Document:

EX-10.1

 Exhibit 10.1 

Execution Copy 
 Committed Facility Agreement

  
  

BNP PARIBAS PRIME BROKERAGE, INC., ON BEHALF OF ITSELF AND AS AGENT FOR THE BNPP ENTITIES (“BNPP PB, Inc.”) and the counterparty specified on
the signature page hereto (“Customer”), hereby enter into this Committed Facility Agreement (this “Agreement”), dated as of the date specified on the signature page hereto. 

Whereas Customer is a limited liability company duly formed and organized in Delaware, and a wholly-owned subsidiary of FS Investment Corporation III
(“FSIC III”); 
 Whereas BNPP PB, Inc. and Customer have entered into the U.S. PB Agreement, dated as of the date hereof (the
“U.S. PB Agreement”); 
 Whereas BNPP PB, Inc., Customer and State Street Bank and Trust Company (“Custodian”) have
entered into the Special Custody and Pledge Agreement, dated on or about the date hereof (the “Special Custody Agreement” and, together with this Agreement and the U.S. PB Agreement, the “40 Act Financing
Agreements”); and 
 Whereas this Agreement supplements and forms part of the other 40 Act Financing Agreements and sets out the terms of
the commitment of BNPP PB, Inc. to provide financing to Customer under the 40 Act Financing Agreements. 
 Now, therefore, in consideration of the
foregoing and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 
  

	1.	Definitions - 

  

	 	(a)	Capitalized terms not defined in this Agreement have the respective meanings assigned to them in the U.S. PB Agreement. The 40 Act Financing Agreements are included in the term “Contract,” as defined in the
U.S. PB Agreement. 

  

	 	(b)	“Account Agreement” means the Account Agreement attached as Exhibit A to the U.S. PB Agreement. 

  

	 	(c)	“Borrowing” means a draw of cash financing by Customer from BNPP PB, Inc. pursuant to Section 2 of this Agreement. 

 

	 	(d)	“Closing Date” means the date specified on the signature page hereto. 

  

	 	(e)	“Collateral Requirements” means the collateral requirements set forth in Appendix A attached hereto. 

  

	 	(f)	“Funding Event” means on any day, (the “Rating Decline Date of Determination”) BNP Paribas’ long-term credit rating has declined to a level three or more notches below its highest
rating by any of Standard & Poor’s Ratings Services, Moody’s Investor Service, Inc. or Fitch Ratings, Ltd. during the period beginning on and including the Closing Date and ending on and including the Rating Decline Date of
Determination. 

  

	 	(g)	“Maximum Commitment Financing” means USD $100,000,000. 

  

	 	(h)	“Net Asset Value” with respect to any person or entity means such person’s net asset value calculated in accordance with generally accepted accounting principles in the United States.

  

	 	(i)	“Net Asset Value Floor” means, with respect to FSIC III, an amount equal to the greater of (i) USD $250,000,000 or (ii) 50% of the Net Asset Value of FSIC III, calculated based on FSIC
III’s Net Asset Value as of its most recent fiscal year end subsequent to the date hereof. 

	 	(j)	“Notice Date” means the day on which BNPP PB, Inc. delivers the Facility Modification Notice. 

  

	 	(k)	“Outstanding Debit Financing” means the aggregate cash borrowings under the 40 Act Financing Agreements. For the purposes of calculating such aggregate cash borrowings, if Customer holds debit cash
balances in non-USD currencies, BNPP PB, Inc. will convert each of these balances into USD at prevailing market rates, such rates to be disclosed to Customer upon request, to determine Customer’s aggregate cash borrowings. 

 

	 	(l)	“1940 Act” means the Investment Company Act of 1940, as amended. 

  

	2.	Borrowings -  

 Subject to the terms hereof, BNPP PB, Inc. shall make available
cash financing under the 40 Act Financing Agreements in an amount up to the Maximum Commitment Financing. Such cash financing shall be made available in immediately available funds. Customer may borrow under this Section 2, prepay pursuant to
Section 4 and reborrow under this Section 2 without penalty. 
 On the Closing Date, subject to the terms hereof, BNPP PB, Inc.
shall make funds available to Customer in an amount up to the Maximum Commitment Financing. Each subsequent Borrowing (not to exceed, in the aggregate with each other outstanding Borrowing, the Maximum Commitment Financing) shall be made on written
notice (the “Borrow Request”), given by Customer to BNPP PB, Inc. not later than 11:00 a.m. (New York City time) on the Business Day immediately preceding the date of the proposed Borrowing (which must be a Business Day). Subject to
Section 7, BNPP PB, Inc. shall, before 11:00 a.m. (New York City time) on the date of such Borrowing, make available to Customer the amount of such Borrowing (provided that the Outstanding Debit Financing, taking into account the amount
specified in the Borrow Request, does not exceed the Maximum Commitment Financing) payable to the account designated by Customer in such Borrow Request. 
  

	3.	Repayment -  

  

	 	(a)	Upon the occurrence of a Facility Termination Event, an event described in Section 15(a) hereof, or the date specified in the Facility Modification Notice as described in Section 6, all Borrowings (including
all accrued and unpaid interest thereon and all other amounts owing or payable hereunder) may be recalled by BNPP PB, Inc. in accordance with Section 1 of the U.S. PB Agreement. 

 

	 	(b)	Upon the occurrence of a Default, the BNPP Entities shall have the right to take any action described in Section 13(b) hereof. 

 

	4.	Prepayments -  

 Customer may, upon at least one Business Day’s notice to
BNPP PB, Inc., stating the proposed date and aggregate principal amount of the prepayment, prepay all or any portion of the outstanding principal amount of the Outstanding Debit Financing, together with accrued interest to the date of such
prepayment on the principal amount prepaid; provided that Customer shall continue to be obligated to pay the Commitment Fee as set forth in Appendix B. 
  

	5.	Interest -  

 Customer shall pay interest on the outstanding principal amount of
each Borrowing from the date of such Borrowing until such principal amount has been paid in full, at the rates specified 

  
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in Appendix B attached hereto. Such interest shall be payable monthly, and if not paid when due, any unpaid interest shall be capitalized on the principal balance as additional cash borrowing by
Customer and, for the avoidance of doubt, failure to pay such capitalized interest shall not constitute a Facility Termination Event. 
  

	6.	Scope of Committed Facility -  

 Subject to Section 7, BNPP PB, Inc. may not
take any of the following actions except upon at least 270 calendar days’ prior written notice to Customer (the “Facility Modification Notice”): 
  

	 	(a)	modify the method for calculating the Collateral Requirements; 

  

	 	(b)	recall or cause repayment of any cash loan under the 40 Act Financing Agreements; 

  

	 	(c)	modify the interest rate spread on cash loans under the 40 Act Financing Agreements, as set forth in Appendix B attached hereto; 

 

	 	(d)	modify the fees, charges or expenses other than those described in clause (b) above, as set forth in Appendix B attached hereto (the “Fees”); or 

 

	 	(e)	terminate this Agreement or any of the other 40 Act Financing Agreements. 

 Notwithstanding the
foregoing or anything to the contrary herein, if a Funding Event has occurred, then upon delivery of a Facility Modification Notice the Outstanding Debit Financing which, for the avoidance of doubt, would otherwise have been subject to the
commitment described in this Agreement, shall be due and payable immediately upon demand by BNPP PB, Inc. on any day on or after the 29th calendar day following the Notice Date; provided that, if such 29th calendar day is not a Business Day,
then such Outstanding Debit Financing shall be due and payable immediately upon demand by BNPP PB, Inc. on any day on or after the Business Day immediately preceding such 29th calendar day (the “Termination Date”). Upon termination,
BNPP PB, Inc. shall pay to Customer a fee equal to 20 bps on the amount of Maximum Commitment Financing on the Termination Date. 
  

	7.	Conditions for Committed Facility -  

 The commitment as set forth in Sections 2
and 6 only applies so long as – 
  

	 	(a)	Customer satisfies the Collateral Requirements (after giving effect to any applicable notice requirement or grace period); 

  

	 	(b)	no Default or Facility Termination Event has occurred and is continuing; 

  

	 	(c)	Customer is not bankrupt, insolvent, or subject to any bankruptcy, reorganization, insolvency or similar proceeding; and 

  

	 	(d)	there has not occurred any termination of this Agreement (including, without limitation, pursuant to Section 15). 

  

	8.	Arrangement and Commitment Fees –  

  

	 	(a)	Customer shall pay when due an Arrangement Fee as set forth in Appendix B. 

  

	 	(b)	Customer shall pay when due a Commitment Fee as set forth in Appendix B. 

  
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	9.	Substitution - 

  

	 	(a)	After BNPP PB, Inc. sends a Facility Modification Notice, Customer may not substitute any collateral, provided that Customer may, subject to the Special Custody Agreement, purchase and sell portfolio securities
in the ordinary course of business consistent with its investment restrictions; provided further that BNPP PB, Inc. may permit substitutions upon request, which permission shall not be unreasonably withheld; provided further that for
substitutions of rehypothecated collateral, such collateral shall be returned for substitution within a commercially reasonable period (in any event no sooner than the standard settlement period applicable to such collateral). 

 

	 	(b)	Prior to BNPP PB, Inc. sending a Facility Modification Notice, Customer may, subject to the Special Custody Agreement, substitute collateral, provided that for substitutions of rehypothecated collateral, such
collateral shall be returned for substitution within a reasonable period (in any event no sooner than the standard settlement period applicable to such collateral). 

 

	10.	Collateral Delivery - 

 If notice of a Collateral Requirement is
sent to Customer: (i) on or before 11:00 a.m. on any Business Day, then Customer shall deliver all required Collateral no later than the close of business on such Business Day, and (ii) after 11:00 a.m. on any Business Day, then Customer
shall deliver all required Collateral no later than the close of business on the immediately succeeding Business Day. 
  

	11.	Representations and Warranties - 

 Customer hereby makes all the representations
and warranties set forth in Section 5 of the Account Agreement, which are deemed to refer to this Agreement, and such representations and warranties shall survive each transaction and the termination of the 40 Act Financing Agreements until
such time as Customer has satisfied all Obligations and no assets remain in any Accounts. 
  

	12.	Financial Information –  

 Customer shall provide or cause to be
provided to BNPP PB, Inc. copies of – 
  

	 	(a)	the most recent annual report on Form 10-K of FSIC III, containing financial statements certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in
the United States, as soon as available and in any event within one hundred twenty (120) calendar days after the end of each fiscal year of FSIC III; 

  

	 	(b)	the most recent quarterly report on Form 10-Q of FSIC III, containing financial statements prepared in accordance with generally accepted accounting principles in the United States, as soon as available and in any event
within sixty (60) calendar days after the end of each quarter; 

  

	 	(c)	a monthly statement of the leverage and asset coverage ratios of FSIC III and the Net Asset Value of Customer and FSIC III, respectively, as of the last day of each calendar month as soon as available and in any event
within fifteen (15) calendar days after the end of each calendar month delivered to rcm_regulated_funds@us.bnpparibas.com; and 

  

	 	(d)	the estimated Net Asset Value statement of Customer or FSIC III within one (1) Business Day of written request therefor by BNPP PB, Inc. 

Notwithstanding anything to the contrary herein, to the extent that FSIC III’s Net Asset Value, most recent annual report on Form 10-K or
most recent quarterly report on Form 10-Q (the 

  
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“Reports”) is publicly available on either FSIC III’s website or filed with the U.S. Securities and Exchange Commission (the “SEC”) and publicly available
at http://www.sec.gov, such Report shall be deemed to have been provided to BNPP PB, Inc. in satisfaction of the requirements of this Section 12 without any further action by Customer. 

 

	13.	Termination - 

  

	 	(a)	Upon the occurrence and continuation of a Facility Termination Event, BNPP PB, Inc. shall have the right to terminate this Agreement, accelerate the maturity of any and all Borrowings to be immediately due and payable,
modify the method for calculating the Collateral Requirements, and modify any interest rate spread, fees, charges, or expenses, in each case, in accordance with the timeframes specified in the U.S. PB Agreement; provided that, if there occurs
a Facility Termination Event under Section 13(c)(ii) and BNPP PB, Inc. exercises its right to terminate this Agreement as a result thereof or if this Agreement is terminated by Customer or any BNPP Entity pursuant to Section 15, Customer
shall not be obligated to pay the Commitment Fee as set forth in Appendix B following such termination. 

  

	 	(b)	Upon the occurrence of a Default, if such Default is at that time continuing, the BNPP Entities may terminate any of the 40 Act Financing Agreements and/or take Default Action or any other action provided for under the
40 Act Financing Agreements. 

  

	 	(c)	Each of the following events constitutes a “Facility Termination Event”: 

  

	 	i.	the occurrence of a repudiation, misrepresentation, material breach or the occurrence of a default, termination event or similar condition (howsoever characterized, which, for the avoidance of doubt, includes the
occurrence of an Additional Termination Event under an ISDA Master Agreement) by Customer or FSIC III under any contract or agreement with a third party, where the aggregate principal amount of any such contract or agreement (which, for the
avoidance of doubt, includes any obligations with respect to borrowed money or other assets in connection with such contract or agreement) is not less than the lesser of (x) 3% of the Net Asset Value of FSIC III and (y) USD $10,000,000;

  

	 	ii.	there occurs any change in BNPP PB, Inc.’s interpretation of any Applicable Law or the adoption of or any change in the same (including, for the avoidance of doubt, any new or amended rules, requests, guidelines
and directives promulgated in connection with current Applicable Law, including the Dodd-Frank Wall Street Reform and Consumer Protection Act) that, in the reasonable opinion of counsel to BNPP PB, Inc., has the effect with regard to BNPP PB, Inc.
of impeding or prohibiting the arrangements under the 40 Act Financing Agreements (including, but not limited to, imposing or adversely modifying or affecting the amount of regulatory capital to be maintained by BNPP PB, Inc.); provided,
however, that it shall not be a Facility Termination Event if there occurs a change in, or change in BNPP PB, Inc.’s interpretation of, any Applicable Law that results in a cost increase to BNPP PB, Inc. (as determined in its sole discretion),
rather than a prohibition (as determined in BNPP PB, Inc.’s sole discretion), and such cost increase is accepted by Customer (for the avoidance of doubt, such cost increase may be implemented by adjusting the fees and rates in Appendix B or in
any other manner, as determined by BNPP PB, Inc. in its sole discretion); 

  

	 	iii.	 (A) as of the final Business Day of each calendar month, the Net Asset Value of Customer or FSIC III has declined by thirty percent (30%) or more
from the Net Asset Value of Customer or FSIC III (as applicable) as of the final Business Day of the preceding calendar month; (B) as of the final Business Day of each calendar quarter, the Net Asset Value of Customer or FSIC III has declined
by forty percent (40%) or more from the Net Asset Value of Customer or FSIC III (as applicable) as of the final 

  
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Business Day of the preceding calendar quarter; or (C) as of the final Business Day of each calendar year, the Net Asset Value of Customer or FSIC III has declined by fifty percent
(50%) or more from the Net Asset Value of Customer or FSIC III (as applicable) as of the final Business Day of the preceding calendar year; (for purposes of (A), (B) and (C), any decline in the Net Asset Value shall not take into account
any positive or negative change caused by capital transfers, such as redemptions, withdrawals, subscriptions, contributions or investments, howsoever characterized, and all amounts set forth in redemption notices received by or on behalf of Customer
or FSIC III (notwithstanding the date the actual redemption shall occur)); 

  

	 	iv.	the investment advisory and administrative services agreement between FSIC III and its investment adviser (the “Advisor”) is terminated or the Advisor otherwise ceases to act as the investment adviser
of FSIC III; provided, however, such termination or cessation shall not constitute a Facility Termination Event if there is a replacement investment adviser appointed immediately who is either (A) an affiliate of the Advisor or
(B) acceptable to BNPP PB, Inc. in its good faith discretion; 

  

	 	v.	FSIC III violates Section 61 of the 1940 Act; 

  

	 	vi.	FSIC III is not classified as a “closed-end company” as defined in Section 5 of the 1940 Act; 

  

	 	vii.	Customer enters into any additional indebtedness with a party other than a BNPP Entity or its affiliates beyond the financing provided hereunder through the 1940 Act Financing Agreements, including without limitation
any further borrowings constituting ‘senior securities’ (as defined for purposes of Section 18 of the 1940 Act) or any promissory note or other evidence of indebtedness, whether with a bank or any other person; 

 

	 	viii.	FSIC III changes its fundamental or material investment policies; or 

  

	 	ix.	Customer pledges to any other party, other than a BNPP Entity or its affiliates, any securities owned or held by Customer. 

  

	 	(d)	Each of the following events constitutes a “Default” and shall be an “Event of Default” for purposes of the Account Agreement: 

 

	 	i.	Customer fails to meet the Collateral Requirements within the time periods set forth in Section 10; provided that, it shall not be a Default if (A) such failure is caused by an error or omission of an
administrative or operational nature, (B) funds were available for Customer to pay or post, as applicable, when due, (C) Customer has provided written proof reasonably satisfactory to BNPP PB, Inc. of (A) and (B), and (D) such
posting is made by within one (1) Business Day after such payment or posting was originally due; 

  

	 	ii.	Customer fails to deliver, or cause the delivery of, financial information within the time periods set forth in Section 12 and such failure is not remedied within (A) five (5) Business Days for a failure
under Sections 12(a), 12(b) and 12(c), and (B) one (1) Business Day for a failure under Section 12(d); 

  

	 	iii.	the Net Asset Value of FSIC III declines below the Net Asset Value Floor; 

  

	 	iv.	any representation or warranty made or deemed made by Customer to BNPP PB, Inc. under any 40 Act Financing Agreement (including under Section 11 hereof) proves false or misleading when made or deemed made;

  
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	 	v.	Customer fails to comply with or perform any other agreement or obligation under this Agreement or the other 40 Act Financing Agreements (other than those agreements and obligations already covered by this
Section 13, in which case the relevant subsection shall govern); 

  

	 	vi.	Customer or FSIC III becomes bankrupt, insolvent, or subject to any bankruptcy, reorganization, insolvency or similar proceeding or all or substantially all of its assets become subject to a suit, levy, enforcement, or
other legal process where a secured party maintains possession of such assets, has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger), seeks or becomes subject
to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all of its assets, has a secured party take possession of all or substantially all
of its assets, or takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 

  

	 	vii.	the occurrence of a repudiation, misrepresentation, material breach or the occurrence of a default, termination event or similar condition (howsoever characterized, which, for the avoidance of doubt, includes the
occurrence of an Additional Termination Event under an ISDA Master Agreement) by, or with respect to, Customer under any contract or agreement with a BNPP Entity or affiliate of a BNPP Entity. 

 

	 	(e)	Upon 270 calendar days’ prior written notice to BNPP PB, Inc., Customer may terminate this Agreement. 

  

	14.	Notices - 

 Notices under this Agreement shall be provided pursuant to
Section 12(a) of the Account Agreement. 
  

	15.	Compliance with Applicable Law - 

  

	 	(a)	Notwithstanding any of the foregoing, if required by Applicable Law (including, for the avoidance of doubt, any new or amended final and effective rules, guidelines (to the extent such guidelines are applied generally
to customers of BNPP PB, Inc. who (x) have received margin loans from BNPP PB, Inc. and (y) are wholly owned subsidiaries of an investment company registered under the 1940 Act) and directives promulgated in connection with the Dodd-Frank
Wall Street Reform and Consumer Protection Act) – 

  

	 	i.	the BNPP Entities may terminate any 40 Act Financing Agreement and any Contract; 

  

	 	ii.	BNPP PB, Inc. may recall any outstanding cash loan under the 40 Act Financing Agreements; 

  

	 	iii.	BNPP PB, Inc. may modify the method for calculating the Collateral Requirements; and 

  

	 	iv.	the BNPP Entities may take Default Action; 

 each action shall be taken solely to the extent
required to comply with Applicable Law. 
  

	 	(b)	 This Agreement will not limit the ability of BNPP PB, Inc. to change the product provided under this Agreement and the other 40 Act Financing
Agreements as necessary to comply with Applicable Law (including, for the avoidance of doubt, any new or amended rules, requests, guidelines (to the extent such guidelines are applied generally to customers of BNPP PB, Inc. who (x) have
received margin loans from BNPP PB, Inc. and (y) are wholly owned subsidiaries of an investment company registered under the 1940 

  
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Act) and directives promulgated in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act); provided that (i) Customer may terminate this Agreement within
thirty days following any such change by the giving of written notice to BNPP PB, Inc., and (ii) if no such notice has been received by BNPP PB, Inc. by the end of such thirty-day period, then Customer’s termination rights shall be as set
forth in Section 13(e) hereof. 

  

	 	(c)	The BNPP Entities may exercise any remedies permitted under the Contracts if Customer fails to comply with Applicable Law. 

  

	16.	Miscellaneous -  

  

	 	(a)	In the event of a conflict between any provision of this Agreement and the other 40 Act Financing Agreements, this Agreement prevails. 

 

	 	(b)	This Agreement is governed by and construed in accordance with the laws of the State of New York, without giving effect to the conflict of laws doctrine other than Title 14 of Article 5 of New York General Obligations
Law. 

  

	 	(c)	Section 16(c) of the Account Agreement is hereby incorporated by reference in its entirety and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full
herein. 

  

	 	(d)	This Agreement may be executed in counterparts, each of which will be deemed an original instrument and all of which together will constitute one and the same agreement. 

 

	 	(e)	Notwithstanding anything to the contrary contained in the 40 Act Financing Agreements, absent fraud and gross negligence, any amounts owed or liabilities incurred by Customer in respect of any Obligations owed by
Customer under any Contract may be satisfied solely from the assets of Customer. Without limiting the generality of the foregoing, in no event shall BNPP PB, Inc. or the BNPP Entities have recourse, whether by setoff or otherwise, with respect to
any amounts owed or liabilities incurred, to or against (i) any assets of any persons or entity (including, without limitation, any person or entity whose account is under the management of the investment manager of Customer) other than
Customer, (ii) any assets of any affiliate of Customer, or (iii) any assets of the adviser or manager of Customer or any affiliate of such manager or adviser. Notwithstanding the foregoing, the BNPP Entities reserve all rights against any
party liable for the liabilities of Customer as provided under Applicable Law. 

 (The remainder of this page is blank.) 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of
October 17, 2014. 
  

			
	Burholme Funding LLC
		
	By:	 	 /s/ Gerald F. Stahlecker

		 	Name: Gerald F. Stahlecker
		 	Title: Executive Vice President

  

			
	BNP PARIBAS PRIME BROKERAGE, INC., ON BEHALF OF ITSELF AND AS AGENT FOR THE BNPP ENTITIES
		
	By:	 	 /s/ Stephanie Hockman

		 	Name: Stephanie Hockman
		 	Title: Managing Director

  

			
	By:	 	 /s/ JP Muir

		 	Name: JP Muir
		 	Title: Managing Director

  
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 Execution Copy 

Appendix A – Collateral Requirements 
  

 
 THIS APPENDIX A forms a part of the Committed
Facility Agreement entered into between BNP Paribas Prime Brokerage, Inc. (“BNPP PB, Inc.”) and Burholme Funding LLC (“Customer”) (the “Committed Facility Agreement”). 

 

	1.	Collateral Requirements -  

 The Collateral Requirements in relation to all
positions held in the accounts established pursuant to the 40 Act Financing Agreements (the “Positions”) consisting of Eligible Securities shall be the greatest of: 

 

	 	(a)	the sum of the Position Charges of all Positions consisting of Eligible Securities; 

  

	 	(b)	the aggregate sum of the Rating-Based Position Requirements; 

  

	 	(c)	the aggregate sum of the Spread-Based Position Requirements, less USD $10,000,000; 

  

	 	(d)	the sum of the collateral requirements of such Positions as per Regulation T or Regulation X, as applicable, of the Board of Governors of the Federal Reserve System, as amended from time to time; 

 

	 	(e)	the sum of the collateral requirements of such Positions as per Financial Industry Regulatory Authority, Inc. Rule 4210, as amended from time to time, to the extent applicable; 

 

	 	(f)	25% of the Portfolio Gross Market Value; and 

  

	 	(g)	the Issuer Concentration Floor. 

  

	2.	Eligible Securities -  

  

	 	(a)	Positions in the following eligible equity and fixed income security types (“Eligible Securities”, which term shall exclude any securities described in Section 2(b)) are covered under the Committed
Facility Agreement: 

  

	 	i.	USD common stock traded on the New York Stock Exchange, NASDAQ, NYSE Arca and NYSE Amex Equities; 

  

	 	ii.	non-convertible corporate debt securities or preferred securities, provided that such securities are (A) issued by an issuer incorporated in one of the following countries: USA, Canada, United Kingdom,
France, Germany, Switzerland, Austria, Spain, Italy, The Netherlands, Finland, Belgium, Japan, Australia or Portugal and (B) denominated in USD, CAD or EUR; 

  

	 	iii.	Treasury Securities; or 

  

	 	iv.	non-USD common stock, provided such stock is (A) listed in the FTSE World Index, (B) traded on a major exchange in one of the following countries: Canada, United Kingdom, France, Germany, Switzerland,
Austria, Spain, Italy, The Netherlands, Finland, Belgium, Japan, Australia, Sweden or Portugal and (C) denominated in one of the following currencies: CAD, GBP, EUR, JPY, CHF, AUD or SEK. 

  

	 	(b)	Notwithstanding the foregoing, the following will not be part of the collateral commitment and shall have no collateral value: 

  

	 	i.	any security type not covered above, as determined by BNPP PB, Inc. in its sole discretion; 

  

	 	ii.	any short security position; 

  

	 	iii.	any security offered through a private placement or any restricted securities; provided that a non-convertible corporate debt security that is eligible for resale pursuant to Rule 144A under the Securities Act of
1933, as amended, shall not be deemed restricted for this purpose; 

  

	 	iv.	any security that is not maintained as a book-entry security on a major depository, such as The Depository Trust Company, Euroclear or Clearstream; 

 

	 	v.	any securities that are municipal securities, asset-backed securities, mortgage securities, Structured Securities or capital contingent convertible bonds (notwithstanding the fact that such securities would otherwise be
covered); 

  

	 	vi.	any security where Customer or Customer’s Advisor (i) is an Affiliate of the Issuer of the relevant equity securities or (ii) beneficially owns more than 9% of either (a) the voting interests of the
Issuer or (b) any voting class of equity securities of the Issuer (in each case, whether such positions are held in accounts established pursuant to the 40 Act Financing Agreements or otherwise); 

 

	 	vii.	to the extent that the Gross Market Value of non-USD-denominated Positions exceeds 50% of the Portfolio Gross Market Value, any such securities in excess of such 50% (and BNPP PB, Inc. shall determine in its sole
discretion which specific securities shall be considered to be in excess of 50%); 

  

	 	viii.	to the extent that the Gross Market Value of the aggregate of non-convertible corporate debt securities and/or preferred securities denominated in CAD exceeds 20% or more of the Portfolio Gross Market Value, any
non-convertible corporate debt securities and/or preferred securities denominated in CAD in excess of such 20% (and BNPP PB, Inc. shall determine in its sole discretion which specific securities shall be considered to be in excess of 20%);

  

	 	ix.	any equity security of an Issuer with a market capitalization of less than USD $300,000,000; 

  

	 	x.	any Debt Security which (i) trades below 40% of its nominal value or (ii) is greater than 10% of the Issue Size; 

  

	 	xi.	any Debt Security whose outstanding issuance, calculated pursuant to its face value, is less than USD $75,000,000; 

  

	 	xii.	to the extent that the Gross Market Value of any Debt Securities with an outstanding issuance, calculated pursuant to its face value, between USD $75,000,000 and USD $150,000,000 exceeds 10% of the Portfolio Gross
Market Value, any Debt Securities in excess of such 10% (and BNPP PB, Inc. shall determine in its sole discretion which specific securities shall be considered to be in excess of 10%); 

 

	 	xiii.	any Positions with a long-term debt rating below CCC- by S&P or below Caa3 by Moody’s or that have defaulted (excluding, for the avoidance of doubt, unrated securities); 

 

	 	xiv.	any Positions with Days of Trading Volume equal to or greater than 4; 

  

	 	xv.	any Positions with Equity Volatility equal to or greater than 100%; and 

  
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	 	xvi.	to the extent that the Gross Market Value of Positions in any industry sector (as defined by Bloomberg) exceeds 20% of the Portfolio Gross Market Value, any Positions in excess of such 20% (and BNPP PB, Inc. shall
determine in its sole discretion which specific securities shall be considered to be in excess of such 20%). 

  

	3.	Equity Securities Collateral Percentage -  

 The Collateral Percentage for a
Position consisting of applicable equity securities that are Eligible Securities shall be: 
  

	 	i.	subject to paragraph (ii) below, the sum of (A) the Equity Core Collateral Rate and (B) the product of (I) the Equity Core Collateral Rate and (II) the sum of the Equity Liquidity Factor and the
Equity Volatility Factor, or 

  

	 	ii.	100% if the product determined under paragraph (i) above is greater than 100%. 

  

	 	(a)	Equity Liquidity Factor. 

 The “Equity Liquidity Factor” shall be
determined pursuant to the following table. 
  

			
	 Days of Trading Volume
	  	Equity Liquidity Factor
	 Less than 2
	  	0
	 2 to 4
	  	1

  

	 	(b)	Equity Volatility Factor. 

 The “Equity Volatility Factor” shall be
determined pursuant to the following table. 
  

			
	 Equity Volatility
	  	Equity Volatility Factor
	 Less than 35%
	  	0
	 Equal to or greater than 35% and less than 50%
	  	0.5
	 Equal to or greater than 50% and less than 75%
	  	1
	 Equal to or greater than 75% and less than 100%
	  	2

  

	4.	Debt Securities Collateral Percentage -  

  

	 	(a)	Position Requirement 

  

	 	(i)	The “Rating-Based Position Requirement” with respect to any Position consisting of applicable Debt Securities that are Eligible Securities shall be equal to the product of (I) the Rating-Based
Collateral Percentage for such Position and (II) the Current Market Value of such Position. 

  

	 	(ii)	The “Spread-Based Position Requirement” with respect to any Position consisting of applicable Debt Securities that are Eligible Securities shall be equal to the product of (I) the Spread-Based
Collateral Percentage for such Position and (II) the Current Market Value of such Position. 

  

	 	(b)	Collateral Percentage 

  

	 	(i)	 The “Rating-Based Collateral Percentage” for any Position in an Eligible Security shall be equal to the Rating-Based Debt Core Rate;
provided that (i) the Collateral Percentage for any Debt Security which trades below 40% of its nominal value shall be 100%, (ii) if a Debt Security’s remaining maturity is greater than 10 years, its

  
 3 

	 	
Collateral Percentage shall be the Rating-Based Debt Core Rate plus 10%, and (iii) if a Debt Security is a Payment-in-Kind Bond, its Collateral Percentage shall be the Rating-Based Debt Core
Rate plus 10%. 

  

	 	(ii)	The “Spread-Based Collateral Percentage” for any Position in an Eligible Security shall be equal to the Spread-Based Debt Core Rate. 

 

	 	(c)	Debt Core Rate. 

  

	 	(i)	The “Rating-Based Debt Core Rate” with respect to a Position in an Eligible Security shall be determined pursuant to the following table using the lower of the S&P or Moody’s rating as shown
below; provided that (I) if there is only one such rating, then the Rating-Based Debt Core Rate corresponding to such rating shall be used and (II) if there is no such rating, then the Rating-Based Debt Core Rate shall be 30%.

  

							
	 S& P’s Rating
	  	Moody’s Rating	  	Rating-Based Debt Core
Rate	 
	 AAA to A-
	  	Aaa to A3	  	 	10	% 
	 BBB+ to BBB-
	  	Baa1 to Baa3	  	 	12	% 
	 BB+ to BB-
	  	Ba1 to Ba3	  	 	15	% 
	 B+ to B- / NR
	  	B1 to B3	  	 	20	% 
	 CCC+ to CCC-
	  	Caa1 to Caa3 / NR	  	 	30	% 

  

	 	(ii)	The “Spread-Based Debt Core Rate” with respect to a Position in an Eligible Security shall be determined pursuant to the following table. For the avoidance of doubt, linear interpolation shall be used
to determine the Spread-Based Debt Core Rate applicable to such Positions between points on the table below. 

  

																							
	 	 	 	Years to Maturity	 
	 Spread to
Treasuries
	 	 	1	 	 	3	 	 	5	 	 	10	 	 	20	 
	 	2	% 	 	 	6	% 	 	 	6	% 	 	 	6	% 	 	 	6	% 	 	 	6	% 
	 	5	% 	 	 	7	% 	 	 	9	% 	 	 	12	% 	 	 	14	% 	 	 	17	% 
	 	8	% 	 	 	12	% 	 	 	15	% 	 	 	17	% 	 	 	21	% 	 	 	23	% 
	 	10	% 	 	 	14	% 	 	 	17	% 	 	 	21	% 	 	 	25	% 	 	 	30	% 
	 	12	% 	 	 	25	% 	 	 	30	% 	 	 	35	% 	 	 	40	% 	 	 	45	% 
	 	15	% 	 	 	40	% 	 	 	45	% 	 	 	50	% 	 	 	50	% 	 	 	50	% 
	 	>15	% 	 	 
 	Spread-Based Debt Core Rate shall be the greater of (i) 50% of Current Market Value
and (ii) 30%
of Face Value	  
  

  

	5.	Positions Outside the Scope of this Appendix A -  

 For the avoidance of
doubt, the Collateral Requirements set forth herein are limited to the types and sizes of securities specified herein. The Collateral Requirement for any Position or part of a Position not covered by the terms of this Appendix A shall be determined
by BNPP PB, Inc. in its sole discretion. 

  
 4 

	6.	One-off Collateral Requirements -  

 From time to time BNPP PB, Inc., in its
sole discretion, may agree to a lower Collateral Requirement than the Collateral Requirement determined pursuant to this Appendix A for the portfolio or for one or more Positions or Eligible Securities in the portfolio; provided that, for the
avoidance of doubt, the commitment in Section 6(a) of the Committed Facility Agreement shall apply only with respect to the Collateral Requirement determined in accordance with this Appendix A and BNPP PB, Inc. shall have the right at any time
to increase the Collateral Requirement up to the Collateral Requirement that would be required as determined in accordance with this Appendix A. 
  

	7.	Certain Definitions -  

  

	 	(a)	“Affiliate” means an affiliate as defined in Rule 144(a)(1) under the Securities Act of 1933, as amended. 

  

	 	(b)	“Bloomberg” means the Bloomberg Professional service. 

  

	 	(c)	“Collateral Percentage” means the percentage as determined by BNPP PB, Inc. according to this Appendix A. 

  

	 	(d)	“Current Market Value” means, with respect to a Position, an amount equal to the product of (i) the number of units of the relevant security and (ii) the price per unit of the relevant
security (determined by BNPP PB, Inc.). 

  

	 	(e)	“Days of Trading Volume” means, with respect to an equity security, an amount equal to the quotient of (i) the number of shares of such security constituting the Position, as numerator, and
(ii) the 90-day average daily trading volume of such security as shown on Bloomberg (or, if the 90-day average daily trading volume of such security is unavailable, the 30-day average daily trading volume of such security, as determined by BNPP
PB, Inc. in its sole discretion), as denominator. 

  

	 	(f)	“Debt Security” means non-convertible preferred securities and corporate debt securities. 

  

	 	(g)	“Equity Core Collateral Rate” means 15%. 

  

	 	(h)	“Equity Volatility” means, with respect to an equity security, the 90-day historical volatility of such security as determined by BNPP PB, Inc. in its sole discretion or, if the 90-day historical price
volatility of such security is unavailable, the 30-day historical price volatility of such security as determined by BNPP PB, Inc. in its sole discretion. 

  

	 	(i)	“Face Value” means the value in USD representing the principal of a Debt Security. 

  

	 	(j)	“Gross Market Value” of one or more Positions means an amount equal to the sum of all Current Market Values of all such Positions, where, for the avoidance of doubt, the Current Market Value of each
Position is expressed as a positive number whether or not such Position is held long. 

  

	 	(k)	“Issuer” means, with respect to a Debt Security or equity security, the ultimate parent company or similar term as used by Bloomberg; provided that, if the relevant security was issued by a
company or a subsidiary of a company that has issued common stock, the Issuer shall be deemed to be the entity that has issued common stock; provided further that, with respect to any exchange-traded funds, the Issuer of such securities shall
be the index to which the relevant securities relate, if any. 

  
 5 

	 	(l)	“Issuer Concentration Floor” means, as of any date, the product of (i) the largest Issuer Jump-to-default loss and (ii) 3. Jump-to-default loss is the theoretical loss upon a bond default with
a 20% of par recovery. 

  

	 	(m)	“Issue Size” means, with respect to a Position in a Debt Security of an Issuer, the Current Market Value of all such Debt Securities issued by the Issuer and still outstanding. 

 

	 	(n)	“Moody’s” means Moody’s Investor Service, Inc. 

  

	 	(o)	“Payment-in-Kind Bond” means a Debt Security whose interest or principal payments may be paid with additional Debt Securities, as opposed to cash. 

 

	 	(p)	“Portfolio Gross Market Value” means the Gross Market Value of all of the Positions that are Eligible Securities. 

  

	 	(q)	“Position Charge” means, with respect to a Position consisting of Eligible Securities, the product of (x) the Collateral Percentage applicable to such Position and (y) the Current Market Value
of such Position. 

  

	 	(r)	“Spread to Treasuries” means, with respect to a Debt Security, the spread of such Debt Security to Treasury Securities as determined by BNPP PB, Inc. 

 

	 	(s)	“Structured Securities” means any security (i) the payment to a holder of which is linked to a different security, provided that such different security is issued by a different issuer or
(ii) structured in such a manner that the credit risk of acquiring the security is primarily related to an entity other than the issuer of the security itself. 

 

	 	(t)	“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. 

  

	 	(u)	“Treasury Security” means any security that is a direct obligation of the United States Treasury. For the avoidance of doubt, neither Treasury Inflation-Protected Securities nor securities issued under
the Separate Trading of Registered Interest and Principal of Securities program nor securities issued by any other United States government agency or government sponsored enterprise are herein considered Treasury Securities. 

  
 6EX-10.2

 Exhibit 10.2 
  

			
	

	  	Execution Copy

  
  

U.S. PB Agreement 
 This U.S. PB Agreement (including all
terms, schedules, supplements and exhibits attached hereto, this “Agreement”) is entered into between the customer specified below (“Customer”) and BNP Paribas Prime Brokerage, Inc. (“BNPP PB,
Inc.”) on behalf of itself and as agent for the BNPP Entities (as defined in the Account Agreement attached as Exhibit A hereto). The Agreement sets forth the terms and conditions on which BNPP PB, Inc. will transact business with Customer.
Customer and BNPP PB, Inc., on behalf of itself and as agent for the BNPP Entities, have also entered into the Account Agreement. 
 All terms, provisions
and agreements set forth in each agreement listed below are hereby incorporated herein by reference with the same force and effect as though fully set forth herein, all of which taken together shall constitute a single, integrated agreement. All
capitalized terms not defined herein shall have the respective meanings assigned to them in the Account Agreement. 
  

	(a)	Account Agreement, attached as Exhibit A hereto; 

  

	(b)	Rehypothecation Exhibit, attached as Exhibit B hereto; 

 IN WITNESS WHEREOF, the parties have
caused this U.S. PB Agreement to be duly executed and delivered as of October 17, 2014. 
  

			
	 BNP PARIBAS PRIME BROKERAGE, INC.,

for itself and as agent for the BNPP Entities

		
	By:	 	 /s/ Stephanie Hockman

		 	Name: Stephanie Hockman
		 	Title: Managing Director
		
	By:	 	 /s/ JP Muir

		 	Name:JP Muir
		 	Title: Managing Director

 

 
  

  

			
	 BURHOLME FUNDING LLC

	Name of Customer
		
	By:	 	 /s/ Gerald F. Stahlecker

		 	Name: Gerald F. Stahlecker
		 	Title: Executive Vice President
	
	 Delaware

	Jurisdiction of organization
	
	 Limited Liability Company

	Type of organization
	
	 Philadelphia, Pennsylvania

	Place of business / chief executive office
	
	 5614473

	Organizational identification number

 Addresses for Notices to Customer 

Address:     c/o FS Investment Corporation III, Cira Centre, 2929 Arch Street, Suite 675, Philadelphia, PA 19104 

Attention:   Edward T. Gallivan, Jr., Chief Financial Officer 

Telephone:  (215) 495-1150        
Fax:  (215) 222-4649                 Email:  ted.gallivan@franklinsquare.com 

 Exhibit A to U.S. PB Agreement – Account Agreement 

 
  

This account agreement (including all schedules attached hereto, this “Account Agreement”) is entered into between Customer and BNP PARIBAS
PRIME BROKERAGE, INC. (“BNPP PB, Inc.”), on behalf of itself and as agent for the BNPP Entities. This Account Agreement is incorporated as an exhibit to the U.S. PB Agreement (the “Agreement”) and sets forth the
terms and conditions on which BNPP PB, Inc. will open and maintain accounts (the “Accounts”) for cash loans and other products or services and otherwise transact business with Customer. Certain capitalized terms used in this
Agreement are defined in Section 18. 

 

	1.	Collateral Maintenance, Repayment of Financing - The provisions of this Subsection shall apply except to the extent any such provisions contravene the Committed Facility Agreement (as defined herein) and
such Committed Facility Agreement has not been terminated or the commitment therein has not expired. Customer will at all times maintain in, and upon written (including, without limitation, via electronic mail) demand furnish to, the Accounts, or
otherwise provide to the BNPP Entities in a manner satisfactory to the BNPP Entities, assets of the types and in the amounts required by the BNPP Entities in accordance with the terms of the outstanding Contracts (“Deliverable
Collateral”) as follows: if the relevant demand is made on or before 11:00 a.m. New York time on any Business Day, Customer shall meet such demand by the close of business on that Business Day; if the relevant demand is made after 11:00
a.m. New York time on any Business Day, Customer shall meet such demand by the close of business on the following Business Day. Immediately upon written or oral demand by BNPP PB, Inc., Customer shall pay to BNPP PB, Inc. in immediately available
U.S. funds any principal balance of, accrued unpaid interest on, and any other Obligation owing in respect of, any Account. 

  

	2.	Security Interest -  

  

	 	(a)	Grant of Security Interest. Customer hereby assigns and pledges to the BNPP Entities all Collateral, and Customer hereby grants a continuing first-priority security interest therein, a lien thereon and a right of
set off against any Collateral, and all such Collateral shall be subject to a general lien and a continuing first-security interest and fixed charge, in each case securing the discharge of all Obligations and the termination of all Contracts,
whether now existing or hereafter arising and irrespective of whether or not any of the BNPP Entities have made advances in connection with such Collateral, and irrespective of the number of accounts Customer may have with any of the BNPP Entities,
and of which BNPP Entity holds such Collateral. 

  

	 	(b)	No other Liens. All Collateral delivered to a BNPP Entity shall be free and clear of all prior liens, claims and encumbrances (other than liens solely in favor of the BNPP Entities), and Customer will not cause
or allow any of the Collateral, whether now owned or hereafter acquired, to be or become subject to any liens, security interests, mortgages or encumbrances of any nature other than security interests solely in the BNPP Entities’ favor.
Furthermore, Collateral consisting of securities shall be delivered in good deliverable form (or the BNPP Entities shall have the power to place such securities in good deliverable form) in accordance with the requirements of the primary market or
markets for such securities. 

 

	 	(c)	Perfection. Customer shall execute such documents and take such other actions as the BNPP Entities shall reasonably request in order to perfect the BNPP Entities’ rights with respect to any such Collateral.
Without limiting the generality of the foregoing, Customer agrees to record the security interests granted hereunder in any internal or external register of mortgages and charges maintained by or with respect to Customer under Applicable Law.
Customer shall pay the fees for any filing, registration, recording or perfection of any security interest contemplated by this Agreement and pay, or cause to be paid, from the Accounts any and all Taxes imposed on the Collateral by any authority.
In addition, Customer appoints the BNPP Entities as Customer’s attorney-in-fact to act on Customer’s behalf to sign, seal, execute and deliver all documents, and do all acts, solely as may be required, or as any BNPP Entity shall determine
in good faith to be advisable, to perfect the security interests created hereunder in, provide for any BNPP Entity to have control of, or realize upon any rights of any BNPP Entity in, any or all of the Collateral. The BNPP Entities and Customer
each acknowledge and agree that each account maintained by any of the BNPP Entities to which any Collateral is credited is a “securities account” within the meaning of Article 8 of the Uniform Commercial Code, as in effect in the
State of New York (the “NYUCC”), and all property and assets held in or credited from time to time to such an account shall be treated as a “financial asset” for purposes of Article 8 of the NYUCC, provided
that any such account may also be a “deposit account” (within the meaning of Section 9-102(a)(29) of the NYUCC) or a “commodity account” (within the meaning of Section 9-102(a)(14) of the NYUCC). Each BNPP Entity
represents and warrants that it is a “securities intermediary” within the meaning of Article 8 of the NYUCC and is acting in such capacity with respect to each such account maintained by it. 

 

	 	(d)	Effect of Security Interest. The BNPP Entities’ security interest in the Collateral shall (i) remain in full force and effect until the payment and performance in full of Customer’s Obligations,
(ii) be binding upon Customer, its successors and permitted assigns, and (iii) inure to the benefit of, and be enforceable by, the BNPP Entities and their respective successors, transferees and assigns. 

 

	 	(e)	 Contract Status. The parties acknowledge that this Agreement and each Contract entered into pursuant to this Agreement are each a
“securities contract”, “swap agreement,” “forward contract,” or “commodity contract” within the meaning of the United States Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy
Code”) and that each delivery, transfer, payment and grant of a security interest made or required to be made hereunder or thereunder or contemplated hereby or thereby or made, required to be made or contemplated in connection herewith or
therewith is a “transfer” and a “margin payment” or a “settlement payment” within the meaning of Sections 362(b)(6),(7),(17)

 

	 	
and/or (27) and Sections 546(e), (f), (g) and/or (j) of the Bankruptcy Code. The parties further acknowledge that this Agreement is a “master netting agreement” within
the meaning of the Bankruptcy Code and a “netting contract” within the meaning of the Federal Deposit Insurance Corporation Improvement Act of 1991. 

  

	3.	Maintenance of Collateral -

  

	 	(a)	General. Each BNPP Entity that holds Collateral holds such Collateral for itself and also as agent and bailee for all other BNPP Entities that are secured parties under any Contract or as to which Customer has
any Obligation. Except where otherwise required by Applicable Law or where adverse regulatory capital, reserve or other similar costs (“Adverse Costs”) would thereby arise, the security interests of the BNPP Entities in any
Collateral shall rank in such order of priority as the BNPP Entities may agree from time to time; provided, however, that BNPP PB, Inc. shall have first-priority interest in the assets that it holds other than assets held in a cash account.
In the event that any BNPP Entity is obliged by Applicable Law to maintain a first-priority lien, or where such BNPP Entity would suffer Adverse Costs if it did not maintain a first-priority lien, such BNPP Entity’s interest in the applicable
Collateral shall have priority over that of the other BNPP Entities to the extent required to satisfy the requirements of Applicable Law or avoid such Adverse Costs. In the event that two or more BNPP Entities are so obliged to maintain a
first-priority lien, or would suffer Adverse Costs if they did not maintain a first-priority lien, such BNPP Entities shall determine among themselves the priority of their respective interests in the relevant Collateral. Notwithstanding anything
herein to the contrary, except as otherwise agreed among the BNPP Entities, the security interest of the BNPP Entities in any Collateral consisting of the Customer’s right, title or interest in, to or under any Contract shall be subject to any
enforceable right of setoff or netting (including, without limitation, any such right granted pursuant to Section 8 hereof) that any BNPP Entity that is party to such Contract may have with respect to the obligations of the Customer to such
BNPP Entity (whether arising under such Contract or any other Contract). 

  

	 	(b)	Transfers of Collateral between Accounts. Customer agrees that the BNPP Entities, at any time, at any BNPP Entity’s discretion and subject to using good faith efforts to provide prior notice to Customer, may
use, apply, or transfer any and all Collateral interchangeably between the BNPP Entities in any accounts in which Customer has an interest. With respect to Collateral pledged principally to secure Obligations under any Contract, the BNPP Entities
shall have the right, but in no event the obligation, to apply all or any portion of such Collateral to Customer’s Obligations to any of the BNPP Entities under any other Contract, to transfer all or any portion of such Collateral to secure
Customer’s Obligations to any of the BNPP Entities under any other Contract or to release any such Collateral. Under no circumstances shall any Collateral pledged principally to secure Obligations to any of the BNPP Entities under any Contract
be required to

	 	
be applied or transferred to secure Obligations to any of the other BNPP Entities or to be released if (i) any BNPP Entity determines that such transfer would render it undersecured with
respect to any Obligations, (ii) an event of default has occurred and is continuing with respect to Customer under any Contract or Obligation or (iii) any such application, transfer or release would be contrary to Applicable Law.

  

	 	(c)	Control by BNPP Entities. Each BNPP Entity that (i) is the securities intermediary in respect of any securities account constituting Collateral, or to which any Collateral is credited or in which any
Collateral is held or carried, agrees that it will comply with entitlement orders originated by any other BNPP Entity with respect to any such securities account or Collateral without any further consent by Customer, (ii) is the bank in respect
of any deposit account constituting Collateral, or to which any Collateral is credited or in which any Collateral is held or carried, agrees with Customer and each other BNPP Entity (each of whom so agrees with it) that it will comply with
instructions originated by any other BNPP Entity directing disposition of the funds in such deposit account without further consent by Customer and (iii) is the commodity intermediary in respect of any commodity contract or commodity account
constituting Collateral, or any commodity account to which any Collateral is credited or in which any Collateral is held or carried, agrees with Customer and each other BNPP Entity (each of whom so agrees with it) that it will apply any value on
account of any such Collateral as directed by any other BNPP Entity without further consent by Customer. Customer hereby consents to the foregoing agreements of the BNPP Entities. Each of the BNPP Entities that is the securities intermediary,
commodity intermediary or bank with respect to any such securities, commodity or deposit account or any such commodity contract represents and warrants that it has not, and agrees that it will not, agree to comply with entitlement orders, directions
or instructions concerning any such account or any security entitlements, financial assets, commodity contracts or funds credited thereto or held or carried thereon that are originated by any person other than (i) a BNPP Entity or
(ii) (until a BNPP Entity shall have given a “notice of sole control”) Customer. Each BNPP Entity hereby notifies each other BNPP Entity of its security interest in, and the assignment by way of security to it of, the Collateral. Each
BNPP Entity acknowledges such notice from each other BNPP Entity and each BNPP Entity and Customer consent to the security interest granted by this Section. For the avoidance of doubt, each BNPP Entity when not acting in its capacity as a securities
intermediary agrees that it shall not issue an entitlement order unless and until an amount is owing by Customer pursuant to the terms of the Agreement or an Event of Default with respect to Customer has occurred and is continuing.

  

	4.	Rehypothecation - See Exhibit B. 

  

	5.	Representations and Warranties - Customer (and, if a person or entity is signing this Agreement on behalf of Customer, such person or entity, on behalf of Customer and not in any individual capacity) hereby
represents and warrants as of the date hereof, which representations and warranties will be deemed repeated on each date on which this Agreement is in effect, that: 

 

	 	(a)	 Due Organization; Organizational Information. Customer is duly organized and validly existing under

 

  
 2 

	 	
the laws of the jurisdiction of its organization; Customer’s jurisdiction of organization, type of organization, place of business (if it has only one place of business) or chief executive
office (if it has more than one place of business) and organizational identification number are, in each case as set forth on the cover page hereof or as shall have been notified to BNPP PB, Inc. not less than 30 days prior to any change of such
information; and unless Customer otherwise informs BNPP PB, Inc. in writing, Customer does not have any place of business in the United Kingdom. 

  

	 	(b)	Non-Contravention; Compliance with Applicable Laws. Customer is and will at all times be, in compliance with (i) Applicable Law that relates to (a) felonies, (b) fraud, (c) activities related
to the conduct of Customer’s business or (d) activities related to the securities industry (except in the case of (c) or (d), where the failure to do so would not have a material adverse effect on Customer or its ability to perform
under the Contracts, as determined by the BNPP Entities), (ii) all orders and awards binding on Customer or its property, (iii) Customer’s internal documents and policies (including organizational documents) (except where such failure
would not have a material adverse effect on Customer or its ability to perform under the Contracts, as determined by the BNPP Entities), and (iv) all material contracts (including this Agreement) or other instruments binding on or affecting
Customer or any of its property. Further, Customer maintains adequate controls to be reasonably assured of such compliance. To the best of the Customer’s knowledge, there are and have been no legal or governmental proceedings or investigations
pending or threatened to which Customer or any Related Person is a party or to which any of the properties of Customer or any Related Person is subject. Further, to Customer’s knowledge, the education, employment and other qualifications for
the officers for the Customer in the prospectus provided to any investors or otherwise made available by the Customer are correct in all material respects. 

  

	 	(c)	Full Power. Customer has full power and is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder. Customer has full power to enter into and engage in any and all
transactions (i) in any Account with any BNPP Entity or (ii) that is subject to this Agreement. Further, this Agreement has been duly executed and delivered by Customer, and constitutes a valid, binding and enforceable agreement of
Customer, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and general principles of equity. 

 

	 	(d)	No Consent. No consent of any person and no authorization or other action by, and no notice to, or filing with, any governmental authority or any other person is required that has not already been obtained
(i) for the due execution, delivery and performance by Customer of this Agreement; or (ii) for the exercise by any of the BNPP Entities of the rights or remedies provided for in this

	 	
Agreement, including rights and remedies in respect of the Collateral. 

  

	 	(e)	No Prior Lien. Customer is the lawful owner of all Collateral, free and clear of all liens, claims, encumbrances and transfer restrictions, except such as are created under this Agreement, other liens in favor of
one or more BNPP Entities, and Customer will not cause or allow any of the Collateral, whether now owned or hereafter acquired, to be or become subject to any liens, security interests, mortgages or encumbrances of any nature other than those in
favor of the BNPP Entities. No person (other than any BNPP Entity) has an interest in any Account or any other accounts of Customer with any of the BNPP Entities, any Collateral or other assets or property held therein or credited thereto or any
other Collateral. Unless Customer has notified BNPP PB, Inc. to the contrary, none of the Collateral are “restricted securities” as defined in Rule 144 under the Securities Act of 1933, as amended. 

 

	 	(f)	ERISA. (i) The assets used to consummate the transactions provided hereunder shall not constitute the assets of (A) an “employee benefit plan” that is subject to Part 4, Subtitle B, Title I of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (B) a “plan” within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”),
that is subject to Section 4975 of the Code, or (C) a person or entity the underlying assets of which are deemed to include plan assets as determined under Section 3(42) of ERISA and the regulations thereunder, and (ii) either
(A) the assets used to consummate the transactions provided hereunder shall not constitute the assets of a governmental plan that is subject to any federal, state or local law that is substantially similar to the provisions of Section 406
of ERISA or Section 4975 of the Code (a “Similar Law”) or (B) the transactions hereunder do not violate any applicable Similar Law. Customer will notify BNPP PB, Inc. (1) if Customer is aware in advance that it will
breach the foregoing representation and warranty (the “Representation”), reasonably in advance of it breaching the Representation, or (2) promptly upon becoming aware that it is in breach of the Representation. If Customer
provides such notice or if BNPP PB, Inc. is aware that Customer is in breach or will be in breach of the Representation, upon a BNPP Entity’s written request, Customer will terminate any or all transactions under this Agreement (x) if
Customer gave advance notice that it would breach the Representation, prior to breaching the Representation, (y) if Customer gave no notice but BNPP PB, Inc. is aware that Customer will be in breach of the Representation, prior to breaching the
Representation (unless Customer avoids the occurrence of such breach) or, (z) if Customer is in breach of the Representation, immediately. 

  

	 	(g)	 Market Timing. Customer does not presently engage in and will not engage in any Market-Timing Trading Activity, and Customer will not use the
proceeds of any financing in furtherance of any Market-Timing Trading Activity. Customer does not presently engage in and will not engage in any transactions and does not and will not cause any person to engage in any transactions, that would
constitute, for any party to such transactions, a violation of (i) Rule 22c-1 of the Investment Company Act or (ii) analogous Applicable Law relating to the timing of purchases, sales and exchanges of non-U.S. mutual funds, non-U.S. unit

 

  
 3 

	 	
trusts or analogous non-U.S. investment vehicles. Customer will not use the proceeds of any financing to invest, whether directly or indirectly, in Market-Timing Investment Entities and Customer
is, and at all times will be, in compliance with (i) Investment Company Act Rule 22c-1 in connection with the purchase, sale and exchange of all U.S. mutual funds and (ii) all analogous Applicable Law relating to the timing of
purchases, sales and exchanges of non-U.S. mutual funds, non-U.S. unit trusts or analogous non-U.S. investment vehicles. To the extent that Customer learns that Customer has invested in a Market-Timing Investment Entity, Customer shall promptly
notify BNPP PB, Inc. of such investment, including the name of each such Market-Timing Investment Entity and the amount of the investment, as well as Customer’s plan to divest Customer’s investment in such entity in a timely manner, and
Customer shall promptly commence such divestment and complete the same in a timely manner. 

  

	 	(h)	Information Provided by Customer; Financial Statements. Any information provided by Customer to any BNPP Entity in connection with this Agreement is correct in all material respects and Customer agrees promptly
to notify the relevant BNPP Entity if there is any material change with respect to any such information. Customer’s financial statements or similar documents previously or hereafter provided to the BNPP Entities (i) do or will fairly
present the financial condition of Customer as of the date of such financial statements and the results of its operations for the period for which such financial statements are applicable, (ii) have been prepared in accordance with generally
accepted accounting principles in the United States consistently applied and, (iii) if audited, have been certified without reservation by a firm of independent public accountants. Customer will promptly furnish to the relevant BNPP Entity any
information (including financial information) about Customer upon such BNPP Entity’s reasonable request. 

  

	 	(i)	Anti-Money Laundering. To the best of Customer’s knowledge, none of Customer, any person controlling or controlled by Customer, any person having a beneficial interest in Customer, or any person for whom
Customer acts as agent or nominee in connection herewith is: (i) an individual or entity, country or territory, that is named on a list issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control
(“OFAC”), or an individual or entity that resides, is organized or chartered, or has a place of business, in a country or territory subject to OFAC’s various sanctions/embargo programs; (ii) a resident in, or organized or
chartered under the laws of (A) a jurisdiction that has been designated by the Secretary of the Treasury under the USA PATRIOT Act as warranting special measures and/or as being of primary money laundering concern, or (B) a jurisdiction
that has been designated as non-cooperative with international anti-money laundering principles by a multinational or inter-governmental group such as the Financial Action Task Force on Money Laundering (“FATF”) of which the United
States is a member; (iii) a financial institution that has been

	 	
designated by the Secretary of the Treasury as warranting special measures and/or as being of primary money laundering concern; (iv) a “senior foreign political figure,” or any
“immediate family” member or “close associate” of a senior foreign political figure, in each case within the meaning of Section 5318(i) of Title 31 of the United States Code or regulations issued thereunder; or
(v) a prohibited “foreign shell bank” as defined in Section 5318(j) of Title 31 of the United States Code or regulations issued thereunder, or a U.S. financial institution that has established, maintains, administers or
manages an account in the U.S. for, or on behalf of, a prohibited “foreign shell bank”. 

 BNPP PB, Inc. hereby
represents and warrants as of the date hereof, which representations and warranties will be deemed repeated on each date on which this Agreement is in effect, that: 
  

	 	(x)	BNPP PB, Inc. is duly organized and validly existing under the laws of the jurisdiction of its organization; 

  

	 	(y)	BNPP PB, Inc. has full power and is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder. BNPP PB, Inc. has full power to enter into and engage in any and all transactions
(i) in any Account or (ii) that is subject to this Agreement. Further, this Agreement has been duly executed and delivered by BNPP PB, Inc., and constitutes a valid, binding and enforceable agreement of BNPP PB, Inc., enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and general principles of equity; and 

 

	 	(z)	To the best of its knowledge, no consent of any person and no authorization or other action by, and no notice to, or filing with, any governmental authority or any other person is required that has not already been
obtained for the due execution, delivery and performance by BNPP PB, Inc. of this Agreement. 

  

	6.	Short Sales - Customer agrees to comply with Applicable Law relating to short sales, including, but not limited to, any requirement that Customer designate a sale as “long” or
“short”. 

  

	7.	No Obligation - Customer agrees that BNPP PB, Inc. shall be under no obligation to effect or settle any trade on behalf of Customer and that BNPP PB, Inc. reserves the right at any time to place a limit
on the type or size of transactions which are to be settled and cleared by BNPP PB, Inc. For the avoidance of doubt, no BNPP Entity is required to extend, renew or “roll-over” any Contract or transaction including, but not limited to, any
Contract executed on an “open” basis or demand basis with Customer, notwithstanding past practice or market custom. 

  

	8.	Events of Default; Setoff -  

  

	 	(a)	 Events of Default. The following Events of Default shall apply only to the extent the Committed Facility Agreement has been terminated or the
commitment therein has expired. (i) In the event of default by Customer on any Obligation under any transaction or contract or a default, event of default, declaration of default, termination event, exercise of default remedies, or other
similar condition or event under any transaction or contract (howsoever characterized, which, for the avoidance of doubt, includes the occurrence of an Additional Termination Event or Specified Condition under an ISDA Master Agreement between
Customer 

 

  
 4 

	 	
and any BNPP Entity, affiliate of a BNPP Entity or a third party entity, if applicable) in respect of Customer, (ii) if Customer shall become bankrupt, insolvent, or subject to any
bankruptcy, reorganization, insolvency or similar proceeding or all or substantially all its assets become subject to a suit, levy, enforcement, or other legal process where a secured party maintains possession of such assets, has a resolution
passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger), seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee,
custodian or other similar official for it or for all or substantially all its assets, has a secured party take possession of all or substantially all its assets, or takes any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the foregoing acts, or (iii) if any representation or warranty made or deemed made by Customer under the Agreement proves false or misleading when made or deemed made (each of the foregoing, an “Event of
Default”), BNPP PB, Inc. and any and all the BNPP Entities are hereby authorized, in their discretion, upon the occurrence of such Event of Default, if such Event of Default is then continuing, to take Default Action upon prior written
notice to Customer. If BNPP PB, Inc. or any other BNPP Entity elects to sell any Collateral, buy in any property, or cancel any orders upon an Event of Default, such sale, purchase or cancellation may be made on the exchange or other market where
such business is then usually transacted, or at public auction or at private sale, without advertising the same and without any notice of the time or place of sale to Customer or to the personal representatives of Customer, and without prior tender,
demand or call of any kind upon Customer or upon the personal representatives of Customer, all of which are expressly waived. The BNPP Entities will comply with NYUCC Section 9-610(b), to the extent applicable, when exercising any such sale,
purchase or cancellation. The BNPP Entities may purchase or sell the property to or from any BNPP Entity or third parties in whole or in any part thereof free from any right of redemption, and Customer shall remain liable for any deficiency. A prior
tender, demand or call of any kind from the BNPP Entities, or prior notice from the BNPP Entities, of the time and place of such sale or purchase shall not be considered a waiver of the BNPP Entities’ right to sell or buy any Collateral at any
time as provided herein. 

  

	 	(b)	Close-out. Upon the Close-out of any Contract, the Close-out Amount for such Contract shall be due. If, however, Applicable Law would stay or otherwise impair the enforcement of the provisions of this Agreement
or any Contract upon the occurrence of an insolvency related Close-out or Event of Default, then Close-out shall automatically occur immediately prior to the occurrence of such insolvency related Close-out or Event of Default. 

 

	 	(c)	Setoff. Upon the occurrence of an Event of Default, BNPP PB, Inc. and any and all BNPP Entities are hereby authorized, in their discretion, to set off and otherwise apply any and all of the

	 	
obligations of any and all BNPP Entities then due to Customer against any and all Obligations of Customer then due to such BNPP Entities (whether at maturity, upon acceleration or termination or
otherwise). Without limiting the generality of the foregoing, upon the occurrence of the Close-out of any Contract, each BNPP Entity shall have the right to net the Close-out Amounts due from it to Customer and from Customer to it, so that a single
settlement payment (the “Net Payment”) shall be payable by one party to the other, which Net Payment shall be immediately due and payable (subject to the other provisions hereof and of any Contract); provided that if any
Close-out Amounts may not be netted against all other Close-out Amounts, such excluded Close-out Amounts shall be netted among themselves to the fullest extent permitted under Applicable Law. Upon the occurrence of a Close-out, each BNPP Entity may
also (i) liquidate, apply and set off any or all Collateral against any Net Payment, payment, or Obligation owed to it or any other BNPP Entity under any Contract and (ii) set off and net any Net Payment, payment or obligation owed by it
or any other BNPP Entity under any Contract against (x) any or all collateral or margin (or the Cash value thereof) posted by it or any other BNPP Entity to Customer under any Contract and (y) any Net Payment, payment or Obligation owed by
Customer to any BNPP Entity (whether mature or unmatured, fixed or contingent, liquidated or unliquidated). 

  

	 	(d)	Reinstatement of Obligations. If the exercise of any right to reduce and set-off pursuant to this Agreement shall be avoided or set aside by a court or shall be restrained, stayed or enjoined under Applicable
Law, the obligations in respect thereof shall be reinstated or, in the event of restraint, stay or injunction, preserved in at least the amounts as of the date of restraint, stay or injunction between the applicable BNPP Entities, on the one hand,
and Customer on the other, until such time as such restraint, stay or injunction shall no longer prohibit exercise of such right. 

  

	 	(e)	BNPP Entity Consent. No BNPP Entity shall make any payment to Customer in respect of a Close-Out Amount without the consent of each other BNPP Entity that has a security interest in such Close-Out Amount.

  

	 	(f)	BNPP Insolvency. If the Securities Investor Protection Corporation files an application for a protective decree against BNPP PB, Inc., Customer shall, subject to Applicable Law and any general principles of
equity, regardless of whether considered in a proceeding in equity or law, have the contractual right to set-off or net any Obligations owed by Customer to BNPP PB, Inc. against any obligations owed by BNPP PB, Inc. to Customer under this Agreement.

  

	 	9.	Indemnity -  

  

	 	(a)	General. Customer agrees to indemnify and hold the BNPP Entities harmless from and fully reimburse the BNPP Entities for any Indemnified Losses. The indemnities under this Section 9 shall be separate from
and in addition to any other indemnity under any Contract. 

  

	 	(b)	 Delivery Failures. In case of the sale of any security, commodity, or other property by the BNPP Entities at the direction of Customer and the
BNPP Entities’ inability to deliver the same to the purchaser by reason of failure of Customer to supply the BNPP Entities therewith, Customer authorizes the BNPP Entities to

 

  
 5 

	 	
borrow or purchase any such security, commodity, or other property reasonably necessary to make delivery thereof. Customer hereby agrees to be responsible for any cost, expense or loss which the
BNPP Entities may sustain thereby, except any such loss caused by a BNPP Entity’s gross negligence, willful misconduct or fraud. 

  

	10.	Limitation of Liability -  

  

	 	(a)	General. None of the BNPP Entities, nor any of their respective officers, directors, employees, agents or counsel, shall be liable for any action taken or omitted to be taken by any of them hereunder or in
connection herewith except for the gross negligence, willful misconduct or fraud of the applicable BNPP Entity as specified in Section 10(b). 

  

	 	(b)	Third Parties. The BNPP Entities may execute any of their duties and exercise their rights hereunder by or through agents (which may include affiliates) or employees. None of the BNPP Entities shall be liable for
the acts or omissions of any subcustodian or other agent selected by it with reasonable care, unless such subcustodian is an affiliate of any BNPP Entity, except to the extent caused by the relevant BNPP Entity’s failure to monitor or
reasonably appoint such sub-custodian or agent, as set forth below. Upon Customer’s request, BNPP PB, Inc. will provide Customer with a list of sub-custodians or other third parties employed by it to custody Customer’s Collateral and will
use best efforts to give prior notice to Customer of any changes in the identity of sub-custodians or third parties employed by BNPP PB, Inc. to custody Customer’s Collateral, but only to the extent that such change affects the custody of
Customer’s Collateral. BNPP PB, Inc. will be responsible to Customer for satisfying itself as to the ongoing suitability of such sub-custodians to provide custodial services to customers of BNPP PB, Inc. as a general matter. BNPP PB, Inc. will
maintain what it considers to be an appropriate level of supervision over such sub-custodians and will make appropriate inquiries, as determined by BNPP PB, Inc., periodically to confirm that the obligations of such sub-custodians continue to be
competently discharged. All transactions effected with a third party for Customer shall be for the account of Customer and the BNPP Entities shall have no responsibility to Customer or such third party with respect thereto. Nothing in this Agreement
shall create, or be deemed to create, any third party beneficiary rights in any person or entity (including any investor or adviser of Customer), other than the BNPP Entities. 

 

	 	(c)	No Liability for Indirect, Consequential, Exemplary or Punitive Damages; Force Majeure. In no event shall the BNPP Entities or Customer be held liable for indirect, consequential, exemplary or punitive damages.
In no event shall the BNPP Entities be held liable for any loss of any kind caused, directly or indirectly, by any Force Majeure Event. 

  

	11.	Taxes -  

  

	 	(a)	Withholding Tax. Except as required by Applicable Law, each payment by Customer and all deliveries of Deliverable Collateral or Collateral

	 	
under this Agreement shall be made, and the value of any Deliverable Collateral or Collateral shall be calculated, without withholding or deducting any Taxes. If any Taxes are required to be
withheld or deducted, Customer shall pay such additional amounts as necessary to ensure that the actual net amount received by the BNPP Entities is equal to the amount that the BNPP Entities would have received had no such withholding or deduction
been required. Customer will provide the BNPP Entities with any forms or documentation reasonably requested by the BNPP Entities in order to reduce or eliminate withholding tax on payments made to Customer with respect to this Agreement. The BNPP
Entities are hereby authorized to withhold Taxes from any payment in delivery made hereunder and remit such Taxes to the relevant taxing authorities to the extent required by Applicable Law. 

 

	 	(b)	Qualified Dividends. Customer acknowledges that, with respect to the reduced U.S. federal income tax rate that applies to dividends received from U.S. corporations and certain foreign corporations by individuals
who are citizens or residents of the United States, (i) the individual must satisfy applicable holding period requirements in order to be eligible for the reduced tax rate; (ii) the reduced tax rate does not apply to substitute or “in
lieu” dividend payments paid to shareholders by broker-dealers under cash lending or securities lending arrangements which permit the broker-dealers to borrow securities from investors; and (iii) the reduced tax rate may not apply to
dividends received from certain corporations, including money market funds, bond mutual funds, and Real Estate Investment Trusts. Customer further acknowledges that although Customer may receive from BNPP PB, Inc. a Form 1099-DIV indicating which
dividends may qualify for the reduced tax rate, as required by applicable rules, Customer is responsible for determining which dividends qualify for the reduced tax rate based on Customer’s own tax situation. 

 

	 	(c)	Income and Other Taxes. Except as otherwise expressly stated herein: (i) the BNPP Entities have no obligation or responsibility to Customer with respect to the accounting or reporting of income or other
taxes with respect to the execution, delivery and performance of this Agreement, each related agreement and each transaction hereunder or thereunder (for the sake of clarity, including, without limitation, with respect to any related margin lending
agreement and each related transaction) (each a “Transaction”), including, without limitation, unrelated business taxable income under section 514 of the Code; and (ii) Customer shall alone be responsible for the payment of any
and all taxes and related penalties, interests and costs arising from or relating to the Transactions. Customer represents and warrants, on and as of the date hereof and each date any Transaction remains outstanding, that Customer has in place
policies and procedures necessary to ensure proper accounting and reporting of any and all taxation of the Customer and/or Accounts in connection with the Transactions. 

 

	12.	Notices; Instructions -  

  

	 	(a)	 Notices. All notices and other communications provided hereunder shall be (i) in writing (including, for avoidance of doubt, electronic
mail) and delivered to the address of the intended recipient specified on the cover page hereof or to such other address as such intended recipient may provide or (ii) posted onto the

 

  
 6 

	 	
website maintained by BNPP PB, Inc. for Customer (except for default and margin notices) or (iii) in such other form agreed to by the parties. All communications sent to Customer or a BNPP
Entity shall be deemed delivered to Customer or such BNPP Entity, as applicable, as of (x) the date sent, if sent via facsimile, email or posted onto the Internet, (y) the date the messenger arrives at Customer’s address as set forth
on the signature page hereof or such BNPP Entity’s address, if sent via messenger; or (z) the next Business Day if sent via mail, in each case, whether actually received or not. Failure by Customer to object in writing to any communication
within ten (10) Business Days of delivery shall be deemed evidence, in the absence of manifest error, that such communication is complete and correct. 

  

	 	(b)	Instructions. Notwithstanding anything to the contrary, Customer agrees that the BNPP Entities may rely upon any authorized instructions or any notice, request, waiver, consent, receipt or other document which
the BNPP Entities reasonably believe to be genuine and transmitted by an authorized person listed on Appendix I attached hereto. 

  

	13.	BNPP Entities Are Not Advisors or Fiduciaries - Customer represents that it is capable of assessing the merits (on its own behalf or through independent professional advice), and understands and accepts, the
terms and conditions set forth in this Agreement and any transaction it may undertake with the BNPP Entities. Customer acknowledges that (a) none of the BNPP Entities is (i) acting as a fiduciary for or an advisor to Customer in respect of
this Agreement or any transaction it may undertake with the BNPP Entities; (ii) advising it, performing any analysis, or making any judgment on any matters pertaining to the suitability of any transaction, or (iii) offering any opinion,
judgment or other type of information pertaining to the nature, value, potential or suitability of any particular investment or transaction, (b) the BNPP Entities do not guarantee or warrant the accuracy, reliability or timeliness of any
information that the BNPP Entities may from time to time provide or make available to Customer and (c) the BNPP Entities may take positions in financial instruments discussed in the information provided Customer (which positions may be
inconsistent with the information provided) and may execute transactions for themselves or others in those instruments and may provide investment banking and other services to the issuers of those instruments or with respect to those instruments.
Customer agrees that (x) it is solely responsible for monitoring compliance with its own internal restrictions and procedures governing investments, trading limits and manner of authorizing investments, and with the Applicable Law affecting its
authority and ability to trade and invest and (y) in no event shall a BNPP Entity undertake to assess whether a Contract or transaction is appropriate or legal for Customer. 

 

	14.	Litigation in Court, Sovereign Immunity, Service -  

  

	 	(a)	ANY LITIGATION BETWEEN CUSTOMER AND THE BNPP ENTITIES OR INVOLVING THEIR RESPECTIVE PROPERTY MUST BE INSTITUTED IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR THE SUPREME

	 	
COURT OF THE STATE OF NEW YORK FOR THE COUNTY OF NEW YORK. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH COURTS. EACH PARTY HEREBY AGREES THAT A JUDGMENT IN ANY SUCH DISPUTE MAY BE ENFORCED
IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

  

	 	(b)	ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION, PROCEEDING OR COUNTERCLAIM OR OTHER LEGAL ACTION IS HEREBY WAIVED BY ALL PARTIES TO THIS AGREEMENT. 

 

	 	(c)	EACH PARTY HERETO, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IRREVOCABLY WAIVES WITH RESPECT TO ITSELF AND ITS REVENUES AND ASSETS (IRRESPECTIVE OF THEIR USE OR INTENDED USE) ALL IMMUNITY ON THE GROUNDS OF
SOVEREIGNTY OR SIMILAR GROUNDS FROM (I) SUIT, (II) JURISDICTION OF ANY U.S. COURT, (III) RELIEF BY WAY OF INJUNCTION, ORDER FOR SPECIFIC PERFORMANCE, OR RECOVERY OF PROPERTY, (IV) ATTACHMENT OF ITS ASSETS (WHETHER BEFORE OR AFTER
JUDGMENT) AND (V) EXECUTION OR ENFORCEMENT OF ANY JUDGMENT TO WHICH IT OR ITS REVENUES OR ASSETS MIGHT OTHERWISE BE ENTITLED IN ANY ACTIONS OR PROCEEDINGS IN SUCH COURTS, AND IRREVOCABLY AGREES THAT IT WILL NOT CLAIM SUCH IMMUNITY IN ANY SUCH
ACTIONS OR PROCEEDINGS. 

  

	 	(d)	CUSTOMER HEREBY CONSENTS TO PROCESS BEING SERVED BY ANY BNPP ENTITY ON CUSTOMER IN ANY SUIT, ACTION OR PROCEEDING OF THE NATURE SPECIFIED IN CLAUSE (a) ABOVE BY THE MAILING OF A COPY THEREOF BY REGISTERED OR
CERTIFIED AIRMAIL, POSTAGE PRE-PAID, TO CUSTOMER AT THE ADDRESS SET FORTH AFTER CUSTOMER’S SIGNATURE ABOVE; SUCH SERVICE SHALL BE DEEMED COMPLETED AND EFFECTIVE AS FROM 30 DAYS AFTER SUCH MAILING. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT
TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

  

	15.	 Applicable Law, Enforceability - THIS AGREEMENT, ITS ENFORCEMENT, ANY CONTRACT (UNLESS EXPRESSLY PROVIDED TO THE CONTRARY THEREIN), AND ANY
DISPUTE BETWEEN THE BNPP ENTITIES AND CUSTOMER, WHETHER ARISING OUT OF OR RELATING TO CUSTOMER’S ACCOUNTS OR OTHERWISE INCIDENTAL TO SUCH ACCOUNTS OR THIS AGREEMENT, SHALL BE GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK. The parties
hereto further agree that (i) the securities intermediary’s jurisdiction, within the meaning of Section 8-110(e) of the NYUCC, in respect of any securities account constituting Collateral or to which any Collateral is credited or in
which any Collateral is held or carried and in respect of any Collateral consisting of security entitlements; (ii) the bank’s jurisdiction, within the

 

  
 7 

	 	
meaning of Section 9-304(b) of the NYUCC, in respect of any deposit account constituting Collateral, or to which any Collateral is credited or in which any Collateral is held or carried; and
(iii) the commodity intermediary’s jurisdiction, within the meaning of Section 9-305(b) of the NYUCC, in respect of any commodity account constituting Collateral, or to which any Collateral is credited or in which any Collateral is
held or carried and in respect of any Collateral consisting of commodity contracts, is the State of New York and agree that none of them has or will enter into any agreement to the contrary. Customer and BNPP PB, Inc. agree that, in respect of any
Account maintained by BNPP PB, Inc., the law applicable to all the issues specified in Article 2(1) of the “Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary (Hague Securities
Convention)” is the law in force in the State of New York and agree that none of them has or will enter into any agreement to the contrary. 

  

	16.	Modification; Termination; Assignment -  

  

	 	(a)	Modification. Any modification of the terms of this Agreement must be made in writing and executed by the parties to this Agreement. 

 

	 	(b)	Termination. If the Committed Facility Agreement has been terminated, either BNPP PB, Inc. or Customer may terminate this Agreement upon delivery of written notice to the other party, provided that
Customer’s termination notice is only effective if it is accompanied by instructions as to the transfer of all property held in the Accounts. Sections 2, 3, 8, 9, 10, 14 and 15 and each representation made hereunder shall survive any
termination. 

  

	 	(c)	Assignment. BNPP PB, Inc. may assign its rights hereunder or any interest herein or under any other Contract: (A) to BNP Paribas Prime Brokerage International, Ltd. or to any entity guaranteed by BNP
Paribas, provided that such assignment shall not have any effect on the then current requirements imposed on Customer or the BNPP Entities in relation to the withholding or deduction of Taxes and Customer shall have received evidence thereto in the
form of any relevant Internal Revenue Service Form W-9, W-8ECI or W-8BEN or otherwise, or (B) to an unaffiliated entity (i) solely in connection with a sale of the prime brokerage business, upon thirty calendar days’ prior written
notice, (ii) other than in connection with a sale of the prime brokerage business, upon Customer’s consent, which consent shall not be unreasonably withheld or delayed. Customer may not assign its rights under or any interest in
(i) any Contract without the prior written consent of BNPP PB, Inc. and each BNPP Entity that is a party thereto or (ii) this Agreement, including, without limitation, its right to any Close-Out Amount, without the prior written consent of
each BNPP Entity. Any attempted assignment by Customer in violation of this Agreement shall be null, void and without effect. 

  

	17.	Miscellaneous -  

  

	 	(a)	Fees. The provisions of this Subsection shall apply except to the extent any such provisions contravene the Committed Facility Agreement and such Committed Facility Agreement has not been

	 	
terminated or the commitment therein has not expired. Customer agrees to pay all brokerage commissions, markups or markdowns in connection with the execution of transactions and other fees for
custody and other services rendered to Customer as determined by BNPP PB, Inc. Customer authorizes the BNPP Entities to pay themselves or others for fees, commissions, markups and other charges, expenses and Obligations from any Account.

  

	 	(b)	Contingency. The fulfillment of the obligations of any BNPP Entity to Customer under any Contract is contingent upon there being no breach, repudiation, misrepresentation or default (however characterized) by
Customer which has occurred and is continuing under any Contract. 

  

	 	(c)	Conversion of Currencies. The BNPP Entities shall have the right to convert currencies in connection with the effecting of transactions and the exercise of any of their rights hereunder in a commercially
reasonable manner. 

  

	 	(d)	Truth-in-Lending Statement. Customer hereby acknowledges receipt of a Truth-in-Lending disclosure statement. Subject to the Committed Facility Agreement (unless such agreement has been terminated or the
commitment therein has expired), interest will be charged on any debit balances in the Accounts in accordance with the methods described in such statement or in any amendment or revision thereto which may be provided to Customer. Any debit balance
which is not paid at the close of an interest period will be added to the opening balance for the next interest period. 

  

	 	(e)	Federal Deposit Insurance Corporation. Unless explicitly stated otherwise, transactions hereunder and funds held in the Accounts (i) are not insured by the Federal Deposit Insurance Corporation or any
government agency, (ii) are not deposits or obligations of, or guaranteed by, BNP Paribas or any other bank; and (iii) involve market and investment risks, including possible loss of the principal amount invested. 

 

	 	(f)	USA Patriot Act Disclosure. BNPP PB, Inc., like all financial institutions, is required by Federal law to obtain, verify and record information that identifies each customer who opens an account with BNPP PB,
Inc. When Customer opens an account with BNPP PB, Inc., BNPP PB, Inc. will ask for Customer’s name, address, date of birth, government-issued identification number and/or other information reasonably required by BNPP PB, Inc. to form a
reasonable belief as to Customer’s identity, such as documents that establish legal status. 

  

	 	(g)	 Anti-Money Laundering. Customer understands and acknowledges that the BNPP Entities are, or may in the future become, subject to money
laundering statutes, regulations and conventions of the United States or other international jurisdictions, and Customer agrees to execute instruments, provide information, or perform any other acts as may reasonably be requested by any BNPP Entity
for the purpose of carrying out due diligence as may be required by Applicable Law. Customer agrees that it will provide the BNPP Entities with such information as any BNPP Entity may reasonably require to comply with applicable anti-money
laundering laws or regulations. Customer understands, acknowledges and agrees that to the extent permitted by Applicable Law, any BNPP Entity may provide information, including confidential

 

  
 8 

	 	
information, to the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, or any other agency or instrumentality of the U.S. Government, or as otherwise required
by Applicable Law, in connection with a request for information on behalf of a U.S. federal law enforcement agency investigating terrorist activity or money laundering. 

 

	 	(h)	Money Market Funds. Customer agrees that with respect to transactions effected in shares of any money market fund and any other transactions listed in Rule 10b-10(b)(1) of the Exchange Act, BNPP PB, Inc. may
provide Customer with a monthly or quarterly written statement pursuant to Rule 10b-10(b) of the Exchange Act in lieu of an immediate confirmation. 

  

	 	(i)	No Waivers. No failure or delay in exercising any right, or any partial exercise of a right will operate as a waiver of the full exercise of that right. The rights provided in the Contracts are cumulative and not
exclusive of any rights provided by law. 

  

	 	(j)	Counterparts. This Agreement may be executed by the parties hereto in any number of counterparts, each of which when so executed and delivered will be an original, but all of which counterparts will together
constitute one and the same instrument. 

  

	 	(k)	Integration; Severability. This Agreement supersedes all prior agreements as to matters within its scope. To the extent this Agreement contains any provision which is inconsistent with provisions in any other
Contract or agreement between Customer and any of the BNPP Entities, or of which Customer is a beneficiary, the provisions of this Agreement shall control except if such other Contract explicitly states that it is intended to supersede this
Agreement by name, in which case such other Contract shall prevail. If any provision of this Agreement is or becomes inconsistent with Applicable Law, that provision will be deemed modified or, if necessary, rescinded in order to comply. All other
provisions of this Agreement shall remain in full force and effect. To the extent that this Agreement is not enforceable as to any Contract, this Agreement shall remain in full force and effect and be enforceable in accordance with its terms as to
all other Contracts. 

  

	 	(l)	Master Agreement. This Agreement, together with each Contract and any supplements, modifications or amendments hereto or thereto, shall constitute a single business and contractual relationship among the parties
with respect to the subject matter hereof. 

  

	 	(m)	Captions. Section designations and captions are provided for convenience of reference, do not constitute a part of this Agreement, and are not to be considered in its interpretation. 

 

	 	(n)	Recording of Conversations. Each of the BNPP Entities and Customer is aware that each party may record conversations between any of the parties or parties’ representatives relating to the matters referred to
in this Agreement and no party has any objection and hereby agrees to such recording. 

 

	 	(o)	Proxy Disclosures. Any attempt to vote securities will be void to the extent that such securities are not in the possession or control of either BNPP PB, Inc. or a BNPP Entity, including (i) securities not
yet delivered to BNPP PB, Inc. or a BNPP Entity, (ii) securities purchased and not paid for by settlement date, and (iii) securities that either BNPP PB, Inc. or a BNPP Entity has hypothecated, re-hypothecated, pledged, re-pledged, sold,
lent or otherwise transferred. Please be advised that for the purposes of proxy voting, Customer will not be notified that the securities are not in either BNPP PB, Inc. or a BNPP Entity’s possession or control. Furthermore, neither BNPP PB,
Inc. nor any other BNPP Entity will notify Customer that a vote was void. 

  

	 	(p)	SIPC. BNPP PB, Inc. is a member of the Securities Investor Protection Corporation (“SIPC”) through which customer accounts are protected in the event of a broker-dealer’s insolvency up to
$500,000, including a maximum of $100,000 for free cash balances. Neither SIPC nor the additional coverage is the same as or a substitute for FDIC deposit insurance, and they do not protect against declines in the market value of your securities. If
you would like to contact the SIPC to obtain an SIPC brochure or to obtain other information about SIPC, you may call SIPC directly at (202) 371-8300 or visit the SIPC website at www.sipc.org. 

 

	18.	Certain Definitions -  

  

	 	(a)	“Applicable Law” means all applicable laws, rules and regulations by which a party hereto is bound, including, without limitation, those of all U.S. and non-U.S., federal, state and local governmental
authorities, self-regulatory organizations, markets, exchanges and clearing facilities, in all cases where applicable. 

  

	 	(b)	“BNPP Entities” means BNP Paribas, BNP Paribas Prime Brokerage International, Ltd. and BNPP PB, Inc. 

  

	 	(c)	“Business Day” means any day other than a Saturday, Sunday or other day on which the New York Stock Exchange is closed. 

 

	 	(d)	“Close-out” means the termination, cancellation, liquidation, acceleration, or other similar action with respect to all transactions under one or more Contracts. 

 

	 	(e)	“Close-out Amount” means with respect to each Contract, the amount (expressed in U.S. Dollars or the U.S. Dollar Equivalent) calculated as payable by one party to the other upon Close-out of such
Contract determined in accordance with the provisions of such Contract, or if no such provisions are specified, by following such procedures as the BNPP Entities determine in good faith are commercially reasonable and in accordance with industry
practice. 

  

	 	(f)	 “Collateral” means all right, title and interest of Customer in and to (i) each deposit, custody, securities, commodity or other
account maintained by Customer with any of the BNPP Entities (including, but not limited to, any or all Accounts); (ii) any cash, securities, commodity contracts, general intangibles and other property which may from time to time be deposited,
credited, held or carried in any such account, that is due to Customer from any of the BNPP Entities, or that is delivered to or in the possession or control of any of the BNPP Entities or any of the BNPP Entities’ agents and all security
entitlements with respect to any of the foregoing; (iii) all of Customer’s right, title or interest in, to or under any Contract, including obligations owed by

 

  
 9 

	 	
any of the BNPP Entities (after any netting or set off, in each case to the extent enforceable, of amounts owed under such Contract); (iv) all of Customer’s security interests (or
similar interests) in any property of any BNPP Entity securing any BNPP Entity’s obligations to Customer under any Contract; (v) any property of Customer in which any of the BNPP Entities is granted a security interest under any Contract
or otherwise (howsoever held); (vi) all income and profits on any of the foregoing, all dividends, interest and other payments and distributions with respect to any of the foregoing, all other rights and privileges appurtenant to any of the
foregoing, including any voting rights and any redemption rights, and any substitutions for any of the foregoing; and (vii) all proceeds of any of the foregoing, in each case whether now existing or owned by Customer or hereafter arising or
acquired. 

  

	 	(g)	“Contract” means this Agreement, the Committed Facility Agreement between the Customer and BNPP PB, Inc. (as amended from time to time, the “Committed Facility Agreement”) dated as of
the date hereof, and the Special Custody and Pledge Agreement between Customer, BNPP PB, Inc. and State Street Bank and Trust Company (the “Custodian”) (as amended from time to time, the “Special Custody and Pledge
Agreement”) dated on or about the date hereof, including in each case, the schedules, exhibits, and appendices thereto. 

  

	 	(h)	“Default Action” means (i) to terminate, liquidate and accelerate any and all Contracts, (ii) to exercise any right under any security relating to any Contract, (iii) to net or set off
payments which may arise under any Contract or other agreement or under Applicable Law, (iv) to cancel any outstanding orders for the purchase or sale or borrowing or lending of any securities or other property, (v) to sell, apply or
collect on any or all of the Collateral (either individually or jointly with others), (vi) to buy in any securities, commodities or other property of which any Account of Customer may be short, and (vii) to exercise any rights and remedies
available to a secured creditor under any Applicable Law or under the NYUCC (whether or not the NYUCC is otherwise applicable in the relevant jurisdiction). 

  

	 	(i)	“Force Majeure Event” means government restrictions, exchange or market actions or rulings, suspension of trading, war (whether declared or undeclared), terrorist acts, insurrection, riots, fires,
floods, strikes, failure of utility or similar services, accidents, adverse weather or other events of nature (including but not limited to earthquakes, hurricanes and tornadoes) and any other conditions beyond the BNPP Entities’ control and
any event where any communications network, data processing system or computer system used by any of the BNPP Entities or Customer or by market participants is rendered wholly or partially inoperable. 

 

	 	(j)	“Indemnified Losses” means any actual loss, claim, damage, liability, penalty, fine or excise tax (including any reasonable and documented legal fees and expenses relating to any action, proceeding,
investigation and preparation therefor)

	 	
when and as incurred by the BNPP Entities (i) pursuant to authorized instructions received by the BNPP Entities’ from Customer or its agents, (ii) as a consequence of a breach by
Customer of any covenant, representation or warranty hereunder, (iii) in settlement of any claim or litigation relating to BNPP Entities’ acting as agent for Customer or (iv) in connection with or related to any Account, this
Agreement, any Contract, any transactions hereunder or thereunder, any activities or services of the BNPP Entities in connection with this Agreement or otherwise (including, without limitation, (A) any technology services, reporting, trading,
research or capital introduction services or (B) any DK or disaffirmance of any transaction hereunder). “Indemnified Losses” shall (x) include without limitation any damage, actual loss, actual cost and expense that is incurred
to put the BNPP Entities in the same economic position as they would have been in had a default (howsoever defined) under any Contract not occurred, or that arises out of any other commitment any BNPP Entity has entered into in connection with or as
a hedge in connection with any transaction or in an effort to mitigate any resulting loss to which any BNPP Entity is exposed because of a default (howsoever defined) under any Contract and (y) not include any losses of a BNPP Entity resulting
directly from such BNPP Entity’s gross negligence, willful misconduct, fraud, breach of this Agreement or violation of Applicable Law. 

  

	 	(k)	“Market-Timing Investment Entities” means hedge funds, private investment funds or other companies or partnerships that engage in Market Timing Trading Activity. 

 

	 	(l)	“Market-Timing Trading Activity” means (i) purchasing and selling, or exchanging, mutual fund or similar investment units to exploit short-term differentials in the prices of such funds or similar
units and their underlying assets, and similar trading strategies or (ii) purchasing and selling, or exchanging mutual fund or similar investment units more than twice within a thirty-day period. Notwithstanding the above, the following shall
not constitute “Market-Timing Trading Activity”: (x) trading of money market funds, short-term bond funds or exchange-traded funds or (y) trading of mutual funds in the manner consistent with such fund’s prospectus or other
offering documents. 

  

	 	(m)	“Obligations” means any and all obligations of Customer to any BNPP Entity arising at any time and from time to time under or in connection with any and all Contracts (including but not limited to
obligations to deliver or return Deliverable Collateral or other assets or property (howsoever described) under or in connection with any such Contract), in each case whether now existing or hereafter arising, whether or not mature or contingent.

  

	 	(n)	“Related Person” means principals, directors and senior employees (in such official capacity as principal, director or senior employee, as the case may be) of (i) Customer,
(ii) Customer’s affiliates, (iii) Customer’s investment manager or (iv) any person or entity for which Customer’s investment manager acts as investment manager. 

 

	 	(o)	“Taxes” means any taxes, levies, imposts, duties, charges, assessments or fees of any nature, including interest, penalties and additions thereto that are imposed by any taxing authority.

 

  
 10 

	 	(p)	“U.S. Dollar Equivalent” of an amount, as of any date, means: in respect of any amount denominated in a currency, including a composite currency, other than U.S. Dollars (an “Other
Currency”), the amount expressed in U.S. Dollars, as determined by the BNPP Entities, that would be required to purchase such amount (where the BNPP Entities would require Customer to deliver such Other Currency in connection with a
Contract) or would be received for the sale of such amount of such Other Currency (where the BNPP Entities would deliver such Other Currency to Customer in connection with a Contract), as of such date at the rate equal to the spot exchange rate of a
foreign exchange agent (selected in good faith by the BNPP Entities) at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) or such later time as the BNPP Entities in their reasonable discretion shall determine.

  

	19.	Software -  

  

	 	(a)	License; Use. Upon any BNPP Entity’s delivering to Customer, or making available for use by Customer, any computer software or application, as such may be delivered, made available, and modified by any BNPP
Entity from time to time in its sole discretion (the “Software”), the BNPP Entities grant to Customer a personal, non-transferable and non-exclusive license to use the Software solely for Customer’s own internal and proper
business purposes and not in the operation of a service bureau or other business outside of or in addition to Customer’s ordinary course of business. The Software includes all associated “Information” as that term is used in this
Section. The Software may include trade blotter functions, capital accounting functions, interfaces with other systems and accounting functions, a Customer website, and other software or communication or encryption systems that may be developed from
time to time. Except as set forth herein, no license or right of any kind is granted to Customer with respect to the Software. 

  

	 	(b)	Ownership. Customer acknowledges that the BNPP Entities and their suppliers retain and have title and exclusive proprietary rights to the Software, including any trade secrets or other ideas, concepts, know-how,
methodologies, or information incorporated therein and the exclusive rights to any copyrights, trademarks and patents (including registrations and applications for registration of either), or other statutory or legal protections available in respect
thereof. Customer further acknowledges that all or a part of the Software may be copyrighted or trademarked (or a registration or claim made therefore) by a BNPP Entity or its suppliers. Customer may not remove any statutory copyright notice or
other notice included in the Software or on any media containing the Software. Customer shall not take any action with respect to the Software inconsistent with the foregoing acknowledgments. 

 

	 	(c)	Limitation on Reverse Engineering, Decompilation and Disassembly. Customer shall not, nor shall it attempt to decompile, disassemble, reverse engineer, modify, or create derivative works from the Software.

 

	 	(d)	Transfer. Customer may not, directly or indirectly, sell, rent, lease or lend the Software or provide any of the Software or any portion thereof to any other person or entity without the BNPP Entities’ prior
written consent. Customer may not copy or reproduce except to create a backup copy or to move the Software to a different computer. 

  

	 	(e)	Upgrades. The Software includes all updates or supplements to the Software and this Section 19 applies to all such updates or supplements, unless the BNPP Entities provide other terms along with the update
or supplement. 

  

	 	(f)	Equipment. Customer shall obtain and shall maintain all equipment, software and services, including but not limited to computer equipment and telecommunications services, necessary for it to use the Software, and
the BNPP Entities shall not be responsible for the reliability or availability of any such equipment, software or services. 

  

	 	(g)	Proprietary Information. The Software, any database and any proprietary data, processes, information and documentation made available to Customer (other than those that are or become part of the public domain or
are legally required to be made available to the public) (collectively, the “Information”), are the exclusive and confidential property of the BNPP Entities or their suppliers. Customer shall keep the Information confidential by
using the same care and discretion that Customer uses with respect to its own confidential property and trade secrets, but not less than reasonable care. Upon termination of the Account Agreement, the PB Terms or the Software license granted herein
for any reason, Customer shall return to the BNPP Entities or destroy any and all copies of the Information that are in its possession or under its control. 

  

	 	(h)	Support Services. Other than the assistance provided in the Information, the BNPP Entities do not offer any support services in connection with the Software. 

 

	 	(i)	DISCLAIMER OF WARRANTIES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE BNPP ENTITIES AND THEIR SUPPLIERS PROVIDE THE SOFTWARE TO CUSTOMER, AND ANY (IF ANY) SUPPORT SERVICES RELATED TO THE SOFTWARE AS IS
AND WITH ALL FAULTS; AND THE BNPP ENTITIES AND THEIR SUPPLIERS HEREBY DISCLAIM WITH RESPECT TO THE SOFTWARE AND SUPPORT SERVICES ALL WARRANTIES AND CONDITIONS, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED TO, ANY (IF ANY)
WARRANTIES, DUTIES OR CONDITIONS OF OR RELATED TO: MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, LACK OF VIRUSES, ACCURACY OR COMPLETENESS OF RESPONSES, RESULTS, WORKMANLIKE EFFORT AND LACK OF NEGLIGENCE. ALSO THERE IS NO WARRANTY, DUTY OR
CONDITION OF TITLE, QUIET ENJOYMENT, QUIET POSSESSION, CORRESPONDENCE TO DESCRIPTION OR NON-INFRINGEMENT. THE ENTIRE RISK ARISING OUT OF USE OR PERFORMANCE OF THE SOFTWARE AND ANY SUPPORT SERVICES REMAINS WITH CUSTOMER.

 

  
 11 

	 	(j)	EXCLUSION OF INCIDENTAL, CONSEQUENTIAL AND CERTAIN OTHER DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL THE BNPP ENTITIES OR THEIR SUPPLIERS BE LIABLE FOR ANY SPECIAL, INCIDENTAL,
INDIRECT, OR CONSEQUENTIAL DAMAGES WHATSOEVER (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS OR CONFIDENTIAL OR OTHER INFORMATION, FOR BUSINESS INTERRUPTION, FOR PERSONAL INJURY, FOR LOSS OF PRIVACY, FOR FAILURE TO MEET ANY DUTY
INCLUDING OF GOOD FAITH OR OF REASONABLE CARE, FOR NEGLIGENCE, AND FOR ANY OTHER PECUNIARY OR OTHER LOSS WHATSOEVER) ARISING OUT OF OR IN ANY WAY RELATED TO THE USE OF OR INABILITY TO USE THE SOFTWARE, THE PROVISION OF OR FAILURE TO PROVIDE SUPPORT
SERVICES, OR OTHERWISE UNDER OR IN CONNECTION WITH ANY PROVISION OF THIS SECTION 19, EVEN IN THE EVENT OF THE FAULT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, BREACH OF CONTRACT OR BREACH OF WARRANTY OF THE BNPP ENTITIES OR ANY SUPPLIER, AND
EVEN IF THE BNPP ENTITIES OR ANY SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL ANY BNPP ENTITY OR ANY SUPPLIER BE LIABLE FOR ACTS OF GOD, ACTS OF WAR OR TERRORISM, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION,
INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND THEIR REASONABLE CONTROL. 

  

	 	(k)	Security; Reliance; Unauthorized Use. Customer will cause all persons using the Software to treat

	 	
all applicable user and authorization codes, passwords and authentication keys with extreme care, and Customer will establish internal control and safekeeping procedures to restrict the
availability of the same to duly authorized persons only. No BNPP Entity shall be liable or responsible to Customer or any third party for any unauthorized use of the Software or of the user and authorization codes, passwords and authentications
keys that may be used in connection with the Software. 

  

	 	(l)	Encryption. Customer acknowledges and agrees that encryption may not be available for any or all data or communications between Customer and a BNPP Entity. Customer agrees that a BNPP Entity may, at any time,
deactivate any encryption features such BNPP Entity may in its sole discretion provide, without notice or liability to Customer. 

  

	 	(m)	Termination. Customer acknowledges and agrees that any BNPP Entity may, in its sole discretion, at any time, and without any notice or liability to Customer, suspend or terminate this license of the Software to
Customer and deny Customer’s access to and use of the Software; provided that in the event the Software is terminated, BNPP PB, Inc. will deliver the information to Customer through a format agreed to by the parties. 

 

	 	(n)	Other Terms and Conditions. Customer shall comply with all other terms and conditions that may be posted by a BNPP Entity on any website or web page through which Customer accesses or uses the Software or that
may otherwise be delivered in any form to Customer in connection with its use of the Software. The use by Customer of the Software constitutes Customer’s acceptance of and agreement to be bound by all such other terms and conditions.

  

	 	(o)	Compliance with Law. Customer shall comply with all Applicable Law applicable to Customer’s use of the Software.

 

  
 12 

 Exhibit B to U.S. PB Agreement – Rehypothecation Exhibit 

 
  

This Exhibit B (the “Rehypothecation Agreement”) is entered into between Customer and BNP PARIBAS PRIME BROKERAGE, INC. (“BNPP PB,
Inc.”), on behalf of itself and as agent for the BNPP Entities. This Rehypothecation Agreement is incorporated as an exhibit to the U.S. PB Agreement (the “Agreement”). Certain capitalized terms used in this Agreement are
defined in Section 18 of the Agreement. 

 

	 	1.	Rehypothecation - 

  

	 	(a)	Customer expressly grants BNPP PB, Inc. the right, to the fullest extent that it may effectively do so under Applicable Law and subject to the terms and conditions of this Rehypothecation Agreement, to re-register the
Collateral in its own name or in another name other than Customer’s, to use or invest the proceeds of any securities lending transaction at its own risk, and to pledge, repledge, hypothecate, rehypothecate, sell, lend, or otherwise transfer or
use the Collateral (the “Hypothecated Securities”), with all attendant rights of ownership except as provided below. For the purposes of the return of any Hypothecated Securities to Customer, BNPP PB, Inc.’s return obligations
shall be satisfied by delivering the Hypothecated Securities or securities identical to such Hypothecated Securities (such securities having the same cusip number as the subject Hypothecated Securities, or in the case of a reorganization or
recapitalization of the issuer, the equivalent of the subject Hypothecated Securities) (“Equivalent Securities”). For the avoidance of doubt, Customer hereby grants BNPP PB, Inc. its consent to hypothecate its securities for the
purposes of Rule 15c2-1(a)(1) of the Exchange Act, subject to the limits of this Agreement. 

  

	 	(b)	Collateral held by Custodian (including any successor thereto) pursuant to the Special Custody and Pledge Agreement (the “Margin Collateral”) shall be transferred to BNPP PB, Inc. for purposes of
rehypothecation only against a request to Custodian for release of Margin Collateral (“Hypothecation Request”) that meets the following requirements: (i) the Hypothecation Request is issued by a duly authorized representative
of BNPP PB, Inc. in accordance with the requirements for instructions set forth for in the Special Custody and Pledge Agreement, (ii) subject to Section 2(c)(B), the fair market value of the securities which are subject to the
Hypothecation Request, together with the value of any outstanding Hypothecated Securities, shall not exceed the value of the loan against which the Margin Collateral was pledged (“Hypothecation Limit”), provided that if the
Maximum Commitment Financing (as defined in the Committed Facility Agreement) is increased pursuant to the mutual agreement of the parties, then the fair market value of the securities which are subject to the Hypothecation Request, together with
the value of any outstanding Hypothecated Securities, shall not exceed the lesser of (A) the Hypothecation Limit or (B) thirty-three and one-third percent (33 1⁄3%) of the total assets of the Customer based on the most recent financial information provided by the Customer, (iii) the securities which are subject to the Hypothecation Request shall not represent
the

	 	
entire position of such security held by Customer, and (iv) the securities which are subject to the Hypothecation Request are not Ineligible Securities (as defined below) and have not been
recalled by the Customer or if the securities which are subject to the Hypothecation Request were recalled by the Customer other than for the purpose of selling the securities, the record date that was the reason for the recall or event has passed.

  

	 	2.	Eligibility; Recall Rights - 

  

	 	(a)	Customer shall have the right, in its sole discretion and without condition, to designate any Margin Collateral as ineligible for rehypothecation for any valid business reason, in the sole discretion of Customer,
including, without limitation, an imminent sale, dividend declaration or other corporate action (“Ineligible Securities”), provided that the market value of the Margin Collateral that has not been designated as Ineligible
Securities would, following such designation, be at least equal to the Outstanding Debit Financing (as defined in the Committed Facility Agreement). Except as limited herein, Customer shall have the right, upon demand and without condition, to
recall any Hypothecated Securities and BNPP PB, Inc. shall, to the extent commercially reasonable under the circumstances, return such security or an Equivalent Security to the Special Custody Account (as defined in the Special Custody and Pledge
Agreement, the “Special Custody Account”) within a commercially reasonable period (in any event, no sooner than the standard settlement cycle for such securities). 

 

	 	(b)	Customer shall provide, or cause the Custodian to provide, a daily report to BNPP PB, Inc. of portfolio transactions relating to securities in the Special Custody Account. With respect to any Hypothecated Security that
is the subject of a sell order, on the date such report is delivered to BNPP PB, Inc., BNPP PB, Inc. shall, without any further action by Customer and to the extent commercially reasonable under the circumstances, return such security or an
Equivalent Security to the Special Custody Account within a commercially reasonable period (in any event, no sooner than the standard settlement cycle for such securities). 

 

	 	(c)	If as of the close of business on any Business Day the value of all outstanding Hypothecated Securities exceeds the Hypothecation Limit (such excess amount, the “Rehypothecation Excess”), BNPP PB, Inc.
shall, at its option, either (A) reduce the amount of outstanding Hypothecated Securities so that the total value of such securities does not exceed the Hypothecation Limit or (B) deliver to, and maintain within, the Special Custody
Account an amount of cash at least equal to any Rehypothecation Excess (for the avoidance of doubt, if there is no Rehypothecation Excess, BNPP PB, Inc. can recall any cash delivered hereunder).

 

	 	3.	Corporate Actions - 

  

	 	(a)	Income Payments. Customer shall be entitled to receive with respect to any Hypothecated Security, an amount equal to any principal thereof and all interest, dividends or other distributions paid or distributed on
or in respect of the Hypothecated Securities (“Income”) that is not otherwise received by Customer. BNPP PB, Inc. shall, on the date such Income is paid or distributed either transfer to or credit to the Special Custody Account such
Income with respect to any Hypothecated Securities, provided that BNPP PB, Inc. shall make commercially reasonable efforts to return Hypothecated Securities receiving Income prior to the record date for a distribution. 

 

	 	(b)	Income in the Form of Securities. Where Income, in the form of securities, is paid in relation to any Hypothecated Securities, such securities shall be delivered to the Special Custody Account. 

 

	 	(c)	Other Corporate Actions. Where, in respect of any Hypothecated Securities, any rights relating to conversion, sub-division, consolidation, pre-emption, rights arising under a takeover offer, rights to receive
securities or a certificate which may at a future date be exchanged for securities or other rights, including those requiring election by the record holder of such securities at the time of the relevant election, become exercisable prior to the
redelivery of Equivalent Securities, then Customer may, within a reasonable time before the latest time for the exercise of the right or option give written notice to BNPP PB, Inc. that on redelivery of Equivalent Securities, it wishes to receive
Equivalent Securities in such form as will arise if the right is exercised or, in the case of a right which may be exercised in more than one manner, is exercised as is specified in such written notice, and BNPP PB, Inc. shall, to the extent
commercially reasonable under the circumstances, return such Hypothecated Security or an Equivalent Security to the Special Custody Account within a commercially reasonable period (in any event, no sooner than the standard settlement cycle for such
securities). 

  

	 	4.	Segregation of Hypothecated Securities - Unless otherwise agreed by the parties, any transfer of Hypothecated Securities to the Customer or any transfer of cash pursuant to Sections 2 or 3 shall be effected by
delivery or other transfer to or for credit to the Special Custody Account. BNPP PB, Inc. expressly acknowledges that all securities that it is obligated to transfer hereunder shall be transferred to the Special Custody Account and shall not be held
by BNPP PB, Inc. 

  

	 	5.	Re-hypothecation Failure - Hypothecated Securities shall be marked-to-market daily and valued in

	 	
accordance with the Special Custody and Pledge Agreement and this Agreement (together such agreements, the “Account Documents”). Upon the failure of BNPP PB, Inc. to return
Hypothecated Securities or the equivalent thereof (e.g., securities of the quantity, class or tranche, and issuer that are identical in every respect to such Hypothecated Securities) (such Hypothecated Securities, “Failed
Securities”) pursuant to this Agreement or Applicable Law, Customer shall be entitled to reduce the value of the loan against which the Margin Collateral was pledged by an amount equal to one hundred percent (100%) of the then-current
fair market value of such Failed Securities as reasonably agreed to between the parties without any fee or penalty; provided, however that the terms of the Committed Facility Agreement shall not be altered or amended by such reduction.

  

	 	6.	Failure to Process Instructions - If (i) Customer provides BNPP PB, Inc. with instructions in respect of corporate actions on the Hypothecated Securities (excluding any exercise of voting rights) which do
not require Customer to be a record holder at the time of exercise, (ii) Customer provides at least five Business Days notice prior to the relevant exercise deadline, and (iii) BNPP PB, Inc. fails to process Customer’s instructions in
a commercially reasonable manner, BNPP PB, Inc. shall provide Customer the cash equivalent of payments or distributions actually made but which Customer did not receive due to BNPP PB, Inc.’s failure. 

 

	 	7.	Fees - BNPP PB, Inc. agrees to pay Customer a rehypothecation fee (the “Rehypothecation Fee”), computed daily at a rate as set forth herein, as modified from time to time by mutual agreement of
the parties. Except as BNPP PB, Inc. and Customer may otherwise agree, the Rehypothecation Fee shall accrue from and including the date on which BNPP PB, Inc. rehypothecates Margin Collateral to, but excluding, the date on which securities or other
financial assets of the same issuer and class as the Margin Collateral initially rehypothecated are returned to Customer’s Special Custody Account. Unless otherwise agreed, any Rehypothecation Fee payable hereunder shall be payable upon the
earlier of (i) the day that is two (2) Business Days prior to the calendar month end in the month in which such fee was incurred (the “Scheduled Payment Date”) or (ii) the termination of the U.S. PB Agreement (the
“Termination Payment Date”) (or, if such Scheduled Payment Date or Termination Payment Date, as the case may be, is not a Business Day, the next Business Day. 

For the avoidance of doubt, each payment of the Rehypothecation Fee on a Scheduled Payment Date shall be payment for the monthly period from
three (3) Business Days prior to a calendar month end to three (3) Business Days prior to the next succeeding calendar month end. 
  

	 	8.	Fee Amount – 70% of the difference between the fair market rate (as determined by BNPP PB, Inc.) and Fed Funds Open.

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