Document:

Exhibit 10.1

 Exhibit 10.1 
  

 
 EXECUTION VERSION 

Date: April 2, 2018 
 To: NexPoint Capital, Inc. 

From: BNP Paribas, London Branch 
 AMENDED AND
RESTATED MASTER CONFIRMATION FOR 
 LOAN TOTAL RETURN SWAP TRANSACTIONS 

Ladies and Gentlemen: 
 The purpose of this Amended and Restated
Master Confirmation for Loan Total Return Swap Transactions (this “Master Confirmation”) is to (i) amend and restate in their entirety the terms and conditions of the total return swap transactions entered into from time
to time between BNP Paribas (“BNPP”) and NexPoint Capital, Inc. a Delaware Corporation organized under the laws of the United States (“Counterparty”) (each, a “Transaction” and,
collectively, the “Transactions”) and (ii) amend and restate in its entirety the Master Confirmation for Loan Total Return Swap Transactions dated June 13, 2017 (the “Original Master
Confirmation”), between BNPP and Counterparty, which set forth the original terms and conditions of such Transactions. The amendment and restatement of the Original Master Confirmation and the terms and conditions of such Transactions
pursuant to this Master Confirmation shall, in each case, become effective on the date of this Master Confirmation (the “Amendment and Restatement Date”). This Master Confirmation, taken alone, is neither a commitment by
either party to enter into any Transaction nor evidence of a Transaction. The parties agree that the confirmation applicable to any Transaction, which shall constitute a “Confirmation” for the purposes of, and will
supplement, form a part of, and be subject to, the Master Agreement, shall consist of this Master Confirmation and the trade details and specific terms applicable to such Transaction set forth in Annex I. 

The definitions and provisions contained in the 2006 ISDA Definitions (the “Definitions”), as published by the International Swaps and
Derivatives Association, Inc., are incorporated into this Master Confirmation. In the event of any inconsistency between the Definitions and this Master Confirmation, this Master Confirmation will govern. Capitalized terms used but not defined in
this Master Confirmation have the meanings assigned to them in Appendix A. Capitalized terms used but not defined in this Master Confirmation or in Appendix A have the meanings assigned to them in the Definitions. 

 

	1.	AGREEMENT 

 This Master Confirmation supplements, forms a part of and is subject to, the
ISDA 2002 Master Agreement, dated as of May 22, 2017 (as amended, supplemented and otherwise modified and in effect from time to time, the “Master Agreement”), together with the schedule and any credit support annex (the
“Credit Support Annex”) thereto, between BNPP and Counterparty. All provisions contained in the Master Agreement govern this Master Confirmation except as expressly modified below. 

 

	2.	TERMS OF TRANSACTIONS 

 Each Transaction shall be governed
by the terms and conditions set forth below, as supplemented by the trade details and specific terms of such Transaction set forth in Annex I. On each Business Day after the Facility Trade Date, BNPP shall deliver to Counterparty a revised Annex I
reflecting each Transaction entered into under this Master Confirmation as of the end of the immediately preceding Business Day. 
 General Terms:

  

			
	Facility Trade Date:	  	June 13, 2017
		
	Facility Effective Date:	  	June 15, 2017
		
	Amendment and Restatement Effective Date:	  	April 10, 2018
		
	Facility Scheduled Termination Date:	  	December 10, 2017; subject to automatic extension as provided in the following sentence. On the 25th day of the calendar month immediately preceding the then Facility
Scheduled Termination Date (commencing on November 25, 2017) (each such date, an “Automatic

 

 
  

			
		  	Extension Date”), the Facility Scheduled Termination Date shall be automatically extended to the date occurring six (6) calendar months after the then Facility Scheduled Termination Date (prior to giving
effect to such extension) unless either of BNPP or Counterparty provides written notice to the other party by the applicable Automatic Extension Date that the Facility Scheduled Termination Date will not be further extended as of such Automatic
Extension Date.
		
	Facility Final Termination Date:	  	The date occurring 6 months after the Facility Scheduled Termination Date.
		
	Facility Termination Date:	  	The earlier to occur of (i) the later of (A) the Facility Scheduled Termination Date and (B) the final Transaction Termination Date, (ii) the Facility Final Termination Date, or (iii) the date that
Counterparty or BNPP declares to be a Facility Termination Date pursuant to the provisions hereof. The obligations of the parties to make payments required to be made hereunder shall remain unaffected by the occurrence of the Facility Termination
Date.
		
	Transaction Termination Date:	  	 (a) With respect to any Transaction for which there exists a Repaid Obligation, the related Repayment Date; and

 
 (b) With respect to any Transaction for which there exists a Terminated Obligation,
the related Transaction Termination Settlement Date.

		
	Reference Portfolio:	  	As of any date of determination, all Reference Obligations with respect to all Transactions outstanding on such date.
		
	Reference Obligation:	  	With respect to any Transaction, the obligation listed in Annex I for such Transaction.
		
	Transaction Initiation:	  	

 Counterparty may, by notice to BNPP on any Business Day that is on or after the Facility Trade Date and prior to the first day
of the Ramp-Down Period, request that any obligation (each, a “Reference Obligation”) become the subject of a new Transaction hereunder. Any such notice shall specify (1) the proposed Reference Obligation,
(2) whether such Reference Obligation is a Term Obligation, Revolving Reference Obligation or Delayed Drawdown Reference Obligation, (3) the Initial Funded Amount of such Reference Obligation, (4) the related Reference Entity,
(5) the related Reference Amount, (6) the LoanX ID of such Reference Obligation, (7) the coupon of such Reference Obligation, (8) the maturity date of such Reference Obligation, (9) if such Reference Obligation is a floating
rate obligation, the floating rate index minimum rate of such Reference Obligation, (10) the aggregate outstanding indebtedness of the related Reference Entity, (11) the facility size of the related Reference Obligation, (12) the
Moody’s Rating of such Reference Obligation, (13) the S&P Rating of such Reference Obligation, (14) the Moody’s Industry Classification of such Reference Obligation, (15) the Bloomberg Industry Subgroup Classification of
such Reference Obligation, (16) the S&P Industry Classification of such Reference Obligation, (17) the domicile of the related Reference Entity, (18) whether such Reference Obligation is a Senior Secured Obligation or a Second
Lien Obligation, (19) an estimate of the Initial Price of such Reference Obligation, and (20) whether the related Reference Entity is an Affiliate of Counterparty. 

Counterparty acknowledges that, in connection with any request made pursuant to the immediately preceding paragraph, BNPP may perform, in respect of the
related Reference Obligation, diligence concerning the existence or potential existence of an AML Violation, an OFAC Violation or a violation of BNPP’s corporate and social responsibility policy and may, if it determines in its sole discretion
that such Transaction would, or would be reasonably likely to, result in an AML Violation, an OFAC Violation or a violation of BNPP’s corporate and social responsibility policy, withhold its consent to such Transaction on that basis. 

BNPP may, in its sole discretion, consent to the proposed Reference Obligation becoming the subject of a Transaction hereunder. The effectiveness of
BNPP’s consent to enter into such Transaction on such terms shall in all cases be subject to 

  
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the satisfaction of the following conditions: (a) Counterparty provides a Firm Offer as described in the immediately succeeding paragraph on or prior to (i) the date that is three
(3) days after the date BNPP notifies Counterparty of such consent and (ii) the date on which BNPP notifies Counterparty that BNPP has withdrawn such consent (the earlier of such dates, the “Firm Bid Date”); (b)
such Firm Offer is within 10% of the estimate of the Initial Price specified in Counterparty’s request (and, if not, Counterparty must submit an updated request, to which BNPP may, in its sole discretion, consent as provided in the immediately
preceding sentence); (c) on the Transaction Trade Date, the proposed Reference Obligation satisfies the Obligation Criteria set forth in Annex II, as determined by BNPP in its sole discretion; and (d) after entering into such proposed
Transaction, the Reference Obligations relating to the then existing Transactions, in the aggregate, would not exceed any of the applicable limits set forth in the Portfolio Criteria set forth in Annex III; provided that the condition set forth in
clause (d) is not applicable if the Transaction Trade Date falls within the Ramp-Up Period and the Portfolio Notional Amount after giving effect to the proposed Transaction would not exceed
$25 million. 
 If BNPP consents to the proposed Reference Obligation becoming the subject of a Transaction hereunder, then the Independent Amount
Percentage applicable to such Transaction will be as specified pursuant to Clause 9 herein unless otherwise specified by BNPP. If Counterparty consents to such Independent Amount Percentage, then Counterparty shall provide, no later than 3:00 p.m.
(New York time) on the Firm Bid Date, a Firm Offer for such proposed Reference Obligation and the Approved Counterparty from which such Firm Offer was obtained. The date on which Counterparty provides such Firm Offer shall be the “Transaction
Trade Date” for such Transaction, and the Firm Offer provided by Counterparty shall be the “Initial Price” for such Transaction. 

Notwithstanding anything to the contrary in this Master Confirmation, if Counterparty requests on any Business Day that is on or after the Facility Trade Date
and prior to the first day of the Ramp-Down Period, that a Pre-Approved Reference Obligation become the subject of a Transaction hereunder, then, provided that the Counterparty and BNPP have agreed to an
Initial Price with respect to such Pre-Approved Reference Obligation, the conditions set forth in the second preceding paragraph shall be deemed to have been satisfied and such
Pre-Approved Reference Obligation shall become the subject of a Transaction hereunder. With respect to any Transaction related to a Pre-Approved Reference Obligation,
(i) the “Transaction Trade Date” shall be the date on which BNPP and Counterparty agree to the Initial Price for such Pre-Approved Reference Obligation and (ii) the Independent Amount
Percentage will be as specified pursuant to Clause 9. 
 With respect to any Transaction, not later than one Business Day after the related Transaction
Trade Date, subject to the satisfaction of the conditions described in the third preceding paragraph, BNPP shall deliver to Counterparty a revised Annex I, which shall include the relevant trade details, including the Independent Amount Percentage
and the Initial Price, applicable to such Transaction. Counterparty may, within two (2) Business Days of receipt of any Annex I, request correction of any error therein. Absent manifest error, failure by Counterparty to request correction shall
be deemed to be an affirmation and acceptance of the terms of the Transactions reflected on Annex I. 
 Upon the satisfaction of the conditions set forth in
the fourth preceding paragraph, on the Transaction Trade Date for a Transaction, such Transaction shall, for all purposes hereof other than calculating Rate Payments, be deemed to be effective. On the Transaction Settlement Date for a Transaction,
such Transaction shall, solely for the purposes of calculating Rate Payments, be deemed to be effective. The “Transaction Settlement Date” for a Transaction shall be the date following the Transaction Trade Date for such Transaction that
is customary for settlement of the related Reference Obligation substantially in accordance with the then-current market practice in the principal market for the related Reference Obligation (as determined by the Calculation Agent), or any date
specified by Counterparty and agreed to by BNPP; provided that if BNPP, any of its Affiliates or the Hedging Vehicle elects to establish a related hedge and notifies Counterparty of such election on the Transaction Trade Date, the Transaction
Settlement Date shall be deemed to be the date on which such related hedge actually settles and the Calculation Agent shall make any adjustments to account for Delay Compensation in accordance with Clause 6(b) hereof. For the avoidance of doubt,
none of BNPP, any of its Affiliates or the Hedging Vehicle shall be under any obligation to hedge any such Transaction or to own or hold any such Reference Obligation, and any of BNPP, its Affiliates and the Hedging Vehicle may establish, maintain,
modify, terminate or re-establish any hedge position or any methodology for hedging at any time without regarding Counterparty. Notwithstanding the foregoing, if BNPP, any of its Affiliates or the Hedging
Vehicle elects to establish a related hedge in respect of the Reference Obligation designated with respect to a new Transaction, and if (i) BNPP elects to give notice to Counterparty that such related hedge has failed to settle within a
commercially reasonable period of time (as determined by the Calculation Agent and set forth in such notice) following the Transaction Settlement Date or (ii) if BNPP determines (in its sole discretion) that an AML Violation or OFAC Violation
exists or could exist with respect to the related Reference Obligation, or if the settlement of such related hedge would or could result in a violation of BNPP’s “know your customer” compliance program or BNPP’s corporate and
social responsibility policy, then the Transaction shall, in all cases and for all purposes hereof, be deemed never to have been effective and it shall be deemed that neither a Transaction Trade Date nor a Transaction Settlement Date occurred in
respect 

  
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of such Transaction, and neither BNPP nor Counterparty shall have any obligations hereunder in respect of such ineffective Transaction (except, in the case of clause (ii) of this sentence,
Counterparty shall be liable to BNPP for any losses incurred by BNPP, such Affiliate or Hedging Vehicle in connection with their respective efforts to effect the settlement of such related hedge). 

Subject to Section 2(c) of the Master Agreement, in respect of each Transaction under this Master Confirmation or, in the case of the Counterparty Second
Floating Amount and Counterparty Third Floating Amount, in respect of the Reference Portfolio, (a) Counterparty shall pay to BNPP the following amounts determined in accordance with the terms of this Master Confirmation for each applicable
date: (i) on each Counterparty First Floating Rate Payer Payment Date, the Counterparty First Floating Amount, (ii) on each Counterparty Second Floating Rate Payer Payment Date, the Counterparty Second Floating Amount, (iii) on each
Counterparty Third Floating Rate Payer Payment Date, the Counterparty Third Floating Amount, (iv) on each Counterparty Fourth Floating Rate Payer Payment Date, the Counterparty Fourth Floating Amount, and (v) on each Counterparty Fifth
Floating Rate Payer Payment Date, the Counterparty Fifth Floating Amount, and (b) BNPP shall pay to Counterparty the following amounts determined in accordance with the terms of this Master Confirmation for each applicable date: (i) on
each BNPP Fixed Amount Payer Payment Date, the BNPP Fixed Amount, and (ii) on each BNPP Floating Rate Payer Payment Date, the BNPP Floating Amount. 

With respect to any Transaction, if any payment of interest on the related Reference Obligation that would otherwise be made during the period from and
including the Transaction Trade Date to but excluding the Transaction Termination Trade Date is not made but is capitalized as additional principal (without default), then the amount of interest so capitalized as principal shall become a new
Transaction hereunder (a “PIK Transaction”) having the same terms and conditions as the Transaction relating to the Reference Obligation in respect of which such interest is capitalized, except that (1) the Initial Price
in relation to such PIK Transaction shall be 0%, (2) the Transaction Trade Date and Transaction Settlement Date for such PIK Transaction shall be the date on which such interest is capitalized and (3) the Reference Amount of such PIK
Transaction will be the amount of interest so capitalized as principal. BNPP shall give notice to Counterparty after a PIK Transaction becomes outstanding as provided above, which notice shall set forth the information in the foregoing
clauses (2) and (3). 
  

			
	Reference Entity:	  	With respect to any Transaction, the borrower of the related Reference Obligation identified as such in Annex I. In addition, with respect to any Transaction, “Reference Entity”, unless the context otherwise requires,
shall also refer to any guarantor of or other obligor on the related Reference Obligation.
		
	Ramp-Up Period:	  	(i) Prior to the Amendment and Restatement Effective Date, the Original Ramp-Up Period, and (ii) on or after the Amendment and Restatement Effective Date, the Amendment and Restatement Ramp-Up Period.
		
	Original Ramp-Up Period:	  	The period from and including the Facility Effective Date and ending on and including August 10, 2017.
		
	Amendment and Restatement Ramp-Up Period:	  	The period from and including the Amendment and Restatement Effective Date and ending on and including June 10, 2018.
		
	Ramp-Down Period:	  	The period from and including the later of (i) the date that is sixty (60) days prior to the Facility Scheduled Termination Date and (ii) the date on which a party provides written notice to the other party that the
Facility Scheduled Termination Date will not be further extended, and ending on and including the Facility Scheduled Termination Date.
		
	Portfolio Notional Amount:	  	As of any date of determination, the sum of the Notional Amounts for all Reference Obligations as of such date.
		
	Notional Amount:	  	In relation to any Transaction, as of any date of determination, the Reference Amount of the related Reference Obligation as of such date multiplied by the Initial Price in relation to such Reference Obligation.
		
	Notional Funded Amount:	  	 As of any date of determination on or after the Transaction Settlement Date for any Transaction, in relation to a related Reference
Obligation that is:
  
 (a)   a
Term Obligation, the Notional Amount of such Reference Obligation on such date of determination;
  

(b)   a Delayed Drawdown Reference Obligation or a Revolving Reference Obligation, (i) the
Initial

  
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		  	 Funded Amount multiplied by the Initial Price, plus (ii) the Net Current Funded Amount on such date of
determination, less (iii) the product of (x) the Reference Amount on such date of determination less the Initial Funded Amount, multiplied by (y) 100% minus the Initial Price;

 
 in each case as may be reduced in accordance with Clause 3 or Clause 5 hereof;
provided that if the Notional Funded Amount for any Reference Obligation is at any time less than zero, such Notional Funded Amount shall be deemed to equal zero.

		
	Portfolio Notional Funded Amount:	  	As of any date of determination, the aggregate of all Notional Funded Amounts with respect to all Reference Obligations in the Reference Portfolio on such date of determination.
		
	Reference Amount:	  	 With respect to any Transaction, the “Reference Amount” indicated in Annex I. With respect to any Transaction in respect of which
the related Reference Obligation is a Committed Obligation, the Reference Amount shall include the aggregate stated face amount of all letters of credit, bankers’ acceptances and other similar instruments issued in respect of such Committed
Obligation to the extent that the holder of such Committed Obligation is obligated to extend credit in respect of any drawing or other similar payment thereunder.
  

In the event any Reference Amount is reduced in accordance with Clause 3 or Clause 5 hereof, BNPP shall provide a revised Annex I reflecting such reduction on
the next succeeding Business Day.

		
	Utilization Amount:	  	In relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
		
	Maximum Portfolio Notional Amount:	  	(i) Prior to the Amendment and Restatement Effective Date, the Original Maximum Portfolio Notional Amount, and (ii) on or after the Amendment and Restatement Effective Date, the Amendment and Restatement Maximum Portfolio
Notional Amount.
		
	Original Maximum Portfolio Notional Amount:	  	USD 40,000,000, or such greater amount as the parties may agree to in writing.
		
	Amendment and Restatement Maximum Portfolio Notional Amount:	  	USD 60,000,000, or such greater amount as the parties may agree to in writing.
		
	Minimum Portfolio Notional Amount:	  	On any date of determination, 80% of the Maximum Portfolio Notional Amount in effect on such date.
		
	Business Day:	  	New York.
		
	Payment Business Day:	  	A day on which commercial banks and foreign exchange markets settle payments and are open for general business in New York and London.
		
	Business Day Convention:	  	Following (which shall apply to any date specified herein for the making of any payment or determination or the taking of any action which falls on a day that is not a Business Day).
		
	Monthly Period:	  	Each period from but excluding the 10th day of any calendar month to and including the same day of the immediately succeeding calendar month; provided that the first such period will commence on, and include, the Facility Effective
Date and end on, but exclude, July 10, 2017.
		
	Calculation Agent:	  	BNPP; provided that, if an Event of Default shall have occurred and be continuing with respect to BNPP, then a Dealer selected by Counterparty in good faith that is not an Affiliate of either party shall be the Calculation
Agent so long as no Event of Default with respect to Counterparty shall have occurred and be continuing. Unless otherwise specified, the Calculation Agent shall make all determinations, calculations and adjustments required pursuant to this Master
Confirmation in good faith and on a commercially reasonable basis.
		
	Calculation Agent City:	  	New York
		
	Initial Price:	  	With respect to any Transaction and the related Reference Obligation, the Initial Price specified in

  
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		  	Annex I. With respect to any Transaction, the Initial Price proposed by Counterparty and agreed by BNPP as provided in “Transaction Initiation” above will be determined as of the related Transaction Trade Date exclusive of
accrued interest and will be expressed as a percentage. With respect to any Transaction, the Initial Price will be determined exclusive of expenses that would be incurred by a buyer in connection with any purchase of the Reference Obligation and
exclusive of any Delay Compensation.

 Payments by Counterparty

Counterparty First Floating Amounts 
  

			
	Counterparty First Floating Amount Payer:	  	Counterparty
		
	Counterparty First Floating Amount:	  	In relation to any Counterparty First Floating Rate Payer Payment Date, the sum, for each Transaction for which such date is a Counterparty First Floating Rate Payer Payment Date, of the products of (a) the Counterparty First
Floating Rate Payer Calculation Amount for such Transaction for the related Counterparty First Floating Rate Payer Calculation Period multiplied by (b) the Counterparty First Floating Rate Option for such Transaction during the related
Counterparty First Floating Rate Payer Calculation Period plus the Counterparty First Floating Rate Spread multiplied by (c) the Counterparty First Floating Rate Day Count Fraction.
		
	Counterparty First Floating Rate Payer Calculation Amount:	  	In relation to any Counterparty First Floating Rate Payer Payment Date and any Transaction, the daily average of the Notional Funded Amount of such Transaction during the related Counterparty First Floating Rate Payer Calculation
Period.
		
	Counterparty First Floating Rate Payer Calculation Period:	  	In relation to any Transaction, each Monthly Period; provided that (a) the initial Counterparty First Floating Rate Payer Calculation Period will commence on, and include, the related Transaction Settlement Date and
(b) the final Counterparty First Floating Rate Payer Calculation Period will end on, but exclude, the related Transaction Termination Date.
		
	Counterparty First Floating Rate Payer Payment Dates:	  	 (a) In relation to any Transaction (other than in relation to any Terminated Obligation or Repaid Obligation), the fifth Payment Business Day
following the last day of any Monthly Period, commencing with the first such date after the Transaction Settlement Date for such Transaction and ending with the last such date occurring prior to the related Transaction Termination Date; and

 
 (b) In relation to any Terminated Obligation or Repaid Obligation, the related
Total Return Payment Date.

		
	Counterparty First Floating Rate Option:	  	In relation to any Transaction, USD-LIBOR-BBA.
		
	Counterparty First Floating Rate Option Designated Maturity:	  	In relation to any Transaction, one month.
		
	Counterparty First Floating Rate Spread:	  	2.00%
		
	Counterparty First Floating Rate Day Count Fraction:	  	In relation to any Transaction, Actual/360.
		
	Counterparty First Floating Rate Option Reset Dates:	  	In relation to any Transaction, the related Transaction Settlement Date and the first day of each Monthly Period thereafter.

  
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	Counterparty First Floating Rate Compounding:	  	Inapplicable

 Counterparty Second Floating Amounts 
  

			
	Counterparty Second Floating Amount Payer:	  	Counterparty
		
	Counterparty Second Floating Amount:	  	 In relation to any Counterparty Second Floating Rate Payer Payment Date, the product of (a) the Counterparty Second Floating Rate Payer
Calculation Amount multiplied by (b) the Counterparty Second Floating Rate Spread multiplied by (c) the Counterparty Second Floating Rate Day Count Fraction, in each case with respect to the related Counterparty Second
Floating Rate Payer Calculation Period.
  
 No Counterparty Second Floating Amount shall
be payable, and no amount shall be payable under Clause 3(e), on any date occurring on or after the designation of an Early Termination Date pursuant to Section 6(a) of the Master Agreement by reason of an Event of Default in relation to BNPP
as the Defaulting Party.

		
	Counterparty Second Floating Rate Payer Calculation Amount:	  	In relation to any Counterparty Second Floating Rate Payer Calculation Period, the excess, if any, of (a) the Minimum Portfolio Notional Amount over (b) the Utilization Amount for such Counterparty Second Floating Rate
Payer Calculation Period.
		
	Counterparty Second Floating Rate Payer Calculation Period:	  	Each Counterparty Second Floating Rate Payer Original Calculation Period and each Counterparty Second Floating Rate Payer Amendment and Restatement Calculation Period.
		
	Counterparty Second Floating Rate Payer Original Calculation Period:	  	Each Monthly Period; provided that (a) the initial Counterparty Second Floating Rate Payer Original Calculation Period will commence on, and include, the last day of the Original
Ramp-Up Period and (b) the final Counterparty Second Floating Rate Payer Original Calculation Period will end on, but exclude, the last day of the Amendment and Restatement
Ramp-Up Period.
		
	Counterparty Second Floating Rate Payer Amendment and Restatement Calculation Period:	  	Each Monthly Period; provided that (a) the initial Counterparty Second Floating Rate Payer Amendment and Restatement Calculation Period will commence on, and include, the last day of the Amendment and Restatement Ramp-Up Period and (b) the final Counterparty Second Floating Rate Payer Amendment and Restatement Calculation Period will end on, but exclude, the first day of the Ramp-Down Period.
		
	Counterparty Second Floating Rate Payer Payment Dates:	  	Each Counterparty Second Floating Rate Payer Original Payment Date and each Counterparty Second Floating Rate Payer Amendment and Restatement Payment Date.
		
	Counterparty Second Floating Rate Payer Original Payment Dates:	  	The fifth Payment Business Day following the last day of each Monthly Period; provided that (a) the initial Counterparty Second Floating Rate Payer Original Payment Date will be the first such Payment Business Day after
the last day of the Original Ramp-Up Period and (b) the final

  
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		  	Counterparty Second Floating Rate Payer Original Payment Date will be the first such Payment Business Day after the last day of the Amendment and Restatement Ramp-Up Period.
		
	Counterparty Second Floating Rate Payer Amendment and Restatement Payment Dates:	  	The fifth Payment Business Day following the last day of each Monthly Period; provided that (a) the initial Counterparty Second Floating Rate Payer Amendment and Restatement Payment Date will be the first such Payment
Business Day after the final Counterparty Second Floating Rate Payer Original Payment Date and (b) the final Counterparty Second Floating Rate Payer Amendment and Restatement Payment Date will be the fifth Payment Business Day following the
last day of the Monthly Period in which the Facility Scheduled Termination Date occurs.
		
	Counterparty Second Floating Rate Spread:	  	2.00%.
		
	Counterparty Second Floating Rate Day Count Fraction:	  	Actual/360.
		
	Counterparty Second Floating Rate Compounding:	  	Inapplicable

 Counterparty Third Floating Amounts 
  

			
	Counterparty Third Floating Amount Payer:	  	Counterparty
		
	Counterparty Third Floating Amount:	  	 In relation to any Counterparty Third Floating Rate Payer Payment Date, the product of (a) the Counterparty Third Floating Rate Payer
Calculation Amount multiplied by (b) the Counterparty Third Floating Rate Spread multiplied by (c) the Counterparty Third Floating Rate Day Count Fraction, in each case with respect to the related Counterparty Third Floating
Rate Payer Calculation Period.
  
 No Counterparty Third Floating Amount shall be
payable, and no amount shall be payable under Clause 3(e), on any date occurring on or after the designation of an Early Termination Date pursuant to Section 6(a) of the Master Agreement by reason of an Event of Default in relation to BNPP
as the Defaulting Party.

		
	Counterparty Third Floating Rate Payer Calculation Amount:	  	In relation to any Counterparty Third Floating Rate Payer Calculation Period, the excess, if any, of (a) the Maximum Portfolio Notional Amount over (b) the greater of (i) the Utilization Amount for such Counterparty
Third Floating Rate Payer Calculation Period and (ii) the Minimum Portfolio Notional Amount for such Counterparty Third Floating Rate Payer Calculation Period.
		
	Counterparty Third Floating Rate Payer Calculation Period:	  	Each Monthly Period; provided that (a) the initial Counterparty Third Floating Rate Payer Calculation Period will commence on, and include, the last day of the Ramp-Up Period and
(b) the final Counterparty Third Floating Rate Payer Calculation Period will end on, but exclude, the first day of the Ramp-Down Period.
		
	Counterparty Third Floating Rate Payer Payment Dates:	  	The fifth Payment Business Day following the last day of each Monthly Period; provided that (a) the initial Counterparty Third Floating Rate Payer Payment Date will be the first such Payment Business Day after the last
day of the Ramp-Up Period and (b) the final Counterparty Third Floating Rate

  
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		  	Payer Payment Date will be the fifth Payment Business Day following the last day of the Monthly Period in which the Facility Scheduled Termination Date.
		
	Counterparty Third Floating Rate Spread:	  	0.375%.
		
	Counterparty Third Floating Rate Day Count Fraction:	  	Actual/360.
		
	Counterparty Third Floating Rate Compounding:	  	Inapplicable

 Counterparty Fourth Floating Amounts 
  

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

 Counterparty Fifth Floating Amounts 
  

			
	Counterparty Fifth Floating Amount Payer:	  	Counterparty
		
	Counterparty Fifth Floating Amount:	  	In relation to any Counterparty Fifth Floating Rate Payer Payment Date and any Terminated Obligation or Repaid Obligation, the Capital Depreciation with respect to such Terminated Obligation or Repaid Obligation for the related
Counterparty Fifth Floating Rate Payer Payment Date, if any.
		
	Counterparty Fifth Floating Rate Payer Payment Dates:	  	In relation to each Terminated Obligation or Repaid Obligation, the related Total Return Payment Date; provided that with respect to any Transaction Termination Date designated in connection with Clause 3(a)(iii)(b), Clause
3(b), Clause 3(c)(ii) or Clause 3(d) of this Master Confirmation or following an Event of Default under the Master Agreement as to which Counterparty is the Defaulting Party or an Additional Termination Event as to which Counterparty is the sole
Affected Party, the Counterparty Fifth Floating Rate Payer Payment Date shall be such Transaction Termination Date, or if such date is not a Payment Business Day, the following day that is a Payment Business Day.

 Payments by BNPP 

  
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 BNPP Fixed Amounts 
  

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

(b) In relation to any Terminated Obligation or Repaid Obligation, the related Total Return Payment Date; provided that, in the case of a
Terminated Obligation, if the related Transaction Termination Date occurs on a date other than a date on which interest on the related Reference Obligation is scheduled to be paid, the final BNPP Fixed Amount Payer Payment Date shall be the fifth
Payment Business Day following the last day of any Monthly Period during which such interest is scheduled to be paid (subject to any applicable grace period).

 BNPP Floating Amounts 
  

			
	BNPP Floating Amount Payer:	  	BNPP
		
	BNPP Floating Amount:	  	In relation to any BNPP Floating Rate Payer Payment Date and any Terminated Obligation or Repaid Obligation, the Capital Appreciation with respect to such Terminated Obligation or Repaid Obligation for the related BNPP Floating Rate
Payer Payment Date, if any.
		
	BNPP Floating Rate Payer Payment Dates:	  	In relation to each Terminated Obligation or Repaid Obligation, the related Total Return Payment Date.

  

	3.	REFERENCE OBLIGATION REMOVAL; ACCELERATED TERMINATION. 

Reference Obligation Removal 
  

	(a)	 A Transaction may be terminated in whole by either party (or in part by Counterparty) in accordance with sub-clauses (i)-(vii) of this Clause 3 (each such termination, an “Accelerated Termination”) upon the giving of notice (an “Accelerated Termination Notice”) to the other party in
accordance with this Clause 3. An Accelerated Termination Notice shall specify, in respect of an Accelerated Termination, (1) the Trade ID of the related Transaction, (2) the

  
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Reference Obligation that is the subject of such Accelerated Termination, (3) the related Reference Amount Reduction Amount, (4) the Transaction Termination Trade Date, and (5) the
Transaction Termination Settlement Date. An Accelerated Termination Notice shall be given (i) on the proposed Transaction Termination Trade Date for the related Accelerated Termination and (ii) no more than 30 days, and no fewer than 10
days, prior to the proposed Transaction Termination Settlement Date for the related Accelerated Termination. The Transaction Termination Settlement Date for any Accelerated Termination shall be the date that is customary for settlement of the
related Terminated Obligation substantially in accordance with the then-current market practice in the principal market for the related Terminated Obligation (as determined by the Calculation Agent), or any date specified by Counterparty and agreed
to by BNPP; provided that if BNPP, any of its Affiliates or the Hedging Vehicle elects to terminate a related hedge and such related hedge termination actually settles on a date other than the Transaction Termination Settlement Date, the
Transaction Termination Settlement Date shall be deemed to be the date that such related hedge termination actually occurred and the Calculation Agent shall make any adjustments to account for Delay Compensation in accordance with Clause 6(b)
hereof. For the avoidance of doubt, none of BNPP, any of its Affiliates or the Hedging Vehicle shall be under any obligation to terminate any hedge related to any such Transaction or to dispose of any such Reference Obligation, and any of BNPP, its
Affiliates and the Hedging Vehicle may establish, maintain, modify, terminate or re-establish any hedge position or any methodology for hedging at any time without regarding Counterparty. 

 

	 	(i)	Counterparty may, on any Business Day, request that any Transaction or any portion thereof be terminated by delivering an Accelerated Termination Notice to BNPP; provided, however, that such Accelerated Termination
Notice shall be deemed to not be effective unless BNPP notifies Counterparty of its consent to such Accelerated Termination as provided in this Clause 3(a)(i). The Accelerated Termination Notice delivered by Counterparty to BNPP shall also specify
an estimate of the Final Price of the related Termination Obligation. Following BNPP’s receipt of such Accelerated Termination Notice, if (A) BNPP, in its commercially reasonable discretion, consents to the proposed termination of such
Transaction or portion thereof on such terms and (B) after giving effect to such proposed termination, the Reference Obligations relating to the then existing Transactions, in the aggregate, would continue to satisfy the Portfolio Criteria
(provided that the condition set forth in this clause (B) is not applicable if such Accelerated Termination Notice is delivered on a date that falls within the Ramp-Up Period or the Ramp-Down Period and
the Portfolio Notional Amount after giving effect to such proposed termination would not exceed $25 million), then BNPP shall notify Counterparty of BNPP’s consent to such termination and, upon such notification, such Accelerated Termination
Notice shall be deemed to be effective; provided, however, that such Accelerated Termination Notice shall subsequently be deemed ineffective and to have no force or effect if (x) Counterparty does not provide a Firm Bid pursuant to Clause 4(a)
on or prior to (I) the date that is three (3) days after the date of such consent and (II) the date on which BNPP notifies Counterparty that BNPP has withdrawn such consent, or (y) such Firm Bid is not within 10% of the estimate
of the Final Price specified in such Accelerated Termination Notice (in which case Counterparty must deliver an updated Accelerated Termination Notice, which shall be subject to the terms of this Clause 3(a)(i)). 

 

	 	(ii)	With respect to any Transaction, following the occurrence of a Credit Event (as determined by the Calculation Agent) with respect to the related Reference Entity (including any guarantor or other obligor referred to in
the definition thereof), BNPP shall, at any time after the Transaction Trade Date, be entitled to propose, by notice to Counterparty, an increased Independent Amount Percentage with respect to the related Transaction. If Counterparty does not, by
notice to BNPP within one (1) Business Day after such notice from BNPP, agree to such increase, then BNPP may terminate the related Transaction by delivering an Accelerated Termination Notice to Counterparty. 

 

	 	(iii)	If Counterparty fails to make, when due, any Transfer required under Clause 9 to be made by Counterparty and such failure is continuing after the grace period specified in Paragraph 7(i) of the Credit Support Annex (as
may be modified pursuant to Paragraph 13 thereof) after BNPP gives notice of such failure to Counterparty, BNPP will then have the right to terminate any or all Transactions by (A) delivering an Accelerated Termination Notice to Counterparty
with respect to each Transaction that will be terminated or (B) delivering a notice to Counterparty designating a date no fewer than 10 days after the date of delivery of such notice as the Facility Termination Date. 

 

	 	(iv)	 With respect to any Transaction, if BNPP, any of its Affiliates or the Hedging Vehicle would be unable, after
using commercially reasonable efforts (A) to acquire, establish, re-establish, substitute, maintain, unwind or dispose of any transaction(s) or asset(s) (including, but not limited to, the applicable
Reference Obligation(s)) held or desired to be held by BNPP, such Affiliate or Hedging Vehicle, as the case may be, as a hedge against the risk of entering into and performing BNPP’s obligations with respect to such Transaction without
incurring excessive costs or expenses (including, but not limited to, during the continuance of a disrupted market) or (B) to realize, recover or 

  
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remit the proceeds of any such transaction(s) or asset(s) (such clauses (A) and (B) together, the “Hedging Action”) and settle such Hedging Action, then, BNPP may, in
its sole discretion, terminate the related Transaction by delivering an Accelerated Termination Notice to Counterparty. 

  

	 	(v)	With respect to any Transaction, if BNPP is or becomes aware that Counterparty is not permitted pursuant to the terms of the related Reference Obligation to acquire or hold (or is otherwise prohibited from acquiring or
holding) such Reference Obligation (or any participation interest in such Reference Obligation), then BNPP may, in its sole discretion, terminate the related Transaction by delivering an Accelerated Termination Notice to Counterparty.

  

	 	(vi)	With respect to any Transaction, if BNPP determines (in its sole discretion) that an AML Violation or OFAC Violation exists or could exist with respect to the related Reference Obligation, or if the establishment or
maintenance by BNPP, any of its Affiliates or the Hedging Vehicle of any related hedge would or could result in a violation of BNPP’s corporate and social responsibility policy, then BNPP may, in its sole discretion, terminate the related
Transaction by delivering an Accelerated Termination Notice to Counterparty. 

  

	 	(vii)	With respect to any Transaction, following the occurrence of a Regulatory Event, the parties shall negotiate in good faith and in a commercially reasonable manner to (A) transfer the Regulatory Affected
Transaction(s) to avoid the prohibition or limitation described in the definition of Regulatory Event or (B) provide for new terms and conditions for Regulatory Affected Transaction(s) within five (5) Business Days of written notice from
BNPP (or such shorter amount of time reasonably determined by BNPP to comply with its obligations under any Applicable Law referenced in sub-clauses (i), (ii), or (iii) of the definition of Regulatory
Event, or such longer period of time agreed to by the parties), which in either case preserves for both parties the economic benefits of the original Transaction(s) and does not otherwise result in any increased cost or risk for either party. In the
event the parties are unable to agree as provided in clause (A) or (B) within the applicable time period, the party affected by such Regulatory Event shall have a right to terminate the Regulatory Affected Transaction(s) by delivering an
Accelerated Termination Notice to the other party. 

 For purposes of the definition of Regulatory Event, and for the avoidance
of doubt, all regulations, rules, guidelines and directives adopted or promulgated by Governmental Authorities in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act shall be deemed to be changes in Applicable Law at such
time as such regulations, rules, guidelines and directives are adopted, promulgated and deemed effective in final and binding form. The determination of whether any events or circumstances set forth in the definition of Regulatory Event has occurred
shall be made by BNPP in a commercially reasonable manner, but BNPP shall provide to Counterparty evidence demonstrating such determination (which evidence need not be in the form of an opinion of counsel). 

For the avoidance of doubt, the parties hereto hereby acknowledge and agree that (x) neither party shall be required to take any action or
perform any obligation under this Master Confirmation if such action or performance would not be permitted under Section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regardless of whether any event has arisen that would
give rise to a Regulatory Event), and (y) nothing in this subclause (vii) shall require BNPP or any Affiliate of BNPP or any of their respective agents to take any action which, in the reasonable opinion of BNPP, is not possible or would
be in contravention of any applicable law, regulation, market custom or practice, nor shall BNPP or any Affiliate of BNPP be obliged to take any action which would cause it to incur additional material costs or expenses during the continuance of a
disrupted market. 
 Elective Termination by Counterparty 
  

	(b)	Counterparty may, on any day prior to the date that is one month prior to the Facility Scheduled Termination Date, terminate all outstanding Transactions, if any, by delivering a notice to BNPP designating a date no
fewer than 15 days after the date of delivery of such notice as the Facility Termination Date. 

 Elective Termination by BNPP due to Non-Compliance 
  

	(c)	 If at any time the Reference Portfolio, taken as a whole, fails to satisfy the Portfolio Criteria or any
Reference Obligation related to any Transaction fails to satisfy the Obligation Criteria (and in each case, for the avoidance of doubt, in respect of any Transaction for which the related Transaction Settlement Date has not occurred, assuming for
this purpose that such Transaction Settlement Date has occurred), then BNPP may notify Counterparty in writing of such non-compliance; provided, however, that if such non-compliance relates solely to clause (iii) or (ix) of the Portfolio Criteria, Counterparty may dispute such non-compliance by providing BNPP with (x) three or
more pairs of indicative bid-offer quotations for the related Reference Obligation, expressed as a percentage and exclusive of accrued interest,

  
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that are acceptable to BNPP in its commercially reasonable discretion or (y) three or more good and irrevocable bids for value, to purchase the related Reference Obligation, expressed as a
percentage and exclusive of accrued interest, for scheduled settlement substantially in accordance with then-current market practice in the principal market for such Reference Obligation, that are in each case submitted by Dealers. If Counterparty
fails to correct such non-compliance within 3 Business Days following Counterparty’s receipt of such notice (any such failure to correct such non-compliance, a
“Non-Compliance”), BNPP will then have the right to: 

  

	 	(i)	by notice to Counterparty, increase the Independent Amount Percentage with respect to any one or more Transactions (and solely for purposes of this sub-clause and notwithstanding
Clause 9(a) of this Master Confirmation, the posting by Counterparty of the corresponding additional Independent Amount with respect to the relevant Transactions within one (1) Business Day of any such notice shall be deemed to cure such Non-Compliance); or 

	 	(ii)	terminate (1) if the Reference Portfolio, taken as a whole, fails to satisfy the Portfolio Criteria, any or all Transactions by (A) delivering an Accelerated Termination Notice to Counterparty with respect to
each Transaction that will be terminated, or (B) delivering a notice to Counterparty designating a date no fewer than 10 days after the date of delivery of such notice as the Facility Termination Date or (2) if any Reference Obligation
related to any Transaction fails to satisfy the Obligation Criteria, such Transaction by delivering an Accelerated Termination Notice to Counterparty with respect to such Transaction; 

provided, however, that if any Non-Compliance relates solely to clause (x) of the Portfolio
Criteria, BNPP will only have the right to increase the Independent Amount Percentage with respect to any one or more Transactions pursuant to Clause 3(c)(i), and BNPP may not terminate any Transactions pursuant to Clause 3(c)(ii) on the basis of
such Non-Compliance. 
 Facility Scheduled Termination Date 

 

	(d)	Each Transaction existing under this Master Confirmation shall terminate in connection with the occurrence of the Facility Scheduled Termination Date pursuant to the terms of this Master Confirmation and, in respect of
each such terminated Transaction, (i) the “Reference Amount Reduction Amount” shall be the Reference Amount of the related Reference Obligation, (ii) the “Transaction Termination Trade Date” shall be a date occurring
during the 30 calendar days preceding the Facility Scheduled Termination Date, as designated by the Calculation Agent in its sole discretion in a manner reasonably likely to cause the Transaction Termination Settlement Date for such Transaction to
occur on the Facility Scheduled Termination Date, and (iii) the “Transaction Termination Settlement Date” shall be the Facility Scheduled Termination Date. For the avoidance of doubt, with respect to each such terminated Transaction,
the “Final Price” in relation to the related Terminated Obligation shall be determined pursuant to Clause 4. 

If (1) BNPP elects to terminate (or cause the BNPP Holder (as defined below) to terminate) a related hedge with respect to any Transaction
and, (2) BNPP notifies Counterparty on the Facility Scheduled Termination Date that such related hedge has failed to settle on or prior to the Facility Scheduled Termination Date, then (I) the Transaction Termination Settlement Date with
respect to such Transaction shall be deemed to occur on the earlier of (x) the Facility Final Termination Date and (y) the date on which such related hedge actually settles and (II) if BNPP notifies Counterparty on the Facility Final
Termination Date that such related hedge has failed to settle on or prior to the Facility Final Termination Date, then (x) the “Final Price” in relation to each related Terminated Obligation shall be deemed to be 0%
(notwithstanding Clause 4), and (y) BNPP shall assign (or cause the BNPP Holder to assign) any Terminated Obligation then held as a hedge in respect of a terminated Transaction to or at the direction of Counterparty. 

Designation of Facility Termination Date 
  

	(e)	 Following the designation of a Facility Termination Date pursuant to Clause 3(a)(iii) in relation to all
Transactions hereunder, (b) or (c)(ii), all Transactions outstanding, if any, under this Master Confirmation shall terminate pursuant to the terms of this Master Confirmation and, in respect of each such terminated Transaction, if any,
(i) the “Reference Amount Reduction Amount” shall be the Reference Amount of the related Reference Obligation, (ii) the “Transaction Termination Trade Date” shall be the date of the designation of such Facility
Termination Date, and (iii) the “Transaction Termination Settlement Date” shall be such Facility Termination Date. For the avoidance of doubt, with respect to each such terminated Transaction, if any, the “Final
Price” in relation to the related Terminated Obligation shall be determined pursuant to Clause 4(b). On the Facility Termination Date, Counterparty shall pay to BNPP an amount equal to the present value (as calculated by the Calculation
Agent) of each Counterparty Second Floating 

  
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Amount and Counterparty Third Floating Amount that would have been payable absent the designation of such Facility Termination Date (assuming for purposes of such calculation that the Portfolio
Funded Notional Amount is zero) on each subsequent Counterparty Second Floating Rate Payer Payment Date and Counterparty Third Floating Rate Payer Payment Date, respectively, occurring on or prior to the Facility Scheduled Termination Date,
discounted to the Facility Termination Date at a discount rate per annum equal to the Discount Rate. For this purpose, the “Discount Rate” means, with respect to each Second Floating Rate Payer Payment Date or Counterparty
Third Floating Rate Payer Payment Date, as applicable, the zero coupon swap rate (as determined by the Calculation Agent) implied by the fixed rate offered to be paid by BNPP under a fixed for floating interest rate swap transaction with a remaining
term equal to the period from such Facility Termination Date to such Second Floating Rate Payer Payment Date or Counterparty Third Floating Rate Payer Payment Date, as applicable, in exchange for the receipt of payments indexed to USD-LIBOR-BBA. 

 Designation of Early Termination Date 

 

	(f)	Notwithstanding anything to the contrary in the Master Agreement, in the event that an Early Termination Date is designated by either party pursuant to Section 6(a) or 6(b) of the Master Agreement, in lieu of
calculating the amount payable in respect of all Transactions pursuant to Section 6(e) of the Master Agreement, the obligations of the parties shall be determined pursuant to the provisions hereof and, with respect to each Transaction to which
this Master Confirmation relates, (i) the related Reference Obligation shall be deemed to be a Terminated Obligation, (ii) the “Transaction Termination Trade Date” with respect to such Terminated Obligation shall be such Early
Termination Date, (iii) the “Final Price” in relation to such Terminated Obligation shall be determined pursuant to Clause 4, (iv) each amount that becomes payable by reason of the occurrence of the Transaction
Termination Trade Date shall be an “Unpaid Amount” and (v) if such Early Termination Date is designated by BNPP, the foregoing shall not limit the effect of Clause 3(e) and if such Early Termination Date is designated by
Counterparty as a result of an Event of Default with respect to BNPP, Counterparty shall have no obligations under Clause 3(e) to make any payments to BNPP in respect of any subsequent Counterparty Second Floating Rate Payer Payment Dates or
Counterparty Third Floating Rate Payer Payment Dates. 

 Effect of Termination 

 

	(g)	 Notwithstanding anything to the contrary in the Master Agreement, with respect to any Transaction terminated in
whole pursuant to this Clause 3, in lieu of calculating the amount payable in respect of a Transaction pursuant to Section 6(e) of the Master Agreement, (i) as of the relevant Transaction Termination Trade Date, immediately after the
determination of the related Final Price and the calculation of any related Capital Appreciation or Capital Depreciation, each of the Reference Amount, the Notional Funded Amount, the Initial Funded Amount and the Current Funded Amount, for all
purposes hereof other than calculating Rate Payments, shall be reduced to zero (provided that for the purposes of calculating the Return Amount (as defined in the Credit Support Annex) with respect to the related Terminated Obligation, neither of
the Reference Amount nor the Current Funded Amount of such Terminated Obligation shall be reduced to zero until the Business Day next succeeding the Transaction Termination Settlement Date) and (ii) as of the relevant Transaction Termination
Settlement Date, each of the Reference Amount, the Notional Funded Amount, the Initial Funded Amount and the Current Funded Amount, for purposes of calculating Rate Payments, shall be reduced to zero. Notwithstanding anything to the contrary in the
Master Agreement, with respect to any Transaction terminated in part pursuant to this Clause 3, in lieu of calculating the amount payable in respect of a Transaction pursuant to Section 6(e) of the Master Agreement, (i) as of the
relevant Transaction Termination Trade Date, immediately after the determination of the related Final Price and the calculation of any related Capital Appreciation or Capital Depreciation, (A) the Reference Amount, for all purposes hereof other
than calculating Rate Payments, shall be reduced (if such Terminated Obligation is a Committed Obligation, such reduction shall be allocated on a pro rata basis according to the relative principal amounts of the funded and unfunded portions of the
related Reference Obligation) by the Reference Amount Reduction Amount specified in the Accelerated Termination Notice (provided that for the purposes of calculating the Return Amount with respect to the related Terminated Obligation, the Reference
Amount of such Terminated Obligation shall not be reduced until the Business Day next succeeding the Transaction Termination Settlement Date), and (B) each of the Notional Funded Amount, the Initial Funded Amount, and the Current Funded Amount,
for all purposes hereof other than calculating Rate Payments, shall be reduced (if such Terminated Obligation is a Committed Obligation, such reduction shall be allocated on a pro rata basis according to the relative principal amounts of the funded
and unfunded portions of the related Reference Obligation) in proportion to the Reference Amount Reduction Amount, and (ii) as of the relevant Transaction Termination Settlement Date, (A) the Reference Amount, for purposes of calculating
Rate Payments, shall be reduced (if such Terminated Obligation is a Committed Obligation, such reduction shall be allocated on a pro rata basis according to the relative principal amounts of the funded

  
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and unfunded portions of the related Reference Obligation) by the Reference Amount Reduction Amount specified in the Accelerated Termination Notice and (B) each of the Notional Funded
Amount, the Initial Funded Amount, and the Current Funded Amount, for purposes of calculating Rate Payments, shall be reduced (if such Terminated Obligation is a Committed Obligation, such reduction shall be allocated on a pro rata basis according
to the relative principal amounts of the funded and unfunded portions of the related Reference Obligation) in proportion to the Reference Amount Reduction Amount. Notwithstanding the foregoing, other than with respect to the termination of a
Transaction pursuant to Clause 3(d), if BNPP, any of its Affiliates or the Hedging Vehicle elects to terminate a related hedge in respect of the Reference Obligation designated with respect to a terminated Transaction, and if BNPP elects to give
notice to Counterparty that such related hedge termination has failed to settle within a commercially reasonable period of time (as determined by the Calculation Agent and set forth in such notice) following the Transaction Termination Settlement
Date, then the Transaction shall, for all purposes hereof, be deemed never to have been terminated and it shall be deemed that neither a Transaction Termination Trade Date nor a Transaction Termination Settlement Date occurred in respect of such
Transaction; provided that, in such event, Counterparty may, promptly after any such notice, request that (x) the “Final Price” with respect to any such Terminated Obligation be deemed to be 0% and (y) BNPP assign
(or cause the BNPP Holder to assign) such Terminated Obligation to or at the direction of Counterparty. With respect to any Accelerated Termination, not later than one Business Day after the related Transaction Termination Trade Date, BNPP shall
deliver to Counterparty a revised Annex I, which shall reflect such Accelerated Termination. 

  

	4.	FINAL PRICE DETERMINATION 

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

(a) In order to determine the Final Price in relation to any Terminated Obligation then held by or on behalf of BNPP as a hedge against the risk of entering
into and performing its obligations with respect to the related Transaction, Counterparty may, no later than 3:00 p.m. (New York time) on the Transaction Termination Trade Date with respect to such Terminated Obligation, provide notice to BNPP of a
Firm Bid (as defined below) from a Dealer of credit standing acceptable to BNPP in the exercise of its reasonable discretion to purchase the entire Reference Amount of such Terminated Obligation; provided that if such Dealer is not reasonably
acceptable to BNPP , the Final Price in relation to such Terminated Obligation shall be determined pursuant to Clause 4(b); provided further that Counterparty hereby agrees that it shall not have the right to provide notice to BNPP of a Firm
Bid in connection with the termination of a Transaction: (i) in the case of a termination pursuant to Clause 3(a)(ii), (a)(iii), (a)(v), (c), (d), (e) or (if the relevant Early Termination Date is designated as a result of an Event of
Default with respect to Counterparty) (f); provided that, in the event (x) Counterparty has requested that a Transaction or any portion thereof be terminated pursuant to Clause 3(a)(i), (y) BNPP has not consented to such termination, and
(z) such Transaction is subsequently terminated in accordance with Clause 3(a)(ii), (c) or (d), then this subclause (i) shall not apply; (ii) if BNPP would be unable to, after using commercially reasonable efforts in connection with
any Transaction Termination Date, effect and settle any Hedging Action with respect to such Transaction by such Transaction Termination Date; or (iii) if, as a result of such termination and the termination of all other Transactions as to which
the Total Return Payment Date has not yet occurred, (x) the aggregate Value (as defined in the Credit Support Annex) of all Posted Credit Support (as defined in the Credit Support Annex) held by BNPP as Secured Party (as defined in the Credit
Support Annex) plus the aggregate of all BNPP Floating Amounts payable in connection with such terminations would be less than (y) the aggregate of all Counterparty Fifth Floating Amounts payable in connection with such terminations.
Such notice must be given at least 15 days prior to the Facility Scheduled Termination Date if all Transactions are to be terminated in connection with the Facility Scheduled Termination Date. Any sale executed in respect of such Firm Bid
(i) must be to (x) an Approved Buyer or (y) another buyer approved in advance of the Transaction Termination Trade Date by BNPP (such approval, in the case of a buyer with which BNPP has approved trading lines and that is not an
Affiliate of Counterparty, not to be unreasonably withheld or delayed) and (ii) must be scheduled to occur no later than the date customary for settlement, substantially in accordance with the then-current market practice in the principal
market for such Terminated Obligation (as determined by the Calculation Agent), following the Transaction Termination Trade Date and on or prior to the Facility Scheduled Termination Date if all Transactions are to be terminated in connection with
the Facility Scheduled Termination Date. If the proviso to the first sentence of this Clause 4(a) does not apply and if all of the conditions set forth in the second sentence of this Clause 4(a) are satisfied, then such Firm Bid shall be the
“Final Price” in relation to such Terminated Obligation. Otherwise, the “Final Price” in relation to such Terminated Obligation shall be determined pursuant to Clause 4(b). 

  
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 Determination by Calculation Agent 

(b) If the Final Price in relation to any Terminated Obligation is not determined pursuant to Clause 4(a), the Calculation Agent shall attempt to obtain
Firm Bids for such Terminated Obligation with respect to the applicable Transaction Termination Trade Date from three or more Dealers selected by BNPP; provided that, except in the case of a termination described in Clause 3(f) in connection
with an Early Termination Date designated by BNPP, the Counterparty shall be entitled to select one of such Dealers; provided further that if such Dealer selected by Counterparty is not reasonably acceptable to BNPP or Counterparty fails to
provide notice to BNPP of a financial institution to be selected as a Dealer promptly after the Transaction Termination Trade Date with respect to such Terminated Obligation, the Calculation Agent shall attempt to obtain Firm Bids from three or more
Dealers selected in its discretion. A “Firm Bid” shall be a good and irrevocable bid for value, to purchase all or a portion of the applicable Terminated Obligation, expressed as a percentage and exclusive of accrued
interest, for scheduled settlement substantially in accordance with the then-current market practice in the principal market for such Terminated Obligation (after deduction of any withholding taxes for which the related Reference Entity is not
obligated to reimburse a Reference Obligation Holder, if applicable), as determined by the Calculation Agent, submitted by a Dealer as of 11 a.m. New York time or as soon as practicable thereafter. If there is more than one Terminated Obligation at
any time, then the Calculation Agent may in its sole discretion, in addition to obtaining individual Firm Bids with respect to each separate Terminated Obligation, also obtain Firm Bids for any group or groups of such Terminated Obligations. BNPP
may, but is not obligated to, sell or cause the sale of any portion of any Terminated Obligation to any Dealer that provides a Firm Bid. 
 If the
Calculation Agent is unable to obtain from Dealers at least one Firm Bid for all of the Reference Amount of any Terminated Obligation (either as an individual Firm Bid or as part of a Firm Bid for any group or groups of such Terminated Obligations)
on the relevant Transaction Termination Trade Date, the Calculation Agent will attempt to obtain a Firm Bid or combination of Firm Bids for all of the Reference Amount of such Terminated Obligation from three or more Dealers until the earlier of
(i) the second Business Day (inclusive) following such Transaction Termination Trade Date and (ii) the date a Firm Bid or combination of Firm Bids is obtained for all of the Reference Amount of such Terminated Obligation. 

If the Calculation Agent is able to obtain at least one Firm Bid or combination of Firm Bids for all of the Reference Amount of any Terminated Obligation, the
“Final Price” in relation to such Terminated Obligation shall be the highest of such Firm Bids or combination of Firm Bids. If no Firm Bids are obtained on or prior to such second Business Day for all or a portion of the
applicable Terminated Obligation, (x) the “Final Price” shall be deemed to be 0% with respect to such Terminated Obligation (or portion thereof) for which no Firm Bid was obtained and (y) BNPP shall assign (or cause
the BNPP Holder to assign) such Terminated Obligation (or portion thereof) if then held as a hedge in respect of the related Transaction to or at the direction of Counterparty. The Calculation Agent will conduct the bid process in accordance with
the procedures set forth in this Clause 4(b) and otherwise in a commercially reasonable manner. 
 Notwithstanding anything to the contrary herein
(including, for the avoidance of doubt, either of Clause 4(a) or Clause 4(b)): 
  

	 	(i)	Counterparty hereby agrees that it will not provide any bid with respect to any Terminated Obligation through any Dealer in connection with the determination of the Final Price. For the avoidance of doubt, while
Counterparty may provide notice of a Firm Bid of a Dealer when permitted pursuant to Clause 4(a), Counterparty shall not directly or indirectly cause such Dealer to provide such Firm Bid by providing any bid in respect of the related Terminated
Obligation to such Dealer. 

  

	 	(ii)	The Calculation Agent shall be entitled to disregard any Firm Bid submitted by a Dealer if, in the Calculation Agent’s commercially reasonable judgment, (x) such Dealer may be ineligible to accept assignment
or transfer of the related Terminated Obligation or portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the Terminated Obligation, as determined by the Calculation Agent, or
(y) such Dealer would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent required under any agreement or instrument governing or otherwise relating to the related Terminated Obligation to the
assignment or transfer of the related Terminated Obligation or portion thereof, as applicable, to it. 

  

	 	(iii)	 If the Calculation Agent determines in its commercially reasonable judgement that the highest Firm Bid obtained
in connection with any Transaction Termination Trade Date is not bona fide, including, without limitation, due to (x) the insolvency of the bidder, (y) the inability, failure or refusal of the bidder to settle the purchase of the related
Terminated Obligation or portion thereof, as applicable, or otherwise settle transactions in the relevant market or perform its obligations generally or (z) the Calculation Agent provides notice to Counterparty specifying BNPP’s reasonable
grounds for insecurity concerning the bidder’s ability to settle the purchase of the related Terminated Obligation or portion thereof, as applicable, that Firm Bid shall be disregarded and the Calculation Agent shall designate a new Transaction
Termination Trade Date; provided that the Calculation Agent shall 

  
 16 

 

 
  

	 	
designate a new Transaction Termination Trade Date pursuant to this paragraph only once. If the highest Firm Bid for any portion of the related Terminated Obligation determined in connection with
the second Transaction Termination Trade Date is disregarded pursuant to this paragraph, (A) the Calculation Agent shall have no obligation to obtain further bids, (B) the applicable “Final Price” in relation to the
portion which was so disregarded shall be deemed to be 0% with respect to such Terminated Obligation (or portion thereof), and (C) BNPP shall assign (or cause the BNPP Holder to assign) such Terminated Obligation (or portion thereof) if then
held as a hedge in respect of the related Transaction to or at the direction of Counterparty. 

 The Calculation Agent may perform any of its
duties under this Clause 4 through any Affiliate designated by it, but no such designation shall relieve the Calculation Agent of its duties under this Clause 4. 
  

	5.	REPAYMENT. 

 With respect to any Transaction (x) in respect of a Reference Obligation
that is not a Revolving Reference Obligation, if all or a portion of the Reference Amount of the related Reference Obligation is repaid or otherwise reduced or withdrawn or (y) in respect of a Reference Obligation that is a Revolving Reference
Obligation, if all or a portion of the Reference Amount of the related Reference Obligation is irrevocably repaid or otherwise irrevocably reduced or withdrawn such that the lender thereunder is no longer obligated to fund in respect of such repaid,
reduced or withdrawn amount (including, in each case, without limitation, through any exercise of any right of set-off, reduction, or counterclaim that results in the satisfaction of the obligations of the
related Reference Entity to pay any principal owing in respect of such Reference Obligation) on or prior to the Transaction Termination Settlement Date (such repayment or other reduction or withdrawal, a “Repayment”; the
portion of the related Reference Obligation so repaid or otherwise reduced or withdrawn, a “Repaid Obligation”; the portion of the Reference Amount of the related Reference Obligation so repaid or otherwise reduced or
withdrawn, the “Repaid Reference Amount”; and the date of such Repayment, the “Repayment Date”):  
  

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

 

	(b)	as of the related Repayment Date, immediately after the determination of the Final Price pursuant to Clause 5(c) and the calculation of any related Capital Appreciation or Capital Depreciation, the Reference Amount of
the related Reference Obligation shall be reduced by an amount equal to the Repaid Reference Amount and each of the Notional Funded Amount, the Initial Funded Amount and the Current Funded Amount of the related Reference Obligation shall be reduced
by the amount of the funded portion of the Reference Amount Reduction Amount; and 

  

	(c)	the related “Final Price” of the Repaid Obligation shall be (i) if such Repaid Obligation is a Term Obligation, the amount of principal and premium in respect of principal paid by the
related Reference Entity on the related Repaid Obligation in respect of the Reference Amount Reduction Amount to a Reference Obligation Holder on such Repayment Date (after deduction of any withholding taxes for which such Reference Entity is not
obligated to reimburse a Reference Obligation Holder, if applicable), expressed as a percentage of the Reference Amount Reduction Amount, and (ii) if such Repaid Obligation is a Committed Obligation, the sum of (x) the amount of principal
and premium in respect of principal paid by the related Reference Entity on the funded portion of the related Repaid Obligation in respect of the Reference Amount Reduction Amount to a Reference Obligation Holder on such Repayment Date (after
deduction of any withholding taxes for which such Reference Entity is not obligated to reimburse a Reference Obligation Holder, if applicable), plus (y) the amount of the unfunded portion of the Reference Amount Reduction Amount, plus
(z) any amounts paid by the related Reference Entity on the unfunded portion of the related Repaid Obligation in respect of the Reference Amount Reduction Amount to a Reference Obligation Holder on such Repayment Date (after deduction of any
withholding taxes for which such Reference Entity is not obligated to reimburse a Reference Obligation Holder, if applicable), with such sum expressed as a percentage of the Reference Amount Reduction Amount. 

 

	6.	ADJUSTMENTS. 

 (a) If, with respect to any Transaction, the related Reference Obligation
or any portion thereof is irreversibly converted or exchanged into or for any securities, obligations, cash or other assets or property (“Exchange Consideration”), BNPP shall have the right, in its sole discretion, to
terminate such Transaction by delivering an Accelerated Termination Notice to Counterparty, and the “Final Price” shall be determined in accordance with Clause 4(b) as if the Exchange Consideration were the Terminated
Obligation. If, however, with respect to any Transaction, Exchange Consideration consists solely of a 

  
 17 

 

 
  

 
Loan that satisfies the Obligation Criteria or BNPP does not elect to terminate such Transaction pursuant to the immediately preceding sentence, (a) such Exchange Consideration shall
thereafter constitute the Reference Obligation or portion thereof related to such Transaction, (b) BNPP shall have the right to increase Independent Amount Percentage applicable to such Transaction by notice to Counterparty, and (c) the
Calculation Agent shall in good faith adjust the terms of such Transaction as the Calculation Agent determines appropriate to preserve the theoretical value of such Transaction to the parties immediately prior to such exchange or, if such exchange
results in a change in value, the proportionate post-exchange value, and determine the effective date of such adjustments. 
 (b) If, in connection with the
establishment by BNPP, any of its Affiliates or the Hedging Vehicle of a related hedge in respect of a Transaction, the actual settlement of the purchase of the related hedge occurs after the date scheduled for the settlement of such purchase, or in
connection with the termination by BNPP, such Affiliate or Hedging Vehicle, as the case may be, of a related hedge, the actual settlement of the sale of the related hedge occurs after the date scheduled for the settlement of such sale, the
Calculation Agent shall in good faith and in a commercially reasonable manner adjust the amounts payable by Counterparty and BNPP under such Transaction to preserve the economics of such Transaction and to provide for the payment of any compensation
for delayed settlement payable to or by BNPP, such Affiliate or Hedging Vehicle, as the case may be (“Delay Compensation”). 
  

	7.	REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

 

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

  
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and its Affiliates to disclose to the other party any such relationship or information (whether or not confidential); 

 

	 	(iv)	none of BNPP, any of its Affiliates or the Hedging Vehicle shall be under any obligation to hedge such Transaction or to own or hold any Reference Obligation as a result of such Transaction, and any of BNPP, its
Affiliates and the Hedging Vehicle may establish, maintain, modify, terminate or re-establish any hedge position or any methodology for hedging at any time without regard to Counterparty. Counterparty
acknowledges and agrees that it is not relying on any representation, warranty or statement by BNPP, any of its Affiliates or the Hedging Vehicle as to whether, at what times, in what manner or by what method BNPP, any of its Affiliates or the
Hedging Vehicle may engage in any hedging activities; 

  

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

  

	 	(vi)	if BNPP elects to enter into a related hedge in respect of any Reference Obligation by holding or causing one of its Affiliates or the Hedging Vehicle (in such capacity, the “BNPP Holder”) to
hold such Reference Obligation (it being understood that neither of BNPP nor the BNPP Holder has any obligation to hold a Reference Obligation in respect of any Transaction), the BNPP Holder may deal with such Reference Obligation as if the related
Transaction did not exist, provided that, so long as the BNPP Holder remains the lender of record with respect to such Reference Obligation, upon any occasion permitting the BNPP Holder to exercise any right in relation to such Reference
Obligation to give or withhold consent (an “Election”) to an action proposed to be taken (or to be refrained from being taken), the BNPP Holder may, at its discretion and without any regard to Counterparty or any Transaction,
insofar as permitted under (x) applicable laws, rules and regulations and (y) each provision of any agreement or instrument evidencing or governing such Reference Obligation (and, in the case of any participation interest, governing such
participation interest), give or refrain from giving its consent to the action proposed to be taken (or to be refrained from being taken); provided, further, that, without limiting the foregoing, Counterparty may, after being
requested to do so by the BNPP Holder (which request may be made by the BNPP Holder in its discretion), by timely notice to the BNPP Holder, notify (a “Counterparty Election”) the BNPP Holder of its preference with respect to
such action proposed to be taken (or to be refrained from being taken). BNPP shall have no obligation to cause the BNPP Holder to respond to, or consult with Counterparty in relation to, a Counterparty Election, and neither BNPP nor its
Affiliates shall be liable to Counterparty or any of its Affiliates for the consequences of any consent caused by BNPP to be given or withheld by the BNPP Holder in connection with such Reference Obligation (whether or not pursuant to a Counterparty
Election). If BNPP initially elects in its sole discretion to cause the BNPP Holder to withhold or grant its consent in accordance with a Counterparty Election, BNPP may subsequently determine to cause the BNPP Holder to give or withhold such
consent at any time without notice to Counterparty. 

  

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

  

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

  

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

 

	(d)	Counterparty hereby represents to BNPP that: 

  

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

  
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any Transaction, including the loss of its entire investment in such Transaction; 

  

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

  

	 	(iii)	it is not an Affiliate of any Reference Entity; 

  

	 	(iv)	as of (x) the relevant Transaction Trade Date and (y) any date on which a sale is effected pursuant to Clause 4(a) or on which the Calculation Agent solicits Firm Bids pursuant to Clause 4(b),
neither Counterparty nor any of its Affiliates, whether by virtue of the types of relationships described herein or otherwise, is on such date in possession of information regarding any related Reference Entity or any Affiliate of such Reference
Entity that is or may be material in the context of such Transaction or the purchase or sale of any related Reference Obligation unless such information either (A) is publicly available or (B) has been disclosed to each Approved
Counterparty or Dealer, as the case may be, from which a Firm Offer or Firm Bid, as the case may be, is obtained or solicited; 

  

	 	(v)	It will not treat any of the Transactions as insurance (or reinsurance) or a financial guaranty for any accounting, tax or regulatory purpose; 

 

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

  

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

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

(f) Section 2(c)(ii) of the Master Agreement shall not apply to the Transactions to which this Master Confirmation relates. 

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

(h) For U.S. federal income tax purposes, for any period during which BNPP, any of its Affiliates or the Hedging Vehicle has purchased a Reference Obligation
to hedge BNPP’s obligations in respect of a Transaction, each party agrees (A) to treat Counterparty for U.S. federal income tax purposes as the beneficial owner of the Reference Obligation, (B) that each Transaction is intended to be
treated as a secured financing to Counterparty by BNPP, and (C) that BNPP, such Affiliate or Hedging Vehicle, as the case may be, is intended to be treated as holding the Reference Obligation to secure the obligations of Counterparty hereunder.

 (i) Counterparty shall maintain policies and procedures designed to prevent the violation of any applicable anti-bribery, anti-corruption or anti-money
laundering laws, regulations or rules in any applicable jurisdiction. 
 (j) Counterparty shall not, directly or indirectly, use the proceeds of any
Transaction or the related Reference Obligation, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or any other person (a) to fund any activities or business of or with any person, or in any
country or territory, that, at the time of such fund, is a Sanctioned Country or Sanctioned Person, as applicable, or (b) in any manner that would result in a violation of Sanctions by any person, including any person participating in the
related Reference Obligation, whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or otherwise. 
 (k)
Counterparty shall neither request nor permit any Reference Obligation to become or remain the subject of a Transaction hereunder if Counterparty would not be permitted pursuant to the terms of the Reference Obligation to acquire or hold (or

  
 20 

 

 
  

 
would otherwise be prohibited from acquiring or holding) such Reference Obligation (or any participation interest in such Reference Obligation). 

(l) If, in respect of any Transaction, Counterparty is no longer permitted to acquire or hold (or otherwise becomes prohibited from acquiring or holding) the
related Reference Obligation (or any participation interest in such Reference Obligation), then Counterparty shall immediately notify BNPP thereof. 
 (m)
In connection with each Transaction Trade Date and each Transaction terminated pursuant to Clause 3(a)(i), if Counterparty or any of its Affiliates, whether by virtue of the types of relationships described herein or otherwise, is in possession of
information regarding any related Reference Entity or any Affiliate of such Reference Entity that is or may be material in the context of such Transaction or the purchase or sale of any related Reference Obligation, and such information is not
publicly available, then Counterparty shall disclose such information to each Approved Counterparty or Dealer, as the case may be, from whom a Firm Offer or a Firm Bid, as the case may be, is obtained or solicited. 

(n) From and after the Amendment and Restatement Date, the Original Master Confirmation shall be amended, restated and superseded in its entirety by this
Master Confirmation. The parties hereby acknowledge and agree that any Transaction under the Original Master Confirmation in effect prior to the Amendment and Restatement Date shall in all respects continue with the terms thereof being modified only
as provided by this Master Confirmation. 
  

	8.	ADJUSTMENTS RELATING TO CERTAIN UNPAID OR RESCINDED PAYMENTS. 

(a) If (i) BNPP makes any payment to Counterparty as provided under Clause 2 and the corresponding Interest and Fee Amount is not paid (in whole or
in part) when due or (ii) any Interest and Fee Amount in respect of a Reference Obligation is required to be returned (in whole or in part) by a Reference Obligation Holder to the applicable Reference Entity or paid to any other person or
entity or is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other applicable law, then Counterparty will pay to BNPP, upon request by BNPP, such amount (or portion thereof) so not paid or so required to be returned, paid or
otherwise rescinded. If such returned, paid or otherwise rescinded amount is subsequently paid, BNPP shall pay such amount (subject to Clause 8(c)) to Counterparty on the fifth Business Day following the last day of the next Monthly Period.

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

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

	9.	CREDIT SUPPORT. 

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

	(a)	 With respect to each Transaction to which this Master Confirmation relates, an “Independent Amount”
shall be applicable to Counterparty on each date of determination in an amount in USD equal to, unless otherwise specified by BNPP from time to time, the Notional Amount of such Transaction on such date of determination multiplied by the

  
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relevant Independent Amount Percentage set forth in the table below for each listed type of Reference Obligation. Not later than one Business Day after (i) the Transaction Trade Date with
respect to any Transaction and (ii) the date of any increase in the Independent Amount Percentage applicable to any Transaction, Counterparty as Pledgor will Transfer to BNPP as Secured Party Eligible Collateral having a Value as of the date of
Transfer equal to the related Independent Amount (or increase in the related Independent Amount) determined pursuant to this Clause 9(a). 

  

			
	 Type of Reference Obligation
	  	 Independent Amount Percentage

	Senior Secured Obligation	  	25% + Additional Independent Amount Percentage
	Senior Secured Obligations that are also CCC Reference Obligations	  	30% + Additional Independent Amount Percentage
	Second Lien Obligation	  	40% + Additional Independent Amount Percentage
	Second Lien Obligations that are also CCC Reference Obligations	  	50% + Additional Independent Amount Percentage

  

	(b)	Notwithstanding anything to the contrary in the Credit Support Annex, (X) Exposure with respect to all Transactions under the Master Agreement (other than all Transactions to which this Master Confirmation relates)
shall be calculated in accordance with the Credit Support Annex and (Y) Exposure with respect to all Transactions to which this Master Confirmation relates shall be calculated as follows: 

(i) Counterparty’s Exposure for all Transactions to which this Master Confirmation relates will be the greater of (x) the aggregate
of the Unrealized Capital Gains for each such Transaction with an Unrealized Capital Gain that exceeds zero minus the aggregate of the Unrealized Capital Losses for each such Transaction with an Unrealized Capital Loss that exceeds zero, and
(y) zero; and 
 (ii) BNPP’s Exposure for all Transactions to which this Master Confirmation relates will be the greater of
(x) the aggregate of the Unrealized Capital Losses for each such Transaction with an Unrealized Capital Loss that exceeds zero minus the aggregate of the Unrealized Capital Gains for each such Transaction with an Unrealized Capital Gain
that exceeds zero, and (y) zero. 
  

	(c)	For purposes of calculating “Current Price” and “Net Collateral Value” with respect to any Transaction to which this Master Confirmation relates, BNPP shall be the sole Valuation Agent, but shall
take into account the bid price published by the Pricing Service (if any). 

  

	(d)	Notwithstanding anything in this Master Confirmation to the contrary (including in Clause 3(g)), if a Transaction Termination Trade Date occurs (i) during the Ramp-Down Period, (ii) because all Transactions
are being terminated pursuant to Clause 3(b), Clause 3(c)(ii) or in connection with the occurrence of the Facility Scheduled Termination Date (including pursuant to Clause 3(d)) or (iii) in connection with a termination of all Transactions at a
time when Counterparty does not have the right to provide notice to BNPP of a Firm Bid in connection with the termination of a Transaction by reason of the proviso to Clause 4(a), then, for purposes of determining the effect on the Return Amount
with respect to the related Terminated Obligation, neither of the Reference Amount nor the Current Funded Amount of such Terminated Obligation shall be reduced to zero until the Business Day next succeeding the Transaction Termination Settlement
Date. 

  

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

  

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

  

	10.	NOTICE AND ACCOUNT DETAILS. 

 Notices to
BNPP: 
 BNP Paribas, acting through its London Branch 

Credit Structuring 
 787 7th
Avenue 
 New York, New York 10019 

Phone: (212) 841-3452 

Email: DL.BNPP.HIGHLAND.ACQUISITIONS@us.bnpparibas.com 

  
 22 

 

 
  

 Attention: Xian Wang 

Notices to Counterparty: 

Nexpoint Capital Inc. 

300 Crescent Court Suite 700 

Dallas TX 75201 

Phone: 972-628-4100 

Email: R-Operations@HighlandCapital.com 

Attention: Carter Chism 

Payments to BNPP: 
 BNP PARIBAS NEW YORK

 SWIFT CODE: BNPAUS3NXXX 

FAVOR: BNP PARIBAS (LONDON BRANCH) 

SWIFT CODE: BNPAGB22XXX 
 ACCOUNT
# 20019442500132 
 Payments to Counterparty: 

State Street Bank and Trust 

Boston, MA 
 ABA # 011-000-028 
 DDA: 10439719 

Acct Name: Nexpoint Capital, Inc. 

Ref: Issuer Name/Payment Detail 
  

	11.	OFFICES. 

 (a) The Office of BNPP for each Transaction: 

BNPP’s London Office. 
 (b) The Office of
Counterparty for each Transaction: 
 Nexpoint Capital Inc. 

300 Crescent Court Suite 700 

Dallas TX 75201 

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

			
	 Very truly yours,

 
 BNP PARIBAS

		
	By:	 	 
		 	Name: Kevin Moran
		 	 Title: Authorized Signatory

  

			
	By:	 	 
		 	 Name: Ludovic Goebbels

		 	 Title: Authorized Signatory

  

			
	 CONFIRMED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:

 
 NEXPOINT CAPITAL, INC.

		
	By:	 	 
		 	Name:
		 	Title:

  
 24 

 

 
  

 APPENDIX A 

ADDITIONAL DEFINITIONS 

“Additional Independent Amount Percentage” means, with respect to a Reference Obligation, if such Reference Obligation is the subject
of bid quotations from nationally recognized independent dealers in such Reference Obligation as reported on a Pricing Service (which, in the case of MarkIt Partners, is as reported in the “Depth” field) in the aggregate of (i) zero
bids, as determined by BNPP in its sole discretion, (ii) one bid, 15%, (iii) two bids, 10%, and (iv) three or more bids, 0%. 

“Affiliate”, for purposes of this Master Confirmation only, has the meaning given to such term in Rule 405 under the Securities
Act of 1933, as amended.  
 “AML Violation” exists, with respect to a Reference Obligation, if there is a violation
of any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules in any applicable jurisdiction by any person participating in such Reference Obligation.  

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

“Approved Counterparty” means any entity listed in Annex IV (as such Annex may be amended by mutual written consent of the
parties hereto from time to time) or a nationally recognized independent dealer in the related Reference Obligation, approved by the Calculation Agent or its designated Affiliate in its sole discretion. 

“Assigned Moody’s Rating” means the publicly available rating, unpublished monitored rating or the estimated rating expressly
assigned to a debt obligation (or facility) by Moody’s that addresses the full amount of the principal and interest promised; provided that, so long as the Calculation Agent or the BNPP Holder applies for a new estimated rating, or renewal of
an estimated rating, in a timely manner and provides the information required to obtain such estimate or renewal, as applicable, then pending receipt of such estimate or renewal, as applicable, (A) in the case of a request for a new estimated
rating, (i) for a period of 90 days, such debt obligation will have a Moody’s Rating of “B3” for purposes of this definition if the Calculation Agent or the BNPP Holder believes that such estimated rating will be at least
“B3” and (ii) thereafter, such debt obligation will have a Moody’s Rating of “Caa3” or (B) in the case of a request for a renewal of an estimated rating following a material deterioration in the creditworthiness of
the obligor or a specified amendment, the Calculation Agent will continue using the previous estimated rating assigned by Moody’s until such time as (x) Moody’s renews such estimated rating or assigns a new estimated rating for such
debt obligation and (y) the criteria specified in clause (A) in connection with an annual request for a renewal of an estimated rating becomes applicable in respect of such debt obligation. 

“Capital Appreciation” and “Capital Depreciation” mean, for any Total Return Payment Date, the amount
determined according to the following formula for the applicable Terminated Obligation or Repaid Obligation: 
 (Final Price – Initial
Price) x Reference Amount Reduction Amount 
 where 

“Final Price” means (a) in the case of any Terminated Obligation, the percentage determined pursuant to
Clause 4, and (b) in the case of any Repaid Obligation, the percentage determined pursuant to Clause 5. 
 If such amount is positive, such
amount is “Capital Appreciation” and if such amount is negative, the absolute value of such amount is “Capital Depreciation”.  

“CCC Reference Obligation” means a Reference Obligation that, (i) in the case of a Senior Secured Obligation, has a Moody’s
Rating of Caa1 or lower or an S&P Rating of CCC+ or lower, or (ii) in the case of a Second Lien Obligation, has a 

  
 25 

 

 
  

 
Moody’s Default Probability Rating of Caa1 or lower or (if such obligation has an S&P Issuer Rating) an S&P Issuer Rating of CCC+ or lower. 

“CFR” means, with respect to an obligor of a Reference Obligation, if such obligor has a corporate family rating by Moody’s, then
such corporate family rating; provided that, if such obligor does not have a corporate family rating by Moody’s but any entity in the obligor’s corporate family does have a corporate family rating, then the CFR is such corporate
family rating. 
 “Committed Obligation” means (a) any Delayed Drawdown Reference Obligation and (b) any Revolving
Reference Obligation.  
 “Costs of Assignment” means, in the case of any Terminated Obligation, the sum of
(a) any actual costs of transfer or assignment paid by the seller under the terms of any Terminated Obligation or otherwise actually imposed on the seller by any applicable administrative agent, borrower or obligor incurred in connection with
the sale of such Terminated Obligation and (b) any reasonable expenses incurred by the seller in connection with such sale and, if transfers of the Terminated Obligation are subject to the Standard Terms and Conditions for Distressed Trade
Master Confirmations, as published by the LSTA and as in effect on the Transaction Trade Date, legal costs incurred by the seller in connection with such sale.  

“Credit Event” means the occurrence of a Bankruptcy or Failure to Pay. For purposes of the determination of whether a Credit Event has
occurred, the Obligation Category will be Borrowed Money, the Payment Requirement will be USD1,000,000 and no Obligation Characteristics will be specified. Capitalized terms used in this definition but not defined in this Master Confirmation shall
have the meanings specified in the 2014 ISDA Credit Derivatives Definitions.  
 “Cure Threshold” means, on any date
of determination from and including the Facility Effective Date, a percentage equal to (a) the aggregate of all Independent Amounts under this Master Confirmation over (b) the Portfolio Notional Amount. 

“Current Funded Amount” means, as of any date of determination, and in relation to any Reference Obligation (and the related
Transaction) that is a Committed Obligation: 
 (a) the amount advanced to the Reference Entity under the Reference Obligation in respect of the Reference
Amount until the earlier of (x) such date of determination and (y) the Transaction Termination Settlement Date, 
 less 

(b) if such Reference Obligation is a Revolving Reference Obligation, the amount repaid by the Reference Entity under the Reference Obligation in respect of
the Reference Amount until the earlier of (x) such date of determination and (y) the Transaction Termination Settlement Date, 
 as such amount may
be reduced in accordance with Clause 3 or Clause 5 hereof. 
 “Current Price” means, with respect to any Reference Obligation on any
date of determination, the Valuation Agent’s determination of the best bid that would be received for the sale on such date of determination of such Reference Obligation, taking into account the bid price (if any) as reported on a Pricing
Service for the Reference Obligation. If Counterparty disputes the Valuation Agent’s determination of the Current Price of any Reference Obligation, then Counterparty may, no later than (i) three hours after Counterparty is given notice of
such determination, if such notice is received prior to 12:00 p.m. (New York time), or (ii) 12:00 p.m. (New York time) on the day following the day on which Counterparty is given notice of such determination, if such notice is received after 12:00
p.m. (New York time), designate two Dealers of credit standing acceptable to BNPP in the exercise of its reasonable discretion to provide a Firm Bid to BNPP within such one-hour period. The highest of such two
Firm Bids will be the Current Price. The “Current Price” shall be expressed as a percentage and will be determined exclusive of accrued interest. 

“Dealer” means (i) a nationally recognized independent dealer in the related Reference Obligation chosen by the Calculation Agent
or its designated Affiliate (other than the Calculation Agent or any of its Affiliates), (ii) any Approved Buyer designated by Counterparty pursuant to Clause 4(a) or (iii) any other entity (other than the Calculation Agent or any of its
Affiliates) designated by the Calculation Agent or its designated Affiliate in its sole discretion as a “Dealer” for the purposes of this Master Confirmation. 

  
 26 

 

 
  

 “Delayed Drawdown Reference Obligation” means a Reference Obligation that
(a) requires the holder thereof to make one or more future advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created, (b) specifies a maximum amount that can be borrowed on
one or more fixed borrowing dates and (c) does not permit the re-borrowing of any amount previously repaid; provided that, on any date on which all commitments by the holder thereof to make
advances to the borrower under such Delayed Drawdown Reference Obligation expire or are terminated or reduced to zero, such Reference Obligation shall cease to be a Delayed Drawdown Reference Obligation for purposes of the Portfolio Criteria.
 
 “DIP Reference Obligation” means a Loan made to a debtor in possession pursuant to Section 364 of the U.S.
Bankruptcy Code having the priority allowed by either Section 364(c) or 364(d) of the U.S. Bankruptcy Code and fully secured by senior liens. 

“Expense or Other Payment” means, with respect to a Reference Obligation, the aggregate amount of any payments (other than extensions
of credit) due from the lender(s) of record generally in respect of any Reference Obligation, including, without limitation, (a) any expense associated with any amendment, modification or waiver of the provisions of a credit agreement,
(b) any reimbursement of any agents under the provisions of a credit agreement, (c) any related Costs of Assignment, and (d) any indemnity or other similar payment in respect of those lenders that were lenders of record at any time
from and including the related Transaction Trade Date in respect of the related Transaction to but excluding the related Transaction Termination Date. 

“Firm Offer” means a good and irrevocable offer for value, to sell the applicable proposed Reference Obligation, expressed as a
percentage and exclusive of accrued interest, for scheduled settlement substantially in accordance with the then-current market practice in the principal market for such Reference Obligation, submitted by an Approved Counterparty. 

“First-Lien Last-Out Loan” means a Loan that would otherwise be a Senior Secured Obligation
except that, following a default of such Loan, such Loan becomes fully subordinated to other Senior Secured Obligations of the same obligor and is not entitled to any payments until such other Senior Secured Obligations are paid in full. 

“Global Industry Classifications” means the Global Industry Classifications set forth below: 

GLOBAL INDUSTRY CLASSIFICATIONS 
  

					
	Oil & Gas Drilling	  	Consumer Electronics	  	Regional Banks
	Oil & Gas Equipment & Services	  	Home Furnishings	  	Thrifts & Mortgage Finance
	Integrated Oil & Gas	  	Homebuilding	  	Other Diversified Financial Services
	Oil & Gas Exploration & Production	  	Household Appliances	  	Multi-Sector Holdings
	Oil & Gas Refining & Marketing	  	Housewares & Specialties	  	Specialized Finance
	Oil & Gas Storage & Transportation	  	Leisure Products	  	Consumer Finance
	Coal & Consumable Fuels	  	Apparel, Accessories & Luxury Goods	  	Asset Management & Custody Banks
	Commodity Chemicals	  	Footwear	  	Investment Banking & Brokerage
	Diversified Chemicals	  	Textiles	  	Diversified Capital Markets
	Fertilizers & Agricultural Chemicals	  	Casinos & Gaming	  	Financial Exchanges & Data
	Industrial Gases	  	Hotels, Resorts & Cruise Lines	  	Mortgage REITs
	Specialty Chemicals	  	Leisure Facilities	  	Insurance Brokers
	Construction Materials	  	Restaurants	  	Life & Health Insurance
	Metal & Glass Containers	  	Education Services	  	Multi-line Insurance
	Paper Packaging	  	Specialized Consumer Services	  	Property & Casualty Insurance
	Aluminum	  	Advertising	  	Reinsurance

  
 27 

 

 
  

					
	Diversified Metals & Mining	  	Broadcasting	  	Internet Software & Services
	Copper	  	Cable & Satellite	  	IT Consulting & Other Services
	Gold	  	Movies & Entertainment	  	Data Processing & Outsourced Services
	Precious Metals & Minerals	  	Publishing	  	Application Software
	Silver	  	Distributors	  	Systems Software
	Steel	  	Internet & Direct Marketing Retail	  	Home Entertainment Software
	Forest Products	  	Department Stores	  	Communications Equipment
	Paper Products	  	General Merchandise Stores	  	Technology Hardware, Storage & Peripherals
	Aerospace & Defense	  	Apparel Retail	  	Electronic Equipment & Instruments
	Building Products	  	Computer & Electronics Retail	  	Electronic Components
	Construction & Engineering	  	Home Improvement Retail	  	Electronic Manufacturing Services
	Electrical Components & Equipment	  	Specialty Stores	  	Technology Distributors
	Heavy Electrical Equipment	  	Automotive Retail	  	Semiconductor Equipment
	Industrial Conglomerates	  	Homefurnishing Retail	  	Semiconductors
	Construction Machinery & Heavy Trucks	  	Drug Retail	  	Alternative Carriers
	Agricultural & Farm Machinery	  	Food Distributors	  	Integrated Telecommunication Services
	Industrial Machinery	  	Food Retail	  	Wireless Telecommunication Services
	Trading Companies & Distributors	  	Hypermarkets & Super Centers	  	Electric Utilities
	Commercial Printing	  	Brewers	  	Gas Utilities
	Environmental & Facilities Services	  	Distillers & Vintners	  	Multi-Utilities
	Office Services & Supplies	  	Soft Drinks	  	Water Utilities
	Diversified Support Services	  	Agricultural Products	  	Independent Power Producers & Energy Traders
	Security & Alarm Services	  	Packaged Foods & Meats	  	Renewable Electricity
	Human Resource & Employment Services	  	Tobacco	  	Diversified REITs
	Research & Consulting Services	  	Household Products	  	Industrial REITs
	Air Freight & Logistics	  	Personal Products	  	Hotel & Resort REITs
	Airlines	  	Health Care Equipment	  	Office REITs
	Marine	  	Health Care Supplies	  	Health Care REITs
	Railroads	  	Health Care Distributors	  	Residential REITs
	Trucking	  	Health Care Services	  	Retail REITs
	Airport Services	  	Health Care Facilities	  	Specialized REITs
	Highways & Railtracks	  	Managed Health Care	  	Diversified Real Estate Activities
	Marine Ports & Services	  	Health Care Technology	  	Real Estate Operating Companies
	Auto Parts & Equipment	  	Biotechnology	  	Real Estate Development
	Tires & Rubber	  	Pharmaceuticals	  	Real Estate Services
	Automobile Manufacturers	  	Life Sciences Tools & Services	  	
	Motorcycle Manufacturers	  	Diversified Banks	  	

  
 28 

 

 
  

 “Governmental Authority” means any government (whether federal, state or local)
having jurisdiction over any aspect of the applicable Transaction or any related hedge, if any, established by BNPP, any of its Affiliates or the Hedging Vehicle, and any agency, authority, instrumentality, ministry, regulatory body, court, central
bank or other entity (public or private) exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supranational bodies). 

“Hard Asset Loan” means a Loan that is secured by collateral consisting primarily of tangible assets other than the obligor’s
ownership interest or investment in other persons or entities, as determined by the Calculation Agent in a commercially reasonable manner. 

“Hedging Vehicle” means, with respect to a Transaction, any special purpose entity that (i) maintains a substantial swap trading
relationship with BNPP, (ii) does not maintain a substantial swap trading relationship with any other swap dealer, (iii) holds the related Reference Obligation as a related hedge to such Transaction, and (iv) is organized in the
Republic of Ireland.
 “Inchoate Reference Obligation” means an obligation whose closing is not yet complete and with respect to
which full funding has not yet occurred, unless the seller (or a transferor to such seller of such obligation) has made a legally binding commitment to fully fund such obligation to the obligor thereof (subject to customary conditions), which
commitment is not conditioned on BNPP’s, Counterparty’s, or an Affiliate of Counterparty’s (and for purposes hereof, including any entity that is commonly managed or advised by Counterparty or an Affiliate of Counterparty in the term
“Affiliate”) ultimate purchase of such obligation from such seller. 
 “Initial Funded Amount” means, as of any date of
determination, and in relation to any Reference Obligation (and the related Transaction) that is a Committed Obligation, the amount advanced to the Reference Entity under the Reference Obligation in respect of the Reference Amount as of the
Transaction Trade Date (or, if the Transaction Settlement Date has occurred, the Transaction Settlement Date), as such amount may be reduced in accordance with Clause 3 or Clause 5 hereof. 

“Interest and Fee Amount” means, for any BNPP Fixed Amount Payer Payment Date and any Transaction, the aggregate amount of interest
(excluding interest breakage costs), fees (including, without limitation, amendment, consent, tender, facility, letter of credit and other similar fees) and other amounts (other than in respect of principal and premium paid in respect of principal)
paid to a Reference Obligation Holder in respect of the Reference Amount of the related Reference Obligation (after deduction of any withholding taxes for which the related Reference Entity is not obligated to reimburse a Reference Obligation
Holder, if applicable) during the relevant BNPP Fixed Amount Payer Calculation Period or, with respect to the final BNPP Fixed Amount Payer Calculation Period for any Transaction, on the final BNPP Fixed Amount Payer Payment Date, less
(i) any fee or other consideration paid to compensate a Reference Obligation Holder in its capacity as administrative agent, collateral agent, letter of credit issuer or swing line lender under the relevant loan documentation and (ii) any
indemnity, reimbursement payments or compensation for out of pocket loss and expenses made to a Reference Obligation Holder; provided that Interest and Fee Amounts:
  

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

  

	(b)	in the case of “Non-Recurring Fees” (as so defined), shall not include any amounts that (i) are paid with respect to any event occurring prior to the Transaction
Trade Date, or on or after the Transaction Termination Trade Date, for the related Reference Obligation or portion thereof, or the related Terminated Obligation or Repaid Obligation, or (ii) are paid with respect to the related Reference
Obligation that is not held by or on behalf of BNPP as a hedge for the related Transaction; and 

  

	(c)	shall be determined after deducting all customary and reasonable expenses that would be incurred by a buyer in connection with any purchase of the Reference Obligation as a hedge for such Transaction and shall be
adjusted by any Delay Compensation as provided in Clause 6(b). 

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

  
 29 

 

 
  

 “LSTA” means The Loan Syndications and Trading Association, Inc. and any successor
thereto. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor or successors thereto. 

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

 

	(a)	if the obligor of such Reference Obligation has a CFR, then such CFR; 

  

	(b)	if not determined pursuant to clause (a) above, if the obligor of such Reference Obligation has one or more senior unsecured obligations with an Assigned Moody’s Rating (other than any estimated rating), then
the Assigned Moody’s Rating on any such obligation as selected by the Calculation Agent in its sole discretion; 

  

	(c)	if not determined pursuant to clauses (a) or (b) above, if the obligor of such Reference Obligation has one or more senior secured obligations with an Assigned Moody’s Rating, then the Moody’s rating that
is one subcategory lower than the Assigned Moody’s Rating on any such senior secured obligation as selected by the Calculation Agent in its sole discretion; 

  

	(d)	if not determined pursuant to clauses (a), (b) or (c) above, if a rating estimate has been assigned to such Reference Obligation by Moody’s upon the request of the Calculation Agent or the BNPP Holder, then
the Moody’s Default Probability Rating is such rating estimate as long as such rating estimate or a renewal for such rating estimate has been issued or provided by Moody’s in each case within the 15 month period preceding the date on which
the Moody’s Default Probability Rating is being determined; provided that, if such rating estimate has been issued or provided by Moody’s for a period (x) longer than 13 months but not beyond 15 months, the Moody’s Default
Probability Rating will be one subcategory lower than such rating estimate and (y) beyond 15 months, the Moody’s Default Probability Rating will be deemed to be “Caa3”; 

 

	(e)	if such Reference Obligation is a DIP Reference Obligation, the Moody’s Derived Rating set forth in clause (a) in the definition thereof; 

 

	(f)	if not determined pursuant to any of clauses (a) through (e) above and at the election of the Calculation Agent, the Moody’s Derived Rating; and 

 

	(g)	if not determined pursuant to any of clauses (a) through (f) above, the Reference Obligation will be deemed to have a Moody’s Default Probability Rating of “Caa3”. 

“Moody’s Derived Rating” means, with respect to a Reference Obligation whose Moody’s Default Probability Rating is
determined as the Moody’s Derived Rating, the rating as determined in the manner set forth below: 
  

	(a)	with respect to any DIP Reference Obligation, the Moody’s Default Probability Rating of such Reference Obligation shall be the rating which is one subcategory below the facility rating (whether public or private)
of such DIP Reference Obligation rated by Moody’s; 

  

	(b)	if not determined pursuant to clause (a) above, (1) if such Reference Obligation is rated by S&P, then the rating which is one subcategory below the Moody’s equivalent rating of the S&P Rating of such
Reference Obligation, (2) if such Reference Obligation does not have an S&P Rating, but another security or obligation of the obligor is publicly rated by S&P, and such other security or obligation of the obligor is (i) a senior
secured obligation, then the rating which is one subcategory below the Moody’s equivalent rating of the S&P rating of such other security or obligation of the obligor, (ii) an unsecured obligation, then the rating which is the
Moody’s equivalent rating of the S&P rating of such other security or obligation of the obligor, and (iii) a subordinated obligation, then the rating which is one subcategory above the Moody’s equivalent rating of the S&P
rating of such other security or obligation of the obligor, or (3) if such Reference Obligation is a DIP Reference Obligation, no Moody’s Derived Rating may be determined based on a rating by S&P or any other rating agency; and

  

	(c)	if not determined pursuant to clauses (a) or (b) above and such Reference Obligation is not rated by Moody’s or S&P and no other security or obligation of the issuer of such Reference Obligation is rated
by Moody’s or S&P, and if Moody’s has been requested by the Calculation Agent, the BNPP Holder or the issuer of such Reference Obligation to assign a rating or rating estimate with respect to such Reference Obligation but such rating
or rating estimate has not been received, pending receipt of such estimate, the Moody’s Derived Rating of such Reference Obligation for purposes of the definition of Moody’s Default Probability Rating shall be (i) “B2” or lower
if the Calculation Agent or the BNPP Holder believes that such estimate shall be at least “B2” or lower and if the Portfolio Notional Amount attributable to Reference Obligations determined pursuant to this clause (c)(i) and clause
(a) above does not exceed 5% of the Portfolio Target Amount or (ii) otherwise, “Caa1”. 

  
 30 

 

 
  

 “Moody’s Industry Classifications” means the Moody’s Industry
Classification Group List set forth below: 
 Moody’s Industry Classification Group List 

 

	 	1.	CORP – Aerospace & Defense 

	 	2.	CORP – Automotive 

	 	3.	CORP – Banking, Finance, Insurance & Real Estate 

	 	4.	CORP – Beverage, Food & Tobacco 

	 	5.	CORP – Capital Equipment 

	 	6.	CORP – Chemicals, Plastics, & Rubber 

	 	7.	CORP – Construction & Building 

	 	8.	CORP – Consumer goods: Durable 

	 	9.	CORP – Consumer goods: Non-durable 

	 	10.	CORP – Containers, Packaging & Glass 

	 	11.	CORP – Energy: Electricity 

	 	12.	CORP – Energy: Oil & Gas 

	 	13.	CORP – Environmental Industries 

	 	14.	CORP – Forest Products & Paper 

	 	15.	CORP – Healthcare & Pharmaceuticals 

	 	16.	CORP – High Tech Industries 

	 	17.	CORP – Hotel, Gaming & Leisure 

	 	18.	CORP – Media: Advertising, Printing & Publishing 

	 	19.	CORP – Media: Broadcasting & Subscription 

	 	20.	CORP – Media: Diversified & Production 

	 	21.	CORP – Metals & Mining 

	 	22.	CORP – Retail 

	 	23.	CORP – Services: Business 

	 	24.	CORP – Services: Consumer 

	 	25.	CORP – Sovereign & Public Finance 

	 	26.	CORP – Telecommunications 

	 	27.	CORP – Transportation: Cargo 

	 	28.	CORP – Transportation: Consumer 

	 	29.	CORP – Utilities: Electric 

	 	30.	CORP – Utilities: Oil & Gas 

	 	31.	CORP – Utilities: Water 

	 	32.	CORP – Wholesale 

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

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

  

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

  

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

  

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

  
 31 

 

 
  

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

  

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

 

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

  

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

  

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

  

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

 

	 	(A)	for up to 10% of the Portfolio Target Amount, Counterparty may apply to Moody’s for a shadow rating or public rating of such Reference Obligation, which shall then be the Moody’s Rating (and Counterparty may
deem the Moody’s Rating of such Reference Obligation to be “B3” pending receipt of such shadow rating or public rating, as the case may be); provided that (x) a Reference Obligation will not be included in the 10% limit of the
Portfolio Target Amount if Counterparty has assigned a rating to such Reference Obligation in accordance with clause (B) below and (y) upon receipt of a shadow rating or public rating, as the case may be, such Reference Obligation will not
be included in the 10% limit of the Portfolio Target Amount; or 

  

	 	(B)	for up to 10% of the Portfolio Target Amount, if there is a private rating of an obligor that has been provided by S&P to BNPP and Counterparty, Counterparty may impute a Moody’s Rating that corresponds to such
private rating; provided that a Reference Obligation will not be included in the 10% limit of the Portfolio Target Amount if Counterparty has applied to Moody’s for a shadow rating, 

 

	(vii)	if a rating cannot be assigned pursuant to clauses (i) through (vi), the Moody’s Rating shall be Caa3. 

  
 32 

 

 
  

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

“Moody’s Rating Factor” means, for each Reference Obligation, as of any date of determination, the number set forth in the table
below opposite the Moody’s Default Probability Rating of such Reference Obligation. 
  

							
	 Moody’s Default
Probability Rating
	 	 Moody’s Rating
Factor
	 	 Moody’s Default
Probability Rating
	 	 Moody’s Rating
Factor

	Aaa	 	1	 	Ba1	 	940
	Aa1	 	10	 	Ba2	 	1,350
	Aa2	 	20	 	Ba3	 	1,766
	Aa3	 	40	 	B1	 	2,220
	A1	 	70	 	B2	 	2,720
	A2	 	120	 	B3	 	3,490
	A3	 	180	 	Caa1	 	4,770
	Baa1	 	260	 	Caa2	 	6,500
	Baa2	 	360	 	Caa3	 	8,070
	Baa3	 	610	 	Ca or lower	 	10,000

 Any Reference Obligation issued or guaranteed by the United States government or any agency or instrumentality thereof is
assigned a Moody’s Default Probability Rating equal to the then-current Moody’s rating of the direct obligations of the United States government. 

“Moody’s Weighted Average Rating Factor” means the number (rounded up to the nearest whole number) determined by: 

summing the products of (i) the Notional Amount of each Reference Obligation multiplied by (ii) the Moody’s Rating Factor
of such Reference Obligation and dividing such sum by the Portfolio Notional Amount. 
 “Net Collateral Value” means,
as of any date of determination, an amount equal to (a) the aggregate Value (as defined in the Credit Support Annex) on such date of all Posted Credit Support (as defined in the Credit Support Annex) held by BNPP as Secured Party (as defined in
the Credit Support Annex) plus (b) the aggregate of all Unrealized Capital Gains on such date with respect to the Reference Portfolio minus (c) the aggregate of all Unrealized Capital Losses on such date with respect to the Reference
Portfolio. 
 “Net Collateral Value Percentage” means, as of any date of determination, an amount (expressed as a percentage) equal
to (a) the Net Collateral Value on such date divided by (b) the Portfolio Notional Amount on such date. 
 “Net Current Funded
Amount” means, as of any date of determination, and in relation to any Reference Obligation (and the related Transaction) that is a Committed Obligation, the Current Funded Amount on such date of determination less the Initial Funded
Amount, as such amount may be reduced in accordance with Clause 3 or Clause 5 hereof. 
 “Non-Emerging
Market Country” means any country that has a country ceiling for foreign currency bonds of at least “Aa2” by Moody’s and, to the extent such country is rated by S&P, a sovereign rating of at least “AA” by
S&P. 
 “OFAC” means the United States Treasury Department’s Office of Foreign Assets Control. 

“OFAC Violation” exists, with respect to a Reference Obligation, if any person uses the proceeds of such Reference Obligation, or
lends, contributes or otherwise makes available such proceeds to any subsidiary, joint venture partner or any other person (a) to fund any activities or business of or with any person, or in any country or territory, that, at the time of such
fund, is a Sanctioned Country or Sanctioned Person, as applicable, or (b) in any manner that would result in a violation 

  
 33 

 

 
  

 
of Sanctions by any person, including any person participating in such Reference Obligation, whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or
otherwise. 
 “Portfolio Target Amount” means (a) during the Ramp-Up Period, the
Maximum Portfolio Notional Amount, (b) during the Ramp-Down Period, the Portfolio Notional Amount on the day immediately preceding the first day of the Ramp-Down Period and (c) otherwise, the Portfolio Notional Amount.  

“Pre-Approved Reference Obligation” means any of the Reference Obligations listed in
Annex VI hereto. 
 “Pricing Service” means Markit Partners or any other nationally recognized loan pricing service mutually agreed
upon by the Calculation Agent and Counterparty; provided that neither Counterparty nor any of its Affiliates shall be a Pricing Service; provided, further, that the Calculation Agent shall have the ability upon at least 15
Business Days’ prior written notice to advise Counterparty that one or more sources listed herein is no longer considered to be a Pricing Service, provided that the Calculation Agent can only provide such notice if in its commercially
reasonable discretion such Pricing Service has largely or entirely exited its loan pricing business. 
 “Rate Payments” means
Counterparty First Floating Amounts, Counterparty Second Floating Amounts, Counterparty Third Floating Amounts, Counterparty Fourth Floating Amounts and BNPP Fixed Amounts.  

“Reference Amount Reduction Amount” means the amount by which the Reference Amount of the related Reference Obligation is reduced
pursuant to Clause 3(d), Clause 3(e), Clause 3(g) or Clause 5(b) (determined immediately prior to the related Transaction Termination Trade Date or Repayment Date, as applicable) for any Terminated Obligation or Repaid Obligation, as
applicable.  
 “Reference Obligation Credit Agreement” means the term loan agreement or other similar credit
agreement governing the related Reference Obligation. 
 “Reference Obligation Holder” means a holder of the Reference Obligation
with the same tax status as BNPP or, if any Affiliate of BNPP or the Hedging Vehicle holds the Reference Obligation to hedge BNPP’s obligations hereunder, such Affiliate or Hedging Vehicle, as the case may be, in any case assuming that BNPP,
such Affiliate or Hedging Vehicle, as the case may be, treats Counterparty as the beneficial owner of the Reference Obligation for U.S. federal income tax purposes. 

“Regulatory Event” means the occurrence of any of the following events following the Transaction Trade Date for a Transaction: 

(i) the effectiveness or adoption of any rule, law, regulation, rulemaking, order, decree, guideline, judgment, decision, directive or
statute (together with any communication under clause (ii) below, “Applicable Law”) (or in the applicability or official or generally accepted interpretation of any Applicable Law), or any change or amendment thereto,
enacted, promulgated, executed, ratified or adopted by any Governmental Authority; 
 (ii) an action taken by a taxing authority or
brought in a court of competent jurisdiction (regardless of whether such action is taken or brought) with respect to BNPP or Counterparty; or 

(iii) the imposition of margin or collateral requirements of a futures commission merchant, derivatives clearing organization, board of
trade designated as a contract market, swap execution facility, clearing agency, registered broker, dealer or security-based swap dealer, exchange or security-based swap execution facility, whether imposed pursuant to any Applicable Law or
otherwise; 
 in each case which renders all or part of such Transaction unlawful or materially and adversely affects the capital treatment of such
Transaction or BNPP’s hedge of any part of such Transaction or the tax treatment of any hedge of BNPP’s obligations under such Transaction. 

“Regulatory Affected Transaction” means any Transaction with respect to which a Regulatory Event has occurred. 

“Revolving Reference Obligation” means a Reference Obligation that (a) requires the holder thereof to make one or more future
advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created, (b) specifies a maximum aggregate amount that can be borrowed and (c) permits, during any period on or after

  
 34 

 

 
  

 
the date on which the holder thereof acquires such Reference Obligation, the re-borrowing of any amount previously repaid; provided that, on the
date that all commitments by the holder thereof to make advances to the borrower under such Revolving Reference Obligation expire or are terminated or reduced to zero, such Reference Obligation shall cease to be a Revolving Reference Obligation for
purposes of the Portfolio Criteria.  
 “S&P” means S&P Global Ratings, an S&P Global business, and any
successor or successors thereto. 
 “S&P Industry Classifications” means the S&P Industry Classifications set forth below:

 S&P Industry Classifications 
  

			
	 Asset Code
	  	 Asset
Description

	1	  	Aerospace & Defense
	2	  	Air transport
	3	  	Automotive
	4	  	Beverage & Tobacco
	5	  	Radio & Television
	6	  	[Reserved]
	7	  	Building & Development
	8	  	Business equipment & services
	9	  	Cable & satellite television
	10	  	Chemicals & plastics
	11	  	Clothing/textiles
	12	  	Conglomerates
	13	  	Containers & glass products
	14	  	Cosmetics/toiletries
	15	  	Drugs
	16	  	Ecological services & equipment
	17	  	Electronics/electrical
	18	  	Equipment leasing
	19	  	Farming/agriculture
	20	  	Financial intermediaries
	21	  	Food/drug retailers
	22	  	Food products
	23	  	Food service
	24	  	Forest products
	25	  	Health care
	26	  	Home furnishings
	27	  	Lodging & casinos
	28	  	Industrial equipment
	29	  	[Reserved]
	30	  	Leisure goods/activities/movies
	31	  	Nonferrous metals/minerals
	32	  	Oil & gas
	33	  	Publishing
	34	  	Rail industries
	35	  	Retailers (except food & drug)
	36	  	Steel
	37	  	Surface transport
	38	  	Telecommunications

  
 35 

 

 
  

			
	39	  	Utilities
	43	  	Life Insurance
	44	  	Health Insurance
	45	  	Property & Casualty Insurance
	46	  	Diversified Insurance

 “S&P Issuer Rating” means, with respect to a Reference Obligation, if such Reference Obligation is
a Second Lien Obligation, the corporate issuer rating by S&P of the related Reference Entity.  
 “S&P Rating”
means, with respect to a Reference Obligation:  
  

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

  

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

  

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

  

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

 

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

  

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

 

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

  

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

  
 36 

 

 
  

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

  

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

  

	(vi)	if the foregoing paragraphs are not applicable, then the S&P Rating shall be “CCC-”; provided that (x) if application has been made to S&P to rate a
Reference Obligation and such Reference Obligation has a Moody’s Rating, then the S&P Rating with respect to such Reference Obligation shall, pending the receipt of such rating from S&P, be equal to the S&P Rating that is equivalent
to such Moody’s Rating and (y) Reference Obligations in the Reference Portfolio constituting no more, by aggregate Notional Amount, than 10% of the Portfolio Target Amount may be given a S&P Rating based on a rating given by
Moody’s as provided in clause (x) (after giving effect to the addition of the relevant Reference Obligation, if applicable). 

“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at
http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time.  

“Sanctioned Person” means (a) a person named on the list of “Specially Designated Nationals and Blocked Persons”
maintained by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, or (b) (i) an agency of the government of a
Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.  

“Sanctions” means any sanctions program enacted, administered, imposed or enforced by OFAC, the United States Department of State, the
United Nations Security Council, the European Union, the French Republic, Her Majesty’s Treasury and/or any other relevant sanctions authority.  

“Second Lien Obligation” means a Hard Asset Loan, a First-Lien Last-Out Loan, a Subordinated
Holding Company Loan, or other Loan that is secured by collateral, but as to which the beneficiary or beneficiaries of such collateral security agree for the benefit of the holder or holders of Senior Secured Obligations secured by the same
collateral as to one or more of the following: (1) to defer their right to enforce such collateral security either permanently or for a specified period of time while such Senior Secured Obligations are outstanding, (2) to permit a holder
or holders of such Senior Secured Obligations to sell such collateral free and clear of the security in favor of such beneficiary or beneficiaries, (3) not to object to sales of assets by the obligor on such Loan following the commencement of a
bankruptcy or other insolvency proceeding with respect to such obligor or to an application by the holder or holders of such Senior Secured Obligations to obtain adequate protection in any such proceeding and (4) not to contest the creation,
validity, perfection or priority of such Senior Secured Obligations. 
 “Senior Secured Obligation” means a Loan (other than a
First-Lien Last-Out Loan, a Hard Asset Loan or a Subordinated Holding Company Loan) that: (i) is not (and cannot by its terms become) subordinate in right of payment to any other obligation of the obligor
of such Loan (other than with respect to liquidation, trade claims, capitalized leases or similar obligations); (ii) is secured by a valid, first-priority perfected security interest or lien in, to or on specified collateral securing such
obligor’s obligations under such Loan; and (iii) the value of the collateral securing such Loan at the Transaction Trade Date together with other attributes of the obligor (including, without limitation, its general financial condition,
ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (as determined by the Calculation Agent in a commercially reasonable manner) to repay such Loan in accordance with its terms and to repay all
other Loans of equal seniority secured by a first lien or security interest in the same collateral. 
 “Subordinate” means, with
respect to an obligation (the “Subordinated Obligation”) and another obligation of the obligor thereon to which such obligation is being compared (the “Senior Obligation”), a contractual, trust or
similar arrangement (without regard to the existence of preferred creditors arising by operation of law or to collateral, credit support, lien or other credit enhancement arrangements or provisions regarding the application of proceeds of any of the
foregoing) providing that 

  
 37 

 

 
  

 
(i) upon the liquidation, dissolution, reorganization or winding up of the obligor, claims of the holders of the Senior Obligation will be satisfied prior to the claims of the holders of the
Subordinated Obligation or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in respect of their claims against the obligor at any time that the obligor is in payment arrears or is otherwise in
default under the Senior Obligation. 
 “Subordinated Holding Company Loan” means a Loan that is a senior secured obligation, issued
by a holding company and secured only by the assets of such holding company, not benefitting from a guarantee by the related operating company, as determined by the Calculation Agent in a commercially reasonable manner. 

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

“Terminated Obligation” means any Reference Obligation or portion of any Reference Obligation with respect to which the related
Transaction (or portion thereof) is being terminated and the Reference Amount of which is being reduced.  
 “Termination
Threshold” means, on any date of determination from and including the Facility Effective Date, the Cure Threshold minus 5%. 
 “Total
Return Payment Date” means, with respect to any Terminated Obligation or Repaid Obligation, the earlier of (a) the fifth Payment Business Day next succeeding the last day of the Monthly Period during which the related Transaction
Termination Date occurs and (b) the Facility Final Termination Date.  
 “Transaction Termination Settlement
Date” means, for any Terminated Obligation, the date customary for settlement, substantially in accordance with the then-current market practice in the principal market for such Terminated Obligation (as determined by the Calculation
Agent), of the sale of such Terminated Obligation with the trade date for such sale occurring on the related Transaction Termination Trade Date. For the avoidance of doubt, the Transaction Termination Settlement Date with respect to
any Transaction will be no later than the Facility Final Termination Date.  
 “Transaction Termination Trade Date”
means, with respect to any Terminated Obligation, the date so designated in the related Accelerated Termination Notice or as provided in Clause 3(d) or (e); provided that if the related Final Price is not determined in accordance with
Clause 4(a), the “Transaction Termination Trade Date” will be the bid submission deadline for the Firm Bid or combination of Firm Bids for all of the Reference Amount of such Terminated Obligation that are to be the basis for
determining the Final Price of such Terminated Obligation as designated by the Calculation Agent in order to cause the related Total Return Payment Date to occur as promptly as practicable (in the discretion of the Calculation Agent) after the date
originally designated as the “Transaction Termination Trade Date” in the related Accelerated Termination Notice. The Calculation Agent shall notify the parties of any Transaction Termination Trade Date designated by it pursuant to the
foregoing proviso. 
 “Unrealized Capital Gain” and “Unrealized Capital Loss” mean, with respect to any
Reference Obligation on any date of determination, the amount determined according to the following formula: 
 (Current Price – Initial
Price) x Reference Amount  
 If such amount is positive, such amount is “Unrealized Capital Gain” and if such amount
is negative, the absolute value of such amount is “Unrealized Capital Loss”. For purposes of computing any Unrealized Capital Gain or Unrealized Capital Loss, a Repaid Obligation or Terminated Obligation will be deemed to
continue to be outstanding in an amount equal to its Reference Amount until (but excluding) the related Total Return Payment Date. 
 “U.S.
Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time (or any successor statute). 

  
 38 

 

 
  

 ANNEX I 

REFERENCE PORTFOLIO 
  

																					
	
Reference
Obligation
	  	 Reference

Entity
	  	 Reference

Amount
	  	 Initial
Funded

Amount
	  	 Initial

Price
 (%)
	  	 Transaction

Trade
Date
	  	 Transaction
Settlement

Date
	  	 Trade ID
	  	 Buy/Sell
	  	 Independent
Amount
Percentage
	  	
Buy Trade
ID (if a Sell)

	 [•]
	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]	  	[•]

  
 1 

 

 
  

 ANNEX II 

OBLIGATION CRITERIA 
 The
“Obligation Criteria” are as follows:  
  

	 	(i)	The obligation is either a Senior Secured Obligation or a Second Lien Obligation. 

  

	 	(ii)	The Reference Entity is domiciled in the United States, Canada or Luxembourg. 

  

	 	(iii)	The obligation is denominated in USD. 

  

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

 

	 	(v)	The obligation is (x) not a Delayed Drawdown Reference Obligation or Revolving Reference Obligation and (y) the obligation does not require any future advances to be made to the related issuer or obligor on or
after the Transaction Trade Date. 

  

	 	(vi)	The obligation is not Subordinate. 

  

	 	(vii)	The obligation constitutes indebtedness for U.S. Federal income tax purposes. 

  

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

  

	 	(ix)	The obligation is (x) on the Transaction Trade Date the subject of at least two (2) bid quotations from nationally recognized independent dealers in the related obligation as reported on a Pricing Service
(which, in the case of Markit Partners, is as reported in the “Depth” field), or (y) otherwise consented to by the Calculation Agent (in its sole discretion). 

 

	 	(x)	The obligation has an Initial Price as of the Transaction Trade Date of at least 70%. 

  

	 	(xi)	The obligation is rated by either Moody’s or S&P, and (x) if rated by Moody’s, has on the Transaction Trade Date a Moody’s Rating of at least Caa3 and (y) if rated by S&P, has an S&P
Rating of at least CCC-. 

  

	 	(xii)	The Reference Entity is not an Affiliate of Counterparty. 

  

	 	(xiii)	The aggregate outstanding amount of the obligation is at least equal to $200 million for a Senior Secured Obligation and $175 million for a Second Lien Obligation. 

 

	 	(xiv)	The scheduled maturity date of the obligation is not more than 8 years after the proposed Transaction Trade Date. 

  

	 	(xv)	The obligation is one as to which all of the Additional Obligation Criteria set forth in Annex V are satisfied. 

  
 2 

 

 
  

 ANNEX III 

PORTFOLIO CRITERIA 
 The
“Portfolio Criteria” are as follows: 
 As of any date of determination: 

 

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

  

	 	(ii)	The Portfolio Notional Amount attributable to Reference Obligations that have a single Reference Entity shall be no more than 10.0% of the total Portfolio Target Amount; provided that three (3) Reference Entities
are permitted to have Reference Obligations for which the aggregate Portfolio Notional Amount is each no more than 15.0% of the total Portfolio Target Amount and one (1) Reference Entity is permitted to have Reference Obligations for which the
aggregate Portfolio Notional Amount is no more than 20.0% of the total Portfolio Target Amount. 

  

	 	(iii)	The Portfolio Notional Amount attributable to Reference Obligations having fewer than three (3) bids as reported on a Pricing Service (which, in the case of Markit Partners, is as reported in the “Depth”
field) shall be no more than 15% of the total Portfolio Target Amount unless consented to by BNPP (in its sole discretion). The Reference Obligations with CUSIPs 90290PAL8 and 02922XAG3 will be excluded from this calculation unless they have zero
(0) bids as reported on a Pricing Service (which, in the case of Markit Partners, is as reported in the “Depth” field). 

  

	 	(iv)	The Portfolio Notional Amount attributable to Reference Obligations relating to any single one of the Moody’s Industry Classifications shall be no more than 20% of the total Portfolio Target Amount, with the
exception of “Healthcare & Pharmaceuticals.” 

  

	 	(v)	The Portfolio Notional Amount attributable to Reference Obligations relating to any single one of the Global Industry Classifications shall be no more than 20% of the total Portfolio Target Amount, with the exceptions
of (i) Reference Obligations relating to “Health Care Services,” which shall be no more than 30% of the total Portfolio Target Amount, and (ii) Reference Obligations relating to “Health Care Facilities,” which shall be
no more than 30% of the total Portfolio Target Amount. 

  

	 	(vi)	The Portfolio Notional Amount attributable to Reference Obligations which are Second Lien Obligations shall be no more than 35% of the total Portfolio Target Amount. 

 

	 	(vii)	The Portfolio Notional Amount attributable to CCC Reference Obligations shall be no more than 25.0% of the total Portfolio Target Amount. 

 

	 	(viii)	The Moody’s Weighted Average Rating Factor of all Reference Obligations in the Reference Portfolio shall be no more than 3900. 

  

	 	(ix)	All Reference Obligations must have at least two (2) bids as reported on a Pricing Service (which, in the case of Markit Partners, is as reported in the “Depth” field) or be otherwise consented to by
BNPP. 

  

	 	(x)	With respect to any Reference Obligation, the Current Price of such Reference Obligation is at least 50%. 

  
 3 

 

 
  

 ANNEX IV 

Approved Buyers and Approved Counterparties 

Bank of America, NA 
 The Bank of Montreal 

The Bank of New York Mellon, N.A. 
 Barclays Bank plc 

BNP Paribas 
 Canadian Imperial Bank of Commerce 

Credit Agricole S.A. 
 Credit Suisse 

Deutsche Bank AG 
 Goldman Sachs & Co. 

HSBC Bank 
 JPMorgan Chase Bank, N.A. 

Morgan Stanley & Co. 
 Natixis 

Royal Bank of Canada 
 The Royal Bank of Scotland plc 

Scotia Capital 
 Societe Generale 

The Toronto-Dominion Bank 
 UBS AG 

U.S. Bank, National Association 
 Wells Fargo Bank, National
Association 

  
 4 

 

 
  

 ANNEX V 

Additional Obligation Criteria 

The “Additional Obligation Criteria” are as follows: 

As of any date of determination and with respect to any obligation: 
  

	 	1)	Counterparty does not have any communications or negotiations with the Reference Entity with respect to such obligation (directly or indirectly through an intermediary such as the seller of such obligation) in
connection with the issuance or funding of such obligation or commitments with respect thereto, except for communications of an immaterial nature or customary due diligence communications; provided, that the Counterparty may provide comments as to
mistakes or inconsistencies in loan documents (including with respect to any provisions that are inconsistent with the terms and conditions of purchase of the obligation). 

 

	 	2)	Counterparty does not earn or receive from any person any fee or other compensation for services, however denominated, in connection with the origination of such obligation, including breakage fees or any fees
attributable to reduced funding requirements by the obligors. 

  

	 	3)	None of the Counterparty, an Affiliate of Counterparty or an entity that is commonly managed or advised by Counterparty or an Affiliate of Counterparty acts or has acted as an underwriter, placement or other agent,
arranger, negotiator or structuror in connection with the issuance or origination of such obligation. 

  

	 	4)	If such obligation is an Inchoate Reference Obligation, (i) Counterparty has been advised or believes that the obligation will be executed on the terms presented to BNPP, regardless of whether BNPP, Counterparty or
an Affiliate of Counterparty acquires the obligation and (ii) the notional amount of the obligation is less than 5% of the total principal amount of such obligation, and the economic exposure to the Counterparty and its Affiliates (including
any related Transaction) in the aggregate is less than 15% of the total principal amount of the obligation. 

  

	 	5)	Counterparty does not hold itself out, through advertising or otherwise, as originating, lending funds, making a market in or a dealer in respect of such obligation. 

  
 5 

 

 
  

 ANNEX VI 

PRE-APPROVED REFERENCE OBLIGATIONS 

 

													
	 Reference
Obligation
	  	 CUSIP
	  	 Reference

Entity
	  	Reference
Amount	 	  	Initial
Funded
Amount	 
	 Term B Loan (Second Lien) @ LIBOR 7.25% 12/19/2022
	  	 38723BAF8
	  	 Granite Acquisition, Inc.
	  	$	1,000,000	 	  	$	1,000,000	 
	 TL 2nd Lien @ LIBOR 6.5% 7/25/2022
	  	 00769EAV2
	  	 Advantage Sales & Marketing Inc.
	  	$	1,000,000	 	  	$	1,000,000	 
	 TLB4 @ LIBOR 8.75% 4/24/2020
	  	 89233UAN5
	  	 Toys ‘R’ Us-Delaware, Inc.
	  	$	3,500,000	 	  	$	3,500,000	 
	 TL (First Lien) @ LIBOR 4.75% 4/28/2021
	  	 L3434LAC4
	  	 Evergreen Skills Lux S.? R.L.
	  	$	3,500,000	 	  	$	3,500,000	 
	 Initial TL 2nd Lien @ LIBOR 8.25% 4/28/2022
	  	 L3434LAB6
	  	 Evergreen Skills Lux S.? R.L.
	  	$	2,000,000	 	  	$	2,000,000	 
	 Term Advance @ LIBOR 5.75% 5/29/2020
	  	 29276MAG2
	  	 EnergySolutions, LLC
	  	$	500,000	 	  	$	500,000	 
	 Reserve Based Term Loan @ LIBOR 7% 8/31/2020
	  	 31659HAG6
	  	 Fieldwood Energy LLC
	  	$	3,000,000	 	  	$	3,000,000	 
	 FLLO Facility (First Lien) @ LIBOR 7.125% 9/30/2020
	  	 31659HAJ0
	  	 Fieldwood Energy LLC
	  	$	2,000,000	 	  	$	2,000,000	 
	 Tranche B Term Loan (Second Lien) @ LIBOR 7% 3/25/2021
	  	 75049HAB3
	  	 RadNet, Inc.
	  	$	3,500,000	 	  	$	3,500,000	 
	 Term Loan (Second Lien) @ LIBOR 8% 12/29/2023
	  	 90290PAL8
	  	 U.S. Renal Care, Inc.
	  	$	5,000,000	 	  	$	5,000,000	 
	 I TBL @ LIBOR 5.25% 7/31/2020
	  	 09071FAF8
	  	 BioScrip, Inc.
	  	$	1,000,000	 	  	$	1,000,000	 
	 Delayed Draw Term Loan @ LIBOR 5.25% 7/31/2020
	  	 09071FAG6
	  	 BioScrip, Inc.
	  	$	1,000,000	 	  	$	1,000,000	 
	 Term Loan @ LIBOR 5.75% 4/29/2022
	  	 74909HAC3
	  	 Quorum Health Corporation
	  	$	7,000,000	 	  	$	7,000,000	 
	 Tranche B Term Loan @ LIBOR 4.25% 8/16/2023
	  	 52706YAH6
	  	 Leslie’s Poolmart, Inc.
	  	$	2,000,000	 	  	$	2,000,000	 
	 ITL @ LIBOR 4% 6/7/2023
	  	 55328HAE1
	  	 MPH Acquisition Holdings LLC
	  	$	1,000,000	 	  	$	1,000,000	 
	 Term B Loan (First Lien) @ LIBOR 3.5% 8/20/2019
	  	 02922XAG3
	  	 American Renal Holdings Inc.
	  	$	3,000,000	 	  	$	3,000,000	 

  
 6Exhibit

Exhibit 10.1

Execution Version

MASTER ASSIGNMENT, BORROWING BASE INCREASE AGREEMENT, AND AMENDMENT NO. 1 TO 
SIXTH AMENDED AND RESTATED CREDIT AGREEMENT

This MASTER ASSIGNMENT, BORROWING BASE INCREASE AGREEMENT, AND AMENDMENT NO. 1 TO SIXTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) entered into and effective as of April 5, 2018 (the “Effective Date”), is among Callon Petroleum Company, a Delaware corporation (the “Borrower”), the subsidiaries of the Borrower party hereto (the “Guarantors”), the Lenders (as defined below) party hereto, and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and as issuing bank (in such capacity, the “Issuing Bank”).
RECITALS

A.The Borrower is party to that certain Sixth Amended and Restated Credit Agreement dated as of May 25, 2017, among the Borrower, the financial institutions party thereto from time to time, as lenders (the “Lenders”), the Administrative Agent, and the Issuing Bank (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”).

B.The Lenders wish to reallocate the Commitments and the Elected Commitments pursuant to the terms hereof, as needed, and in order to effect such reallocation, the Lenders have agreed to assign certain percentages of their rights and obligations under the Credit Agreement as Lenders pursuant to the terms hereof.

C.Subject to the terms and conditions set forth herein, the parties hereto wish to amend the Credit Agreement and increase the Borrowing Base, in each case, as provided herein.

Now Therefore, in consideration of the premises and the mutual covenants, representations, and warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

Section 1.Defined Terms.  As used in this Amendment, each of the terms defined in the opening paragraph and the Recitals above shall have the meanings assigned to such terms therein.  Each term defined in the Credit Agreement and used herein without definition shall have the meaning assigned to such term in the Credit Agreement, as amended hereby, unless expressly provided to the contrary.

Section 2.Other Definitional Provisions.  Article, Section, Schedule, and Exhibit references are to Articles and Sections of and Schedules and Exhibits to this Amendment, unless otherwise specified.  The words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Amendment shall refer to this Amendment as a whole and not to any particular provision of this Amendment.  The term “including” means “including, without limitation,”.  Paragraph headings have been inserted in this Amendment as a matter of convenience for reference only and it is agreed that such paragraph headings are not a part of this Amendment and shall not

be used in the interpretation of any provision of this Amendment.  Section 1.04 of the Credit Agreement is incorporated herein mutatis mutandis.

Section 1.Amendments to Credit Agreement.  

(a)Section 1.02 (Certain Defined Terms) of the Credit Agreement is hereby amended by amending and restating the following definitions to read as follows: 

“Aggregate Elected Commitment Amount” at any time shall equal the sum of the Elected Commitments, as the same may be increased, reduced or terminated pursuant to Section 2.01(b).  As of the Amendment No. 1 Effective Date, the Aggregate Elected Commitment Amount is $650,000,000.

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period beginning on such day (or if such day is not a Business Day, on the immediately preceding Business Day) plus 1%, provided that, the Adjusted LIBO Rate for any day shall be based on the LIBO Rate at approximately 11:00 a.m. London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively; provided further, that if the Alternate Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 5.06 hereof, then the Alternate Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.

“Fee Letter” means (a) the fee letter dated May 25, 2017, among the Borrower and JPMorgan Chase Bank, N.A., as amended, restated, supplemented or otherwise modified from time to time and (b) each other fee letter agreement entered into from time to time among the Administrative Agent and/or the Arranger and the Borrower with respect to this Agreement and the transactions contemplated herein, each as amended, restated, supplemented or otherwise modified from time to time.

 “Revolving Credit Maturity Date” means May 25, 2023.

(b)Section 1.02 (Certain Defined Terms) of the Credit Agreement is hereby amended by adding the following new definitions in alphabetical order therein:

“Amendment No. 1 Effective Date” means April 5, 2018.

“DrillCo Capital Provider” has the meaning assigned to such term in the definition of “DrillCo Transaction”.

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“DrillCo Entity” has the meaning assigned to such term in the definition of “DrillCo Transaction”.

“DrillCo Producer” has the meaning assigned to such term in the definition of “DrillCo Transaction”.

“DrillCo Properties” has the meaning assigned to such term in the definition of “DrillCo Transaction”.

“DrillCo Transaction” means a drilling participation arrangement between one or more  Credit Parties (the “DrillCo Producer”) and one or more other Persons (the “DrillCo Capital Provider”) pursuant to which the DrillCo Producer Transfers an interest in certain specified Oil and Gas Properties (the “DrillCo Properties”) of the DrillCo Producer (or Equity Interests in a subsidiary of the DrillCo Producer that owns such DrillCo Properties)to the DrillCo Capital Provider or to an entity (a “DrillCo Entity”) jointly formed by the DrillCo Producer and the DrillCo Capital Provider in exchange for the agreement of the  DrillCo Capital Provider to fund  its share (based on ownership) plus all or a portion of the DrillCo Producer’s share of  the capital for the development of such DrillCo Properties.

(c)Section 5.06 (Circumstances Affecting LIBO Rate Availability) of the Credit Agreement is hereby amended and restated to read as follows:

Section 5.06    Alternate Rate of Interest.

(a)If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

(i)the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation, because the LIBO Screen Rate is not available or published on a current basis), for such Interest Period; or

(ii)the Administrative Agent is advised by the Required Revolving Credit Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any notice from the Borrower that requests the conversion of any Revolving Credit Borrowing to, or continuation of any Revolving Credit Borrowing as, a Eurodollar Borrowing shall be ineffective and (B) if any Revolving Credit Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an 

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ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowing, then the other Type of Borrowings shall be permitted.

(b)If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) above have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) above have not arisen but the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable.  Notwithstanding anything to the contrary in Section 12.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Revolving Credit Lenders stating that such Required Revolving Credit Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 5.06(b), only to the extent the LIBO Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any notice from the Borrower that requests the conversion of any Revolving Credit Borrowing to, or continuation of any Revolving Credit Borrowing as, a Eurodollar Borrowing shall be ineffective and (y) if any Revolving Credit Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

(d)Section 8.01(d) (Certificate of Financial Officer - Annual Budget) of the Credit Agreement is hereby amended by amending and restating such subsection (d) to read as follows:

(d)    Certificate of Financial Officer - Annual Budget.  Concurrently with each delivery of financial statements pursuant to Section 8.01(a), a certificate of a Financial Officer of the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, detailing on a quarterly basis for such fiscal year (i) the projected production of Hydrocarbons by the Credit Parties and the assumptions used in calculating such projections and (ii) a consolidated operating budget and capital expenditures forecast for the Credit Parties and the assumptions used in calculating such projections.

(e)Section 8.01(f) (Certificate of Insurer - Insurance Coverage) of the Credit Agreement is hereby amended by amending and restating such subsection (f) to read as follows:

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(f)    Certificate of Insurer - Insurance Coverage.  Concurrently with each delivery of financial statements for the first fiscal quarter of each fiscal year pursuant to Section 8.01(b), commencing with the delivery of the financial statements for the fiscal quarter ending March 31, 2018, one or more certificates of insurance coverage from the Credit Parties’ insurance broker or insurers with respect to the insurance required by Section 8.07, in form and substance satisfactory to the Administrative Agent, and, if requested by the Administrative Agent, copies of the applicable policies.

(f)Section 8.01(i) (Production Report and Lease Operating Statements) of the Credit Agreement is hereby amended by amending and restating such subsection (i) to read as follows:

(i)    Production Report and Lease Operating Statements.  Concurrently with each delivery of financial statements under Sections 8.01(a) and 8.01(b), commencing with the delivery of the financial statements for the fiscal quarter ending March 31, 2018 pursuant to Section 8.01(b), a report setting forth, for each calendar month during the then current fiscal year to date, the volume of production and sales attributable to production (and the prices at which such sales were made and the revenues derived from such sales) for each such calendar month from the Oil and Gas Properties, setting forth the related ad valorem, severance, and production taxes and lease operating expenses attributable thereto and incurred for each such calendar month, and setting forth the drilling and operations for each such calendar month.

(g)Section 8.18 (Account Control Agreements) of the Credit Agreement is hereby amended by amending and restating such section to read as follows:

Section 8.18.    Account Control Agreements.  The Borrower will, and will cause each other Credit Party to, (a) in connection with any Deposit Account and/or any Securities Account (other than an Excluded Account for so long as it is an Excluded Account), cause such Deposit Account and/or Securities Account (other than an Excluded Account for so long as it is an Excluded Account) to be subject to a Control Agreement within thirty (30) days after the Effective Date (or such longer period of time as may be agreed to by the Administrative Agent).  The Borrower, for itself and on behalf of the other Credit Parties, hereby authorizes the Administrative Agent to deliver notices to the depositary banks and securities intermediaries pursuant to any Control Agreement under any one or more of the following circumstances:  (w) following the occurrence of and during the continuation of an Event of Default of the type set forth in Sections 10.01(a), (b), (f), (g), (h), (i) or (j), (x) as otherwise agreed to in writing by the Borrower or any Credit Party, as applicable, (y) the Loans then outstanding have become due and payable in whole (and not merely in part), whether at stated maturity, by acceleration, or otherwise, or (z) as otherwise permitted by applicable law.  As to Deposit Accounts and Securities Accounts (in each case, other than an Excluded Account for so long as it is an Excluded Account) established by the Borrower or any other Credit Party after the Effective Date, the Borrower will, and will cause each other Credit Party to, cause such Deposit Account and/or Securities Accounts to be subject to a Control Agreement within fourteen (14) days after the establishment thereof (or such longer period of time as may be agreed to by the Administrative Agent).

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(h)Section 9.01(b) (Leverage Ratio) of the Credit Agreement is hereby amended by amending and restating such subsection (b) to read as follows:

 (b)    Leverage Ratio.  Commencing June 30, 2017, and for each fiscal quarter ending thereafter, the Borrower will not permit, as of the last day of any such fiscal quarter, the ratio (the “Leverage Ratio”) of (i) the consolidated Total Debt of the Borrower and the other Credit Parties as of such time net of, for all purposes of calculating the Leverage Ratio under this Agreement, (A) all unrestricted cash of the Borrower and the other Credit Parties (other than cash used to Cash Collateralize any Obligations) if no Loans are outstanding as of such time or (B) unrestricted cash of the Borrower and the other Credit Parties (other than cash used for Cash Collateralize any Obligations) not to exceed $50,000,000 if any Loans are outstanding as of such time to (ii) the Adjusted EBITDAX of the Borrower and the other Credit Parties, to be greater than 4.00 to 1.00.

(i)Sections 9.04(c) and (f) (Restricted Payments) of the Credit Agreement are hereby amended by replacing each reference to “Borrowing Base Utilization Percentage” therein with a reference to “Commitment Utilization Percentage”.

(j)Section 9.05 (Investments, Loans and Advances) of the Credit Agreement is hereby amended by (i) deleting the word “and” at the end of subsection (j) therein, (ii) replacing the “.” at the end of subsection (k) therein with “; and”, and (iii) adding the following new subsection (l) to the end thereof:

(l)    Investments in DrillCo Transactions; provided that (i)  any Transfer of an interest in the DrillCo Properties to the DrillCo Capital Provider or any DrillCo Entity pursuant to such DrillCo Transaction complies with Section 9.11, and (ii) no Investment in any DrillCo Entity (other than Investments described in clause (i) above) shall be permitted  unless (A) no Borrowing Base deficiency, Default or Event of Default has occurred, is continuing or would result therefrom and (B) after giving pro forma effect to such Investment, (1) the Commitment Utilization Percentage would be less than 80%, and (2) the Leverage Ratio would not be greater than 3.00 to 1.00.

(k)Section 9.11(e) (Sale of Properties) of the Credit Agreement is hereby amended by amending and restating such subsection to read as follows:

(e)    Transfers of Oil and Gas Properties to which proved reserves of oil or gas are attributed, provided that, except with respect to Investments permitted under Section 9.05(l), at least 80% of the consideration received in respect of such sale or other disposition shall be cash or Oil and Gas Properties to which proved reserves of oil or gas are attributed and with respect to which the Administrative Agent has received reasonably satisfactory Engineering Reports or the assumption of liabilities related to such transferred Oil and Gas Properties;

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(l)Section 12.02(b) (Waivers; Amendments) of the Credit Agreement is hereby amended and restated to read as follows:

(b)    Subject to Section 5.06(b), neither this Agreement nor any provision hereof nor any Security Instrument nor any provision thereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Majority Revolving Credit Lenders or by the Borrower and the Administrative Agent with the consent of the Majority Revolving Credit Lenders; provided that no such agreement shall increase the Commitment, the Elected Commitment, or the Maximum Credit Amount or postpone the scheduled date of expiration of any Commitment or any Elected Commitment of any Revolving Credit Lender without the written consent of such Revolving Credit Lender, increase the Borrowing Base without the written consent of each Revolving Credit Lender (other than any Defaulting Lender), decrease or maintain the Borrowing Base without the consent of the Required Revolving Credit Lenders, or modify Section 2.06 in any manner without the consent of the Required Revolving Credit Lenders; provided that a Scheduled Redetermination may be postponed by the Required Revolving Credit Lenders, reduce the principal amount of any Loan or Reimbursement Obligation or reduce the rate of interest thereon, or reduce any fees payable hereunder, or reduce any other Obligations hereunder or under any other Loan Document, without the written consent of each Lender affected thereby, postpone the scheduled date of payment or prepayment of the principal amount of any Loan or Reimbursement Obligation, or any interest thereon, or any fees payable hereunder, or any other Obligations hereunder or under any other Loan Document, or reduce the amount of, waive or excuse any such payment, or postpone or extend the Termination Date without the written consent of each Lender affected thereby, change Section 5.01(b) or any other term or condition hereof in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, waive or amend Section 3.03(c), Section 6.01 or Section 10.02(c), without the written consent of each Lender, release any Guarantor (except as set forth in the Guaranty Agreement or this Agreement or as a result of a transaction permitted under Section 9.11), release all or substantially all of the Collateral (other than as provided in Section 11.11), or reduce the percentage set forth in Section 8.14(a) to less than 85%, without the written consent of each Lender, or impose any greater restriction on the ability of any Revolving Credit Lender to assign any of its rights or obligations hereunder without the written consent of, if such Lender is a Revolving Credit Lender, the Majority Revolving Credit Lenders, or change any of the provisions of this Section 12.02(b) or the definitions of “Applicable Revolving Credit Percentage”, “Majority Revolving Credit Lenders”, “Required Revolving Credit Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or under any other Loan Documents or make any determination or grant any consent hereunder or any other Loan Documents, without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any other Agent, the Issuing Bank or the Swing Line Lender hereunder or under any other Loan Document without the prior written consent of the Administrative Agent, such other Agent, the Issuing Bank or the Swing Line Lender, as the case may be.  Notwithstanding anything to the contrary in this Agreement, fees payable hereunder to any Lender may be reduced with the consent of 

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the Administrative Agent and the affected Lender.  Notwithstanding the foregoing, (i) any supplement to Schedule 8.14 shall be effective simply by delivering to the Administrative Agent a supplemental schedule clearly marked as such and, upon receipt, the Administrative Agent will promptly deliver a copy thereof to the Lenders and (ii) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the Borrower (or, in the case of any other Loan Document, the applicable Credit Party party thereto) and the Administrative Agent to cure any ambiguity, omission, defect, or inconsistency.

(m)Schedule 1.1 to the Credit Agreement (Applicable Margin) is hereby amended and restated in its entirety in the form attached hereto as Schedule 1.1.

(n)Schedule 1.2 to the Credit Agreement (Allocations) is hereby amended and restated in its entirety in the form attached hereto as Schedule 1.2.

Section 4.    Borrowing Base Increase.  Subject to the terms of this Amendment, the parties hereto hereby agree that, as of the Effective Date, the Borrowing Base is hereby increased from $700,000,000.00 to $825,000,000.00, and the Borrowing Base shall remain in effect at such amount until the Borrowing Base is redetermined or adjusted in accordance with the Credit Agreement, as amended hereby.  The redetermination of the Borrowing Base pursuant to this Section 4 shall constitute the semi-annual Scheduled Redetermination to occur on or about May 1, 2018, as set forth in Section 2.06(b) of the Credit Agreement.

Section 5.    Reallocation of Commitments and Elected Commitments; Increase of Elected Commitments.  

(a)The Lenders have agreed among themselves to, among other things, reallocate the Commitments and the Elected Commitments.  Each of the Administrative Agent and the Borrower hereby consents to the reallocation of the Commitments and the Elected Commitments as set forth in this Amendment.  The assignments by the Lenders necessary to effect the reallocation of the Commitments and the assumptions by the Lenders necessary for such Lenders to acquire such applicable interests are hereby consummated pursuant to the terms and provisions of this Section 5 and Section 12.04 of the Credit Agreement, and the Borrower, the Administrative Agent, and each Lender hereby consummates such assignment and assumption pursuant to the terms, provisions, and representations of the Assignment and Assumption attached as Exhibit E to the Credit Agreement as if each of them had executed and delivered an Assignment and Assumption (with the Effective Date, as defined therein, being the Effective Date hereof).  On the Effective Date and after giving effect to such assignments and assumptions, the Commitments and the Elected Commitments of each Lender shall be as set forth on Schedule 1.2 of the Credit Agreement, as amended by this Amendment.  Each Lender hereby consents and agrees to the Commitments and the Elected Commitments as set forth opposite such Lender’s name on Schedule 1.2 to the Credit Agreement, as amended by this Amendment.  With respect to the foregoing assignments and assumptions, in the event of any conflict between this Section 5 and Section 12.04 of the Credit Agreement, this Section 5 shall control.  For purposes of the foregoing assignments, each of the Lenders represents and warrants that it is not a Defaulting Lender.

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(b)Pursuant to Section 2.01(b)(ix) of the Credit Agreement, (i) the Borrower hereby elects to increase the Aggregate Elected Commitment Amount and (ii) each Lender hereby consents to such increase in its Elected Commitment.  Pursuant to this Section 5, the Aggregate Elected Commitment Amount is hereby increased (ratably among the Lenders in accordance with each Lender’s Applicable Revolving Credit Percentage) to $650,000,000.00 as set forth on Schedule 1.2 to the Credit Agreement, as amended hereby.

Section 6.    Representations and Warranties.  The Borrower and each Guarantor hereby represents and warrants that: (a) after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement, as amended hereby, and the representations and warranties contained in the other Loan Documents are true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct) on and as of the date hereof as if made on as and as of such date except to the extent that any such representation or warranty is expressly limited to an earlier date, in which case, on and as of the date hereof such representation or warranty continues to be true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct)  as of such specified earlier date; (b) after giving effect to this Amendment, no Default has occurred and is continuing; (c) the execution, delivery, and performance of this Amendment are within the limited liability company, limited partnership, or corporate power and authority of the Borrower and each Guarantor and have been duly authorized by appropriate limited liability company, limited partnership, or corporate action and proceedings; (d) this Amendment constitutes the legal, valid, and binding obligation of the Borrower and each Guarantor enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the rights of creditors generally and general principles of equity; (e) there are no governmental or other third party consents, licenses, or approvals required in connection with the execution, delivery, performance, validity, or enforceability of this Amendment; and (f) the Liens under the Security Instruments are valid and subsisting and secure the Obligations, as amended hereby.  

Section 7.    Conditions to Effectiveness.  This Amendment shall become effective as of the Effective Date and enforceable against the parties hereto upon the occurrence of the following conditions precedent:  

(a)The Administrative Agent shall have received multiple original counterparts, as requested by the Administrative Agent, of:

(i)this Amendment, duly and validly executed and delivered by duly authorized officers of the Borrower, the Guarantors, the Administrative Agent, the Issuing Bank, and the Lenders;

(ii)a Note, duly and validly executed and delivered by a duly authorized officer of the Borrower, payable to each Lender in the amount of its Commitment after giving effect to Section 5, to the extent requested by such Lender prior to the Effective Date;

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(iii)copies, certified as of the Effective Date by a Responsible Officer or the secretary or an assistant secretary of the Borrower of (A) the resolutions of the board of directors of the Borrower approving this Amendment and the other Loan Documents to which the Borrower is a party and the transactions contemplated in those Loan Documents (or certifying that such resolutions have not been amended or otherwise modified since the date they were previously delivered to the Administrative Agent), (B) the articles or certificate of incorporation and the bylaws of the Borrower (or certifying that such documents have not been amended or otherwise modified since the date they were previously delivered to the Administrative Agent), (C) a certificate of good standing and existence for the Borrower in the state in which the Borrower is organized, which certificate shall be dated a date not earlier than 30 days prior to the date hereof, (D) true and genuine specimen signatures of the officers of the Borrower (y) who are authorized to sign the Loan Documents to which the Borrower is a party and (z) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with the Credit Agreement, as amended hereby, and the transactions contemplated thereby, and (E) all other documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment; and

(iv)copies, certified as of the Effective Date by a Responsible Officer or the secretary or an assistant secretary of each Guarantor of (A) the resolutions of the board of directors (or other applicable governing body) of such Guarantor approving this Amendment and the other Loan Documents to which such Guarantor is a party (or certifying that such resolutions have not been amended or otherwise modified since the date they were previously delivered to the Administrative Agent), (B) the articles or certificate of incorporation or organization (or such other formation document) and bylaws or limited liability company agreement (or such other governing document) of such Guarantor (or certifying that such documents have not been amended or otherwise modified since the date they were previously delivered to the Administrative Agent), (C) a certificate of good standing and existence for such Guarantor in the state, province, or territory in which such Guarantor is organized, which certificate shall be dated a date not earlier than 30 days prior to the date hereof, (D) true and genuine specimen signatures of the officers of such Guarantor (y) who are authorized to sign the Loan Documents to which such Guarantor is a party and (z) who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with the Credit Agreement, as amended hereby, and the transactions contemplated thereby, and (E) all other documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment.

(b)Closing Certificate.  The Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower certifying that (i) all consents, licenses, and approvals required in accordance with applicable Governmental Requirements, or in accordance with any document, agreement, instrument, or arrangement to which the Borrower, any Guarantor, or any of their respective subsidiaries is a party, in connection with the execution, delivery, performance, validity, and enforceability of this Amendment and the other Loan Documents have been obtained, (ii) the 

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Borrower, the Guarantors, and their respective subsidiaries have all such material consents, licenses, and approvals required in connection with the continued operation of the Borrower, the Guarantors, and their respective subsidiaries and such approvals are in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent, or otherwise impose adverse conditions on this Amendment and the actions contemplated hereby, (iii) the representations and warranties in this Amendment and the other Loan Documents are true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct) on and as of the date hereof as if made on as and as of such date except to the extent that any such representation or warranty is expressly limited to an earlier date, in which case, on and as of the date hereof such representation or warranty continues to be true and correct in all material respects (unless already qualified by materiality in which case such applicable representation and warranty shall be true and correct)  as of such specified earlier date, (iv) immediately before and after giving effect to this Amendment, no Default shall occur and be continuing, and (v) no action, suit, investigation, or other proceeding (including the enactment or promulgation of a statute or rule) by or before any arbitrator or any Governmental Authority has been threatened or is pending and no preliminary or permanent injunction or order by a state or federal court has been entered (A) in connection with this Amendment or any transaction contemplated hereby or (B) which, in any case, in the judgment of the Administrative Agent, could reasonably be expected to have a Material Adverse Effect.

(c)Fees.  On the Effective Date, the Borrower shall have paid the fees required to be paid by that certain Amendment No. 1 Fee Letter dated as of the date hereof among the Borrower, the Administrative Agent, and JPMorgan Chase Bank, N.A., in its capacity as a joint lead arranger (the “Amendment Fee Letter”), and all costs and expenses that have been invoiced prior to the Effective Date and are payable pursuant to Section 12.03 of the Credit Agreement, together with such additional amounts as shall constitute the Administrative Agent’s counsel’s reasonable estimate of expenses and disbursements to be incurred by such counsel in connection with the recording and filing of Mortgages and Uniform Commercial Code financing statements; provided, that such estimate shall not thereafter preclude further settling of accounts between the Borrower and the Administrative Agent.

Section 8.    Acknowledgments and Agreements.  

(a)Each Credit Party acknowledges that on the date hereof all outstanding Obligations are payable in accordance with their terms and each Credit Party waives any set-off, counterclaim, recoupment, defense, or other right, in each case, existing on the date hereof, with respect to such Obligations.

(b)The Administrative Agent, the Issuing Bank, and the Lenders hereby expressly reserve all of their rights, remedies, and claims under the Loan Documents, as amended hereby.  This Amendment shall not constitute a waiver or relinquishment of (i) any Default or Event of Default under any of the Loan Documents, as amended hereby, (ii) any of the agreements, terms, or conditions contained in any of the Loan Documents, as amended hereby, (iii) any rights or remedies of the Administrative Agent, the Issuing Bank, or any Lender with respect to the Loan 

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Documents, as amended hereby, or (iv) the rights of the Administrative Agent, the Issuing Bank, or any Lender to collect the full amounts owing to them under the Loan Documents, as amended hereby.

(c)The Borrower, each Guarantor, Administrative Agent, the Issuing Bank and each Lender do hereby adopt, ratify, and confirm the Credit Agreement, as amended hereby, and acknowledge and agree that the Credit Agreement, as amended hereby, is and remains in full force and effect, and the Borrower and each Guarantor acknowledge and agree that their respective liabilities and obligations under the Credit Agreement, as amended hereby, the Guaranty Agreement, and the other Loan Documents are not impaired in any respect by this Amendment.

(d)From and after the date hereof, all references to the Credit Agreement and the Loan Documents shall mean such Credit Agreement and such Loan Documents as amended by this Amendment and the other documents executed pursuant hereto.  This Amendment is a Loan Document for the purposes of the provisions of the other Loan Documents.  Without limiting the foregoing, any breach of representations, warranties, and covenants under this Amendment shall be a Default or Event of Default, as applicable, under the Credit Agreement.

(e)From and after the Effective Date, the Borrower shall indemnify the Administrative Agent, and hold it harmless from, any and all losses, claims, damages, liabilities and related expenses, including Taxes and the fees, charges and disbursements of any counsel for any of the foregoing, arising in connection with the Administrative Agent’s treating, for purposes of determining withholding Taxes imposed under FATCA, the Credit Agreement as qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

(f)In consideration of the agreements of the Lenders set forth in this Amendment, the Borrower agrees to pay to the Administrative Agent the fees set forth in the Amendment Fee Letter.  Such fees (i) are payable in U.S. dollars in immediately available funds, free and clear of, and without deduction for, any and all present or future applicable taxes, levies, imposts, deductions, charges, or withholdings and all liabilities with respect thereto (with appropriate gross-up for withholding taxes), (ii) are not refundable under any circumstance, (iii) will not be subject to counterclaim, defense, setoff, recoupment, or otherwise affected, (iv) are deemed fully earned on the Effective Date, and (v) are due and payable on the Effective Date.

(g)Within 30 days of the Effective Date (or such longer period of time as may be agreed to by the Administrative Agent), the Borrower shall have delivered duly executed counterparts of Mortgages (or supplements thereto) which, together with all existing Mortgages delivered and in effect, are sufficient to grant a first priority, perfected security interest (subject to Liens permitted under Section 9.03 of the Credit Agreement) in favor of the Administrative Agent on at least 85% of the total value of the proved Oil and Gas Properties of the Credit Parties evaluated in the most recently delivered Reserve Report.

(h)Within 30 days of the Effective Date (or such longer period of time as may be agreed to by the Administrative Agent), the Borrower shall have delivered such title information as the Administrative Agent may reasonably require, all of which shall be reasonably satisfactory to the 

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Administrative Agent in form and substance, on at least 85% of the total value of the proved Oil and Gas Properties of the Credit Parties evaluated in the most recently delivered Reserve Report.

Section 9.    Reaffirmation of the Guaranty.  Each Guarantor hereby ratifies, confirms, acknowledges and agrees that its obligations under the Guaranty Agreement are in full force and effect and that such Guarantor continues to unconditionally and irrevocably guarantee the full and punctual payment, when due, whether at stated maturity or earlier by acceleration or otherwise, all of the Guaranteed Obligations (as defined in the Guaranty Agreement), as such Guaranteed Obligations may have been amended by this Amendment, and its execution and delivery of this Amendment does not indicate or establish an approval or consent requirement by such Guarantor under the Guaranty Agreement in connection with the execution and delivery of amendments, consents or waivers to the Credit Agreement, the Notes, or any of the other Loan Documents.

Section 10.    Reaffirmation of Liens.  Each Credit Party (a) reaffirms the terms of and its obligations (and the security interests granted by it) under each Security Instrument to which it is a party, and agrees that each such Security Instrument will continue in full force and effect to secure the Obligations as the same may be amended, supplemented, or otherwise modified from time to time, and (b) acknowledges, represents, warrants and agrees that the Liens and security interests granted by it pursuant to the Security Instruments are valid, enforceable, and subsisting and create a first priority, perfected security interest (subject to Liens permitted under Section 9.03 of the Credit Agreement) in favor of the Administrative Agent to secure the Obligations.

Section 11.    Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original and all of which, taken together, constitute a single instrument.  This Amendment may be executed by facsimile or other electronic signature and all such signatures shall be effective as originals.

Section 12.    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted pursuant to the Credit Agreement.

Section 13.    Invalidity.  In the event that any one or more of the provisions contained in this Amendment shall for any reason be held invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Amendment.

Section 14.    Governing Law.  This Amendment shall be governed by, and construed and enforced in accordance with, the laws of the State of New York.

Section 15.    Entire Agreement. THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.
[SIGNATURES BEGIN ON NEXT PAGE]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized as of the day and year first above written.

BORROWER:
CALLON PETROLEUM COMPANY

By:  /s/ Joseph C. Gatto, Jr.
Name:  Joseph C. Gatto, Jr.
Title:  President and Chief Executive Officer

GUARANTOR:
CALLON PETROLEUM OPERATING
COMPANY

By:  /s/ Joseph C. Gatto, Jr.
Name:  Joseph C. Gatto, Jr.
Title:  President and Chief Executive Officer

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

ADMINISTRATIVE AGENT/
ISSUING BANK/LENDER:
JPMORGAN CHASE BANK, N.A., 
as Administrative Agent, Issuing Bank, and a Lender 

By:  /s/  Anson Williams
Name:  Anson Williams
Title:  Authorized Officer

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
REGIONS BANK, as a Lender

By:  /s/  William A. Philipp
Name:  William A. Philipp
Title:  Managing Director

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
THE BANK OF NOVA SCOTIA, HOUSTON 
BRANCH, as a Lender

By:  /s/  Alan Dawson
Name:  Alan Dawson
Title:  Director

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
CAPITAL ONE, NATIONAL ASSOCIATION, 
as a Lender

By:  /s/ Robert James
Name:  Robert James
Title:  Director

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
CITIBANK, N.A., as a Lender

By:  /s/  William McNeely
Name:  William McNeely
Title:  Senior Vice President

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
KEYBANK NATIONAL ASSOCIATION, as a 
Lender

By:  /s/  George E. McKean
Name:  George E. McKean
Title:  Senior Vice President

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
ROYAL BANK OF CANADA, as a Lender

By:  /s/ Emilee Scott
Name:  Emilee Scott
Title:  Authorized Signatory

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
SUNTRUST BANK, as a Lender

By:  /s/  Benjamin L. Brown
Name:  Benjamin L. Brown
Title:  Director

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
BOKF, NA DBA BANK OF OKLAHOMA, as a 
Lender

By:  /s/ John Krenger
Name:  John Krenger
Title:  Vice President

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
CIT BANK, N.A., as a Lender

By:  /s/  Sean Murphy
Name:  Sean Murphy
Title:  Managing Director

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH, as a Lender

By:  /s/  John D. Toronto
Name:  John D. Toronto
Title:  Authorized Signatory

By:  /s/  Szymon Ordys
Name:  Szymon Ordys
Title:  Authorized Signatory

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
IBERIABANK, N.A., as a Lender

By:  /s/  Blakely Norris
Name:  Blakely Norris
Title:  Vice President

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
WHITNEY BANK, as a Lender

By:  /s/  William Jochetz
Name:  William Jochetz
Title:  Vice President

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
BARCLAYS BANK PLC, as a Lender

By:  /s/  Sydney G. Dennis
Name:  Sydney G. Dennis
Title:  Director

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
BANK OF AMERICA, N.A., as a Lender

By:  /s/  Kimberly Miller
Name:  Kimberly Miller
Title:  Vice President

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
CANADIAN IMPERIAL BANK OF 
COMMERCE, NEW YORK BRANCH, as a 
Lender

By:  /s/  Donovan C. Broussard
Name:  Donovan C. Broussard
Title:  Authorized Signatory

By:  /s/  Trudy Nelson    
Name:  Trudy Nelson
Title:  Authorized Signatory

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

LENDER:
COMPASS BANK, as a Lender

By:  /s/  Gabriela Azcarate
Name:  Gabriela Azcarate
Title:  Vice President

Signature page to
Amendment No. 1 to Sixth Amended and Restated Credit Agreement
(Callon Petroleum Company)

SCHEDULE 1.1
APPLICABLE MARGIN
	
						
	 
	Commitment Utilization Grid*

	 
	Level I
	Level II
	Level III
	Level IV
	Level V

	Commitment Utilization Percentage
	≤25%
	>25%
≤50%
	>50%
≤75%
	>75%
≤90%
	>90%

	Eurodollar Revolving Credit Loans
	1.25%
	1.50%
	1.75%
	2.00%
	2.25%

	Letters of Credit
	1.25%
	1.50%
	1.75%
	2.00%
	2.25%

	ABR Revolving Credit Loans
	0.25%
	0.50%
	0.75%
	1.00%
	1.25%

	ABR Swing Line Loans
	0.25%
	0.50%
	0.75%
	1.00%
	1.25%

	Commitment Fee Rate
	0.375%
	0.375%
	0.50%
	0.50%
	0.50%

*At any time the Leverage Ratio, as determined pursuant to Section 9.01(b), is greater than 3.00 to 1.00, the percentages in the rows titled “Eurodollar Revolving Credit Loans”, “Letters of Credit”, “ABR Revolving Credit Loans”, and “ABR Swing Line Loans” contained in the Commitment Utilization Grid shall be increased by 0.25% (the “Pricing Increase”).  Adjustments to such percentages, if any, shall go into effect on the date the Administrative Agent receives the applicable financial statements and corresponding compliance certificate as required pursuant to Sections 8.01(a), 8.01(b), and 8.01(c), as applicable; provided that if the Borrower has not delivered such financial statements and corresponding compliance certificate within the time period specified by such Sections, then effective as of the date such financial statements and corresponding compliance certificate were required to be delivered pursuant to such Sections, the Pricing Increase shall immediately go into effect and shall remain in effect until the date such financial statements and corresponding compliance certificate are delivered by the Borrower to the Administrative Agent (for the avoidance of doubt, if such financial statements and corresponding compliance certificate, when delivered, reflect that the Leverage Ratio is greater than 3.00 to 1.00 then the Pricing Increase shall continue to remain in effect).

Schedule 1.1
Applicable Margin

SCHEDULE 1.2
ALLOCATIONS
	
							
	Name of Lender
	 
	Applicable Revolving Credit Percentage
	 
	Elected Commitment
	 
	Maximum Credit Amount

	JPMorgan Chase Bank, N.A.
	 
	9.4%
	 
	$61,100,000.00
	 
	$188,000,000.00

	Capital One, National Association
	 
	8.6%
	 
	$55,900,000.00
	 
	$172,000,000.00

	Citibank, N.A.
	 
	8.6%
	 
	$55,900,000.00
	 
	$172,000,000.00

	The Bank of Nova Scotia
	 
	8.6%
	 
	$55,900,000.00
	 
	$172,000,000.00

	Barclays Bank PLC
	 
	6.5%
	 
	$42,250,000.00
	 
	$130,000,000.00

	Regions Bank
	 
	6.5%
	 
	$42,250,000.00
	 
	$130,000,000.00

	Royal Bank of Canada
	 
	6.5%
	 
	$42,250,000.00
	 
	$130,000,000.00

	SunTrust Bank
	 
	6.5%
	 
	$42,250,000.00
	 
	$130,000,000.00

	Bank of America, N.A.
	 
	5.2%
	 
	$33,800,000.00
	 
	$104,000,000.00

	Canadian Imperial Bank of Commerce
	 
	5.2%
	 
	$33,800,000.00
	 
	$104,000,000.00

	Compass Bank
	 
	5.2%
	 
	$33,800,000.00
	 
	$104,000,000.00

	KeyBank National Association
	 
	5.2%
	 
	$33,800,000.00
	 
	$104,000,000.00

	BOKF, NA dba Bank of Oklahoma
	 
	3.6%
	 
	$23,400,000.00
	 
	$72,000,000.00

	CIT Bank, N.A. 
	 
	3.6%
	 
	$23,400,000.00
	 
	$72,000,000.00

	Credit Suisse AG, Cayman Islands Branch
	 
	3.6%
	 
	$23,400,000.00
	 
	$72,000,000.00

	Iberiabank, N.A.
	 
	3.6%
	 
	$23,400,000.00
	 
	$72,000,000.00

	Whitney Bank
	 
	3.6%
	 
	$23,400,000.00
	 
	$72,000,000.00

	Total
	 
	100.00000000%
	 
	$650,000,000.00
	 
	$2,000,000,000.00

Schedule 1.2
Allocations

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