  
 23 

 (ii) if sent by telex, on the date the recipient’s answerback is received; 

(iii) if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being agreed
that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered
or its delivery is attempted; 
 (v) if sent by electronic messaging system, on the date it is received; or 

(vi) if sent by e-mail, on the date it is delivered, 

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day. 

(b) Change of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system or
e-mail details at which notices or other communications are to be given to it. 
  

	13.	Governing Law and Jurisdiction 

 (a) Governing Law. This Agreement will be governed by and
construed in accordance with the law specified in the Schedule. 
 (b) Jurisdiction. With respect to any suit, action or proceedings relating to any
dispute arising out of or in connection with this Agreement (“Proceedings”), each party irrevocably:— 
 (i) submits:—

 (1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the
Proceedings do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or 

(2) if this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the
State of New York and the United States District Court located in the Borough of Manhattan in New York City; 

  
 24 

 (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings
brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party;
and 
 (iii) agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not
preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of Process. Each party irrevocably appoints the Process Agent,
if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other
party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in
this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law. 
 (d) Waiver of
Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar
grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will
not claim any such immunity in any Proceedings. 
  

	14.	Definitions 

 As used in this Agreement:— 

“Additional Representation” has the meaning specified in Section 3.  

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

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

“Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax
Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions
unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect
to any other Termination Event, all Transactions. 
 “Affiliate” means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or
person means ownership of a majority of the voting power of the entity or person. 

  
 25 

 “Agreement” has the meaning specified in Section 1(c). 

“Applicable Close-out Rate” means:— 

(a) in respect of the determination of an Unpaid Amount:— 

(i) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the
Default Rate; 
 (ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a
Non-defaulting Party, the Non-default Rate; 
 (iii) in respect of obligations deferred pursuant to Section 5(d), if there is no
Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and 
 (iv) in all other cases following the
occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and 
 (b) in respect
of an Early Termination Amount:— 
 (i) for the period from (and including) the relevant Early Termination Date to (but excluding) the
date (determined in accordance with Section 6(d)(ii)) on which that amount is payable:— 
 (1) if the Early Termination Amount is
payable by a Defaulting Party, the Default Rate; 
 (2) if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default
Rate; and 
 (3) in all other cases, the Applicable Deferral Rate; and 

(ii) for the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable to (but
excluding) the date of actual payment:— 
 (1) if a party fails to pay the Early Termination Amount due to the occurrence of an event or
circumstance which would, if it occurred with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and for so long as the Early Termination Amount remains unpaid due to the
continuing existence of such event or circumstance, the Applicable Deferral Rate; 

  
 26 

 (2) if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in
respect of which clause (1) above applies), the Default Rate; 
 (3) if the Early Termination Amount is payable by a Non-defaulting
Party (but excluding any period in respect of which clause (1) above applies), the Non-default Rate; and 
 (4) in all other cases, the
Termination Rate. 
 “Applicable Deferral Rate” means:— 

(a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant
interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that
relevant market; 
 (b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by
the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if
practicable, for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and 

(c) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to
the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the
relevant amount. 
 “Automatic Early Termination” has the meaning specified in Section 6(a). 

“Burdened Party” has the meaning specified in Section 5(b)(iv). 

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in
the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction. 
 “Close-out
Amount” means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing
circumstances (expressed as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic
equivalent of, (a) the material terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of
Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been 

  
 27 

 
required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or
group of Terminated Transactions. 
 Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use
commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate,
for not less than all Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be
commercially reasonable. 
 Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out-of-pocket
expenses referred to in Section 11 are to be excluded in all determinations of Close-out Amounts. 
 In determining a Close-out Amount, the Determining
Party may consider any relevant information, including, without limitation, one or more of the following types of information:— 
 (i)
quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant
documentation, including credit support documentation, between the Determining Party and the third party providing the quotation; 
 (ii)
information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market
data in the relevant market; or 
 (iii) information of the types described in clause (i) or (ii) above from internal sources
(including any of the Determining Party’s Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions. 

The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause
(i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not
satisfy those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other
information being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users of the relevant product,
information vendors, brokers and other sources of market information. 
 Without duplication of amounts calculated based on information described in clause
(i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the 

  
 28 

 
Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in connection with its terminating, liquidating or re-establishing any hedge related to a
Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them). 
 Commercially reasonable procedures used in
determining a Close-out Amount may include the following:— 
 (1) application to relevant market data from third parties pursuant to clause
(ii) above or information from internal sources pursuant to clause (iii) above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of
its business in pricing or valuing transactions between the Determining Party and unrelated third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and 

(2) application of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity, size or
number of the Terminated Transactions or group of Terminated Transactions. 
 “Confirmation” has the meaning specified in the
preamble. 
 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange
control consent. 
 “Contractual Currency” has the meaning specified in Section 8(a). 

“Convention Court” means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on
Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters. 

“Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 

“Credit Support Provider” has the meaning specified in the Schedule. 

“Cross-Default” means the event specified in Section 5(a)(vi). 

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as
certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 
 “Defaulting Party” has the meaning
specified in Section 6(a). 
 “Designated Event” has the meaning specified in Section 5(b)(v). 

  
 29 

 “Determining Party” means the party determining a Close-out Amount. 

“Early Termination Amount” has the meaning specified in Section 6(e). 

“Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv). 

“electronic messages” does not include e-mails but does include documents expressed in markup languages, and “electronic
messaging system” will be construed accordingly. 
 “English law” means the law of England and Wales, and
“English” will be construed accordingly. 
 “Event of Default” has the meaning specified in
Section 5(a) and, if applicable, in the Schedule. 
 “Force Majeure Event” has the meaning specified in Section 5(b). 

“General Business Day” means a day on which commercial banks are open for general business (including dealings in foreign exchange and
foreign currency deposits). 
 “Illegality” has the meaning specified in Section 5(b). 

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a
present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or
fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit
Support Document). 
 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice
of any relevant governmental revenue authority), and “unlawful” will be construed accordingly. 
 “Local Business
Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as
specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement,
(b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs,
(c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a
single recognised principal financial centre, a day on which the settlement system necessary to 

  
 30 

 
accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would
have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure
Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to

Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction. 
 “Local
Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in
accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery. 

“Master Agreement” has the meaning specified in the preamble. 

“Merger Without Assumption” means the event specified in Section 5(a)(viii). 

“Multiple Transaction Payment Netting” has the meaning specified in Section 2(c). 

“Non-affected Party” means, so long as there is only one Affected Party, the other party. 

“Non-default Rate” means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major
bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions
prevailing at the time in that relevant market. 
 “Non-defaulting Party” has the meaning specified in Section 6(a). 

“Office” means a branch or office of a party, which may be such party’s head or home office. 

“Other Amounts” has the meaning specified in Section 6(f). 

“Payee” has the meaning specified in Section 6(f). “Payer” has the meaning specified in
Section 6(f). 
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both,
would constitute an Event of Default. 
 “Proceedings” has the meaning specified in Section 13(b). 

“Process Agent” has the meaning specified in the Schedule. 

“rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or
conversion into the Contractual Currency. 

  
 31 

 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Schedule” has the meaning
specified in the preamble. 
 “Scheduled Settlement Date” means a date on which a payment or delivery is to be made under
Section 2(a)(i) with respect to a Transaction. 
 “Specified Entity” has the meaning specified in the Schedule. 

“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as
principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means, subject to the Schedule,
(a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of
such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap
transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction,
repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including
any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the
financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity
instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and (c) any
other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any
stamp, registration, documentation or similar tax. 
 “Stamp Tax Jurisdiction” has the meaning specified in Section 4(e). 

“Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and
additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 

  
 32 

 “Tax Event” has the meaning specified in Section 5(b). 

“Tax Event Upon Merger” has the meaning specified in Section 5(b). 

“Terminated Transactions” means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force
Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all
Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. 

“Termination Currency” means (a) if a Termination Currency is specified in the Schedule and that currency is freely available,
that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. 

“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency
amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being required
to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange
rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be
customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under
Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
 “Termination Event” means
an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. 

“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to
each party (as certified by such party) if it were to fund or of funding such amounts. 
 “Threshold Amount” means the amount, if
any, specified as such in the Schedule. 
 “Transaction” has the meaning specified in the preamble. 

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination
Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) 

  
 33 

 
or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the
fair market value of that which was (or would have been) required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all
outstanding Transactions are Affected Transactions, any Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other
compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation referred to in clause (b) above will be determined as of
the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it will be the average of the Termination
Currency Equivalents of the fair market values so determined by both parties. 
 “Waiting Period” means:— 

(a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery
or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance)
following the occurrence of that event or circumstance; and 
 (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the
case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local
Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance. 
 IN WITNESS WHEREOF the
parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document. 
  

									
	Citibank, N.A.	 		 	NewStar TRS I LLC
		 	(Name of Party)	 		 		 	(Name of Party)
					
	By:	 	 /s/ LINDA COOK
	 		 	By:	 	 /s/ JOHN J. FRISHKOPF

		 	Name: Linda Cook	 		 		 	Name: John J. Frishkopf
		 	Title: Vice President	 		 		 	Title: Treasurer
		 	Date:	 		 		 	Date:

  
 34 

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

 ISDA® 

International Swaps and Derivatives Association, Inc. 

CREDIT SUPPORT ANNEX 
 to
the Schedule to the 
 2002 ISDA Master Agreement 

dated as of December 4, 2014 

between 
  

									
		    	 Citibank, N.A.
	    	and            	    	 NewStar TRS I LLC
	    	
		    	(“Party A”)	    		    	(“Party B”)	    	

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

Paragraph 1. Interpretation 
 (a)
Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs of this
Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will
prevail. 
 (b) Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to
either party when acting in that capacity and all corresponding references to the “Pledgor” will be to the other party when acting in that capacity; provided, however, that if Other Posted Support is held by a party to this Annex,
all references herein to that party as the Secured Party with respect to that Other Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law
generally relating to security interests and secured parties. 
 Paragraph 2. Security Interest 

Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien 

 
on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the
security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to the extent possible, without any further action by either party. 

Paragraph 3. Credit Support Obligations 
 (a)
Delivery Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or exceeds the Pledgor’s Minimum Transfer
Amount, then the Pledgor will Transfer to the Secured Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the applicable Delivery Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in
Paragraph 13, the “Delivery Amount” applicable to the Pledgor for any Valuation Date will equal the amount by which: 

(i) the Credit Support Amount exceeds 

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

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

(ii) the Credit Support Amount. 

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

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

(a) Conditions Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3,
4(d)(ii), 5 and 6(d) is subject to the conditions precedent that: 
 (i) no Event of Default, Potential Event of Default or Specified
Condition has occurred and is continuing with respect to the other party; and 

  
 2 

 (ii) no Early Termination Date for which any unsatisfied payment obligations exist has occurred
or been designated as the result of an Event of Default or Specified Condition with respect to the other party. 
 (b) Transfer Timing.
Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than the
close of business on the next Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be made not later than the close of business on the second Local Business Day thereafter. 

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

	(d)	Substitutions. 

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

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

Paragraph 5. Dispute Resolution 
 If a party (a
“Disputing Party”) disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party
will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of
(I) above or (Y) the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close of business on the Local Business
Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of (II) above, (3) the parties will consult with each other in an attempt to resolve the
dispute and (4) if they fail to resolve the dispute by the Resolution Time, then: 

  
 3 

 (i) In the case of a dispute involving a Delivery Amount or Return Amount, unless otherwise
specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by: 
 (A) utilizing
any calculations of Exposure for the Transactions (or Swap Transactions) that the parties have agreed are not in dispute; 
 (B) calculating
the Exposure for the Transactions (or Swap Transactions) in dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained;
provided that if four quotations are not available for a particular Transaction (or Swap Transaction), then fewer than four quotations may be used for that Transaction (or Swap Transaction); and if no quotations are available for a particular
Transaction (or Swap Transaction), then the Valuation Agent’s original calculations will be used for that Transaction (or Swap Transaction); and 

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

(ii) In the case of a dispute involving the Value of any Transfer of Eligible Credit Support or Posted Credit Support, the Valuation Agent will
recalculate the Value as of the date of Transfer pursuant to Paragraph 13. 
 Following a recalculation pursuant to this Paragraph, the Valuation Agent will
notify each party (or the other party, if the Valuation Agent is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Valuation
Agent or a resolution pursuant to (3) above and subject to Paragraphs 4(a) and 4(b), make the appropriate Transfer. 
 Paragraph 6. Holding and
Using Posted Collateral 
 (a) Care of Posted Collateral. Without limiting the Secured Party’s rights under Paragraph 6(c), the
Secured Party will exercise reasonable care to assure the safe custody of all Posted Collateral to the extent required by applicable law, and in any event the Secured Party will be deemed to have exercised reasonable care if it exercises at least
the same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to Posted Collateral, including, without limitation, any duty to collect
any Distributions, or enforce or preserve any rights pertaining thereto. 
 (b) Eligibility to Hold Posted Collateral; Custodians. 

(i) General. Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral, the
Secured Party will be entitled to hold Posted Collateral or to appoint an agent (a “Custodian”) to hold Posted Collateral for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian, the

  
 4 

 
Pledgor’s obligations to make any Transfer will be discharged by making the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed to be the holding of
that Posted Collateral by the Secured Party for which the Custodian is acting. 
 (ii) Failure to Satisfy Conditions. If
the Secured Party or its Custodian fails to satisfy any conditions for holding Posted Collateral, then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand, Transfer or cause its
Custodian to Transfer all Posted Collateral held by it to a Custodian that satisfies those conditions or to the Secured Party if it satisfies those conditions. 

(iii) Liability. The Secured Party will be liable for the acts or omissions of its Custodian to the same extent that the
Secured Party would be liable hereunder for its own acts or omissions. 
 (c) Use of Posted Collateral. Unless otherwise specified in
Paragraph 13 and without limiting the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified Condition and no Early
Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code,
have the right to: 
 (iv) sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its
business any Posted Collateral it holds, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor; and 

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

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

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

  
 5 

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

Paragraph 7. Events of Default 
 For purposes of
Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if: 
 (i) that party fails (or fails to
cause its Custodian) to make, when due, any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable, required to be made by it and that failure continues for two Local Business Days after notice of that failure is
given to that party; 
 (ii) that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of
the rights specified in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party; or 

(iii) that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that
failure continues for 30 days after notice of that failure is given to that party. 
 Paragraph 8. Certain Rights and Remedies 

(a) Secured Party’s Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with respect to the Pledgor has
occurred and is continuing or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all of its
Obligations that are then due, the Secured Party may exercise one or more of the following rights and remedies: 
 (i) all rights and
remedies available to a secured party under applicable law with respect to Posted Collateral held by the Secured Party; 
 (ii) any other
rights and remedies available to the Secured Party under the terms of Other Posted Support, if any; 
 (iii) the right to Set-off any amounts
payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 

  
 6 

 (iv) the right to liquidate any Posted Collateral held by the Secured Party through one or more
public or private sales or other dispositions with such notice, if any, as may be required under applicable law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with
the Secured Party having the right to purchase any or all of the Posted Collateral to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral to any amounts payable by the Pledgor with
respect to any Obligations in that order as the Secured Party may elect. 
 Each party acknowledges and agrees that Posted Collateral in the form of
securities may decline speedily in value and is of a type customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured Party, except any notice that is
required under applicable law and cannot be waived. 
 (b) Pledgor’s Rights and Remedies. If at any time an Early
Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to less than all Transactions (or Swap
Transactions) where the Secured Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement): 

(i) the Pledgor may exercise all rights and remedies available to a pledgor under applicable law with respect to Posted Collateral held by the
Secured Party; 
 (ii) the Pledgor may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted
Support, if any; 
 (iii) the Secured Party will be obligated immediately to Transfer all Posted Collateral and the Interest Amount to the
Pledgor; and 
 (iv) to the extent that Posted Collateral or the Interest Amount is not so Transferred pursuant to (iii) above, the
Pledgor may: 
 (A) Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash
equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 

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

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

  
 7 

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

Paragraph 9. Representations 
 Each party represents to
the other party (which representations will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral) that: 

(i) it has the power to grant a security interest in and lien on any Eligible Collateral it Transfers as the Pledgor and has taken all
necessary actions to authorize the granting of that security interest and lien; 
 (ii) it is the sole owner of or otherwise has the right to
Transfer all Eligible Collateral it Transfers to the Secured Party hereunder, free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest and lien granted under Paragraph 2; 

(iii) upon the Transfer of any Eligible Collateral to the Secured Party under the terms of this Annex, the Secured Party will have a valid and
perfected first priority security interest therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the Pledgor involved in the Transfer of that Eligible Collateral
gives the notices and takes the action required of it under applicable law for perfection of that interest); and 
 (iv) the performance by
it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any Posted Collateral other than the security interest and lien granted under Paragraph 2. 

Paragraph 10. Expenses 
 (a) General. Except
as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other
party in connection herewith. 
 (b) Posted Credit Support. The Pledgor will promptly pay when due all taxes, assessments or charges of any
nature that are imposed with respect to Posted Credit Support held by the Secured Party upon becoming aware of the same, regardless of whether any portion of that Posted Credit Support is subsequently disposed of under Paragraph 6(c), except for
those taxes, assessments and charges that result from the exercise of the Secured Party’s rights under Paragraph 6(c). 

  
 8 

 (c) Liquidation/Application of Posted Credit Support. All reasonable costs and expenses incurred by
or on behalf of the Secured Party or the Pledgor in connection with the liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the
Defaulting Party or, if there is no Defaulting Party, equally by the parties. 
 Paragraph 11. Miscellaneous 

(a) Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral or the Interest Amount will be obligated to
pay the Pledgor (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted
Collateral or Interest Amount was required to be Transferred to (but excluding) the date of Transfer of that Posted Collateral or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days
elapsed. 
 (b) Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any
financing statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under
Paragraph 2, to enable that party to exercise or enforce its rights under this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or an Interest Amount.

 (c) Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or
lien that involves Posted Credit Support Transferred by the Pledgor or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the Secured
Party’s rights under Paragraph 6(c). 
 (d) Good Faith and Commercially Reasonable Manner. Performance of all obligations under this
Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner. 

(e) Demands and Notices. All demands and notices made by a party under this Annex will be made as specified in the Notices Section of this
Agreement, except as otherwise provided in Paragraph 13. 
 (f) Specifications of Certain Matters. Anything referred to in this Annex as being
specified in Paragraph 13 also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly. 

Paragraph 12. Definitions As used in this Annex:— 

“Cash” means the lawful currency of the United States of America. 

“Credit Support Amount” has the meaning specified in Paragraph 3. 

  
 9 

 “Custodian” has the meaning specified in Paragraphs 6(b)(i) and 13. 

“Delivery Amount” has the meaning specified in Paragraph 3(a). 

“Disputing Party” has the meaning specified in Paragraph 5. 

“Distributions” means with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions
of cash or other property with respect thereto, regardless of whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon any
disposition or liquidation of Posted Collateral or, with respect to any Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein. 

“Eligible Collateral” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. 

“Eligible Credit Support” means Eligible Collateral and Other Eligible Support. 

“Exposure” means for any Valuation Date or other date for which Exposure is calculated and subject to Paragraph 5 in the case of a
dispute, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to
Section 6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions) were being terminated as of the relevant Valuation Time; provided that Market Quotation will be determined by the Valuation Agent using its estimates
at mid-market of the amounts that would be paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”). 

means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. 

“Interest Amount” means, with respect to an Interest Period, the aggregate sum of the amounts of interest calculated for each day in
that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party on that day, determined by the Secured Party for each such day as follows: 

 

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

  

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

  

	 	(z)	360. 

 “Interest Period” means the period from (and including) the last Local Business
Day on which an Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local Business Day on which Posted Collateral in the form of Cash was Transferred to or received by the Secured Party) to (but excluding) the
Local Business Day on which the current Interest Amount is to be Transferred. 
 “Interest Rate” means the rate specified in
Paragraph 13. 

  
 10 

 “Local Business Day”, unless otherwise specified in Paragraph 13, has the meaning
specified in the Definitions Section of this Agreement, except that references to a payment in clause (b) thereof will be deemed to include a Transfer under this Annex. 

“Minimum Transfer Amount” means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is
specified, zero. 
 “Notification Time” has the meaning specified in Paragraph 13. 

“Obligations” means, with respect to a party, all present and future obligations of that party under this Agreement and any additional
obligations specified for that party in Paragraph 13. 
 “Other Eligible Support” means, with respect to a party, the items, if any,
specified as such for that party in Paragraph 13. 
 “Other Posted Support” means all Other Eligible Support Transferred to the
Secured Party that remains in effect for the benefit of that Secured Party. 
 “Pledgor” means either party, when that party
(i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit Support under Paragraph 3(a). 

“Posted Collateral” means all Eligible Collateral, other property, Distributions, and all proceeds thereof that have been Transferred
to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred
pursuant to
 Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash. 
 “Posted Credit Support” means
Posted Collateral and Other Posted Support. 
 “Recalculation Date” means the Valuation Date that gives rise to the dispute under
Paragraph 5; provided, however, that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 3. 

has the meaning specified in Paragraph 13. 

“Return Amount” has the meaning specified in Paragraph 3(b). 

“Secured Party” means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support
under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support. 
 “Specified Condition” means, with respect to
a party, any event specified as such for that party in Paragraph 13. “Substitute Credit Support” has the meaning specified in Paragraph 4(d)(i). 

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

  
 11 

 “Threshold” means, with respect to a party, the amount specified as such for that party
in Paragraph 13; if no amount is specified, zero. 
 “Transfer” means, with respect to any Eligible Credit Support, Posted Credit
Support or Interest Amount, and in accordance with the instructions of the Secured Party, Pledgor or Custodian, as applicable: 
 (i) in the
case of Cash, payment or delivery by wire transfer into one or more bank accounts specified by the recipient; 
 (ii) in the case of
certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax
stamps and any other documents necessary to constitute a legally valid transfer to the recipient; 
 (iii) in the case of securities that can
be paid or delivered by book-entry, the giving of written instructions to the relevant depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in
a legally effective transfer of the relevant interest to the recipient; and 
 (iv) in the case of Other Eligible Support or Other Posted
Support, as specified in Paragraph 13. 
 “Valuation Agent” has the meaning specified in Paragraph 13. 

“Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 13. 

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

 (A) Cash, the amount thereof; and 

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

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

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

  
 12 

 Execution Copy 

SCHEDULE 
 to the

 ISDA 2002 Master Agreement 

dated as of December 4, 2014 

between 
 CITIBANK, N.A.,

 a national banking association organized under the laws of the United States 

(“Party A”) 

and 
 NEWSTAR TRS I LLC,

 a limited liability company formed 

under the laws of the State of Delaware 

(“Party B”) 

Part 1 
 Termination
Provisions 
 In this Agreement: 
 (a) “Specified
Entity” means: 
 (i) in relation to Party A, for the purpose of Section 5(a)(v) of this Agreement, Citigroup Global
Markets Limited, Citigroup Global Markets Inc., Citigroup Forex Inc., Global Markets Commercial Corp., Citicorp Securities Services, Inc., Citibank Europe PLC, Citigroup Financial Products Inc., Citigroup Global Markets Deutschland AG & Co.
KGaA, Citigroup Energy Inc., Citibank Canada, Citigroup Energy Canada ULC, and Citibank Japan Ltd., (individually a “Section 5(a)(v) Affiliate”), and for all other purposes not applicable; and 

(ii) in relation to Party B, for the purpose of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v) of this Agreement, NewStar
Financial, Inc., a corporation incorporated under the laws of the State of Delaware (the ‘’Party B Investor’’). 

(b) “Specified Transaction” will have the meaning specified in Section 14 of this Agreement. For purposes of clause (c) of
such definition, Specified Transaction includes any securities options, margin loans, short sales, and any other similar transaction now existing or hereafter entered into between Party A or any Section 5(a)(v) Affiliate, on the one hand,
and Party B or any Specified Entity of Party B, on the other hand. 
 (c) The “Cross Default” provisions of
Section 5(a)(vi), as modified below, will apply to Party A and will apply to Party B. 

  
 1 

 Section 5(a)(vi) of this Agreement is hereby amended by adding the following proviso at the
end thereof: 
 “; provided that notwithstanding the foregoing, an Event of Default shall not occur under either (1) or
(2) above if, as demonstrated to the reasonable satisfaction of the other party: (a) the event or condition referred to in (1) or the failure to pay referred to in (2) would not have occurred but for an error or omission of an
administrative or operational nature; (b) funds were available to such party to enable it to make the relevant payment when due; and (c) such relevant payment is made within three Local Business Days following receipt of written notice
from an interested party of such failure to pay” 
 For purposes of Section 5(a)(vi), the following provisions apply: 

“Specified Indebtedness” shall have the meaning set forth in Section 14 of this Agreement; provided that Specified
Indebtedness shall not include deposits received in the course of a party’s ordinary banking business. 
 “Threshold
Amount” means 
 (i) with respect to Party A, 2% of the stockholders’ equity of Party A; and 

(ii) with respect to Party B, the lesser of USD10,000,000 and 2% of the Consolidated Net Worth of the Party B Investor; 

including the U.S. Dollar equivalent on the date of any default, event of default or other similar condition or event of any obligation
stated in any other currency. 
 For purposes of the above, “stockholders’ equity” shall be determined by reference to the
relevant party’s most recent consolidated (quarterly, in the case of a U.S. organized party) balance sheet and shall include, in the case of a U.S. organized party, legal capital, paid-in capital, retained earnings and cumulative translation
adjustments. Such balance sheet shall be prepared in accordance with accounting principles that are generally accepted in such party’s country of organization. 

For purposes hereof, “Consolidated Net Worth” means, as to the Party B Investor as of any date of determination,
(a) the amount which would be included under stockholders’ equity on a consolidated balance sheet of the Party B Investor determined on a consolidated basis in accordance with generally accepted accounting principles, plus (b) to
the extent deducted in calculating stockholders’ equity, (i) the aggregate amount, if any, by which the assets designated on the Party B Investor’s consolidated balance sheet as “deferred income taxes, net” and
“deferred financing costs, net” have been reduced from the amounts thereof shown on the Party B Investor’s audited consolidated balance sheet as of September 30, 2014 and (ii) the aggregate amount of any increases in
loan loss reserves resulting from the implementation of changes in rules of the Financial Accounting Standards Board (or any successor thereto) after the date hereof. 

(d) The “Credit Event Upon Merger” provisions of Section 5(b)(v) of this Agreement will apply to Party A and will apply to
Party B. 
 (e) The “Automatic Early Termination” provisions of Section 6(a) will not apply to Party A and will not apply to
Party B. 
 (f) “Termination Currency” means United States Dollars. 

  
 2 

 (g) “Additional Termination Event”: The following shall constitute Additional Termination
Events (and Party B will be the sole Affected Party, and all Transactions will be Affected Transactions, with respect to each such Additional Termination Event): 

(1) Without Party A’s prior written consent, (x) Party B changes its jurisdiction of organization and/or
organizational form from a limited liability company formed organized under the laws of State of Delaware or (y) any amendment, supplement or other modification is made to any of the constitutional documents of Party B, in each case, to
the extent such change, amendment, supplement or other modification has, or could reasonably be expected to have, a Material Adverse Effect. 

(2) Without Party A’s prior written consent, (x) the Party B Investor changes its jurisdiction of
organization and/or organizational form from a corporation incorporated under the laws of the State of Delaware or (y) any amendment, supplement or other modification is made to any of the constitutional documents of the Party B Investor,
in each case, to the extent such change, amendment, supplement or other modification has, or could reasonably be expected to have, a Material Adverse Effect. 

(3) The Party B Investor ceases to be the sole owner, either directly or through one or more wholly owned subsidiaries, of
all of the equity ownership interests issued by Party B. 
 (4) The Party B Investor or a wholly owned subsidiary
thereof ceases to be the sole manager of Party B (the “Manager”) or ceases to have authority to enter into or terminate transactions pursuant to this Agreement on behalf of Party B. 

(5) One or both of Party B and the Party B Investor fails to comply with its investment strategies and/or
restrictions as in effect on the date hereof, if applicable, to the extent such non-compliance has, or could reasonably be expected to have, a Material Adverse Effect. 

(6) Party B incurs, assumes or otherwise becomes liable in respect of any Specified Indebtedness (other than Indebtedness
arising under any Transaction hereunder). 
 (7) Party B shall be a party to any transaction of the type described in
the definition of “Specified Transaction”, whether or not entered into with Party A or any Section 5(a)(v) Affiliate of Party A, other than a Transaction hereunder. 

(8) One or both of Party B and the Party B Investor shall dissolve or liquidate. 

(9) At any time the Consolidated Net Worth of the Party B Investor (i) declines by 40% or more as measured at any
month end as compared to the last Business Day of the immediately preceding calendar year; (ii) declines by 30% or more as measured at any month end compared to the last Business Day of the immediately preceding calendar quarter; or
(iii) declines by 20% or more as measured at any month end compared to the last Business Day of the immediately preceding calendar month. 

(10) At any time the Consolidated Net Worth of the Party B Investor is less than USD400,000,000. 

(11) Any three of Tim Conway, Peter Schmidt-Fellner, John Frishkopf, John Bray and Dan McCready shall fail to be officers or
directors of the Party B Investor who are actively involved in the provision of investment management services to Party B with respect to the transactions contemplated by this Agreement. 

  
 3 

 As used herein: 

“Material Adverse Effect” means a material adverse effect on (a) the ability of Party B or any Credit Support
Provider of Party B to perform any of its obligations under this Agreement or any Credit Support Document to which Party B or any Credit Support Provider of Party B is a party, (b) the rights of or benefits available to
Party A under this Agreement or any Credit Support Document to which Party B or any Credit Support Provider of Party B is a party, (c) the authority of the Manager to act as Party B’s agent in entering into and
confirming Transactions and in receiving notices to Party B under this Agreement or (d) whether any Transaction shall be consistent with the then-current and applicable investment policies, trading strategies and/or restrictions of
Party B or the Party B Investor. 
 Part 2 

Tax Representations 
 (a)
Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A will make the following representation and Party B will make the following representation: 

It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any
deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on
(i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and
effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except
that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or documents under Section 4(a)(iii) by reason of material prejudice to its legal or commercial
position. 
 (b) Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make
the representations specified below, if any: 
 The following representations will apply to Party A: 

It is a national banking association organized under the laws of the United States, and its U.S. taxpayer identification number is 13-5266470. 
 It is “exempt” within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting on Form 1099 and backup withholding. 

The following representations will apply to Party B: 

It is a limited liability company formed and existing under the laws of State of Delaware, and its U.S. taxpayer identification number is 47-2396140. Party B Is a disregarded entity of the Party B Investor for U.S. Federal income tax purposes. 

The Party B Investor is a corporation formed and existing under the laws of the State of Delaware, and its U.S. taxpayer identification
number is 54-2157878. 
 The Party B Investor is “exempt” within the meaning of
Treasury Regulation Sections 1.6041-3(p) and 1.6049-4(c) from information reporting on Form 1099 and backup withholding. 

  
 4 

 The Party B Investor is treated as a corporation for U.S. Federal income tax purposes. 

Part 3 
 Agreement to
Deliver Documents 
 For the purpose of Section 4(a) of this Agreement: 

I. Tax forms, documents or certificates to be delivered are: 
  

					
	 Party required to

deliver document
	  	 Form/Document/

Certificate
	  	 Date by which to

Be delivered

			
	Party A	  	A fully completed and duly executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to Party A	  	Upon execution and delivery of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or incorrect.
			
	Party B	  	A fully completed and duly executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to the Party B Investor, indicating Party B as the
disregarded entity name with respect to the Party B Investor	  	Upon execution and delivery of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or incorrect.

 II. Other documents to be delivered are: 
  

							
	
Party required to
deliver document
	  	 Form/Document/

Certificate
	  	 Date by which to

be delivered
	  	 Covered by

Section 3(d)

				
	 Party A and
 Party B
	  	Evidence reasonably satisfactory to the other party of the (i) authority of such party to enter into this Agreement and any Transactions and (ii) the authority and genuine signature of the individual signing this Agreement
on behalf of such party to execute the same.	  	Upon execution and delivery of this Agreement and, if requested by the other party, as soon as practicable after execution of any Confirmation of any other Transaction.	  	Yes

  
 5 

							
				
	Party B	  	The annual report of the Party B Investor containing audited consolidated financial statements prepared in accordance with accounting principles that are generally accepted in the United States of America and certified by
independent certified public accountants for each fiscal year.	  	As soon as available and in any event within 120 days after the end of each of the Party B Investor’s fiscal years, if not publicly available through a filing made with the Securities and Exchange Commission prior to
such deadline.	  	Yes; provided that the phrase “is, as of the date of the information, true, accurate and complete in every material respect” in Section 3(d) shall be deleted and the phrase “fairly presents, in all
material respects, the financial condition and results of operations as of their respective dates and for the respective periods covered thereby” shall be inserted in lieu thereof
				
	Party B	  	The unaudited consolidated financial statements, the consolidated balance sheet and related statements of income of the Party B Investor for each of the first three fiscal quarters of each fiscal year prepared in accordance
with accounting principles that are generally accepted in the United States of America.	  	As soon as available and in any event within 60 days after the end of each of the Party B Investor’s fiscal quarters, if not publicly available through a filing made with the Securities and Exchange Commission prior
to such deadline.	  	Yes; provided that the phrase “is, as of the date of the information, true, accurate and complete in every material respect” in Section 3(d) shall be deleted and the phrase “fairly presents, in all
material respects, the financial condition and results of operations as of their respective dates and for the respective periods covered thereby” shall be inserted in lieu thereof
				
	Party B	  	Certified copies of the constitutional documents of Party B.	  	Upon execution and delivery of this Agreement and as soon as practicable after any amendment, supplement or other modification of any thereof.	  	Yes

  
 6 

							
				
	Party B	  	Certified copies of the constitutional documents of the Party B Investor.	  	Upon execution and delivery of this Agreement and as soon as practicable after any amendment, supplement or other modification of any thereof, if not publicly available through a filing made with the Securities and Exchange
Commission.	  	Yes
				
	Party A and Party B	  	A duly executed copy of each of the Credit Support Documents specified in Part 4(f) of this Schedule.	  	Upon execution and delivery of this Agreement.	  	No
				
	Party A and Party B	  	Such other documents that may be reasonably requested by the other party from time to time.	  	As per request by the other party.	  	Yes

 Part 4 

Miscellaneous 
 (a) Addresses for
Notices. For the purpose of Section 12(a) of this Agreement: 
 Address for notices or communications to Party A: 

 

					
	Address:          	  	Capital Markets Documentation Unit
		  	388 Greenwich Street, 17th Floor
		  	New York, New York 10013
			
		  	Attention:	 	Director Derivatives Operations
			
		  	Facsimile No.:	 	(212) 816-5550
		
		  	(For all purposes)

 Address for notices or communications to Party B: 

 

					
	Address:          	  	NewStar TRS I LLC
		  	c/o NewStar Financial, Inc.
		  	500 Boylston Street
		  	Suite 1250
		  	Boston, MA 02116
		  	Attention:	 	Operations Group
		  	Facsimile:	 	12142914344@docs.ldsprod.com

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

Party A appoints as its Process Agent: Not Applicable 

Party B appoints as its Process Agent: Not Applicable 

  
 7 

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

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

Party A is a Multibranch Party and may enter into a Transaction through any of the following offices: New York, London, Singapore and
Sydney. 
 Party B is not a Multibranch Party. 

(e) Calculation Agent. The Calculation Agent will be Party A unless otherwise specified in a Confirmation in reference to the relevant
Transaction. 
 (f) Credit Support Document. 

(i) In relation to Party A, the Credit Support Annex dated as of the date hereof and attached hereto between the parties hereto; and

 (ii) In relation to Party B, the Credit Support Annex dated as of the date hereof and attached hereto between the parties
hereto. 
 (g) Credit Support Provider. 

(i) In relation to Party A, none; and 

(ii) In relation to Party B, none. 
 (h)
Governing Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating in any way whatsoever to this Agreement (whether in contract, tort or otherwise) shall be governed by, the law
of the State of New York. 
 (i) Jurisdiction. Section 13(b)(i) of this Agreement is hereby amended by deleting in line 2 of paragraph 2 the word
“non-” and by deleting paragraph (iii) thereof. The following shall be added at the end of Section 13(b): “Nothing in this provision shall prohibit a party from bringing an action to enforce a money judgment in any other
jurisdiction.” 
 (j) “Affiliate” will have the meaning specified in Section 14 of this Agreement. 

(k) Absence of Litigation. For the purpose of Section 3(c), “Specified Entity” means in relation to Party A, any Affiliate of
Party A, and in relation to Party B, each Specified Entity referred to in Part 1 of this Schedule. 
 (l) No Agency. The provisions of
Section 3(g) will apply to this Agreement. 
 (m) Additional Representation will apply. Section 3(a) of this Agreement is hereby amended
by the deletion of “and” at the end of Section 3(a)(iv); the substitution of a semi-colon for the period at the end of Section 3(a)(v) and the addition of Sections 3(a)(vi) to (viii), as follows: 

“(vi) Relationship Between Parties. Each party will be deemed to represent to the other party on the date on which it enters into a
Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): 

(1) No Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as
to whether that 

  
 8 

 
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 that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a
recommendation to enter into that Transaction. It has not received from the other party any assurance or guarantee as to the expected results of that Transaction. 

(2) 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 that Transaction. It is also capable of assuming, and assumes, the financial and other risks of that Transaction. 

(3) Status of Parties. The other party is not acting as a fiduciary for or an advisor to it in respect of that
Transaction. 
 (vii) Eligible Contract Participant. (a) It is an “eligible contract participant” within the meaning of
Section 1a of the Commodity Exchange Act, as amended (the “CEA”), (b) this Agreement and each Transaction are subject to individual negotiation by each party, and (c) neither this Agreement nor any Transaction
will be executed or traded on a “trading facility” within the meaning of Section 1a of the CEA. 
 (viii) ERISA. The
assets that are used in connection with the execution, delivery and performance of this Agreement and the Transactions entered into pursuant hereto are not the assets of an employee benefit or other plan subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), a plan described in Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), an entity whose underlying assets include
“plan assets” by reason of Department of Labor regulation section 2510.3-101, as modified by Section 3(42) of ERISA, or a governmental plan that is subject to any federal, state, or local law that is substantially similar to the
provisions of Section 406 of ERISA or Section 4975 of the Code.” 
 (n) “Netting of Payments” Either party may notify the
other in writing, not less than one Local Business Day in advance of one or more Scheduled Settlement Dates, that with regard to payments due on that date, Multiple Transaction Payment Netting will apply; provided that no such notice shall be
required with respect to any Transaction if the related Confirmation expressly provides that Multiple Transaction Payment Netting will apply. Except to the extent that such advance written notice shall have been given or as is specified in a related
Confirmation, Multiple Transaction Payment Netting will not apply for purposes of Section 2(c) of this Agreement. The starting date for the election commences upon entering the first Transaction under the Agreement with respect to either of the
above groups of Transactions. 
 Part 5 

Other Provisions 
 (a) Waiver of Right
to Trial by Jury. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Each party hereby (i) certifies that no representative,
agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Agreement by,
among other things, the mutual waivers and certifications in this paragraph. 

  
 9 

 (b) Severability. Except as otherwise provided in Sections 5(b)(i) or 5(b)(ii) in the event that any one
or more of the provisions contained in this Agreement should be held invalid, illegal, or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or
impaired thereby. The parties shall endeavor, in good faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions. 
 (c) Netting. In the event that any Terminated Transaction cannot be aggregated and netted against all other
Terminated Transactions under Section 6(e) of this Agreement, such excluded Terminated Transactions shall be aggregated and netted amongst themselves to the fullest extent permitted by law. 

(d) Escrow Payments. If by reason of the time difference between the cities in which payments are to be made, it is not possible for
simultaneous payments to be made on any date on which both parties are required to make payments hereunder, either party may at its option and in its sole discretion notify the other party that payments on that date are to be made in escrow. In this
case the deposit of the payment due earlier on that date shall be made by 2:00 p.m. (local time at the place for the earlier payment) on that date with an escrow agent selected by the party giving the notice, accompanied by irrevocable payment
instructions (i) to release the deposited payment to the intended recipient upon receipt by the escrow agent of the required deposit of the corresponding payment from the other party on the same date accompanied by the irrevocable payment
instructions to the same effect or (ii) if the required deposit of the corresponding payment is not made on that same date, to return the payment deposited to the party that paid it into escrow. The party that elects to have payments made in
escrow shall pay the costs of the escrow arrangements and shall cause those arrangements to provide that the intended recipient of the payment due to be deposited first shall be entitled to interest on that deposited payment for each day in the
period of its deposit at the rate offered by the escrow agent for that day for overnight deposits in the relevant currency in the office where it holds that deposited payment (at 11:00 a.m. local time on that day) if that payment is not released by
5:00 p.m. on the date it is deposited for any reason other than the intended recipients’ failure to make the escrow deposit it is required to make hereunder in a timely fashion. 

(e) Recording of Conversations. Each party hereto consents to the recording of its telephone conversations relating to this Agreement or any potential
Transaction. To the extent that one party records telephone conversations (the “Recording Party”) and the other party does not (the “Non-Recording Party”), the Recording Party shall, in the event of
any dispute, make a complete and unedited copy of such party’s tape of the entire day’s conversations with the Non-Recording Party’s personnel available to the Non-Recording Party. The Recording Party’s tapes may be used by
either party in any forum in which a dispute is sought to be resolved and the Recording Party will retain tapes for a consistent period of time in accordance with the Recording Party’s policy unless one party notifies the other that a
particular transaction is under review and warrants further retention. 
 (f) 2002 Master Agreement Protocol. The parties agree that the definitions
and provisions contained in Annexes 1 to 16 and Section 6 of the 2002 Master Agreement Protocol published by the International Swaps and Derivatives Association, Inc. on 15th July 2003 are incorporated into and apply to this Agreement.

 (g) Additional Party B Representations. Section 3 of this Agreement is hereby amended by the addition of the following representations
(which shall be made solely by Party B to Party A): 
 (h) Compliance with Investment Policies. The execution, delivery, and performance by
Party B of this Agreement and each Confirmation does not conflict with or violate the investment policies, trading strategies and/or restrictions of Party B or the Party B Investor as set forth in the offering and/or organizational documents,
in each case as in effect from time to time, of Party B or the Party B Investor, as the case may be. 

  
 10 

 (i) Manager Authorized as Agent. The Manager is duly authorized to act as Party B’s agent in
entering into and confirming Transactions and receiving notices to Party B under this Agreement, and the Manager’s entering into or confirmation of any Transaction shall be sufficient to bind Party B, with the result that
Party B’s signature shall not be required on any Confirmation. 
 (j) Obligations Pari Passu. The obligations of Party B to
Party A under this Agreement rank at least pari passu with all other senior unsecured indebtedness of Party B. 
 Party B covenants that
(i) it will not take any action during the term of any Transaction that would render any of the representations and warranties in this Part 5(g) untrue and (ii) it will take all necessary action during the term of each Transaction to cause
such representations and warranties to continue at all times to be true. 
 (h) Manager Representations. The following representations shall be made
by the Manager in accordance with Section 3 of the Agreement as if the Manager was a party to this Agreement: 
 “(i) Manager
Representations. The Manager represents and warrants to Party A (x) that it is duly authorized to act as Party B’s agent in entering into and confirming Transactions and in receiving notices to Party B under this
Agreement, and (y) that any Transaction shall be entered into in accordance with the applicable investment policies, trading strategies and/or restrictions of Party B and the Party B Investor as are then in effect. 

(ii) No Investment Advice from Party A. The Manager represents and agrees that no advice given by Party A or its Affiliates
shall form a primary basis for any decision by or on behalf of the Manager relating to any Transaction under or in connection with this Agreement, that neither Party A nor any of its Affiliates is or shall be a fiduciary or advisor with respect
to Party B or the Party B Investor or the Manager and that no amounts paid or to be paid to Party A or its Affiliates are attributable to any advice provided by Party A or its Affiliates.” 

(i) Additional Party B Covenant. For purposes of Section 4 of this Agreement, the following shall be added immediately following paragraph
(e) thereof: 
 “(f) Notification Requirements. Party B shall notify Party A in writing immediately upon the
occurrence of any of the following: (i) any Additional Termination Event in relation to Party B, (ii) the entry by Party B or the Party B Investor or the Manager into an agreement that would result in the merger, change in control or
reorganization of Party B or the Party B Investor or the Manager; (iii) Party B or the Party B Investor or the Manager becomes aware of the commencement of litigation or regulatory action against Party B or the Party B Investor or the Manager
that has, or could reasonably be expected to have, a Material Adverse Effect; or (iv) the independent public accountant of Party B or the Party B Investor or the Manager resigns, is dismissed, or issues a report on its financial statements that
contains an adverse opinion or disclaimer of opinion, or issues an opinion that is qualified or modified as to uncertainty, audit scope or audit principles.” 

(j) Confirmation Procedures. Except as otherwise expressly provided in a Confirmation with respect to a Transaction, for each Transaction that
Party A and Party B enter hereunder, Party A shall promptly send to Party B a Confirmation setting forth the terms of such Transaction. Party B shall promptly execute and return the Confirmation to Party A or request
correction of any error. Failure of Party B to respond within such period shall not affect the validity or enforceability of such Transaction and shall be deemed to be an affirmation and acceptance of such terms. 

  
 11 

 (k) Recourse Limited to Party B; Non-Petition Agreement. Notwithstanding anything to the contrary
contained in the Agreement, the Schedule or any Confirmation or other document issued or delivered in connection with any Transaction entered into under this Agreement, (i) any amounts owed or liabilities incurred from time to time and at
any time by Party B hereunder or in respect of any Transaction entered into under this Agreement, shall be satisfied solely from the assets of Party B available at such time, (ii) following the realization or liquidation of all assets
of Party B and the application of the proceeds thereof, all obligations of, and any remaining claims against, Party B under or in respect of this Agreement shall be extinguished and shall not thereafter revive and (iii) no recourse, whether by
set-off or otherwise, shall be had to the assets of the Manager or the Party B Investor or any of the other Affiliates of Party B or any director, officer or employee or partner of Party B, the Manager or the Party B Investor or any of the
other Affiliates of Party B, except that the foregoing will not limit service of process on Party B by delivery of notice on its behalf to Party B. 

Party A will not cause the filing of a petition in bankruptcy against Party B for the nonpayment of any amount owing under the Agreement at any time prior to
the date one year (or, if applicable, the end of any longer preference period under applicable law) and one day after the termination of all Transactions hereunder; provided that the foregoing shall not preclude, and shall not be deemed to
estop, Party A from (x) taking any action in (A) any case or Proceeding voluntarily filed or commenced by Party B or (B) any case or Proceeding involuntarily filed or commenced by a Person other than Party A or any of its affiliates
and (y) commencing against Party B or any of its properties any legal action that is not a bankruptcy, winding up, reorganization, arrangement, insolvency, moratorium or other similar proceeding. 

The provisions of this Part 5(i) will survive the termination of the Transactions. 

(l) Limitation on Damages. To the fullest extent permitted by applicable law, each party agrees that it shall not assert, and hereby waives, any claim
against the other party, on any theory of liability, for special, indirect, consequential or punitive damages; provided that the foregoing shall not limit any party’s obligation to make any amount otherwise payable in accordance with the
express provisions of this Agreement. 
 (m) Foreign Account Tax Compliance Act. The parties agree that the definitions and provisions contained in
the ISDA 2012 FATCA Protocol as published by the International Swaps and Derivatives Association, Inc. on August 15, 2012, are incorporated into and apply to the Agreement as if set forth in full herein. 

(n) ISDA 2010 Short Form HIRE Act Protocol. The parties agree that, solely as between Party A and Party B, the definitions and
provisions contained in the Attachment to the ISDA 2010 Short Form HIRE Act Protocol published by the International Swaps and Derivatives Association, Inc. on November 30, 2010 (“Short Form Protocol
Attachment”) will be deemed to be incorporated herein, mutatis mutandis, as though such definitions and provisions were set out in full herein, with any such conforming changes as are necessary to deal with what would otherwise
be inappropriate or incorrect cross references. The parties further agree that the Implementation Date (as such term is defined in the Short Form Protocol Attachment) shall be the date of execution of this Agreement. 

(o) Notification of Right To Segregate Independent Amounts. With respect to funds or other property provided to margin, guarantee or secure obligations
under uncleared CFTC-regulated “swaps” (as defined in Commodity Exchange Act section 1a(47)) entered into on or after December 31, 2012, to the extent mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act,
Party B has the right to require segregation of such funds (other than variation margin) at an independent third party custodian. This notification is deemed repeated at the time of entry into each Transaction that is an uncleared swap. 

  
 12 

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

									
	 CITIBANK, N.A.
	  		  	NEWSTAR TRS I LLC
					
	 By:
	  	 /s/ LINDA COOK
	  		  	 By:
	  	/s/ JOHN J. FRISHKOPF
		  	  
	  		  		  	  

		  	 Name: Linda Cook
	  		  		  	Name: John J. Frishkopf
		  	 Title: Vice President
	  		  		  	Title: Treasurer

  

									
		  		  	NEWSTAR FINANCIAL, INC., in its individual capacity in respect of the representations made by the Manager in Part 5(h) of this Schedule.
					
		  		  		  	 By:
	  	/s/ JOHN J. FRISHKOPF
		  		  		  		  	  

		  		  		  		  	Name: John J. Frishkopf
		  		  		  		  	Title: Treasurer

  

 Execution Copy 

Paragraph 13. Elections and Variables 
 (a) Security
Interest for “Obligations”. The term “Obligations” shall have the meaning set forth in Paragraph 12. 
 (b) Credit Support
Obligations. 
 (i) Delivery Amount, Return Amount and Credit Support Amount; Addition to Paragraph 3. 

(A) “Delivery Amount” has the meaning set forth in Paragraph 3(a). 

(B) “Return Amount” has the meaning set forth in Paragraph 3(b). 

(C) “Credit Support Amount” means for any Valuation Date (i) the Secured Party’s Exposure for that
Valuation Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) the Pledgor’s Threshold, if any; provided that (x) in the case where the sum of the Independent Amounts applicable
to the Pledgor exceeds zero, the Credit Support Amount will not be less than the sum of all Independent Amounts applicable to the Pledgor and (y) in all other cases, the Credit Support Amount will be deemed to be zero whenever the calculation
of the Credit Support Amount yields an amount less than zero. 
 (D) Delivery of Independent Amounts. Notwithstanding
anything herein to the contrary (including without limitation the provisions of Paragraph 3), with regard to Transfers of Independent Amounts, the relevant Transfer shall be made in full by the close of business on the first Business Day (as defined
in the Subject Confirmation) following the Obligation Trade Date (as so defined) of the applicable Transaction. 
 (ii) Eligible
Collateral. The items set forth on Schedule I hereto will qualify as “Eligible Collateral” for the party specified (with the respective Valuation Percentages set forth opposite such items in said Schedule). 

(iii) Other Eligible Support. Although the parties intend that Transactions entered into under the Confirmation dated December 4,
2014 (the “Subject Confirmation”) shall be subject to, and interpreted and performed in accordance with, the representations and warranties made in Clause 7 of the Subject Confirmation, in the event that any such Transaction
is for any purpose deemed to be a loan made by Party A to Party B, any Reference Obligation (as defined in the Subject Confirmation) held by any Citibank Holder (as defined in the Subject Confirmation) as a hedge for any Transaction and
all proceeds thereof shall be deemed to be Other Eligible Support and Other Posted Support. The Value of such deemed Other Eligible Support and Other Posted Support shall be zero. 

(iv) Thresholds. 

(A) “Independent Amount” means (x) with respect to Party A, not applicable and (y) with respect
to Party B, and with regard to any Transaction or group of specified Transactions, the amount as specified in the relevant Confirmation. 

(B) “Threshold” means (x) with respect to Party A, not applicable and (y) with respect to
Party B, zero. 
 (C) “Minimum Transfer Amount” for purposes of computing a Delivery Amount pursuant to
Paragraph 3(a) and a Return Amount pursuant to Paragraph 3(b), as of any date shall be USD250,000. 
 (D) Rounding.
The Delivery Amount and the Return Amount will not be rounded. 

  
 14 

	(c)	Valuation and Timing. 

 (i) “Valuation Agent” means the Secured Party.

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

(iii) “Valuation Time” means, with respect to the determination of Exposure, Value of Eligible Credit Support and Posted
Credit Support, the close of business on the Local Business Day immediately before the Valuation Date or date of calculation, as applicable. 

(iv) “Notification Time” means 10:00 a.m., New York time on a Valuation Date. 

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

 

					
	 	  	Party A	 	Party B
	 Illegality
	  	[    ]	 	[    ]
	 Tax Event
	  	[    ]	 	[    ]
	 Tax Event Upon Merger
	  	[    ]	 	[    ]
	 Credit Event Upon Merger
	  	[X]	 	[X]
	 Additional Termination Events specified in the Schedule to this Agreement
	  	[    ]	 	[X]

 (e) Substitution. 

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

(ii) Transfer. Notwithstanding anything to the contrary contained in Paragraph 4(d) of the Credit Support Annex, consent of the Secured
Party shall be required in order that a party be permitted to Transfer Substitute Credit Support hereunder, provided, however, that such consent shall not be unreasonably withheld or delayed. 

(f) Dispute Resolution. 
 (i)
“Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which notice is given that gives rise to a dispute under Paragraph 5. 

(ii) Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support will be calculated as follows:
(A) the Value of Posted Credit Support consisting of Cash shall be the amount thereof and (B) the Value of Posted Credit Support consisting of a security shall be the sum of (i) (x) the arithmetic mean of the mid market
quotations on the relevant date of three nationally recognized principal market makers (which may include an affiliate of Party A) for such security chosen by the Valuation Agent multiplied by the applicable Valuation Percentage or (y) if
no quotations are available from such principal market makers on the relevant date, the arithmetic mean of the closing bid prices on the next preceding date multiplied by the applicable Valuation Percentage plus (ii) the accrued interest on
such security (except to the extent Transferred to a party pursuant to any applicable provision of this Agreement or included in the applicable price referred to in (i) of this clause) as of such date. 

(iii) Alternative. The provisions of Paragraph 5 will apply. 

  
 15 

 (g) Holding and Using Posted Collateral. 

(i) Eligibility to Hold Posted Collateral; Custodians. The Secured Party or its Custodian will be entitled to hold Posted Collateral
pursuant to Paragraph 6(b) provided that the Secured Party is not a Defaulting Party. Initially, the Secured Party will not be using a Custodian. 

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

(h) Distributions and Interest Amount.  

(i) Interest Rate. The “Interest Rate” with respect to U.S.Dollars will be the “Federal Funds Rate”, set forth in
H.15 (519) for that day opposite the caption “Federal Funds (Effective).” If on any day such rate is not yet published in H.15 (519), the rate for such day will be the rate set forth in Bloomberg Screen page
FEDL01<INDEX><HP><GO> for that day under the caption “FED FUNDS EFFECTIVE”, or such other rate as may be agreed by the parties. For this purpose “H.15 (519)” shall have the meaning specified in the Annex to the
2000 Definitions as published by the International Swaps and Derivatives Association, Inc. 
 (ii) Transfer of Interest Amount.
Transfers of the Interest Amount will be made in arrears on the last Business Day of each calendar month. 
 (iii) Alternative to Interest
Amount. The provisions of Paragraph 6(d)(ii) will apply, provided, however, that the Interest Amount will compound daily. 
 (i) Additional
Representations. 
 (i) Notwithstanding anything to the contrary contained herein, (“X”) shall be the beneficial owner, within
the meaning of the U.S. tax laws, of any securities it shall Transfer as collateral to the other party (“Y”) pursuant to the terms hereof. 

(ii) X shall promptly provide to Y, upon written request, any tax documentation reasonably requested by Y to allow Y to make gross interest
payments to X in respect of any Posted Collateral Transferred to Y pursuant hereto. 
 (j) Other Eligible Support and Other Posted Support. 

(i) “Value” with respect to Other Eligible Support and Other Posted Support shall not be applicable. 

(ii) “Transfer” with respect to Other Eligible Support and Other Posted Support shall not be applicable. 

(k) Demands and Notices.  
 All demands, specifications
and notices under this Annex will be made pursuant to the Notices Section of this Annex, provided, that the address for Party A for such purposes shall be: 

Citibank, N.A. 
 Collateral
Management Group 
 388 Greenwich Street, 11th Floor 

New York, NY 10013 
 Telephone no.
(212) 816-8090 
 Facsimile no. (212) 994-0728; 

  
 16 

 and the address for Party B for such purposes shall be: 

NewStar TRS I LLC 
 c/o NewStar
Financial, Inc. 
 500 Boylston Street 

Suite 1250 
 Boston, MA 02116 

Attention: Operations Group 

Facsimile: 12142914344@docs.ldsprod.com 
 (l)
Accounts 
 All Transfers of Eligible Collateral to Party A shall be made to the following account: 

Citibank, N.A. 
 ABA No.:
021-000-089 
 Account No: #36001339 

Reference: Margin Ops 
 All Transfers of Posted
Credit Support to Party B shall be made to the following account: 
 To an account at a commercial bank located in the 

United States of America most recently 

identified for such purpose 
 by
Party B in a notice in Party A 
 (m) Other Provisions. 

(i) Actions Hereunder. Either party may take any actions hereunder, including liquidation rights, through its Custodian or other agent.

 (ii) Events of Default. Paragraph 7(i) shall be amended and restated in its entirety as follows: “(i) that party fails (or
fails to cause its Custodian) to make, when due any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount as applicable, required to be made by it and that failure continues for one Local Business Day after notice of that failure
is given to that party;” 
 (iii) Agreement as to Single Secured Party and Pledgor. Party A and Party B agree that,
notwithstanding anything to the contrary in the recital to this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in Paragraph 12, (a) the term “Secured Party” as used in this Annex means only Party A, (b) the
term “Pledgor” as used in this Annex means only Party B, (c) only Party B makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9 and
(d) only Party B will be required to make Transfers of Eligible Credit Support hereunder. 
 (iv) Definitions and
Inconsistency. Paragraph 1(a) shall be amended by adding the following language immediately after the last sentence of such paragraph: “In the event of any inconsistency between this Annex and a Confirmation, the Confirmation will prevail
in relation to the related Transaction or Transactions.” 

  
 17 

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

									
	 CITIBANK, N.A.
	  		  	NEWSTAR TRS I LLC
					
	 By:
	  	 /s/ LINDA COOK
	  		  	 By:
	  	/s/ JOHN J. FRISHKOPF
		  	  
	  		  		  	  

		  	 Name: Linda Cook
	  		  		  	Name: John J. Frishkopf
		  	 Title: Vice President
	  		  		  	Title: Treasurer

 Schedule I 
  

							
	 	  	Party A	  	Party B	  	Valuation
Percentage
		  	  

	 Cash
	  	N/A	  	X	  	100%

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