Document:

Guarantee, dated September 26, 2005

 Exhibit 10.13 
  
 GUARANTEE 
  
 FOR VALUE RECEIVED, and for good and valuable consideration, the undersigned Taberna Realty Finance Trust (Guarantor), absolutely and
unconditionally guarantees the full and prompt payment, performance and delivery when due by Taberna Loan Holdings I, LLC (Obligor), of any and all Obligations (as defined below), now or hereafter owed by Obligor arising from that
certain MASTER REPURCHASE AGREEMENT dated as of September 26, 2005 by and between Obligor and Bear, Steams International Limited (the Guaranteed Obligations) to Bear, Stearns Securities Corp., Bear, Stearns & Co. Inc.,
Bear Steams International Limited, Bear Stearns Mortgage Capital Corporation and/or each of their direct and indirect subsidiaries, their affiliates, all trusts and other entities owned directly or indirectly by either, and all other affiliates,
whether existing as of the date hereof or is hereafter created or acquired (individually, each a Beneficiary or a Bear Stearns Entity). 
  
 Guarantor hereby agrees that if Obligor shall fail at any time to make due and punctual payment to a Beneficiary of any
Guaranteed Obligation or if Obligor shall fail at any time to perform any other Guaranteed Obligation to a Beneficiary, Guarantor shall forthwith pay such amount and perform such Guaranteed Obligation without demand therefor. Guarantor’s
Obligations hereunder shall be paid and performed without set-off or counter-claim against any obligation a Beneficiary may owe to Guarantor. 
  
 Section 1. Obligations Unconditional, Consents, Waivers and Renewals. (a) Guarantor hereby agrees that this Guarantee is a continuing
guarantee and that its Obligations hereunder shall be absolute and unconditional, irrespective of the value, validity or enforceability of the Guaranteed Obligations and, to the fullest extent permitted by applicable law, irrespective of any other
circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor in its capacity as such. Without limiting the generality of the foregoing, the occurrence or existence of one or more of the
following at any time or from time to time, without notice to or the consent of Guarantor, shall not (x) preclude the exercise by a Beneficiary of any right, remedy or power hereunder or under any other agreement with a Beneficiary,
(y) constitute a legal or equitable defense to the payments and performance by Guarantor of its Obligations hereunder, or (z) alter or impair the obligations or liability of Guarantor hereunder, which will remain absolute and unconditional
as described above: 
  

	 	(i)	the time for any performance of or compliance with any of the Guaranteed Obligations shall be waived, extended, renewed, compromised, modified, or released;

  

	 	(ii)	any of the acts mentioned in any agreement between the Obligor and any Beneficiary shall be done or omitted; 

  

	 	(iii)	any of the Guaranteed Obligations shall become due prior to their stated maturity (whether upon liquidation, close-out, acceleration or early termination or otherwise), or any of
the Guaranteed Obligations shall be amended or otherwise modified in any respect, or any right under any governing agreement with any Beneficiary or any other agreement or instrument referred to therein shall be amended or otherwise modified in any
respect (other than any amendment or other modification of this Guarantee not consented to by Guarantor), or any other guarantee of any of the Guaranteed Obligations or any collateral for either such other guarantee or for the Guaranteed Obligations
shall be released, substituted or exchanged in whole or in part or otherwise dealt with; 

  

	 	(iv)	any lien or security interest granted to, or in favor of, a Beneficiary as security for any of the Guaranteed Obligations shall fail to be perfected; 

  

	 	(v)	the existence of any insolvency proceedings with respect to the Obligor or any other guarantor of or obligor on any of the Guaranteed Obligations; 

  

	 	(vi)	any right of set-off Guarantor may have against any Beneficiary, which right of set-off Guarantor agrees not to assert with respect to any Guaranteed Obligations;

  

	 	(vii)	any lack of or limitation on the status or power of the Obligor or any other guarantor of or obligor on any of the Guaranteed Obligations; or 

  

	 	(ix)	any of the Guaranteed Obligations are or become unenforceable for any reason. 

  

	(b)	 Guarantor hereby expressly waives any requirement that a Beneficiary exhaust any right, power or remedy or proceed against the Obligor (including any right of
set-off) under common law or any agreement with a Beneficiary or any other 

	 	 
agreement or instrument referred to therein, or against any other person or entity under any other guarantee of, or security for, any of the Guaranteed
Obligations, it being agreed that this Guarantee is a guarantee of payment and not of collection. 

  

	(c)	Guarantor hereby expressly waives notice of acceptance of this Guarantee and of a Beneficiary entering into any transaction and also expressly waives diligence, presentment, demand
of payment, performance, protest and notice of dishonor, the filing of claims and all demands whatsoever. 

  

	(d)	Guarantor hereby agrees that, until the payment and satisfaction in full of all Guaranteed Obligations and the termination of all outstanding transactions, Guarantor will not
exercise any right or remedy (excluding the filing of any proof of claim in any insolvency proceedings with respect to the Obligor) against the Obligor or any other guarantor of any of the Guaranteed Obligations or any security therefor arising by
reason of any performance by Guarantor of its Obligations, whether by subrogation or otherwise. Such Beneficiary shall have no obligation, and Guarantor’s Obligations hereunder shall not be affected by any failure by such Beneficiary, to file
any proof of claim relating to the Guaranteed Obligations in any insolvency proceedings with respect to the Obligor. 

  

	(e)	This Guarantee shall be discharged upon the full, final and irrevocable payment and performance to each Beneficiary of all Guaranteed Obligations incurred while it is effective.
This Guarantee, and any security therefor, shall continue to be effective or be reinstated (as the case may be) if at any time all or any part of any payment or interest thereon of a Guaranteed Obligation or delivery or other performance by Obligor
or by Guarantor of a Guaranteed Obligation is avoided, repaid or restored for any reason whatsoever, all as though such payment, delivery or performance had not been made. 

  
 Section 2. Representations, Warranties and Covenants. Guarantor represents, warrants and covenants to each Beneficiary
that (a) Guarantor has the full right, power and authority to make, execute, deliver and perform this Guarantee and to pay and perform the Guaranteed Obligations under this Guarantee and has taken all necessary action to authorize the
execution, delivery and performance of this Guarantee; (b) Guarantor has obtained all consents, approvals or authorizations required in connection with the execution, delivery, payment or performance of this Guarantee and the payment and
performance of the Guaranteed Obligations; (c) Guarantor does not hold Bear Stearns stock that is not freely transferable within the meaning of NYSE Rule 431(f)(4) and is otherwise in compliance with the requirements of NYSE Rule 431 (f)(4);
(d) this Guarantee constitutes the valid and legally binding obligation of Guarantor, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of
general application affecting enforcement of creditors’ rights generally, in each case, as they relate to a proceeding or relief pertaining to Guarantor and not to Obligor, and (ii) as limited by laws relating to the availability of
specific performance or injunctive relief; and (e) Guarantor agrees that it shall provide Bear Stearns at the address for notices set forth in Section 9 below with quarterly financial statements by the 20th day of the month following the
end of each quarter. 
  
 Section 3. Security Interest and
Lien; Assignment. Guarantor hereby grants to each Beneficiary a valid and first priority, perfected, continuing security interest in and assigns (a) all rights Guarantor has in any obligation that a Beneficiary owes to Guarantor; (b) any
and all rights, claims or causes of action Guarantor may now or hereafter have against a Beneficiary (including, without limitation, all rights Guarantor has in any repurchase agreement to which a Beneficiary is a party other than any agreement
relating to trust preferred securities); and (c) all proceeds of or distributions on any of the foregoing (collectively (a) through (c), Guarantor Collateral), as security for the payment and performance of any and all of
Guarantor’s Obligations under this Guarantee. Guarantor agrees that each Beneficiary may proceed at any time, in its sole discretion, and without prior demand or notice, to enforce such security interest by the sale of any and all Guarantor
Collateral in any manner and upon such terms as a Beneficiary may determine in its sole discretion. The assertion or enforcement by a Beneficiary of such security interest or any demand that Guarantor perform its Obligations under this Guarantee, or
any action or proceedings brought to enforce this Guarantee, shall not release Guarantor as Guarantor or otherwise affect this Guarantee, or the liability of Guarantor for any Guaranteed Obligation and shall not release or otherwise affect the
security interest granted by Guarantor to each Beneficiary. 
  
 Guarantor and each Bear Stearns Entity hereby acknowledge and agree, for the benefit of each Bear Stearns Entity, that all Guarantor Collateral is held as Guarantor Collateral by each Bear Stearns Entity for itself, and, as agent and bailee
for all other Bear Stearns Entities. Each Bear Stearns Entity agrees to act as agent and bailee of and for each other Bear Stearns Entity in respect of Guarantor Collateral and shall hold any Guarantor Collateral both as secured party and as agent
and bailee of and for each other Bear Stearns Entity. Each Bear Stearns Entity, shall, and hereby agrees to, and Guarantor agrees that it may comply, without Guarantor’s further consent, with any orders or instructions of each Beneficiary with
respect to Guarantor’s 

 
Collateral, Including (without limitation), (a) any entitlement orders or other instructions, including without limitation, all notifications such Bear
Stearns Entity receives directing it to transfer (including, without limitation, to a Beneficiary) or redeem any Collateral and (b) if the Bear Stearns Entity is a commodity intermediary, any instructions to such Bear Stearns Entity to apply
any value distributed on account of a commodity contract as directed by each Beneficiary. Each Bears Stearns Entity has the right, in its sole discretion, to not comply with (i) any entitlement order or other instructions originated by
Guarantor or a third party that would require a Bear Stearns Entity to make a delivery of Guarantor Collateral to Guarantor or any other person and (ii) any instruction from Guarantor to apply any value on account of any commodity contract
(whether such value is distributable or not), to the extent that such. Guarantor Collateral is necessary to satisfy any Guaranteed Obligation (including, without limitation, any requirement for margin or other security) to itself or any Bear Stearns
Entity if such other Bear Stearns Entity requests (orally or in writing, itself or through an agent) that such entitlement order or instruction not be complied with. Guarantor agrees that the actions of a Bear Stearns Entity in not complying with
Guarantor’s instructions as allowed in this Section 3 satisfy any duties a Bear Stearns Entity may have under the Uniform Commercial Code. 
  
 Section 4. Additional Guarantees; Effect of Guaranty on Guarantor’s Accounts. Guarantor understands that, in addition to this Guarantee, other
entities may issue similar guarantees to ensure the complete performance of Obligor’s Obligations. This Guarantee shall not be diminished in any way by the grant of additional guarantees of Obligor’s Obligations to a Beneficiary or by the
existence of other guarantors, and this Guarantee may be enforced in full against Guarantor without joining any other guarantor, as the case may be, provided, however, that any payment made by another Guarantor of the Guaranteed Obligations shall
reduce the amount outstanding of the Guaranteed Obligations. Guarantor waives the doctrine or marshalling of assets and any other similar doctrine. 
  
 Section 5. Termination. This Guarantee shall be and remain effective with respect to all Guaranteed Obligations incurred prior to 5:00 P.M. (New York
time) on the fifth Business Day after notice of termination by Guarantor is received by a Beneficiary (the Effective Termination Time); provided however, that notwithstanding such notice of termination, this Guarantee (a) shall
remain effective with respect to any Guaranteed Obligations incurred prior to the Effective Termination Time; and (b) shall be reinstated as provided above. 
  
 Section 6. Successors; Assigns. Any assignment of this Guarantee without the prior written consent of an authorized
representative of each Beneficiary shall be null and void. This Guarantee shall inure to the benefit of any successor or permitted assignees of each Beneficiary. If Guarantor is an individual, this Guarantee shall be binding upon the respective
estate, heirs, personal representatives, assignees and successors and the death of Guarantor shall not terminate liability hereunder, including, but not limited to, Guaranteed Obligations incurred after Guarantor’s death, which can be
terminated only by notice in accordance with Section 9 below and on the terms set forth herein. 
  
 Section 7. Governing Law. This Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York without giving
effect to the conflict of law principles thereof. 
  
 Section 8. Expenses. Guarantor agrees to pay, on demand, all out-of-pocket expenses (including legal fees and disbursements) incurred by each Beneficiary in connection with the enforcement or protection of its rights hereunder or any
litigation, procedures or discovery related to this Guarantee. 
  
 Section 9. Miscellaneous. (a) Notices to Beneficiaries. Notices by or on behalf of Guarantor to a Beneficiary shall be written, addressed to Bear Stearns, 383 Madison Avenue, New York, New York 10179, Attention: Senior
Managing Director, Global Credit Department or such other address of which a Beneficiary gives Guarantor written notice and shall be effective upon actual receipt by a Beneficiary at such address. Notwithstanding the foregoing, copies of all notices
from Guarantor shall be sent to Bear Stearns Global Lending Limited and shall be addressed to: Bear Stearns Global Lending Limited, c/o Director of Operations, Bear Stearns International Limited, One Canada Square, London E14 5AD, England,
(b) Notices to Guarantors. Notices, demands, or other communications to Guarantor under this Guarantee will be delivered, transmitted or mailed to the address, e-mail address, telephone (followed by a written or e-mail copy of the
notice) or facsimile number listed below or such other address of which Guarantor gives the Beneficiaries written notice, unless and until three business days after a Beneficiary has received written notice from Guarantor of a different address or
telephone or facsimile number. Notices to Guarantor shall be deemed received when properly addressed (a) 3 days after mailing postage prepaid or (b) the day delivered if personally delivered, including a facsimile transmission, or sent by
overnight courier. Notices given to Guarantor by facsimile transmission shall be deemed received during normal business hours of the recipient when the transmitting facsimile signals the successful transmission of the facsimile during such normal
business hours. Notices given to Guarantor by telephone shall be deemed received when a Beneficiary calls by telephone the person authorized to receive telephone notices listed below, during normal business hours of the recipient at the telephone
number listed below. (c) Facsimile copies. Guarantor hereby authorizes each Beneficiary to accept facsimile copies of this or any other document or instruction as if it were the original and to accept 

 
signatures on facsimiles as if they were originals. (d) Waiver. Neither a Beneficiary’s failure to insist at any time upon strict compliance
with this Guarantee or with any of the terms hereof nor any continued course of such conduct on its part shall constitute or be considered a waiver by such Beneficiary of any of its rights or privileges hereunder.4 (e) Jurisdiction to Hear
Disputes; Service of Process. If there is not an Institutional Account Agreement in effect between a Beneficiary and Guarantor, then the provisions of Annex A hereto, which shall be deemed incorporated herein by reference, shall be applicable
with respect to any suit, action or proceeding relating to this Guarantee. 
  
 Section 10. Definitions. 
  
 Affiliate, when used with respect to a Beneficiary, means any entity which is owned directly or indirectly by The Bear Stearns Companies Inc. or which is controlled by or under common control with any entity which is owned
directly or indirectly by The Bear Stearns Companies Inc. whether such entity exists as of the date hereof or is hereafter created or acquired. 
  
 Obligations means each and every obligation or liability Obligor, or Guarantor, as the case may be, owes or may owe to a Beneficiary
(whether when stated to become due, upon liquidation, close-out, acceleration or early termination or otherwise), arising out of the MASTER REPURCHASE AGREEMENT, including, without limitation, this Guarantee or otherwise that Obligor, or Guarantor,
as the case may be, has provided to a Beneficiary and every obligation or requirement Obligor has under the MASTER REPURCHASE AGREEMENT to maintain or deliver margin or collateral with respect to such transaction or in connection with a guarantee,
or its acceleration, cancellation, termination or liquidation, whether arising hereunder, heretofore, or hereafter. 
  

			
	GUARANTOR
		
	By:	 	/s/    RAPHAEL LICHT        
	 Name:
	 	Raphael Licht
	 Title:
	 	Secretary
		
	Attest:	 	/s/    JIM SEBRA        
	 Name:
	 	Jim Sebra
	 Title:
	 	 

  
 Address for Notice to Guarantor: 
 1818 Market Street 
 28th
Floor 
 Philadelphia, PA 19103 
  
 Attn: Chief Financial Officer 
  

			
	Dated:	 	 09/26/2005

			
		
	(corporate seal)	 	 

			
	Telephone Number:	 	 215 861 7884

	Facsimile Number:	 	 215 861 7878

 ANNEX A TO GUARANTEE 
  
 (a) (i) ARBITRATION IS FINAL AND BINDING ON THE PARTIES. 
  
 (ii) THE PARTIES ARE WAIVING THEIR RIGHT TO SEEK REMEDIES IN COURT, INCLUDING THE RIGHT TO JURY TRIAL. 
  
 (iii) PRE-ARBITRATION DISCOVERY IS GENERALLY MORE LIMITED THAN AND DIFFERENT FROM COURT
PROCEEDINGS. 
  
 (iv) THE ARBITRATORS’ AWARD IS NOT REQUIRED TO
INCLUDE FACTUAL FINDINGS OR LEGAL REASONING AND ANY PARTY’S RIGHT TO APPEAL OR TO SEEK MODIFICATION OF RULINGS BY THE ARBITRATORS IS STRICTLY LIMITED. 
  

(v) THE PANEL OF ARBITRATORS WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE SECURITIES INDUSTRY. BY SIGNING THE GUARANTEE,
GUARANTOR AGREES THAT CONTROVERSIES ARISING UNDER OR RELATING TO THIS GUARANTEE BETWEEN GUARANTOR AND A BENEFICIARY, ITS PREDECESSORS, AND ANY OF THEIR RESPECTIVE SUCCESSORS, ASSIGNS, AND ANY OF THEIR DIRECTORS, EMPLOYEES, OR ANY CONTROL PERSONS AND
ANY OF THEIR AGENTS, WHETHER ARISING PRIOR TO, ON, OR SUBSEQUENT TO THE DATE HEREOF, SHALL BE DETERMINED BY BINDING ARBITRATION. ANY ARBITRATION UNDER THE GUARANTEE SHALL BE HELD ONLY AT THE FACILITIES OF, BEFORE AN ARBITRATION PANEL APPOINTED BY,
AND PURSUANT TO THE RULES OF THE NEW YORK STOCK EXCHANGE, INC., THE AMERICAN STOCK EXCHANGE, INC., OR THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. GUARANTOR MAY ELECT ONE OF THE FOREGOING FORUMS FOR ARBITRATION, BUT IF GUARANTOR FAILS TO
MAKE SUCH ELECTION BY REGISTERED MAIL OR TELEGRAM ADDRESSED TO BEAR STEARNS SECURITIES CORP., 383 MADISON AVENUE, NEW YORK, NEW YORK 10179, ATTENTION: CHIEF LEGAL OFFICER (OR ANY OTHER ADDRESS OF WHICH GUARANTOR IS ADVISED IN WRITING), BEFORE THE
EXPIRATION OF TEN DAYS AFTER RECEIPT OF A WRITTEN REQUEST FROM A BENEFICIARY TO MAKE SUCH ELECTION, THEN SUCH BENEFICIARY MAY MAKE SUCH ELECTION. THE AWARD OF THE ARBITRATORS, OR OF THE MAJORITY OF THEM, SHALL BE FINAL, AND JUDGMENT UPON THE AWARD
RENDERED MAY BE ENTERED IN ANY COURT, STATE OR FEDERAL, HAVING JURISDICTION. NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION, NOR SEEK TO ENFORCE ANY PRE-DISPUTE ARBITRATION AGREEMENT AGAINST ANY PERSON WHO HAS INITIATED IN
COURT A PUTATIVE CLASS ACTION; WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED BY THE PUTATIVE CLASS ACTION UNTIL: (x) THE CLASS CERTIFICATION IS DENIED; (y) THE CLASS IS
DECERTIFIED; OR (z) THE CUSTOMER IS EXCLUDED FROM THE CLASS BY THE COURT. SUCH FORBEARANCE TO ENFORCE AN AGREEMENT TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THE GUARANTEE EXCEPT TO THE EXTENT STATED HEREIN. 

 
 (b) Notwithstanding the provisions of subparagraph (a) above, either party may seek,
in the U.S. 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, any such temporary or provisional relief or remedy (“provisional remedy”) provided for by the laws
of the U.S. or the laws of the State of New York as would be available in an action based upon such dispute or controversy in the absence of an agreement to arbitrate. The parties acknowledge and agree that it is their intention to have any such
application for a provisional remedy decided by the Court to which it is made and that such application shall not be referred to or settled by arbitration. No such application for a provisional remedy, nor any act or conduct by either party in
furtherance of or in opposition to such application, shall constitute a relinquishment or waiver of any right to have the underlying dispute or controversy with respect to which such application is made settled by arbitration in accordance with
subparagraph (a) above. (c) With respect to any application for a provisional remedy and any application for judgment on an arbitration award, each party irrevocably (i) submits to the jurisdiction of the U. S. 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, (ii) waives any objection which it may have at any time to the laying of venue of any proceedings brought in any such court, waives any
claim that such proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such proceedings, that such court does not have any jurisdiction over such party, and (iii) consents to service of
process by certified mail, return receipt requested, to the address provided for herein.Master Repurchase Agreement, dated October 4, 2005

 Exhibit 10.14 
  

			
	

	 	Master Repurchase Agreement

  
 September 1996 Version 
  
 Dated as of
October 4, 2005 
  
 Between: BEAR,
STEARNS & CO. INC.  
  
 And:
TABERNA LOAN HOLDINGS I, LLC 
  

	1.	Applicability 

  
 From time to time the parties hereto may enter into transactions in which one party (“Seller”) agrees to transfer to the other
(“Buyer”) securities or other assets (“Securities”) against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Securities at a date certain or on demand, against the transfer of
funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in Annex I hereto
and in any other annexes identified herein or therein as applicable hereunder. 
  

	2.	Definitions 

  

	 	(a)	“Act of Insolvency”, with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency,
reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its
property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding against such party, or another
seeking such an appointment or election, or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which (A) is consented to or not timely contested by such
party, (B) results in the entry of an order for relief, such an appointment or election, the issuance of such a protective decree or the entry of an order having a similar effect, or (C) is not dismissed within 15 days, (iii) the
making by such party of a general assignment for the benefit of creditors, or (iv) the admission in writing by such party of such party’s inability to pay such party’s debts as they become due; 

  

	 	(b)	“Additional Purchased Securities”, Securities provided by Seller to Buyer pursuant to Paragraph 4(a) hereof; 

  

	 	(c)	“Buyer’s Margin Amount”, with respect to any Transaction as of any date, the amount obtained by application of the Buyer’s Margin Percentage to the Repurchase
Price for such Transaction as of such date; 

  

 1 

	 	(d)	“Buyer’s Margin Percentage”, with respect to any Transaction as of any date, a percentage (which may be equal to the Seller’s Margin Percentage) agreed to by
Buyer and Seller or, in the absence of any such agreement, the percentage obtained by dividing the Market Value of the Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such Transaction;

  

	 	(e)	“Confirmation”, the meaning specified in Paragraph 3(b) hereof; 

  

	 	(f)	“Income”, with respect to any Security at any time, any principal thereof and all interest, dividends or other distributions thereon; 

  

	 	(g)	“Margin Deficit”, the meaning specified in Paragraph 4(a) hereof; 

  

	 	(h)	“Margin Excess”, the meaning specified in Paragraph 4(b) hereof; 

  

	 	(i)	“Margin Notice Deadline”, the time agreed to by the parties in the relevant Confirmation, Annex I hereto or otherwise as the deadline for giving notice requiring same-day
satisfaction of margin maintenance obligations as provided in Paragraph 4 hereof (or, in the absence of any such agreement, the deadline for such purposes established in accordance with market practice); 

  

	 	(j)	“Market Value”, with respect to any Securities as of any date, the price for such Securities on such date obtained from a generally recognized source agreed to by the
parties or the most recent closing bid quotation from such a source, plus accrued Income to the extent not included therein (other than any Income credited or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5 hereof)
as of such date (unless contrary to market practice for such Securities); 

  

	 	(k)	“Price Differential”, with respect to any Transaction as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such Transaction to the
Purchase Price for such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination (reduced by
any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction); 

  

	 	(l)	“Pricing Rate”, the per annum percentage rate for determination of the Price Differential; 

  

	 	(m)	”Prime Rate”, the prime rate of U.S. commercial banks as published in The Wall Street Journal (or, if more than one such rate is published, the average of such rates);

  

	 	(n)	“Purchase Date”, the date on which Purchased Securities are to be transferred by Seller to Buyer; 

  

	 	(o)	“Purchase Price”, (i) on the Purchase Date, the price at which Purchased Securities are transferred by Seller to Buyer, and (ii) thereafter, except where Buyer
and Seller agree otherwise, such price increased by the amount of any cash transferred by Buyer to Seller pursuant to Paragraph 4(b) hereof and decreased by the amount of any cash transferred by Seller to Buyer pursuant to Paragraph 4(a) hereof or
applied to reduce Seller’s obligations under clause (ii) of Paragraph 5 hereof; 

  

 2 

	 	(p)	“Purchased Securities”, the Securities transferred by Seller to Buyer in a Transaction hereunder, and any Securities substituted therefor in accordance with Paragraph 9
hereof. The term “Purchased Securities” with respect to any Transaction at any time also shall include Additional Purchased Securities delivered pursuant to Paragraph 4(a) hereof and shall exclude Securities returned pursuant to Paragraph
4(b) hereof; 

  

	 	(q)	“Repurchase Date”, the date on which Seller is to repurchase the Purchased Securities from Buyer, including any date determined by application of the provisions of
Paragraph 3(c) or 11 hereof; 

  

	 	(r)	“Repurchase Price”, the price at which Purchased Securities are to be transferred from Buyer to Seller upon termination of a Transaction, which will be determined in each
case (including Transactions terminable upon demand) as the sum of the Purchase Price and the Price Differential as of the date of such determination; 

  

	 	(s)	“Seller’s Margin Amount”, with respect to any Transaction as of any date, the amount obtained by application of the Seller’s Margin Percentage to the Repurchase
Price for such Transaction as of such date; 

  

	 	(t)	“Seller’s Margin Percentage”, with respect to any Transaction as of any date, a percentage (which may be equal to the Buyer’s Margin Percentage) agreed to by
Buyer and Seller or, in the absence of any such agreement, the percentage obtained by dividing the Market Value of the Purchased Securities on the Purchase Date by the Purchase Price on the Purchase Date for such Transaction.

  

	3.	Initiation; Confirmation; Termination 

  

	 	(a)	An agreement to enter into a Transaction may be made orally or in writing at the initiation of either Buyer or Seller. On the Purchase Date for the Transaction, the Purchased
Securities shall be transferred to Buyer or its agent against the transfer of the Purchase Price to an account of Seller. 

  

	 	(b)	Upon agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as shall be agreed, shall promptly deliver to the other party a written confirmation of each
Transaction (a “Confirmation”). The Confirmation shall describe the Purchased Securities (including CUSIP number, if any), identify Buyer and Seller and set forth (i) the Purchase Date, (ii) the Purchase Price, (iii) the
Repurchase Date, unless the Transaction is to be terminable on demand, (iv) the Pricing Rate or Repurchase Price applicable to the Transaction, and (v) any additional terms or conditions of the Transaction not inconsistent with this
Agreement. The Confirmation, together with this Agreement, shall constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to the Transaction to which the Confirmation relates, unless with respect to the Confirmation
specific objection is made promptly after receipt thereof. In the event of any conflict between the terms of such Confirmation and this Agreement this Agreement shall prevail. 

  

	 	(c)	 In the case of Transactions terminable upon demand, such demand shall be made by Buyer or Seller, no later than such time as is customary in accordance with market
practice, by telephone or otherwise on or prior to the business day on which such termination will be effective. On the date specified in such demand, or on the date fixed for termination in the case of Transactions having a fixed term, termination
of the Transaction will 

  

 3 

	 	 
be effected by transfer to Seller or its agent of the Purchased Securities and any Income in respect thereof received by Buyer (and not previously credited
or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5 hereof) against the transfer of the Repurchase Price to an account of Buyer. 

  

	4.	Margin Maintenance 

  

	 	(a)	If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Buyer is less than the aggregate
Buyer’s Margin Amount for all such Transactions (a “Margin Deficit”), then Buyer may by notice to Seller require Seller in such Transactions, at Seller’s option, to transfer to Buyer cash or additional Securities reasonably
acceptable to Buyer (“Additional Purchased Securities”), so that the cash and aggregate Market Value of the Purchased Securities, including any such Additional Purchased Securities, will thereupon equal or exceed such aggregate
Buyer’s Margin Amount (decreased by the amount of any Margin Deficit as of such date arising from any Transactions in which such Buyer is acting as Seller). 

  

	 	(b)	If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Seller exceeds the aggregate
Seller’s Margin Amount for all such Transactions at such time (a “Margin Excess”), then Seller may by notice to Buyer require Buyer in such Transactions, at Buyer’s option, to transfer cash or Purchased Securities to Seller, so
that the aggregate Market Value of the Purchased Securities, after deduction of any such cash or any Purchased Securities so transferred, will thereupon not exceed such aggregate Seller’s Margin Amount (increased by the amount of any Margin
Excess as of such date arising from any Transactions in which such Seller is acting as Buyer). 

  

	 	(c)	If any notice is given by Buyer or Seller under subparagraph (a) or (b) of this Paragraph at or before the Margin Notice Deadline on any business day, the party receiving
such notice shall transfer cash or Additional Purchased Securities as provided in such subparagraph no later than the close of business in the relevant market on such day. If any such notice is given after the Margin Notice Deadline, the party
receiving such notice shall transfer such cash or Securities no later than the close of business in the relevant market on the next business day following such notice. 

  

	 	(d)	Any cash transferred pursuant to this Paragraph shall be attributed to such Transactions as shall be agreed upon by Buyer and Seller. 

  

	 	(e)	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer or Seller (or both) under subparagraphs (a) and (b) of
this Paragraph may be exercised only where a Margin Deficit or Margin Excess, as the case may be, exceeds a specified dollar amount or a specified percentage of the Repurchase Prices for such Transactions (which amount or percentage shall be agreed
to by Buyer and Seller prior to entering into any such Transactions). 

  

	 	(f)	Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer and Seller under subparagraphs (a) and (b) of this
Paragraph to require the elimination of a Margin Deficit or a Margin Excess, as the case may be, may be exercised whenever such a Margin Deficit or Margin Excess exists with respect to any single Transaction hereunder (calculated without regard to
any other Transaction outstanding under this Agreement). 

  

 4 

	5.	Income Payments 

  
 Seller shall be entitled to receive an amount equal to all Income paid or distributed on or in respect of the Securities that is not otherwise received by
Seller, to the full extent it would be so entitled if the Securities had not been sold to Buyer. Buyer shall, as the parties may agree with respect to any Transaction (or, in the absence of any such agreement, as Buyer shall reasonably determine in
its discretion), on the date such Income is paid or distributed either (i) transfer to or credit to the account of Seller such Income with respect to any Purchased Securities subject to such Transaction or (ii) with respect to Income paid
in cash, apply the Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller upon termination of such Transaction. Buyer shall not be obligated to take any action pursuant to the preceding sentence (A) to the
extent that such action would result in the creation of a Margin Deficit, unless prior thereto or simultaneously therewith Seller transfers to Buyer cash or Additional Purchased Securities sufficient to eliminate such Margin Deficit, or (B) if
an Event of Default with respect to Seller has occurred and is then continuing at the time such Income is paid or distributed. 
  

	6.	Security Interest 

  
 Although the parties intend that all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be
loans, Seller shall be deemed to have pledged to Buyer as security for the performance by Seller of its obligations under each such Transaction, and shall be deemed to have granted to Buyer a security interest in, all of the Purchased Securities
with respect to all Transactions hereunder and all Income thereon and other proceeds thereof. 
  

	7.	Payment and Transfer 

  
 Unless otherwise mutually agreed, all transfers of funds hereunder shall be in immediately available funds. All Securities transferred by one party hereto
to the other party (i) shall be in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as the party receiving possession may reasonably request,
(ii) shall be transferred on the book-entry system of a Federal Reserve Bank, or (iii) shall be transferred by any other method mutually acceptable to Seller and Buyer. 
  

	8.	Segregation of Purchased Securities 

  
 To the extent required by applicable law, all Purchased Securities in the possession of Seller shall be segregated from other securities in its possession
and shall be identified as subject to this Agreement. Segregation may be accomplished by appropriate identification on the books and records of the holder, including a financial or securities intermediary or a clearing corporation. All of
Seller’s interest in the Purchased Securities shall pass to Buyer on the Purchase Date and, unless otherwise agreed by Buyer and Seller, nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased
Securities or otherwise selling, transferring, pledging or hypothecating the Purchased Securities, but no such transaction shall relieve Buyer of its obligations to transfer Purchased Securities to Seller pursuant to Paragraph 3, 4 or 11 hereof, or
of Buyer’s obligation to credit or pay Income to, or apply Income to the obligations of, Seller pursuant to Paragraph 5 hereof. 
  

 5 

	
	 Required Disclosure for Transactions in Which the Seller Retains Custody of
the Purchased Securities
  
 Seller is not permitted to substitute other
securities for those subject to this Agreement and therefore must keep Buyer’s securities segregated at all times, unless in this Agreement Buyer grants Seller the right to substitute other securities. If Buyer grants the right to substitute,
this means that Buyer’s securities will likely be commingled with Seller’s own securities during the trading day. Buyer is advised that, during any trading day that Buyer’s securities are commingled with Seller’s securities, they
[will]* [may]** be subject to liens granted by Seller to [its clearing bank]* [third parties]** and may be used by Seller for deliveries on other securities transactions. Whenever the securities are commingled, Seller’s ability to resegregate
substitute securities for Buyer will be subject to Seller’s ability to satisfy [the clearing]* [any]** lien or to obtain substitute securities.
  
 *       Language to be used under 17 C.F.R. ß403.4(e) if Seller is a government
securities broker or dealer other than a financial institution.
  
 **     Language to be used under 17 C.F.R. ß403.5(d) if Seller is a financial institution.

  

	9.	Substitution 

  

	 	(a)	Seller may, subject to agreement with and acceptance by Buyer, substitute other Securities for any Purchased Securities. Such substitution shall be made by transfer to Buyer of such
other Securities and transfer to Seller of such Purchased Securities. After substitution, the substituted Securities shall be deemed to be Purchased Securities. 

  

	 	(b)	In Transactions in which Seller retains custody of Purchased Securities, the parties expressly agree that Buyer shall be deemed, for purposes of subparagraph (a) of this
Paragraph, to have agreed to and accepted in this Agreement substitution by Seller of other Securities for Purchased Securities; provided, however, that such other Securities shall have a Market Value at least equal to the Market Value of the
Purchased Securities for which they are substituted. 

  

	10.	Representations 

  
 Each of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to execute and deliver this Agreement, to enter into
Transactions contemplated hereunder and to perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and performance, (ii) it will engage in such Transactions as principal (or, if agreed in
writing, in the form of an annex hereto or otherwise, in advance of any Transaction by the other party hereto, as agent for a disclosed principal), (iii) the person signing this Agreement on its behalf is duly authorized to do so on its behalf
(or on behalf of any such disclosed principal), (iv) it has obtained all authorizations of any governmental body required in connection with this Agreement and the Transactions hereunder and such authorizations are in full force and effect and
(v) the execution, delivery and performance of this Agreement and the Transactions hereunder will not violate any law, ordinance, charter, bylaw or rule applicable to it or any agreement by which it is bound or by which any of its assets are
affected. On the Purchase Date for any Transaction Buyer and Seller shall each be deemed to repeat all the foregoing representations made by it. 
  

 6 

	11.	Events of Default 

  
 In the event that (i) Seller fails to transfer or Buyer fails to purchase Purchased Securities upon the applicable Purchase Date, (ii) Seller
fails to repurchase or Buyer fails to transfer Purchased Securities upon the applicable Repurchase Date, (iii) Seller or Buyer fails to comply with Paragraph 4 hereof, (iv) Buyer fails, after one business day’s notice, to comply with
Paragraph 5 hereof, (v) an Act of Insolvency occurs with respect to Seller or Buyer, (vi) any representation made by Seller or Buyer shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been
made or repeated, or (vii) Seller or Buyer shall admit to the other its inability to, or its intention not to, perform any of its obligations hereunder (each an “Event of Default”): 
  

	 	(a)	The nondefaulting party may, at its option (which option shall be deemed to have been exercised immediately upon the occurrence of an Act of Insolvency), declare an Event of Default
to have occurred hereunder and, upon the exercise or deemed exercise of such option, the Repurchase Date for each Transaction hereunder shall, if it has not already occurred, be deemed immediately to occur (except that, in the event that the
Purchase Date for any Transaction has not yet occurred as of the date of such exercise or deemed exercise, such Transaction shall be deemed immediately canceled). The nondefaulting party shall (except upon the occurrence of an Act of Insolvency)
give notice to the defaulting party of the exercise of such option as promptly as practicable. 

  

	 	(b)	In all Transactions in which the defaulting party is acting as Seller, if the nondefaulting party exercises or is deemed to have exercised the option referred to in subparagraph
(a) of this Paragraph, (i) the defaulting party’s obligations in such Transactions to repurchase all Purchased Securities, at the Repurchase Price therefor on the Repurchase Date determined in accordance with subparagraph (a) of
this Paragraph, shall thereupon become immediately due and payable, (ii) all Income paid after such exercise or deemed exercise shall be retained by the nondefaulting party and applied to the aggregate unpaid Repurchase Prices and any other
amounts owing by the defaulting party hereunder, and (iii) the defaulting party shall immediately deliver to the nondefaulting party any Purchased Securities subject to such Transactions then in the defaulting party’s possession or
control. 

  

	 	(c)	In all Transactions in which the defaulting party is acting as Buyer, upon tender by the nondefaulting party of payment of the aggregate Repurchase Prices for all such Transactions,
all right, title and interest in and entitlement to all Purchased Securities subject to such Transactions shall be deemed transferred to the nondefaulting party, and the defaulting party shall deliver all such Purchased Securities to the
nondefaulting party. 

  

	 	(d)	If the nondefaulting party exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Paragraph, the nondefaulting party, without prior notice
to the defaulting party, may: 

  

	 	(i)	 as to Transactions in which the defaulting party is acting as Seller, (A) immediately sell, in a recognized market (or otherwise in a commercially reasonable
manner) at such price or prices as the nondefaulting party may reasonably deem satisfactory, any or all Purchased Securities subject to such Transactions and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts
owing by the defaulting party hereunder or (B) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Securities, to give the defaulting party credit for such Purchased Securities in an amount equal to the price
therefor on such date, obtained 

  

 7 

	 	 
from a generally recognized source or the most recent closing bid quotation from such a source, against the aggregate unpaid Repurchase Prices and any other
amounts owing by the defaulting party hereunder; and 

  

	 	(ii)	as to Transactions in which the defaulting party is acting as Buyer, (A) immediately purchase, in a recognized market (or otherwise in a commercially reasonable manner) at such
price or prices as the nondefaulting party may reasonably deem satisfactory, securities (“Replacement Securities”) of the same class and amount as any Purchased Securities that are not delivered by the defaulting party to the nondefaulting
party as required hereunder or (B) in its sole discretion elect, in lieu of purchasing Replacement Securities, to be deemed to have purchased Replacement Securities at the price therefor on such date, obtained from a generally recognized source
or the most recent closing offer quotation from such a source. 

  
 Unless otherwise provided in Annex I, the parties acknowledge and agree that (1) the Securities subject to any Transaction hereunder are instruments traded in a recognized market, (2) in the absence of a
generally recognized source for prices or bid or offer quotations for any Security, the nondefaulting party may establish the source therefor in its sole discretion and (3) all prices, bids and offers shall be determined together with accrued
Income (except to the extent contrary to market practice with respect to the relevant Securities). 
  

	 	(e)	As to Transactions in which the defaulting party is acting as Buyer, the defaulting party shall be liable to the nondefaulting party for any excess of the price paid (or deemed
paid) by the nondefaulting party for Replacement Securities over the Repurchase Price for the Purchased Securities replaced thereby and for any amounts payable by the defaulting party under Paragraph 5 hereof or otherwise hereunder.

  

	 	(f)	For purposes of this Paragraph 11, the Repurchase Price for each Transaction hereunder in respect of which the defaulting party is acting as Buyer shall not increase above the
amount of such Repurchase Price for such Transaction determined as of the date of the exercise or deemed exercise by the nondefaulting party of the option referred to in sub-paragraph (a) of this Paragraph. 

  

	 	(g)	The defaulting party shall be liable to the nondefaulting party for (i) the amount of all reasonable legal or other expenses incurred by the nondefaulting party in connection
with or as a result of an Event of Default, (ii) damages in an amount equal to the cost (including all fees, expenses and commissions) of entering into replacement transactions and entering into or terminating hedge transactions in connection
with or as a result of an Event of Default, and (iii) any other loss, damage, cost or expense directly arising or resulting from the occurrence of an Event of Default in respect of a Transaction. 

  

	 	(h)	To the extent permitted by applicable law, the defaulting party shall be liable to the nondefaulting party for interest on any amounts owing by the defaulting party hereunder, from
the date the defaulting party becomes liable for such amounts hereunder until such amounts are (i) paid in full by the defaulting party or (ii) satisfied in full by the exercise of the nondefaulting party’s rights hereunder. Interest
on any sum payable by the defaulting party to the nondefaulting party under this Paragraph 11(h) shall be at a rate equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Rate. 

  

 8 

	 	(i)	The nondefaulting party shall have, in addition to its rights hereunder, any rights otherwise available to it under any other agreement or applicable law. 

 

	12.	Single Agreement 

  
 Buyer and Seller acknowledge that, and have entered hereinto and will enter into each Transaction hereunder in consideration of and in reliance upon the
fact that, all Transactions hereunder constitute a single business and contractual relationship and have, been made in consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its obligations in respect of
each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a default by it in respect of all Transactions hereunder, (ii) that each of them shall be entitled to set off claims and apply property
held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii) that payments, deliveries and other transfers made by either of them in respect of any Transaction shall be
deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries and other transfers may be applied against each other and
netted. 
  

	13.	Notices and Other Communications 

  
 Any and all notices, statements, demands or other communications hereunder may be given by a party to the other by mail, facsimile, telegraph, messenger
or otherwise to the address specified in Annex II hereto, or so sent to such party at any other place specified in a notice of change of address hereafter received by the other. All notices, demands and requests hereunder may be made orally, to be
confirmed promptly in writing, or by other communication as specified in the preceding sentence. 
  

	14.	Entire Agreement; Severability 

  
 This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each
provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. 
  

	15.	Non-assignability; Termination 

  

	 	(a)	The rights and obligations of the parties under this Agreement and under any Transaction shall not be assigned by either party without the prior written consent of the other party,
and any such assignment without the prior written consent of the other party shall be null and void. Subject to the foregoing, this Agreement and any Transactions shall be binding upon and shall inure to the benefit of the parties and their
respective successors and assigns. This Agreement may be terminated by either party upon giving written notice to the other, except that this Agreement shall, notwithstanding such notice, remain applicable to any Transactions then outstanding.

  

	 	(b)	Subparagraph (a) of this Paragraph 15 shall not preclude a party from assigning, charging or otherwise dealing with all or any part of its interest in any sum payable to it
under Paragraph 11 hereof. 

  

	16.	Governing Law 

  
 This Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof. 
  

 9 

	17.	No Waivers, Etc. 

  
 No express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy
hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure here-from shall be effective unless and
until such shall be in writing and duly executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to give a notice pursuant to Paragraph 4(a) or 4(b) hereof will not constitute a waiver of any right to do so at
a later date. 
  

	18.	Use of Employee Plan Assets 

  

	 	(a)	If assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act of 1974 (“ERISA”) are intended to be used by either party
hereto (the “Plan Party”) in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shall represent in writing to the other party that the Transaction does not constitute a prohibited
transaction under ERISA or is otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed. 

  

	 	(b)	Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most recent
available audited statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. 

  

	 	(c)	By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to represent to Buyer that since the date of Seller’s latest such financial
statements, there has been no material adverse change in Seller’s financial condition which Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as
they are issued, so long as it is a Seller in any outstanding Transaction involving a Plan Party. 

  

	19.	Intent 

  

	 	(a)	The parties recognize that each Transaction is a “repurchase agreement” as that term is defined in Section 101 of Title 11 of the United States Code, as amended
(except insofar as the type of Securities subject to such Transaction or the term of such Transaction would render such definition inapplicable), and a “securities contract” as that term is defined in Section 741 of Title 11 of the
United States Code, as amended (except insofar as the type of assets subject to such Transaction would render such definition inapplicable). 

  

	 	(b)	It is understood that either party’s right to liquidate Securities delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to
Paragraph 11 hereof is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of Title 11 of the United States Code, as amended. 

  

	 	(c)	The parties agree and acknowledge that if a party hereto is an “insured depository institution,” as such term is defined in the Federal Deposit Insurance Act, as amended
(“FDIA”), then each Transaction hereunder is a “qualified financial contract,” as that term is defined in FDIA and any rules, orders or policy statements thereunder (except insofar 

 as the type of assets subject to such Transaction would render such definition inapplicable). 
  

 10 

	 	(d)	It is understood that this Agreement constitutes a “netting contract” as defined in and subject to Title IV of the Federal Deposit Insurance Corporation Improvement Act of
1991 (“FDICIA”) and each payment entitlement and payment obligation under any Transaction hereunder shall constitute a “covered contractual payment entitlement” or “covered contractual payment obligation”, respectively,
as defined in and subject to FDICIA (except insofar as one or both of the parties is not a “financial institution” as that term is defined in FDICIA). 

  

	20.	Disclosure Relating to Certain Federal Protections 

  
 The parties acknowledge that they have been advised that: 
  

	 	(a)	in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission (“SEC”) under Section 15 of the
Securities Exchange Act of 1934 (“1934 Act”), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 (“SIPA”) do not protect the other party
with respect to any Transaction hereunder; 

  

	 	(b)	in the case of Transactions in which one of the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the
1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and 

  

	 	(c)	in the case of Transactions in which one of the parties is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit and
therefore are not insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. 

  

									
	BEAR, STEARNS & CO. INC.	 	 	 	 TABERNA LOAN HOLDINGS I, LLC

			
	 PARTY A
	 	 	 	 PARTY B

					
	BY:	 	 	 	 	 	BY:	 	/s/    JACK SALMON        
	NAME:	 	 	 	 	 	NAME:	 	Jack Salmon
	TITLE:	 	 	 	 	 	TITLE:	 	CFO
	DATE:	 	 	 	 	 	DATE:	 	10/5/5

  

 11 

 Annex I 
  
 Supplemental Terms and Conditions 
  
 This Annex I forms a part of the Master Repurchase Agreement dated as of October 4, 2005 (the “Agreement”) between BEAR,
STEARNS & CO. INC. (“Party A”) and TABERNA LOAN HOLDINGS I, LLC (“Party B”). Capitalized terms used but not defined in this Annex I shall have the meanings ascribed to them in the Agreement.

  
 Other Applicable Annexes. Please select any/all of the optional Annexes below
to form a part of the Agreement. The Annexes which are initialed will apply hereunder. 
  

			
	 	  	 Initials

	 (a)    Annex III (International Transactions)
	  	______
	 (b)    Annex IV (Party Acting as Agent)
	  	______
	 (c)    Annex V (Margin for Forward Transactions)
	  	______
	 (d)    Annex VI (Buy/Sell Back Transactions)
	  	______
	 (e)    Annex VII (Transactions Involving Registered Investment Companies)
	  	______

  

	1.	“Margin Notice Deadline” means 10:00 a.m. New York Time. 

  

	2.	Margin calls may be made orally and shall be effective when orally made. In addition Buyer shall endeavor to confirm in writing (which may be by email), such margin call, by same
day facsimile, but in no event shall any failure by the Buyer to do so effect the margin call. 

  

	3.	The definition of “Market Value” in Section 2(j) is amended by adding thereto after “a generally recognized source agreed to by the parties” the following:
“(and, in the absence of such agreement, determined in good faith by Buyer).” 

  

	4.	Notwithstanding the definition of Purchase Price in Paragraph 2 of the Agreement and the provisions of Paragraph 4 of the Agreement, the parties agree (i) that the Purchase
Price will not be increased or decreased by the amount of any cash transferred by one party to the other pursuant to Paragraph 4 of the Agreement and (ii) that transfer of such cash shall be treated as if it constituted a transfer of Securities
(with a Market Value equal to the U.S. dollar amount of such cash) pursuant to Paragraph 4(a) or (b), as the case may be (including for purposes of the definition of “Additional Purchased Securities”). 

  

	5.	The following 2 paragraphs shall be added to Paragraph 9 of the Agreement: 

  
 (c) In the case of any Transaction for which the Repurchase Date is other than the business day immediately following the Purchase Date and with respect
to which Seller does not have any existing right to substitute substantially the same Securities for the Purchased Securities, Seller shall have the right, subject to the proviso to this sentence, upon notice to Buyer, which notice shall be given at
or prior to 10 am (New York time) on such business day, to substitute substantially the same Securities for any Purchased Securities; provided, however, that Buyer 
  

 12

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