Document:

EXHIBIT 10.34†

		
      Goldman Sachs International | Peterborough Court | 133 Fleet Street | London EC4A 2BB | Tel 0207 774 1000

  Registered in England no. 226395. Registered Office as above. Authorised and regulated by the Financial Services Authority

    

EXECUTION COPY

CONFIRMATION

	
      DATE:

      TO: 

      FROM: 

      SUBJECT: 

      REF. NO.:

    	
      June 6, 2008

      CIT Financial Ltd. (“Counterparty”) 

      Goldman Sachs International (“GSI”) 

      Total Return Swap Facility

    

The purpose of this communication is to set forth the terms and conditions of the above-referenced Total Return Swap Facility entered into on the Trade Date specified below (the “Facility”) between GSI and Counterparty. This communication constitutes a “Confirmation” as referred to in the Master Agreement specified below.

This Confirmation is subject to, and incorporates, the 2006 ISDA Definitions (the “2006 Definitions”) and the 2003 ISDA Credit Derivatives Definitions as amended and supplemented by the May 2003 Supplement to the ISDA Credit Derivatives Definitions (together the “Credit Definitions” and together with the 2006 Definitions, the “Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”). In the event of any inconsistency between the 2006 Definitions and the Credit Definitions, the 2006 Definitions shall govern.

This Confirmation supplements, forms a part of, and is subject to, the 1992 form of ISDA Master Agreement dated as of June 6, 2008 (including the Schedule and Credit Support Annex thereto), as amended or replaced from time to time (the “Master Agreement”) between GSI and Counterparty. This Confirmation will be read and construed as one with the executed Master Agreement and all other outstanding Confirmations between the parties, so that all such Confirmations and the executed Master Agreement constitute a single Agreement between the parties.

All provisions contained in, or incorporated by reference into the Master Agreement will govern this Confirmation except as expressly modified herein. In the event of any inconsistency between this Confirmation and the Definitions the Master Agreement or another Confirmation, as the case may be, this Confirmation will prevail for the purpose of the Facility and each Transaction to which this Confirmation relates.

This Confirmation evidences a separate total return swap transaction (each a “Transaction”) with respect to each Reference Obligation specified in Annex A from time to time as if the details specified in Annex A with respect to that Reference Obligation were set out in the Confirmation in full. Each such Transaction will have a unique Transaction Reference Number as is set out in Annex A. The terms of the Facility and each particular Transaction to which this Confirmation relates are as follows:

	
      

    
	Terms Relating to the Facility 
	
      

    
	Total Return Payer 	GSI 
	
      

    
	Floating Rate Payer 	Counterparty 
	
      

    
	Trade Date 	June 6, 2008 
	
      

    
	Facility Commencement Date 	June 6, 2008  

	
      

    
	Facility End Date   	The earliest of (i) the date falling 20 years after the Facility Commencement Date and (ii) an Optional Termination Date on which the Counterparty has terminated this Facility. 

	
      

    

	 † 	Confidential portions of this agreement have been omitted and filed separately with the Securities and Exchange       Commission
under a request for confidential treatment.  The portions of this agreement that have been omitted        and filed separately with
the Securities and Exchange Commission are denoted by the use of an asterisk in this    agreement.

    

1

	
      

    
	
      Optional Termination Date

    	
      On any Business Day, Counterparty shall have the option to early terminate this Facility on 10 Business Days prior written notice to GSI upon prior payment by Counterparty to GSI of the Present Value Facility Fee calculated on the Maximum Aggregate Notional Amount as of such Optional Termination Date.

    
	
      

    
	
      Portfolio

    	
      The portfolio comprising each Eligible RO that is a Reference Obligation (“RO”) subject to a Transaction, as set out in Annex A (as amended from time to time to reflect Portfolio Adjustments).

    
	
      

    
	
      Eligible RO

    	
      Any debt obligation which meets all of the following requirements as determined on the Effective Date of such obligation, as determined by the Calculation Agent:

    
	 	 	 
	  	(i) 	A bond that is capable of being settled in The Depository Trust Company, Euroclear Bank S.A./N.V or Clearstream Banking, SA (or any successor to any such entity); 
	 	 	 
	  	(ii) 	(a) Rated at least as high as [*] by each of Standard and Poor’s (“S&P”) and Moody’s Investor Services (“Moody’s”), and not on Creditwatch Negative or Watchlist Negative (or their respective equivalents) and (b) such rating is a monitored rating subject to periodic update by the relevant agency; 
	 	 	 
	  	(iii) 	If rated by Fitch Ratings Inc. (“Fitch”), rated at least as high as [*] and not on Creditwatch Negative or Watchlist Negative (or their respective equivalents);
	 	 	 
	  	(iv) 	Denominated in USD, GBP, CAD or EUR; 
	 	 	 
	  	(v) 	Are Asset Backed Securities that are backed predominately by assets falling into one of the following categories: aircraft leases, railcar leases, other equipment loans or leases, student loans, commercial loans (including but not limited to CLOs), vendor finance obligations and trade finance obligations; 
	 	 	 
	  	(vi) 	A legal final maturity of no more than 30 years from the Effective Date; 
	 	 	 
	  	(vii) 	if the RO has a fixed rate of interest, the weighted average life of such RO is less than [*] years (or such longer period otherwise agreed to by GSI acting in a reasonable manner).
	 	 	 
	  	(viii) 	Counterparty and its Credit Support Providers have provided to GSI such documentation in respect of such obligation as GSI shall have reasonably requested (which shall include, without limitation, the offering document, rating letters, a Tax Opinion and, if applicable, the most recent Trustee/Servicer Report);
	 	 	 
	  	(ix) 	The Reference Entity of such obligation is bankruptcy remote from Counterparty, its Credit Support Providers and their respective Affiliates, or other prior owner of the assets securitized through issuance of the Reference Obligation, as evidenced by a True Sale and Nonconsolidation Opinion satisfactory to GSI in its good faith discretion or other circumstances satisfactory to GSI; 
	 	 	 
	  	(x) 	The issuer of the RO shall not be an affiliate of the Counterparty or its Credit Support Providers for US bankruptcy law purposes (as reasonably determined by GSI); 
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

    

2

	
      

    
	 

        	
(xi)
        	
Application will have been made or required to be made on a
recognised stock exchange;
        
	 	 	 
	 

        	
(xii)
        	
Not registered pursuant to any registration statement with the U.S.
Securities and Exchange Commission
        
	 	 	 
	 

        	
(xiii)
        	
Not issued by or guaranteed by any of (1) Counterparty or its Credit Support Providers, (2) The Goldman Sachs Group, Inc., or (3) any Affiliates of The Goldman Sachs Group, Inc.;
        
	 	 	 
	 

        	
(xiv)
        	
A bond that does not require a Holder to execute any agreement prior to buying or selling such bond, qualifies for transfer in accordance with the provisions of Regulation S and/or Rule 144A under the Securities Act and is otherwise Transferable;
        
	 	 	 
	 

        	
(xv)
        	
Would not cause the Portfolio to violate any of the following limits by aggregate Net USD Notional Amounts:

        
	 	 	 	 
	 

        	 

        	   a.
        	
The sum of the Net USD Notional Amounts of ROs rated [*] by each of S&P and Moody’s may be up to [*]% of the Maximum Aggregate Notional Amount, provided, however, that any RO rated [*] by each of S&P and Moody’s but also rated by Fitch and rated
lower than [*] by Fitch shall be deemed for purposes of this test to be rated [*] by S&P and Moody’s;
        
	 	 	 	 
	 	 	   b.	The sum of the Net USD Notional Amounts of ROs rated at least [*] by each of S&P and Moody’s (excluding ROs that are rated [*]) may not exceed (i) [*]%  of the Maximum Aggregate Notional Amount minus (ii) the
sum of the Net USD Notional Amounts of ROs rated lower than [*] by either S&P or Moody’s, provided, however, that (x) any RO rated [*] by each of S&P and Moody’s but also rated by Fitch and rated lower than [*] by
Fitch shall be deemed for purposes of this test to be rated [*] by S&P and Moody’s and (y) any RO rated [*] by each of S&P and Moody’s but also rated by Fitch and rated lower than [*] by Fitch shall be
deemed for purposes of this test to be rated lower than [*] by S&P and Moody’s;
	 	 	 	 
	 	 	   c.	The sum of the Net USD Notional Amounts of ROs rated at least [*] by each of S&P and Moody’s (excluding ROs that are rated [*] or [*]) may not exceed (i) [*]% of the Maximum Aggregate Notional Amount
minus (ii) the sum of the Net USD Notional Amounts of ROs rated lower than [*] by either S&P or Moody’s, provided, however, that any RO rated [*] by each of S&P and Moody’s but also rated by Fitch and rated
lower than [*] by Fitch shall be deemed for purposes of this test to be rated lower than [*] by S&P and Moody’s;
	 	 	 	 
	 	 	   d.	The sum of the Net USD Notional Amounts of ROs which are obligations secured by commercial loans may not exceed [*]% of the Maximum Aggregate Notional Amount;
	 	 	 	 
	 	 	   e.	The sum of the Net USD Notional Amounts of ROs which are obligations secured by equipment loans or leases (including aircraft leases and railcar leases), may not exceed [*]% of the Maximum Aggregate Notional Amount;
	 	 	 	 
	 	 	   f.	The sum of the Net USD Notional Amounts of ROs which are
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

3

	
      

    
	 	 	    	 	obligations secured by aircraft leases or railcar leases may not exceed [*]%  of the Maximum Aggregate Notional Amount; and
	 	 	 	 	 
	 

        	 

        	 	g.
        	
The sum of the Net USD Notional Amounts of ROs which are obligations secured by Private Student Loans may not exceed [*]%  of the Maximum Aggregate Notional Amount.
        
	 	 	 	 	 
	 	 	 	h.	The sum of the Net USD Notional Amounts of ROs which are secured by Guaranteed Student Loans may not exceed [*]% of the Maximum Aggregate Notional Amount.
	 	 	 	 	 
	 	 	 	i.	The sum of the Net USD Notional Amounts of ROs which are secured by assets other than commercial loans, equipment loans or leases (including aircraft leases and railcar leases), Private Student Loans or Guaranteed Student Loans, and which are not identified in j. below, may not
in the aggregate exceed [*]% of the Maximum Aggregate Notional Amount.
	 	 	 	 	 
	 	 	 	j.	The sum of the Net USD Notional Amounts of ROs agreed between GSI and Counterparty pursuant to (xxiv) below shall not exceed such percentage of the Maximum Aggregate Notional Amount as shall be specified by GSI.
	 	 	 	 	 
	 	 	
       

    	
      For purposes of the foregoing tests:

      (a) the ratings applied for both the new RO proposed to be added to the Portfolio and the ratings for the existing ROs in the Portfolio shall be current ratings of such ROs as of the proposed Effective Date for the new RO;

      (b) If any RO consists of more than one of the asset types described in d. through i., the full Net USD Notional Amount of such RO shall be counted against each of the relevant percentage restrictions; and

      (c)

[*] means [*] (S&P), [*] (Moody’s) and [*] (Fitch); and [*] means [*] (S&P), [*] (Moody’s), and [*] (Fitch); and [*] means [*] (S&P), [*] (Moody’s).

    
	 	 	 	 	 
	 	(xvi)	Would not cause the Net USD Notional Amount of a single RO in the Portfolio to exceed [*]% of the Maximum Aggregate Notional Amount;

	 	 	 
	 	(xvii)	Would not cause the aggregate Net USD Notional Amount of all ROs which are issued by a common issuer and have the same rating to exceed a) to the extent the ROs are rated [*], $[*] or b) to the extent one or more of such ROs are rated below [*], [*]% of the Maximum
Aggregate Notional Amount;
	 	 	 
	 	(xviii)	Would not cause the aggregate Net USD Notional Amount of all ROs which are secured predominantly by obligations of any one obligor or group of affiliated obligors, to exceed [*]%  of the Maximum Aggregate Notional Amount;
	 	 	 
	 	(xix)	Would not cause the total number of ROs to exceed [*];

	 	 	 
	 	(xx)	GSI owning the RO in an amount equal to the Net USD Notional Amount would not violate any law, rule or regulation applicable to GSI;

	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

  

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	 	(xxi)	In the case of a Counterparty Originated Asset, Counterparty has delivered to GSI an executed indemnity letter in a form acknowledged in a letter agreement between GSI and Counterparty of even date herewith (the “Indemnity Letter”);
	 	 	 
	 	(xxii)	The terms of such RO require delivery to holders of such RO of Trustee/Servicer Reports providing information of a degree and with a frequency which is customary in Rule 144A securitizations of the same asset types;
	 	 	 
	 	(xxiii)
	Is issued in registered form for U.S. federal income tax purposes; and

	 	 	 
	 	(xxiv)	Also includes any other obligation as GSI may agree from time to time following request from Counterparty.

	 	 
	 	
      If it is determined after the Effective Date that the RO failed to meet any of the foregoing requirements as of the Effective Date and GSI gives notice of such circumstance to Counterparty, a Removal Date shall be deemed
to occur in relation to such RO. Further, if after the Effective Date Counterparty fails to deliver the most recently issued Trustee/Servicer Report or Rating Agency Report with respect to an RO within five Business Days of a request from GSI, at
GSI’s sole option a Removal Date may be deemed to occur in relation to such RO.

      “Asset Backed Securities” means securities that are Not Contingent within the meaning of the Credit Derivatives Definitions and are secured by loans, leases, receivables or similar payment obligations or financial assets which
convert by their terms into cash within a finite period of time, and without limitation of the foregoing shall exclude (i) credit linked notes or other synthetic securities; i.e. securities secured by or representing credit swaps, total return swaps
or other derivative exposures, (ii) securities secured by equity instruments or corporate bonds and (iii) ABS CDOs, “CDO squareds” or other securities which are themselves secured by Asset Backed Securities.

      “Counterparty Originated Asset” means any RO with respect to which the Counterparty, its Credit Support Providers or any of their Affiliates (i) is related as depositor, originator or transferor of the receivables securitized in
the RO or (ii) is a sponsor, servicer or administrator thereto, (iii) is a holder of any beneficial interest in the issuer of the RO or (iv) has acted as an underwriter, arranger or distributor of such RO.

      “Guaranteed Student Loans” means student loans originated under Title IV of the Higher Education Act, no less than 95% of the loan principal and interest of which are guaranteed and explicitly reinsured by the United States
Department of Education.

      “Private Student Loans” means student loans other than Guaranteed Student Loans.

      “Tax Opinion” means a legal opinion of nationally recognized tax counsel that concludes that (a) the RO will be treated as indebtedness for U.S. federal income tax purposes and (b) the issuer of the RO will not be treated as
subject to U.S. federal tax.

      “True Sale and Nonconsolidation Opinion” means a legal opinion of McKee Nelson LLP or other counsel satisfactory to GSI in its good faith discretion which concludes that (i) any assets purchased by the Reference Entity in
connection with the relevant securitization would not be considered to be part of the estate

    
	
      

    

5

	
      

    
	 
        	
      of any relevant Affiliate of Counterparty (an “Originator Affiliate”) in a proceeding under the United States Bankruptcy Code and (ii) neither the Reference Entity nor any other special purpose entity
organized in connection with the relevant securitization would be substantively consolidated with any of (A) Counterparty, (B) any Credit Support Providers of Counterparty or (C) any Originator Affiliate (other than a special purpose entity), in
each case where the foregoing conclusions take account of the existence and terms of this Facility and Counterparty’s Credit Support Documents.

    
	
      

    
	Maximum Aggregate Notional Amount	In respect of any date, USD 3,000,000,000, less cumulative amount of Swap Amortization amounts determined on or prior to such date.
	
      

    
	Aggregate Notional Amount	The sum on any day of the Net USD Notional Amounts of each RO at the close of business on that day.
	
      

    
	Swap Amortization	USD 300,000,000 with respect to each anniversary of the Facility Commencement Date, beginning with the 11th anniversary of the Facility Commencement Date.
	
      

    
	
      Portfolio Adjustment

    	
      Counterparty may, by sending a Portfolio Adjustment Notice to GSI, designate any Business Day to adjust the Portfolio (any such adjustment a “Portfolio Adjustment”) by:

    
	 	 	 
	 

        	
(i)
        	
designating a new Eligible RO for addition to the Portfolio; or
        
	 	 	 
	 

        	
(ii)
        	
designating a RO for removal, in whole or in part, pursuant to a Removal Date; or

        
	 	 	 
	 

        	
(iii)
        	
 combining (i) and (ii) to effect a substitution;
        
		 
	
        	
      provided (a) no Potential Event of Default or Event of Default has occurred and is continuing in relation to Counterparty, (b) the Aggregate Notional Amount does not exceed the Maximum Aggregate Notional Amount as a
result of such Portfolio Adjustment; (c) each RO to be added is an Eligible RO; and (d) there shall be no more than one new RO added to the Portfolio in any calendar week.

      In addition:

      [*]

      (b) If Counterparty fails to designate a Removal Date as required hereby, GSI may by sending a Portfolio Adjustment Notice to Counterparty, designate any Business Day to adjust the Portfolio (any such adjustment, also a “Portfolio
Adjustment”) by designating one or more ROs for removal, in whole or in part, pursuant to a Removal Date such that after giving effect to such Portfolio Adjustment Notice, the Aggregate Notional Amount is less than or equal to the Maximum
Aggregate Notional Amount.

    
	
      

    

 

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

6

	
      

    
	
      Portfolio Adjustment 

        Notice

    	
      A notice provided at least fifteen Business Days (or such lesser number of Business Days as agreed between Counterparty and GSI) prior to the date of any Portfolio Adjustment revising Annex A to take account of any
[*]

      
	
      

    
	
      Determination of Initial

         FX Rate

    	
      The Calculation Agent will determine in a commercially reasonable manner the Initial FX Rate for each RO not denominated in USD based on the Current FX Rate as of the date determined by the Calculation Agent after the
date the Portfolio Adjustment Notice is received for such RO and at least two Business Days prior to its Effective Date.

    
	
      

    
	
      FX Rate

    	
      With respect to a Specified Currency, as of the Effective Date and at any time prior to and including the initial [*], the Initial FX Rate; and following the initial [*], the Current FX Rate as
of the immediately preceding [*].

    
	
      

    
	
      Current FX Rate

    	
      With respect to a Specified Currency as of any date, the spot rate of exchange between the Specified Currency and USD as of such date, determined by the Calculation Agent in a commercially reasonable manner.

    
	
      

    
	
      Business Days

    	
      For payment dates requiring payments in USD, London and New York

      For payment dates requiring payments in CAD, Toronto and London

      For payment dates requiring payments in EUR, London and TARGET.

      For payment dates requiring payments in GBP, London and New York

      For purposes of the Collateral provisions, Portfolio Adjustment Notices and all other purposes hereunder, London and New York.

    
	
      

    
	Business Day 

      Convention	Modified Following
	
      

    
	Calculation Agent	GSI
	
      

    
	Facility Fee	 
	
      

    
	Facility Fee	
      On each Facility Fee Payment Date, Counterparty shall pay to GSI a Facility Fee determined as follows:

      Facility Fee Notional Amount x Facility Fee Rate x (the actual number of days within the relevant Facility Fee Period divided by 360)

    
	
      

    
	
      Facility Fee Notional 

        Amount

    	
      In respect of the Facility Fee Period from and including the Facility Commencement Date to but excluding the initial Facility Fee Payment Date, the higher of (a) the Aggregate Notional Amount and (b) zero. For the
immediately following Facility Fee Period, the higher of (a) the Aggregate Notional Amount and (b) [*]% of the Maximum Aggregate Notional Amount. For each 

    
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

7

	
      

    
	 

        	
subsequent Facility Fee Period, the Maximum Aggregate Notional Amount.
        
	
      

    
	
Facility Fee Rate
        	
285 bps
        
	
      

    
	
Facility Fee Period
        	
With respect to any Facility Fee Payment Date, the period from (and including) the immediately preceding Facility Fee Payment Date (or, in relation to the initial Facility Fee Period, the Facility Commencement Date) to (but excluding) such Facility Fee Payment Date (or, in relation to the final
Facility Fee Period, the Facility End Date).
        
	
      

    
	
Facility Fee Payment 

      Dates
        	Quarterly on each three month anniversary of the Facility Commencement Date and ending on the Facility End Date.

        
	
      

    
	
Terms Relating to Each Transaction
        
	
      

    
	
1. General Terms
        	 

        
	
      

    
	
Terms Specified in 

      Annex A
        	The Following terms in relation to each Transaction will be specified in Annex A:
        
	 	 	 
	 

        	
•
        	
 Effective Date (subject to Condition to Effectiveness below)
        
	 	 	 
	 

        	
•
        	
 Reference Obligation (“RO”)
        
	 	 	 
	 

        	
•
        	
 Reference Entity
        
	 	 	 
	 

        	
•
        	
 Guarantor or other credit support provider (if any)
        
	 	 	 
	 

        	
•
        	
 Insurer (if any)
        
	 	 	 
	 

        	
•
        	
 Specified Currency
        
	 	 	 
	 

        	
•
        	
 Initial FX Rate
        
	 	 	 
	 

        	
•
        	
 Initial Notional Amount (which will be an actual outstanding principal amount of the RO)

        
	 	 	 
	 

        	
•
        	
 Offered Price (including accrued interest) (expressed as percentage of
principal balance)
        
	 	 	 
	 

        	
•
        	
 Initial Price (expressed as percentage of principal balance)
        
	 	 	 
	 

        	
•
        	
 Floating Rate Period End Dates
        
	 	 	 
	 

        	
•
        	
 Reference Obligation Coupon
        
	 	 	 
	 

        	
•
        	
 Each credit rating of RO as at Effective Date
        
	 	 	 
	 

        	
•
        	
 The Transaction Termination Date
        
	 	 	 
	 

        	
•
        	
 Initial Haircut Percentage (which will be the Haircut Percentage applicable to the RO on the Effective Date)

        
	 	 
	 	The Transaction Termination Date shall, if required by or assumed by counsel in connection with the delivery of a True Sale and Non-Consolidation Opinion, be a date occurring not later than (i) for ROs for which the
expected final amortization based on pricing speed, as determined by Counterparty (the "Expected Amortization Date") will occur 5 years or more after the Effective
	
      

    

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       Date for such RO, the date on which 80% of the number of days occurring between the Effective Date for such Transaction and the Expected
Amortization Date have lapsed, (ii) for ROs for which the Expected Amortization Date will occur more than one but less than five years after the Effective Date for such RO, the date occurring one year prior to the Expected Amortization Date and
(iii) for ROs for which the Expected Amortization Date will occur one year or less from the Effective Date for such RO, the date on which 50% of the number of days occurring between the Effective Date for such Transaction and the Expected
Amortization Date have lapsed.

    
	
      

    
	
      Condition to 

        Effectiveness

    	
      The Effective Date shall be subject to (A) the availability to GSI of a firm offer from Counterparty or an unaffiliated third party designated by Counterparty on which GSI or its designee could execute the purchase of a
principal amount of the RO equal to the Initial Notional Amount at the Offered Price for settlement on the Effective Date, such Offered Price (1) not to exceed the market value of the principal amount of the RO determined by the Calculation Agent in
a commercially reasonable manner and (2) unless a Bid Failure Event occurs, to be greater than the applicable Initial Haircut Percentage and (B) receipt by GSI on or prior to such Effective Date of the Initial Payment from CIT Financial (Barbados)
Srl (“CIT Barbados”) as required to be made pursuant to a Guaranty provided by CIT Barbados (the “Guaranty”) for application under the Transaction. If a Bid Failure Event occurs, the Effective Date shall occur at
Counterparty’s option and the Offered Price shall be equal to zero.

      For the avoidance of doubt, if an Effective Date and Bid Failure Event occurs and the Offered Price is zero, immediately upon the Effective Date, Counterparty shall at its option, after giving the applicable notice described in this Agreement, be
entitled to either (i) cause a [*] or (ii) receive the Market Related Amount in cash from GSI with respect to the related RO on the Effective Date under the terms of the Credit Support Annex.

      The initial Effective Date hereunder shall also be subject to the condition precedent that (i) counsel to CIT Barbados has provided GSI with an opinion acceptable to GSI confirming the perfection of GSI’s interest in any Initial Payment to
be made by CIT Barbados under the Guaranty from time to time and (ii) CIT Barbados has taken all necessary steps required by GSI to perfect GSI’s interest in such Initial Payment under Barbados law.

    
	
      

    
	
      Initial Price

    	
      From and including the Effective Date to but excluding the [*], (1) Offered Price minus (2) Haircut Percentage (in each case as of the Effective Date), subject to a minimum of zero.

      From and including any [*] to but excluding the [*], (1) Current Price minus (2) Haircut Percentage (in each case as of the [*] occurring at the beginning of such period), subject to a minimum
of zero.

    
	
      

    
	
      Bid Failure Event

    	
      If prior to the Effective Date either GSI gives notice to Counterparty, or Counterparty gives notice to GSI, that GSI has not identified a firm bid for the RO at the Offered Price after the Condition to Effectiveness has been satisfied (for settlement on the Effective Date), then the Effective Date shall be five business days after the effective date of such notice.  If prior to the second effective date either GSI gives notice to Counterparty, or Counterparty gives notice to GSI, that GSI has not identified a firm bid for the RO at the Offered 

    
	
      

    

 

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

9

	
      

    
	 	Price (for settlement on such second effective date), then the Effective Date shall be five business days after the effective date of such notice. If prior to the third effective date either GSI gives notice to Counterparty, or Counterparty gives notice to GSI, that GSI has not identified a firm bid for the RO at the Offered Price (for settlement on such third effective date), then a Bid Failure Event has occurred. For the avoidance of doubt, GSI is not required to provide a bid for the RO. 
	
      

    
	Initial Payment 	
      CIT Barbados, as required pursuant to the Guaranty, will make a payment to GSI on the Effective Date for each RO calculated as follows: 

      Initial Notional Amount times Initial Haircut Percentage divided by FX Rate for the relevant RO; provided, however, that if there is a Bid Failure Event, then the Initial Payment will be zero. 

    
	
      

    
	Notional Amount 	The Initial Notional Amount, as reduced by each Terminated Notional Amount and Actual Principal Repayment from time to time. 
	
      

    
	Net USD Notional 

      Amount	On any day, the Notional Amount at the close of business (London time) on that day multiplied by the related Initial Price divided by the related FX Rate for that RO.
	
      

    
	Average Notional 

      Amount 	With respect to any Floating Rate Period, the sum of the Net USD Notional Amounts for each day in that period divided by the actual number of days in that period. 
	
      

    
	Termination Date 	The earlier of: (i) the Facility End Date, (ii) the Defaulted Termination Date, (iii) the Transaction Termination Date or (iv) the date on which the Notional Amount of the Transaction equals zero.
	
      

    
	Removal Date 	The Business Day specified by Counterparty or GSI for early termination, in whole or in part, of an RO in accordance with a Portfolio Adjustment.
	
      

    
	2 . Effective Date Exchange 	 
	
      

    
	Counterparty Exchange 

      Amount 	On the Effective Date with respect to an RO, Counterparty shall pay to GSI an amount in the Specified Currency with respect to such RO equal to its Initial Notional Amount multiplied by its Offered Price.
	
      

    
	GSI Exchange Amount	On the Effective Date with respect to an RO, GSI shall pay to Counterparty an amount in USD with respect to such RO equal to its Initial Notional Amount multiplied by its Offered Price divided by its Initial FX Rate.
	
      

    
	3 . Haircut 	 
	
      

    
	Haircut Percentage 	The Haircut Percentage shall be the percentage determined in accordance with the table below by reference to the rating of the RO as of the relevant date. For the avoidance of doubt the Haircut Percentage applicable to an RO may change after the Effective Date if its applicable rating changes.
	 	 	 	 	 
	  	  	  	Rating 	Percentage 
	 	 	 	 	 
	  	  	  	““AAA” FFELP Assets 	[*]% plus the Selected Percentage 
	  	  	  	“A” or better 	[*]% plus the Selected Percentage 
	  	  	  	“BBB” but less than “A” 	[*]% plus the Selected Percentage 
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

10

	
      

    
	 

        	

Less than “BBB”                 

[*]% plus the Selected Percentage

        
		 
	
        	
      provided that where the ratings of the relevant agencies differ, the lower of the ratings shall apply.

      As used above:

      “A” or better” means that the RO is rated at least A+/A by S&P and A1/A2 by Moody’s and, if rated by Fitch, is rated at least A+/A by Fitch;

      ““BBB” but less than “A”” means that the RO is rated at least A-/ BBB+/BBB/BBB- by S&P and A3/Baa1/Baa2/Baa3 by Moody’s and, if rated by Fitch, is rated at least A-/BBB+/BBB/BBB- by Fitch.

      “Less than “BBB”” means that the RO is neither ““A” or better” nor ““BBB” but less than “A””.

      “AAA” FFELP Assets means that the RO is a securitization where the securitized receivables are exclusively comprised of Guaranteed Student Loans, and is rated AAA by S&P and Aaa by Moody’s and, if rated by Fitch, is rated at
least AAA by Fitch.

      “Selected Percentage” means (x) in respect of any date prior to the seven year anniversary of the Facility Commencement Date, zero and (y) in respect of any date after the seven year anniversary of the Facility Commencement Date,
a figure of between 0% and 10% selected by GSI; provided, however, that (i) the Selected Percentage may not exceed 10%, (ii) the Selected Percentage may not be decreased from its value on any prior date and (iii) each incremental increase in the
Selected Percentage shall result in a reduction of the Facility Fee Rate by 5 bps with effect from the date of such increase, with the values of the Facility Fee corresponding to each possible value of the Selected Percentage as set forth
below.

    
	 	
      

    
	 

        	

  Selected
        	
Facility Fee
        	
Selected
        	
Facility Fee
        
	 

        	

  Percentage
        	
Rate (bps)
        	
Percentage
        	
Rate (bps)
        
	 	
      

    
	 

        	

  0%
        	
285
        	
6%
        	
255
        
	 

        	

  1%
        	
280
        	
7%
        	
250
        
	 

        	

  2%
        	
275
        	
8%
        	
245
        
	 

        	

  3%
        	
270
        	
9%
        	
240
        
	 

        	

  4%
        	
265
        	
10%
        	
235
        
	 

        	

  5%
        	
260
        	 

        	 

        
	 	
      

    
	
      

    
	4.

Total Return Payer Payments
	 	 	 	 
	
      

    
	Total Return Coupon

      Payments
	On each Total Return Coupon Payment Date, GSI shall pay to Counterparty an

amount in the Specified Currency equal to the Actual Coupon Payment on the

related RO.

	
      

    
	Total Return Coupon

      Payment Dates
	With respect to an RO, the date falling five Business Days following each date

on which the Holders of the RO receives an Actual Coupon Payment.

	
      

    
	5.

Floating Rate Payer Payments
	 
	
      

    
	Floating Rate Payments
	
      On each Floating Rate Payment Date, Counterparty shall pay to GSI an amount

in USD equal to:

      Average Notional Amount times Floating Rate times Floating Rate Day Count

    
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

11

	
      

    
	 	Fraction
	
      

    
	
Floating Rate Period End

      Dates
        	
As specified in Annex A, and the Termination Date.

        

	
      

    
	
Floating Rate Payment

      Dates
        	
The date falling five Business Days following each Floating Rate Period End

Date.

	
      

    
	
Floating Rate

        	
USD-LIBOR-BBA (with a Designated Maturity equal to the Floating Rate Period)

plus the Floating Rate Spread. Linear Interpolation shall apply.
        

	
      

    
	
Floating Rate Spread
        	
0 bps
        
	
      

    
	
Floating Rate Period

        	
The period from, and including, the prior Floating Rate Period End Date or the

Effective Date, as applicable, to, but excluding, the current Floating Rate Period

End Date.
        

	
      

    
	
Floating Rate Day Count

      Fraction
        	
Actual/360

        

	
      

    
	
Floating Rate Reset

      Dates
        	
The first day of each Floating Rate Period

        

	
      

    
	
6

.

Principal Payments
        	 

        
	
      

    
	
Floating Rate Principal

      Payments

        	
      On each Principal Payment Date, Counterparty shall pay to GSI an amount in

USD equal to:

      (1) the amount of the Actual Principal Repayment on the related RO times (2)

Offered Price divided by (3) FX Rate.
        

    

	
      

    
	
Amortized Net Notional

      Amount
        	
For any Principal Payment Date, the amount of the Actual Principal Repayment

on the related RO times Initial Price.
        

	
      

    
	
First Total Return

      Principal Payments

        	
On each Principal Payment Date, GSI shall pay to CIT Barbados an amount in

USD equal to (a) the Actual Principal Repayment on the related RO times (b)

the Initial Haircut Percentage divided by (c) the FX Rate with respect to that RO.
        

	
      

    
	
Second Total Return

      Principal Payments

        	
On each Principal Payment Date, GSI shall pay to Counterparty an amount in

the Specified Currency equal to the Actual Principal Repayment on the related

RO.
        

	
      

    
	
Principal Payment Dates

        	
With respect to an RO, the date falling five Business Days following each date

on which the Holders of the RO receive an Actual Principal Repayment.
        

	
      

    
	7

.

Termination Payments
	 
	
      

    
	
First Total Return

      Termination Payment

        	
On each Termination Payment Date (and on any Early Termination Date,

subject to any applicable reduction and setoff for any amounts due and unpaid

by Counterparty under the Master Agreement in respect of such Early

Termination Date), GSI shall pay to CIT Barbados an amount in USD equal to

the Terminated Notional Amount times the Initial Haircut Percentage divided by

the FX Rate with respect to that RO.
        

	
      

    
	
Second Total Return

      Termination Payment

        	
On each Termination Payment Date, GSI shall pay to Counterparty an amount

in the Specified Currency equal to the Terminated Notional Amount times Final

Price.
        

	
      

    

12

	
      

    
	
Floating Rate

      Termination Payment
        	
      On each Termination Payment Date, Counterparty shall pay to GSI an amount

in USD equal to:
        

      (A) Terminated Notional Amount times Initial Price divided by FX Rate

      plus

      (B) Terminated Notional Amount times Initial Haircut Percentage divided by FX

Rate.

    

	
      

    
	Termination Payment

      Date
	Each Removal Date, Defaulted Termination Date, Transaction Termination Date

or Facility End Date, as applicable.

	
      

    
	8.

[*]	 
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

13

	
	
      

    
	9. Credit Event Termination	 
	
      

    
	Credit Event 	
      Failure to Pay; provided “Failure to Pay” shall mean:  

      after the expiration of any applicable grace period (however defined under the terms of the RO), the occurrence of a non-payment of a payment of interest Scheduled to be Due or principal due on the RO on any date, in accordance with the terms of such RO at the time of such failure. The occurrence of a Failure to Pay shall be determined without regard to the effect of any provisions of the RO that permit or provide for the limitation of payments of principal or interest in accordance with the terms of the RO pursuant to an available funds cap or otherwise, that provide for the capitalization or deferral of interest on the RO, or that provide for the extinguishing or reduction of such payments of principal or interest without a corresponding payment to Holders of the RO.

      Bankruptcy (as defined in the Credit Definitions) of the Reference Entity or any

    
	
      

    

14

	
      

    
	
        	
      Insurer and/or credit support provider.

      “Scheduled to be Due” means in the case of an interest payment that such interest payment would accrue during the related calculation period for the RO using the Reference Obligation Coupon identified in Annex A on the
outstanding principal balance of the RO for such calculation period, assuming for this purpose that sufficient funds are available therefor in accordance with the terms of the RO.

    
	
      

    
	
      Credit Event Notice 

        Requirement

    	
      Notice of a Credit Event from GSI to Counterparty shall be in the form on an irrevocable notice in writing of the occurrence of a Credit Event. The notice shall:

      (i) identify the Credit Event in question and shall contain a description in reasonable detail of the facts relevant to the determination that a Credit Event has occurred, and

      (ii) be accompanied with Publicly Available Information (as defined in Sections 3.5(a) and (c) of the Credit Definitions and for such purposes the Specified Number of Public Sources shall be one and the RO is the Obligation).

      A Credit Event Notice shall be subject to the requirements regarding notices set forth in Section 1.10 of the Credit Definitions (except that the giving of notice by telephone shall not be permitted) which, together with the requirements set out
above, shall be used to determine whether a Credit Event Notice is “effective.”

    
	
      

    
	
      Trustee/Servicer Report

    	
      Periodic statements or reports regarding the RO provided to the Holders of the RO by the trustee, servicer, sub-servicer, master servicer, fiscal agent, paying agent or other similar entity responsible for calculating
payment amounts or providing reports pursuant to the underlying instruments of the RO.

    
	
      

    
	
      Defaulted Termination

        Date

    	
      10 Business Days after the Credit Event Notification Date.

    
	
      

    
	Defaulted Termination

       Event	Upon GSI notifying Counterparty of a Credit Event in accordance with Credit Event Notice Requirement (“Credit Event Notification Date”), the Transaction will terminate in whole on the Defaulted Termination Date.
	
      

    
	
      10. Breakage Payments

    	 
	
      

    
	LIBOR Breakage 

        Payment Date:	The occurrence of a (i) Removal Date, (ii) Principal Payment Date, (iii) Defaulted Termination Date; or (iv) a [*], unless any such date occurs on either (a) a Floating Rate Period End Date or (b) the
Facility End Date.
	
      

    
	
      LIBOR Breakage 

        Payment:

    	
      In the event, and only in the event, that a LIBOR Breakage Payment Date occurs, Counterparty shall pay to GSI on each such LIBOR Breakage Payment Date an amount equal to the LIBOR Breakage Payment Amount (if positive) for
such LIBOR Breakage Payment Date or GSI shall pay to Counterparty an amount equal to the absolute value of the LIBOR Breakage Payment Amount (if negative) for such LIBOR Breakage Payment Date.

    
	
      

    
	
      LIBOR Breakage 

        Payment Amount:

    	
      With respect to each LIBOR Breakage Payment Date, an amount calculated by the Calculation Agent according to the following formula (the “LIBOR Breakage Payment Amount”):

      With respect to a Principal Payment Date:

    
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

15

	
      

    
	
        	
      (L1 - L2) x (D / 360) x Amortized Net Notional Amount / FX Rate

      With respect to a Removal Date or Defaulted Termination Date:

      (L1 - L2) x (D / 360) x Terminated Notional Amount x Initial Price / FX Rate

      With respect to a [*]

      Where: —

      "L1" equals the current Floating Rate (excluding the Floating Rate Spread) for the period ending on the next succeeding Floating Rate Period End Date as set on the immediately previous Reset Date.

      "L2" equals USD-LIBOR-BBA minus 0.15%, with a Designated Maturity equal to "D" (as defined below) with the Reset Date being the current LIBOR Breakage Payment Date; provided, however, that if such Designated Maturity shall be one week or
less, one-week USD-LIBOR-BBA shall be used. If such Designated Maturity is longer than one week and there is no USD-LIBOR-BBA published with such a Designated Maturity, Linear Interpolation of the next shorter and next longer published Designated
Maturities of USD-LIBOR-BBA shall be used.

      "D" equals the actual number of days remaining in the Calculation Period from, and including, the current LIBOR Breakage Payment Date to, but excluding, the next Floating Rate Period End Date.

    
	
      

    
	11. Definitions	 
	
      

    
	
      Actual Coupon

         Payments

    	
      All payments, including, without limitation, interest and fees, if any, paid by or on behalf of the Issuer in respect of an outstanding principal balance of the applicable RO equal to the Notional Amount to a Holder
(other than Final Price proceeds or Actual Principal Repayments).

    
	
      

    
	
      Actual Principal 

        Repayments

    	
      In respect of any Principal Payment Date, all payments on such date in respect of the reimbursement of principal allocable to an outstanding principal amount of the RO equal to the Notional Amount (as in effect
immediately prior to such Actual Principal Repayment) including, if applicable to such date, principal payments on the maturity date and make whole or premium payments, if any, paid by or on behalf of the Issuer to a Holder. In no event shall a First
Total Return Termination Payment, Second Total Return Termination Payment or a Floating Rate Termination Payment be payable by either party in connection with an Actual Principal Repayment.

    
	
      

    
	
      Final Price

    	
      (1) With respect to a Termination Payment Date other than where Bid Disqualification Condition item (iii) below would apply, the price (expressed as a percentage) determined three Business Days prior to the scheduled
Termination Payment Date (the “Counterparty Bidding Date”) on the basis of the firm bids, including accrued interest, (each a “Firm Bid”) for a principal amount of the RO equal to the Terminated Notional Amount, for
settlement on the scheduled Termination Payment Date, obtained by the Calculation Agent on such Counterparty Bidding Date from Counterparty or Counterparty’s designee, where (i) the Calculation Agent will give Counterparty notice of the
Counterparty Bidding Date (unless the Termination Payment Date arises from a Removal Date notified by Counterparty or a Credit Event Notification Date) of its intention

    
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

16

	
      

    
	 	
      to obtain Firm Bids pursuant to this provision and the applicable deadline time for submission of a bid and (ii) Counterparty may, but shall not be obligated to, provide a Firm Bid or procure a Firm Bid from an unaffiliated third party designated by
Counterparty; provided, however, that (A) if no Firm Bid is obtained for any portion of the entire Terminated Notional Amount of the RO by the deadline time on the Counterparty Bidding Date, then the Termination Payment Date shall be postponed to
the Business Day following the originally scheduled Termination Payment Date and (B) if the party providing the Firm Bid on the Counterparty Bidding Date fails to perform its obligation to make payment for the Terminated Notional Amount based on
such Firm Bid on the scheduled Termination Payment Date, the Termination Payment Date shall be postponed to the fourth Business Day following the originally scheduled Termination Payment Date.

      
(2) With respect to a Termination Payment Date where (x) Bid Disqualification item (iii) below would apply or (y) the proviso in (1)(A) above applies or (z) the proviso in (1)(B) above applies, the price (expressed as a percentage) determined three
Business Days prior to the scheduled Termination Payment Date (in the case of (x)) or the postponed Termination Payment Date (in the case of (y) or (z)), as applicable (the “Alternative Bidding Date”) on the basis of the highest of
the Firm Bids for a principal amount of the RO equal to the Terminated Notional Amount, for settlement on the Termination Payment Date, obtained by the Calculation Agent on such Alternative Bidding Date; where (i) the Calculation Agent shall attempt
to obtain a Firm Bid for the Terminated Notional Amount of the RO from one or more Independent Dealers, (ii) except in the case of an Alternative Bidding Date occurring due to the failure of the party providing the Firm Bid on the Counterparty
Bidding Date to perform its obligation to make payment for the Terminated Notional Amount as described in (1)(B) above (aa) the Calculation Agent will give Counterparty notice of its intention to obtain Firm Bids pursuant to this provision and the
applicable deadline time for submission of bids and (bb) Counterparty may, but shall not be obligated to, provide a Firm Bid or procure a Firm Bid from an unaffiliated third party designated by Counterparty and (iv) if no Firm Bid is obtained for
any portion of the entire Terminated Notional Amount of the Reference Obligation by the deadline time on the Bidding Date, then the Final Price for such portion shall be deemed to be zero per cent.

      
Notwithstanding the foregoing, the Calculation Agent shall be entitled to disregard as invalid any Firm Bid submitted by any third party if, in the Calculation Agent's commercially reasonable judgment,

    
	 	 	 
	 	(i) 	either (x) such third party is ineligible to accept assignment or transfer of the relevant RO or portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the RO, as reasonably
determined by the Calculation Agent, or (y) such third party would not, through the exercise of its commercially reasonable efforts, be able to obtain any consent required under any agreement or instrument governing or otherwise relating to the RO
to the assignment or transfer of the RO or portion thereof, as applicable, to it;       
	 	 	 
	  	(ii) 	such Firm Bid is not bona fide, including, without limitation, due to (x) the insolvency of the bidder or (y) the inability, failure or refusal of the bidder to settle the purchase of the RO or portion thereof, as applicable, or otherwise
settle transactions in the relevant market or perform its obligations generally; or     
	 	 	 
	  	(iii)	in connection with any Firm Bid procured by Counterparty on any      
	
      

    

 

17

	
      

    
	
        	 	Counterparty Originated Asset (as defined below), Counterparty is [*]
	 	 
	 	
      (each of (i), (ii) or (iii) a “Bid Disqualification Condition”).

    
	
      

    
	Holder	A holder of a nominal amount of the RO equal to the Notional Amount
	
      

    
	
      Terminated Notional Amount

    	
      In respect of each Termination Payment Date (i) in the case of a Termination Payment Date arising other than from a Removal Date, the current Notional Amount in full and (ii) in the case of a Termination Payment Date arising from a Removal Date,
the portion of the Notional Amount designated for removal by Counterparty in connection with such Removal Date.

    
	
      

    
	
      Transaction Termination 

        Date

    	As specified in Annex A.
	
      

    
	12. Other Terms	 
	
      

    
	
      Collateral

    	
      Credit Support Annex; provided that, part of a party's Exposure attributable to each Transaction will be the Base Currency Equivalent of the Market Related Amount calculated for the relevant RO.

      “Market Related Amount” means [(Initial Price divided by FX Rate)] minus ([Current Price minus Haircut Percentage] divided by Current FX Rate)] times Notional Amount plus Accrued Floating
Amount.

      “Accrued Floating Amount” means the Floating Rate Payment accrued from (and including) the previous Floating Rate Period End Date to (but excluding) the date of calculation.

      “Current Price” means the [*]  market value of the RO (expressed as percentage of principal balance) as determined by Calculation Agent [*]. The parties are entitled to assume that there has
been no change in the Current Price, and rely on the preceding notification, until such time as a new Current Price is notified to the parties by the Calculation Agent.

      If the Market Related Amount is a positive number, then such amount shall be deemed to be a positive Settlement Amount for the purposes of determining GSI’s Exposure in respect of the relevant Transaction and a negative Settlement Amount for
the purposes of determining Counterparty’s Exposure in respect of the relevant Transaction.

      If the Market Related Amount is a negative number, then such amount shall be deemed to be a negative Settlement Amount for purposes of determining GSI’s Exposure in respect of the relevant Transaction and positive Settlement Amount for the
purposes of determining Counterparty’s Exposure in respect of the relevant Transaction; provided, however, that in the event that the aggregate of all Market Related Amounts in respect of all of the Reference Obligations in the Portfolio is a
negative amount which exceeds the Available Maximum Aggregate Notional Amount, then the foregoing provisions of this paragraph shall not apply and the Available Maximum Aggregate Notional Amount shall be deemed to be a negative Settlement Amount for
purposes of determining GSI’s Exposure in respect of all of the Reference Obligations in the Portfolio and positive Settlement Amount for the purposes of determining Counterparty’s Exposure in respect of all of the Reference Obligations in
the Portfolio.

    
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

18

	
      

    
	
        	
      “Available Maximum Aggregate Notional Amount” means, on any date, Maximum Aggregate Notional Amount minus Aggregate Notional Amount.

      In the event that GSI receives written notice from Counterparty that Counterparty, acting in a commercially reasonable manner, disputes the Current Price as determined above (a “Dispute Notice”), (i) the Current Price on the
relevant date shall be [*] and (ii) Counterparty shall be entitled to obtain an Independent Price [*].

      If Counterparty obtains an Independent Price [*], the Current Price on such Business Day shall be the Independent Price
so obtained, provided, however, that If GSI reasonably believes, acting in good faith and in a commercially reasonable manner, that [*], GSI shall notify Counterparty and (i) the Current
Price on the relevant date shall be [*], and (ii) Counterparty shall on  [*] obtain a [*] for the Notional Amount from at least one Independent Dealer (an “Independent
Bid”) and the Current Price on such Business Day shall be such Independent Bid (subject to any Bid Disqualification Condition).

      If Counterparty does not obtain an Independent Price on the next Business Day following a Dispute Notice, or does not obtain an Independent Bid on request by GSI, the Current Price on such Business Day shall be the [*] price of the RO as
determined by Calculation Agent as of the date of such calculation.

    
	
      

    
	
      Independent Price

    	
      The Independent Price shall be on any date of determination the average of the [*] prices, including accrued interest, relating to a principal amount of the Reference Obligation equal to the Notional Amount (the
“Quote Size”) provided by at least two Independent Dealers nominated by Counterparty; provided that if at least two bids are not available, then only one bid may be used, and if no bids are available, then the Current Price on such
Business Day shall be the [*] price of the RO as determined by Calculation Agent as of the date of such calculation.

      “Independent Dealers” means Bank of America, Bank of New York, Barclays Bank, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, Royal Bank of Scotland, UBS, Wachovia,
the lead arrangers or underwriters in respect of the RO, any Affiliate of any of the foregoing and any other unaffiliated third party designated by Counterparty and agreed to by GSI.

    
	
      

    
	
      Payments on Early 

        Termination

    	
      Notwithstanding anything to the contrary in the Master Agreement, upon the occurrence of an Early Termination Date in respect of any Transaction hereunder or under the Facility, then the Loss of the parties in respect of
each Transaction shall be determined for such Transaction as equal to the Market Related Amount in relation thereto; where if the Market Related Amount is a negative number, then such amount shall be deemed to be a positive Loss of Counterparty and
a negative Loss of GSI in respect of the relevant Transaction and if the Market Related Amount is a positive number, then such amount shall be deemed to be a negative Loss of Counterparty and a positive Loss of GSI in respect of the relevant
Transaction; provided, however, that for purposes of determination of Loss (i) the reference in the definition of Market Related Amount to “Current Price” shall be deemed to be a reference to “Final Price”

    
	
      

    

	*  	Confidential treatment has been requested and the redacted material has been filed separately with the Securities     and
Exchange Commission.

19

	
      

    
	
        	
      and (ii) for the avoidance of doubt, the provisions set forth under “Collateral” (other than the definitions of Market Related Amount and Accrued Floating Amount) shall not apply.

      In addition to the payments set out above, so long as GSI is not the Defaulting Party or the sole Affected Party, upon the occurrence of an Early Termination Date in respect of any Transaction hereunder or under the Facility, an amount equal to
the aggregate of (i) the Accrued Facility Fee; and (ii) the Present Value Facility Fee shall be deemed to be an additional positive Loss of GSI payable to GSI on such Early Termination Date. The parties agree that the Present Value Facility Fee
represents a reasonable pre-estimate of GSI’s loss resulting from the occurrence of an Early Termination Date in respect of any Transaction hereunder or under the Facility and not a penalty.

      “Accrued Facility Fee” shall mean, as of any date of determination, any accrued but unpaid Facility Fee as at that date.

      “Present Value Facility Fee” shall mean, as of any date of determination, the present value (as determined by the Calculation Agent) of the Facility Fee which would accrue from (and including) that date to (and including) the
date falling 20 years after the Facility Commencement Date, assuming no Optional Termination Date were to occur and discounting each scheduled Facility Fee amount from the relevant scheduled Facility Fee Payment Date based on the value of
“USD-ISDA-Swap Rate” for a maturity equal to the period of time from the date of determination to such scheduled Facility Fee Payment Date, as determined by the Calculation Agent.

    
	
      

    
	
      RO Conversion

    	
      If the RO or any portion thereof is irreversibly converted or exchanged into or for any securities, obligations or other assets or property ("Exchange Consideration"), or any payment on the RO is paid in the
form of any Exchange Consideration that is not cash, thereafter such Exchange Consideration will constitute the RO or portion thereof and the Calculation Agent shall in good faith adjust the terms of this Transaction as the Calculation Agent
determines appropriate to preserve the theoretical value of this Transaction to the parties immediately prior to such exchange or, if such exchange results in a change in value, the proportionate post-exchange value, and determine the effective date
of such adjustments; provided, however, that if the Calculation Agent shall determine in good faith that it is not possible to make such revisions, a Removal Date shall be deemed to occur in relation to such RO and the Transaction related to such RO
shall be terminated.

    
	
      

    
	
      Indemnity Letter Cross 

        Default

    	
      For the avoidance of doubt, any failure of the Counterparty or any other party having obligations under an Indemnity Letter (other than GSI) to comply with its obligations thereunder shall constitute a Potential Event of
Default and, if not cured within the time period specified in the Schedule, an Event of Default, under Section 5(a)(ii) of the Master Agreement, with Counterparty as the Defaulting Party.

    
	
      

    
	
      Rating Agency Reports

    	
      With respect to each Counterparty Originated Asset, the servicer that is a party to the Indemnity Letter has agreed under the Indemnity Letter (and with respect to each other RO, Counterparty agrees) (a) to be responsible
for and shall pay or arrange for payment of the annual fees of Moody’s and S&P and other costs of maintaining the rating of each RO as a monitored rating during the term of the Facility and (b) to deliver to GSI promptly from time to time
any S&P, Moody’s and Fitch reports regarding any ROs that are available to holders of the

    
	
      

    

20

	
      

    
	 
        	
      RO or to Counterparty or its Affiliates in any capacity as originator, servicer, administrator, manager or otherwise in connection with any Reference Entity or RO (“Rating Agency Reports”).

    
	
      

    
	
      Special Reference

         Obligation Termination

        Events

    	
      In the event that

      (i) any of Counterparty or its Affiliates or the Reference Entity fails to comply with any of the covenants or operating procedures assumed or specified to be performed by such parties in a True Sale and Nonconsolidation Opinion as a premise for
such opinion, and such failure is not cured within the cure period applicable to a Potential Event of Default under Section 5(a)(ii) of the Schedule;

      (ii) a change in law (including application or interpretation of existing law) results in a True Sale and Nonconsolidation Opinion becoming invalid under current law as reasonably demonstrated by GSI, and an updated True Sale and Nonconsolidation
Opinion taking account of such change in law and otherwise satisfactory to GSI is not delivered to GSI within 30 days of GSI’s request therefor;

      (iii) a change in law (including application or interpretation of law) would render a Transaction under this Facility no longer to be subject to termination, netting and closeout without restriction from any automatic stay or similar restriction
in an insolvency proceeding under Canadian or U.S. law, as reasonably demonstrated by GSI;

      (iv) the rating of the RO ceases to be a monitored rating subject to periodic update by the relevant agency; or

      (v) payments of interest in relation to the RO become subject to withholding tax under applicable law (unless fully compensated under a customary gross-up provision),

      then GSI may designate a Removal Date in respect of the relevant RO or Transaction.

    
	
      

    
	
      13. Payment Details

    	 
	
      

    
	
      Payments to GSI

    	
      In accordance with GSI’s written instructions as set forth below or as otherwise delivered to Counterparty.

    
	
      

    
	
      GSI Payment Details

    	
      Name of Bank: Citibank, N.A. New York 

        Account No.: 4061 6408 

        Fed. ABA No.: 021000089

    
	
      

    
	
      GSI Inquiries and Notices

    	
      Goldman Sachs International

        Attention: Credit Derivatives Middle Office 

        Tel: 1 212 357 0167 

        Fax: 1 212 428 9189

      With a copy to:

      Email: gs-sctabs-reporting@ny.email.gs.com

    
	
      

    

21

	
      

    
		
      Fax: +1 212 428 3697

      All correspondence shall include the GS Reference Number: SDB925241547

    
	
      

    
	
      Payments to Counterparty

    	
      In accordance with Counterparty’s written instructions as set forth below or otherwise delivered to GSI. GSI shall make no payments without having received (i) such written instructions and (ii) a fully executed facsimile copy of this Confirmation or other written acceptance of the terms hereof.

    
	
      

    
	
      Counterparty Payment 

        Details

    	
      In accordance with Counterparty’s written instructions as delivered to GSI.

    
	
      

    
	Payments to CIT Barbados	In accordance with CIT Barbados’ written instructions as set forth below or otherwise delivered to GSI. GSI shall make no payments without having received (i) such written instructions and (ii) a fully executed facsimile copy of this Confirmation or other written acceptance of the terms hereof by Counterparty.
	
      

    
	
      CIT Barbados Payment 

        Details

    	
      In accordance with CIT Barbados’ written instructions as delivered to GSI.

    
	
      

    

14. Additional Acknowledgement and Agreements:

(a) Counterparty hereby represents to and acknowledges and agrees with GSI that:

(i)  (w) without limitation of Section 9.1 of the Credit Derivatives Definitions, neither GSI nor any of their respective Affiliates shall be under any obligation to hedge the Transaction or to own or hold the Reference Obligation or any securities of the Reference Entity or its Affiliates, directly or indirectly, as a result of any Transaction, and GSI and its Affiliates may establish, maintain, modify, terminate or re-establish any hedge position or any methodology for hedging at any time without regard to Counterparty;

     (x) Counterparty is not relying on any representation, warranty or statement by GSI or any of its Affiliates as to whether, at what times, in what manner or by what method GSI or any of its Affiliates may engage in any hedging activities;

     (y) if GSI does hedge the Transaction or GSI or any hedge counterparty does own or hold the Reference Obligation, directly or indirectly, as a result of any Transaction, GSI and its Affiliates and any such hedge counterparty may act with respect to such Reference Obligation and any other securities of the Reference Entity or its Affiliates in the same
manner as if the Transaction did not exist and may originate, purchase, sell, hold or trade, and may exercise or fail to exercise
voting, consensual, amendment or remedial rights in respect of the Reference Obligations or other obligations, securities or
financial instruments of, issued by or linked to the Reference Entity or its Affiliates in their sole and absolute discretion,
regardless of whether any such action might have an adverse effect on the Reference Entity, the value of the Reference Obligation
or the position of the Counterparty to this Transaction or otherwise; and 

     (z) it has consulted with its own tax advisors to the extent that it has deemed necessary, and it has made its own decisions regarding entering into this Facility and each Transaction based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by GSI or any of its Affiliates or agents.

(ii) The Facility comprises a series of derivative Transactions and no such Transaction is intended by the parties to be a loan, nor is GSI required to provide a bid at any time in relation to any RO;

(iii) The fair value of the assets of the Counterparty will exceed the debt and liabilities, subordinated, contingent and otherwise of the Counterparty and Counterparty will not have unreasonably small capital with

22

which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted.

(b) each party acknowledges and agrees that:    

(i) (A) the Master Agreement and each Transaction entered into under this Confirmation is a "swap agreement" and/or a “securities contract” within the meaning given to such term under Section 101(53B) of the United States Bankruptcy Code of 1978, as amended (the "Bankruptcy Code"); (B) it is a "swap participant" within
the meaning given to such term under Section 101(53C) of the Bankruptcy Code and (C) all Transactions entered into hereunder will constitute "eligible financial contracts" for purposes of the Bankruptcy and Insolvency Act (Canada), the Companies'
Creditors Arrangement Act (Canada) and the Winding Up and Restructuring Act (Canada);

(ii) Unless identified as an underwriter or arranger in an offering document relating to an RO, GSI and its Affiliates have played no role in structuring or arranging for the issuance of any RO or in negotiating or establishing the terms of such RO.
Whether or not GSI or its Affiliates are identified as an underwriter or arranger in an offering document relating to an RO, any and all information that may be provided by GSI to Counterparty hereunder with respect to any RO is not being furnished
by GSI in the capacity of an underwriter or dealer of the RO in connection with this Transaction and GSI accepts no responsibility or liability therefor.

(iii) The contents of this Confirmation and the other agreements relating to the Facility are confidential and shall not be disclosed to any third party, and neither party shall make any public announcement relating to this Facility without consent
of the other party; except that disclosure of this Confirmation and the terms of the Facility is permitted (A) where required or appropriate in response to any summons, subpoena, or otherwise in connection with any litigation or regulatory inquiry
or to comply with any applicable law, order, regulation, ruling, or disclosure requirement, including without limitation, any requirement of any regulatory body or stock exchange where the shares of such disclosing party are listed, as determined by
the disclosing party in good faith following consultation with the other party hereto, (B) to officers, directors, employees, attorneys and advisors of the parties or their affiliates who are subject to a duty of confidentiality to the disclosing
party or such affiliate, (C) to rating agencies and (D) where the information has otherwise become public (other than as a result of a breach of this subparagraph (b)(iii)). Notwithstanding the foregoing or any other provision in this Confirmation
or any other document, GSI and Counterparty (and each employee, representative, or other agent of GSI or Counterparty) may each disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of the
transaction and all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such U.S. tax treatment and U.S. tax structure (as those terms are used in Treasury Regulations under Sections 6011, 6111 and
6112 of the U.S. Internal Revenue Code of 1986, as amended (the "Code")), other than any information for which nondisclosure is reasonably necessary in order to comply with applicable securities laws. Without limitation of (iii)(A)
Counterparty agrees to cooperate in good faith with a reasonable request by GSI to seek confidential treatment from the Securities and Exchange Commission for specific provisions of this Confirmation, provided however, GSI shall pay all reasonable
fees (including reasonable legal fees) incurred in connection with such request.

(iv) as of the Effective Date and so long as either party has or may have any obligation under this Transaction, it is not and will not be an “employee benefit plan” (as defined in Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”)), subject to Title I of ERISA, a “plan” (as defined in Section 4975(e) of the Code), subject to Section 4975 of the Code or an entity whose underlying assets include the assets of
any such plan by reason of 29 CFR 2510.3 -101, Section 3(42) of ERISA or otherwise.

(c) CIT Barbados shall be an express third party beneficiary of the provisions of this Facility specifying payment obligations to CIT Barbados, provided that such payment obligations shall be subject to reduction and setoff on any date in respect of
amounts due and unpaid by Counterparty hereunder.

(d) The parties agree to amend the definition of “Indemnifiable Tax” by adding the following to the end of the definition:

23

“Notwithstanding the foregoing, any Tax imposed by reason of a payment deemed made or received between Counterparty and an affiliate thereof, or between affiliates of Counterparty, by reason of this Facility or a Transaction hereunder, and
related transactions, shall be treated as (i) an Indemnifiable Tax on a payment under this Agreement in the case of payments made by Counterparty or its affiliates to GSI and (ii) a Tax on a payment under this Agreement which is not an Indemnifiable
Tax in the case of payments made by GSI to Counterparty or its affiliates.”

24

15. Agreement as to Confirmation:

Counterparty hereby agrees (a) to check this Confirmation (Reference No SDB925241547) carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing correctly
sets forth the terms of the agreement between GSI and Counterparty with respect to the particular Transaction to which this Confirmation relates, by manually signing this Confirmation and providing the other information requested herein and
immediately returning an executed copy to Swap Administration, Goldman Sachs International, facsimile No +1 212 428 9189).

25

		
      Goldman Sachs International | Peterborough Court | 133 Fleet Street | London EC4A 2BB | Tel 0207 774 1000

  Registered in England no. 226395. Registered Office as above. Authorised and regulated by the Financial Services Authority

       

    

  EXECUTION COPY

GSI is very pleased to have executed this Transaction (Reference No. SDB925241547) with Counterparty.

	 	Very truly yours,

      GOLDMAN SACHS INTERNATIONAL
	 	 
	 	By:	/s/ Matt Seager
    
	 	 	
      

    
	 	Name:	Matt Seager
	 	Title:	

Agreed To And Accepted By:

  CIT FINANCIAL LTD.

  

	By:	/s/ Barbara Callahan

		
      

    
	Name:	Barbara Callahan
	
      Title:

      

    	Senior Vice President – 

      Corporate Treasury

26

 

Annex A 

	
      

    
	Transaction

      Number	Reference

      Obligation	Reference

      Entity	Guarantor

      or credit

      support

      provider	Insurer,

      if any	Specified

      Currency	Effective

      Date	Transaction

      Termination

      Date

	  	  	  	 	  	  	  
	  	  	  	 	  	  	  	  
	 	 	 	 	 	 	 	 
	
      

    
	 
	
      

    
	 
	
      

    
	 
	
      

    

	 
	
      

    

	
      

    
	Initial

      Notional

      Amount	Par

      Amount at

      Issuance	Offering

      Price

      (including

      accrued

      interest)	Initial

      Price	Reference

      Obligation 

       Coupon	Floating

      Rate

      Period

      End

      Dates	CUSIP/

      ISIN	Initial

      Haircut

      Percentage
	  	  
	  	  	  	  	  
	 	 	 	 	 	 
	
      

    
	 
	
      

    
	 
	
      

    
	 
	
      

    
	 
	
      

    

27

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

    

ISDA®

  
International Swaps and Derivatives Association, Inc.

  

  CREDIT SUPPORT ANNEX

  

to the Schedule to the

  

  MASTER AGREEMENT

  

dated as of June 6, 2008

  

between

	
GOLDMAN SACHS INTERNATIONAL
        	
and
        	
CIT FINANCIAL LTD.
        
	 	 	 
	
("GSI")
        	 

        	
("COUNTERPARTY")
        

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

Accordingly, the parties agree as follows:

Paragraph 1. Interpretation

(a) Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs of
this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will
prevail.

(b) Secured Party and Pledgor. All references in this Annex to the "Secured Party" will be to either party when acting in that capacity and all corresponding references to the "Pledgor" will be to the other party when acting in that
capacity; provided, however, that if Other Posted Support is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that Other Posted Support will be to that party as the beneficiary thereof
and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.

Paragraph 2. Security Interest

Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted
Collateral Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the security interest and lien granted hereunder on that Posted Collateral will be released immediately
and, to the extent possible, without any further action by either party.

Paragraph 13. Elections and Variables

(a) Security Interest for "Obligations". The term "Obligations" as used in this Annex includes no additional obligations with respect to GSI or Counterparty.

(b) Credit Support Obligations.

  (i) "Delivery Amount", "Return Amount" and "Credit Support Amount" will have the meanings specified in Paragraphs 3(a), 3(b) and 3, respectively.

  (ii) Eligible Collateral shall consist of those assets identified by the ICAD codes listed below, as they are defined in the Collateral Asset Definitions. Percentage shown is the Valuation Percentage applicable to the indicated combination of ICAD and Remaining Maturity.

	 Remaining Maturity     
	
      

    
	   ICAD Code	    One (1) year or

      under	More than one 

      (1) year up to

      and including

      five (5) years	More than five

      (5) years up to

      and including ten

      (10) years	      More than ten 

      (10) years
	
      

    
	US-CASH 	100%	N/A	N/A 	N/A 
	US-TBILL 	99.5%	N/A	N/A 	N/A 
	US-TNOTE 	99.5%	98%	95%	N/A 
	US-TBOND 	99.5%	98%	95%	95% 

  (iii) There shall be no "Other Eligible Support" for Counterparty or GSI for purposes of this Annex.

  (iv) Thresholds.

	 	(A)      	"Independent Amount" means with respect to GSI: Not Applicable "Independent Amount" means with respect to Counterparty: (1) If an amount is specified with respect to a Transaction in the applicable Confirmation, such amount and (2) with respect to any other Transactions, zero. 
	 	 	 
	 	(B)      	"Threshold" means with respect to GSI: Zero 

      "Threshold" means with respect to Counterparty: Zero 
	 	 	 
	 	(C)      	"Minimum Transfer Amount" means with respect to GSI: $3,000,000

       "Minimum Transfer Amount" means with respect to Counterparty: $3,000,000 
	 	 	 
	 	(D)      	Rounding. The Delivery Amount will be rounded up and the Return Amount will be rounded down to the nearest integral multiple of $10,000.00, respectively. 

(c) Valuation and Timing.

  (i) "Valuation Agent" means GSI.

2

  
(ii) "Valuation Date" means: Each and every Local Business Day commencing on the first such date following the date hereof.

  
(iii) "Valuation Time" means:

	 	
[   ] 	the close of business in the city of the Valuation Agent on the Valuation Date or date of calculation, as applicable;   
	 	 	 
	 	[ X ]	the close of business on the Local Business Day before the Valuation Date or date of calculation, as applicable;

	 	 
	 	provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date. 

  
(iv) "Notification Time" means 11:00 a.m., New York time, on a Local Business Day.      

(d) Conditions Precedent and Secured Party's Rights and Remedies. The following Termination Event(s) will be a "Specified Condition" for each party (that party being the Affected Party if the Termination Event occurs with respect to that party) for
purposes of Paragraphs 4(a), 6(c), 8(a) and 8(b): Illegality, Credit Event Upon Merger and Additional Termination Event.

(e) Substitution.

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

  
(ii) Consent. The Pledgor is not required to obtain the Secured Party's consent for any substitution pursuant to Paragraph 4(d).

(f) Dispute Resolution. The provisions of Paragraph 5 will not apply. The phrase “and subject to Paragraph 5” shall be deemed deleted from the definitions of “Value” and “Exposure”; and other references to Paragraph 5
shall be disregarded.

(g) Holding and Using Posted Collateral.

  
(i) Eligibility to Hold Posted Collateral; Custodians. GSI will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:

	 	(A)      	GSI, as the Secured Party, is not a Defaulting Party.

  Initially the Custodian, for GSI is: Not applicable.

  
Counterparty will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:

	 	(A)      	
       Counterparty, as the Secured Party, is not a Defaulting Party.

      

    

  Initially the Custodian, for Counterparty is: Not applicable.

  
(ii) Use of Posted Collateral. The provisions of Paragraph 6(c) will apply to GSI and Counterparty.

    

  
3

(h) Distributions and Interest Amount. 

  (i) The "Interest Rate", with respect to Posted Collateral in the form of Cash, for any day, will be the rate opposite the caption "Federal funds (effective)" for such day as published by the Federal Reserve Publication H.15 (519) or any successor publication as published by the Board of Governors of the Federal Reserve System. 

  (ii) The "Transfer of Interest Amount" will be made within 3 Local Business Days after the last Local Business Day of each calendar month. 

  (iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 

  (iv) Paragraph 12 is hereby amended by replacing the definition of "Interest Period" with the following:

    

         "'Interest Period' means the period from (and including) the first day of each calendar month to (and including) the last day of each calendar month." 

(i) Additional Representations. None. 

(j) Other Eligible Support and Other Posted Support. Not Applicable. 

(k) Demands and Notices. All demands, specifications and notices made by a party to this Annex will be made to the following:

	     GSI:
	Cross-Product Collateral Management

Goldman Sachs International

Peterborough Court

133 Fleet Street

London EC4A 2BB

Telephone No. 44 20 7774-2842

Fax: +44 20 7774-2816

Email: cpcm@gs.com	 
	 	 	 
	     Counterparty:         	CIT Financial Ltd. 

      c/o CIT Group Inc 

      One CIT Drive 

      Livingston, NJ 07039 

      Attn: Treasury Services 	      

	 	 
	Treasury Services: 

      Treasurer:

       Legal Department: 

      Telephone: 973 740-5000 	Facsimile: 973 535-3761 

      Facsimile: 973 740-5750 

      Facsimile: 973 740-5087  

(l) Addresses for Transfers. 

	     GSI: 

      

           Counterparty:	To be specified by GSI in writing. 

      

      To be specified by CFL in writing.
    

4

(m) Other Provisions.

  (i) This Credit Support Annex is a Security Agreement under the New York UCC.

  (ii) The definitions and provisions contained in the Collateral Asset Definitions First Edition - 2003 (the "Collateral Asset Definitions"), as published by the International Swaps and Derivatives Association, Inc. ("ISDA"), are incorporated into this
Annex. In the event of any inconsistency between any of the following, the first listed shall prevail (i) this Annex, (ii) the Agreement and (iii) the Collateral Asset Definitions.

  (iii) Transfer Timing. With respect to any Transfer of Eligible Credit Support demanded under Paragraph 3(a), Paragraph 4(b) shall be modified to read as follows:

  

  “Subject to Paragraph 4(a) and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than 2:00 p.m., New
York time, on the next Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be made not later than 2:00 p.m., New York time, on the second Local Business Day thereafter.”

  

  For the avoidance of doubt, (1) if a party makes a demand for Transfer pursuant to Paragraph 4(b) by the Notification Time on a Local Business Day, a Credit Support Default under Section 5(a)(iii) of the Agreement will occur on the next Local
Business Day if the relevant Transfer is not made by 2:00 p.m., New York time, on that Local Business Day and (2) no grace period shall apply under Paragraph 4(b).

  (iv) All references to "Local Business Day" in this Annex shall mean a day on which commercial banks are open for business in New York and London.

  (v) Notwithstanding Paragraph 12 of this Annex, the Exposure shall be determined as the sum of (1) for each Transaction, the amount determined in accordance with the collateral provisions in the Confirmation for such Transaction and (2) for each
Transaction with respect to which the applicable Confirmation contains no such provision, the amount that would be determined as the Exposure for such Transaction in accordance with Paragraph 12 of this Annex.

  (vi) Paragraph 7(i) of this Annex is amended by deleting the clause “and that failure continues for two Local Business Days after notice of that failure is given to that party”.

  (vii) Clause (iii) of the definition of Transfer in Paragraph 12 of this Annex shall be amended by adding at the end of that clause immediately before the semicolon: “; provided that the Transfer shall not be deemed effective before the Local
Business Day on which such transfer settles”.

  (viii) With respect to any Transaction for which the Confirmation defines an “Effective Date,” “Offered Price,” “RO,” “Bid Failure Event” and “Market Related Amount,” if an Effective Date and Bid Failure
Event occurs and the Offered Price is zero, immediately upon the Effective Date, Counterparty shall, after giving the applicable notice described in this Annex, be entitled to receive the Market Related Amount in cash from GSI with respect to the
related RO on the Effective Date under the terms hereof.        

5

	
      Accepted and agreed:

      GOLDMAN SACHS INTERNATIONAL

      

    	 	
       

      CIT FINANCIAL LTD.

    
	By:	/s/ John Tribolati	 	By: 	/s/ Barbara Callahan
	 	
      

    	 	 	
      

    
	 	Name:	John Tribolati			Name:
      	Barbara Callahan
	 	Title: 

      	Managing Director

      			Title: 	Senior Vice President –
      
	 	Date:	June 6, 2008	 	 	 	Corporate Treasury
	 	 	 			Date:	June 6, 2008

Copyright © 1994 by International Swaps and Derivatives Association, Inc.

6

SCHEDULE

to the

ISDA MASTER AGREEMENT

dated as of

June 6, 2008

between

     GOLDMAN SACHS INTERNATIONAL,  

  a company organized under the law of England and Wales  

  (“GSI”), 

and

     CIT FINANCIAL LTD.,  

  a corporation organized under the laws of Ontario  

  (“Counterparty”). 

Part 1. Termination Provisions

	
(a)              	
“Specified Entity” means (1) in relation to GSI and Counterparty for the purpose of Section 5(a)(vi), 5(a)(vii) and 5(b)(iv), none and (2) for the purpose of Section 5(a)(v): 
	 	 	 
	 	
(i)              	
in relation to GSI, Goldman, Sachs & Co., Goldman Sachs Capital Markets, L.P., J. Aron & Company, Goldman Sachs Japan Co., Ltd., Goldman Sachs International Bank, Goldman Sachs (Asia) Finance, Goldman Sachs Financial Markets, L.P., Goldman
Sachs Paris Inc. et Cie, Goldman Sachs Mitsui Marine Derivative Products, L.P., Goldman, Sachs & Co. oHG and J. Aron & Company (Singapore) Pte.; and    
	 	 	 
	 	
(ii)             	
in relation to Counterparty, each Affiliate of Counterparty and each Affiliate of its Credit Support Provider.  
	 	 
	
(b)              	
“Specified Transaction”. The term “Specified Transaction” in Section 14 of the Agreement is amended in its entirety as follows:      
	 	 
	 	
“Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support
Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) (i) which is a rate swap
transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, commodity spot transaction, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, weather swap, weather derivative, weather option, credit protection transaction, credit swap,
credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, or forward purchase or sale of a security,
commodity or other financial instrument or      
	 

1

	 	
interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) that is currently, or in the future becomes, recurrently entered into on
the financial markets (including terms and conditions incorporated by reference in such agreement) and that is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity
instruments, debt securities or other debt instruments, or economic indices or measures of economic risk or value, (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this agreement or the
relevant confirmation.”    
	 	 
	
(c)              	
The “Cross Default” provisions of Section 5(a)(vi) will apply to GSI and will apply to Counterparty, provided that (i) the phrase “or becoming capable at such time of being declared” shall be deleted from clause (1) of
such Section 5(a)(vi); and (ii) the following language shall be added to the end thereof: “Notwithstanding the foregoing, a default under subsection (2) hereof shall not constitute an Event of Default if (i) the default was caused solely by
error or omission of an administrative or operational nature; (ii) funds were available to enable the party to make the payment when due; and (iii) the payment is made within two Local Business Days of such party’s receipt of written notice of
its failure to pay.”       
	 	 
	 	
“Specified Indebtedness” will have the meaning specified in Section 14 of the Agreement.       
	 	 
	 	
“Threshold Amount” means (A) for GSI, the lower of (i) US$100,000,000 and (ii) 3% of Goldman Group’s shareholders’ equity (or, in each case, its equivalent in another currency) and     (B) for Counterparty, the lower of (i) US$100,000,000 and (ii) 3% of CIT Group Inc.’s   shareholders’ equity (or, in each case, its equivalent in another currency).      
	 	 
	
(d)              	
The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will apply to GSI and will apply to Counterparty. For purposes of Section 5(b)(iv) of this Agreement, the term, “materially weaker”, shall mean with respect to
each Credit Support Provider hereunder (i) the senior unsecured and otherwise unsupported long-term obligations of the resulting, surviving or transferee entity are rated by Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. (“S&P”) or Moody’s Investors Service (“Moody’s”) below investment grade (investment grade being at least “BBB-” for S&P and at least “Baa3” for Moody’s) or (ii) any
outstanding long-term unsecured and otherwise unsupported debt or other obligations of the resulting, surviving or transferee entity are not rated by S&P or Moody’s.  
	 	 
	
(e)              	
The “Automatic Early Termination” provision of Section 6(a) will not apply to GSI and will not apply to Counterparty.  
	 	 
	
(f)              	
Payments on Early Termination. For the purpose of Section 6(e):  
	 	 
	 	
(i)     Loss will apply.       
	 	 
	 	
(ii)    The Second Method will apply.       
	 	 
	
(g)              	
“Termination Currency” means United States Dollars.    
	 	 
	
(h)              	
The parties agree to amend the following subsections of Section 5(a) as follows:        
	 	 
	 	
(i)     clause (i): in the third line of this clause, delete the word “third” and insert the word     “first”;     
	 	 

2

	 	
(ii)             	
clause (ii): (1) in the fifth line of this clause, delete the word “thirtieth” and insert the word “fifth” and (2) at the end of this clause (immediately before the semicolon), add the words “; provided that if (I) such
failure is not remedied on or before the fifth day after notice of such failure is given to the party, (II) such failure was not reasonably capable of being remedied on or before such fifth day and (III) the party demonstrates to the other
party’s reasonable satisfaction that it has been diligently taking and continues to take steps to remedy such failure, then the time period to remedy such failure shall be extended to thirty days after notice of such failure is given to the
party (or such earlier date on which the party fails to satisfy clause (III))”; and        
	 	 	 
	 	
(iii)            	
clause (v): delete clause (1) and (3) and the word “or” immediately preceding clause (3) and insert in its place the words “and (following expiration of the relevant notice requirement, grace period or period of three Local Business
Days, as applicable) such default is not remedied on or before the second Local Business Day following a further notice given to the party hereunder identifying such default as a Potential Event of Default under this Agreement.”       
	 	 
	
(i)              	
Additional Termination Event will not apply (subject to any events specified in any Confirmation).       
	 	 
	
(j)              	
Early Termination. Notwithstanding anything to the contrary in Section 6(a) or Section 6(b), the parties agree that, except with respect to Transactions (if any) that are subject to Automatic Early Termination under Section 6(a), the
Non-defaulting Party or the party that is not the Affected Party (in a case where a Termination Event under Section 5(b)(iv), or an Additional Termination Event for which there is a single Affected Party, has occurred) is not required to terminate
the Transactions on a single day, but rather may terminate the Transactions over a commercially reasonable period of time (not to exceed ten days) (the “Early Termination Period”). The last day of the Early Termination Period shall be the
Early Termination Date for purposes of Section 6; provided, however, that interest shall accrue on the Transactions terminated during the Early Termination Period prior to the Early Termination Date at the Non-default Rate.        

Part 2. Tax Representations

	
(a)              	
Payer Tax Representations. For the purposes of Section 3(e), GSI and Counterparty make the following representation:     
	 	 
	 	
It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than
interest under Section 2(e), 6(d)(ii), or 6(e) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to
Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement, and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or
4(a)(iii) of this Agreement, and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the
other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.    
	 	 

3

	
(b)              	
Payee Tax Representations. For the purpose of Section 3(f), GSI and Counterparty make the following representation: Not Applicable.      

Part 3. Agreement to Deliver Documents

	
(a)              	
For the purpose of Section 4(a), Tax forms, documents, or certificates to be delivered are:     
	 

None

	
(b)              	
Other documents to be delivered are:    
	 

	
Party required
 

      to deliver
        	
Form/Document/Certificate
        	
Date by which to be
         

      delivered
        	
Covered by
 

      Section 3(d)
         

      Representation
        
	GSI and
 Counterparty
	Evidence of authority of signatories
        	Upon or promptly
following execution of
this Agreement
	Yes

	GSI and
Counterparty
	Any Credit Support Document
specified in Part 4(f) herein	Upon execution of this
Agreement	No
	GSI and
Counterparty	
      Most recent annual audited and
        quarterly consolidated financial

        statements of (1) Counterparty’s

        Credit Support Provider and (2)

        GSI’s Credit Support Provider.

      Most recently available annual

unaudited balance sheet and income

statement of Counterparty.

    	Promptly following
reasonable demand by
the other party
	Yes

	GSI and
Counterparty
	
      An opinion of external counsel of
        each of Counterparty and its

respective Credit Support Providers

confirming the enforceability of this

Agreement, the CIT Guaranty and the

Barbados Guaranty.

      An opinion of counsel of each of

Counterparty and CIT Group Inc.

confirming the validity and due

authorization of this Agreement and

the CIT Guaranty.

      An opinion of counsel to Goldman

Group confirming the due

authorization and execution of the

Goldman Group Guaranty.

    	Upon execution of this
Agreement (if not
otherwise publicly
available)
	Yes

4

	
Party required
 

      to deliver
        	
Form/Document/Certificate
        	
Date by which to be
 

      delivered
        	
Covered by
 

      Section 3(d)
         

      Representation
        
	Counterparty

and

Counterparty’s

Credit Support

Provider
	Certified resolutions of its board of

directors or other governing body

approving (1) with respect to

Counterparty’s board, this Agreement

and each Confirmation hereunder and

(2) with respect to each board of a

Credit Support Provider of

Counterparty, the relevant Credit

Support Document.
	Upon execution of this

Agreement
	Yes

Part 4. Miscellaneous

	
(a)              	
Addresses for Notices. For the purpose of Section 12(a): 
	 	 	 
	 	(i)      	Address for notices or communications to GSI:       
	 	 	 
	 	 	Address:    	Peterborough Court

133 Fleet Street

London EC4A 2BB
	 	 	 	 

	               	Fixed Income / Credit Derivatives: 

Equity Derivatives: 

Foreign Exchange 

Legal Department: 

Telephone No. 44-20-7774-1000	Facsimile No. 44-20-7774 5115

      Facsimile No. 44-20-7774 1500

      Facsimile No. 44-20-7774 1201

      Facsimile No. 44-20-7774 1313
                
	 	 

	
                	 

	 	(ii)     	Address for notices or communications to Counterparty:
	 	 	 

	               	CTI Financial Ltd.

c/o CIT Group Inc

One CIT Drive

Livingston, NJ 07039

Attn: Treasury Services	 
	 	 	 
	 	Treasury Services: 

Treasurer: 

Legal Department: 

Telephone: 973 740-5000	Facsimile: 973 535-3761 

      Facsimile: 973 740-5750

      Facsimile: 973 740-5087
                           
	 	 

	
(b)              	
Process Agent. For the purpose of Section 13(c): 
	 
	 	
GSI appoints as its Process Agent: Goldman, Sachs & Co., 85 Broad Street, New York, NY 10005.       
	 

5

	 	
Counterparty appoints as its Process Agent: Processing Agent: CIT Group Inc, 505 Fifth Avenue, New York, NY 10017 Attn: General Council.        
	 
	
(c)              	
Offices. The provisions of Section 10(a) will apply to this Agreement.   
	 
	
(d)              	
Multibranch Party. For the purpose of Section 10(c):     
	 
	 	
GSI is not a Multibranch Party. 
	 
	 	
Counterparty is not a Multibranch Party.        
	 
	
(e)              	
Calculation Agent. The Calculation Agent is GSI. 
	 
	
(f)              	
Credit Support Document. Any guaranty or other form of credit support provided on behalf of Counterparty at any time shall constitute a Credit Support Document with respect to the obligations of Counterparty. Details of any other Credit
Support Document, each of which is incorporated by reference in, and made part of, this Agreement and each Confirmation (unless provided otherwise in a Confirmation) as if set forth in full in this Agreement or such Confirmation:   
	 
	 	
(i)              	
Guaranty by The Goldman Sachs Group, Inc. (“Goldman Group”) in favor of Counterparty as beneficiary thereof shall constitute a Credit Support Document with respect to the obligations of GSI.        
	 
	 	
(ii)             	
Guaranty by CIT Group Inc. in favor of GSI as beneficiary thereof shall constitute a Credit Support Document with respect to the obligations of Counterparty (the “CIT     Guaranty”).        
	 
	 	
(iii)            	
Credit Support Annex hereto dated the date hereof between GSI and Counterparty shall constitute a Credit Support Document with respect to the obligations of Counterparty and GSI.      
	 
	 	
(iv)             	
Guaranty by CIT Financial (Barbados) Srl (“CIT Barbados”) in favor of GSI as beneficiary thereof shall constitute a Credit Support Document with respect to the obligations of Counterparty (the “Barbados Guaranty”).      
	 
	
(g)              	
Credit Support Provider. 
	 
	 	
Credit Support Provider means in relation to GSI, Goldman Group.        
	 
	 	
Credit Support Provider means in relation to Counterparty, each of CIT Group Inc. and CIT Barbados.     
	 
	
(h)              	
Governing Law. Section 13(a) is hereby replaced with the following:      
	 
	 	
(a)     
Governing Law. THIS AGREEMENT AND EACH TRANSACTION ENTERED INTO HEREUNDER WILL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE).        
	 

6

	
(i)              	
Jurisdiction. Section 13(b) is hereby amended by:        
	 
	 	
(i)              	
deleting in the second line of subparagraph (i) thereof the word “non-”; and  
	 
	 	
(ii)             	
deleting the final paragraph thereof.   
	 
	
(j)              	
Netting of Payments. Subparagraph (ii) of Section 2(c) will not apply to Transactions. Notwithstanding anything to the contrary in Section 2(c), unless otherwise expressly agreed by the parties, the netting provided for in Section 2(c) will
not apply separately to any pairings of branches or Offices through which the parties make and receive payments or deliveries.  

Part 5. Other Provisions

	
(a)              	
Accuracy of Specified Information. Section 3(d) is hereby amended by adding in the third line thereof after the word “respect” and before the period, the phrase “or, in the case of audited or unaudited financial statements, a
fair presentation of the financial condition of the relevant person.”      
	 
	
(b)              	
Scope of Agreement. Any transaction outstanding between the parties at the date this Agreement comes into force or entered into by the parties at or after the date this Agreement comes into force that is an FX Transaction or a Currency Option
Transaction as defined in the 1998 FX and Currency Option Definitions (the “FX Definitions”), as published by the International Swaps and Derivatives Association, Inc. (“ISDA”), the Emerging Markets Traders Association, and the
Foreign Exchange Committee, unless otherwise specified in the relevant confirmation, will constitute a “Transaction” for the purposes of this Agreement and will be deemed to incorporate the FX Definitions. 
	 
	
(c)              	
Additional Representations. The parties agree to amend Section 3 by adding new Sections 3(g), (h), and (i) as follows:   
	 
	 	
(g)              	
Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from
such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations
related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party shall be deemed to be an assurance or
guarantee as to the expected results of that Transaction.       
	 
	 	
(h)              	
Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is
also capable of assuming, and assumes, the risks of that Transaction.   
	 
	 	
(i)              	
Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of that Transaction.  
	 

7

	
(d)              	
Transfer. The following amendments are hereby made to Section 7: 
	 
	 	
(i)              	
In the third line, insert the words “which consent will not be arbitrarily withheld or delayed,” immediately before the word “except”; and  
	 
	 	
(ii)             	
in clause (a), insert the words “or reorganization, incorporation, reincorporation, or reconstitution into or as,” immediately before the word “another.”   
	 
	
(e)              	
Consent to Recording. Each party consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties, with or without the use of a warning tone, and their Affiliates in connection
with this Agreement or any potential Transaction.       
	 
	
(f)              	
Definitions. The following amendments are hereby made to Section 14:     
	 
	 	
(i)              	
The definition of “Termination Currency Equivalent” in Section 14 is hereby amended by deleting in its entirety the text after the first three lines thereof and replacing it with the following:      
	 
	 	 	
“by the party making the relevant determination in any commercially reasonable manner as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant amount determined in
accordance with Section 6(e) is determined as of a later date, that later date, for value on the date the payment or settlement payment is due.”   

(g)     
Confirmations. Counterparty shall be deemed to have agreed to the terms contained in any Confirmation (as amended and revised) sent by GSI to Counterparty unless Counterparty objects to such terms within three (3) Business Days of
receipt.

(h)     
Equivalency Clause. For purposes of disclosure pursuant to the Interest Act (Canada), the annual rate of interest which is equivalent to any rate of interest payable under this Agreement, which is to be calculated on any basis other than
a full calendar year, may be determined by multiplying such rate of interest (expressed as a percentage) by a fraction, the numerator of which is the actual number of days in the calendar year in which such yearly rate of interest is to be
ascertained and the denominator of which is a number of days comprising such other basis.

(i)     
Condition to Addition of ROs. If Counterparty delivers to GSI an opinion of counsel of CIT Barbados in the form of the opinion attached as Exhibit A, then clause (i) of the last paragraph of the definition of “Condition to
Effectiveness” in the Confirmation hereunder between GSI and Counterparty dated June 6, 2008, shall be deemed to be satisfied. For the avoidance of doubt, Counterparty has no obligation to deliver such opinion under Part 3 or otherwise as a
covenant under this Agreement.

8

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

  	
        GOLDMAN SACHS INTERNATIONAL

      	
        

      	
        CIT FINANCIAL LTD.

      
	 	/s/ John Tribolati		 	/s/ Barbara Callahan
		
        

    			
        

    
		Name:	John Tribolati	 	 	Name:
      	Barbara Callahan
		Title: 

        	Managing Director

        	 	 	Title: 	Senior Vice President – 
	 	Date:	June 6, 2008	 	 	 	Corporate Treasury
		 	 	 	 	Date:	June 6, 2008

  

  

  

Exhibit A

Form of Opinion

  

(Multicurrency-Cross Border)

  
ISDA®

  

International Swap Dealers Association, Inc.

  
MASTER AGREEMENT

  
dated as of June 6, 2008

  
GOLDMAN SACHS INTERNATIONAL   and   CIT FINANCIAL LTD.

  
have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other
confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions.

  
Accordingly, the parties agree as follows:—

  
1. Interpretation

  
(a) Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master Agreement.

  
(b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purposes of the relevant Transaction.

  
(c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and
the parties would not otherwise enter into any Transactions.

  
2. Obligations

  
(a) General Conditions.

  
    
(i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

    
(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable fundsand in the manner
customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified
in the relevant Confirmation or elsewhere in this Agreement.

    
(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent
that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement.

  

  
Copyright © 1992 by International Swap Dealers Association, Inc.

  

  

  
(b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such
change applies unless such other party gives timely notice of a reasonable objection to such change.

  
(c) Netting. If on any date amounts would otherwise be payable: 

  
    (i) in the same currency; and 

    (ii) in respect of the same Transaction,

  

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

  
The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable
in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting date
(in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through
which the parties make and receive payments or deliveries.

  
(d) Deduction or Withholding for Tax.

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

    
      
(1) promptly notify the other party (“Y”) of such requirement;

      
(2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of
determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

      
(3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and

      
(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of
Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would
not be required to be paid but for:

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

        
(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing

      

    

  

  
2

  

  

  
    
      
        
authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax
Law.

      

    

    
(ii) Liability. If:—

    
      
(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section
2(d)(i)(4);

      
(2) X does not so deduct or withhold; and

      
(3) a liability resulting from such Tax is assessed directly against X,

    

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

  

  
(e) Default Interest; Other Amounts. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including)
the original due date for payment to (but excluding) the date of actual payment, at the Default Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction, a party defaults in the performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for
in the relevant Confirmation or elsewhere in this Agreement.

  
3. Representations. Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at
all times until the termination of this Agreement) that:

  
(a) Basic Representations.

  
    
(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing;

    
(ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required
by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and
performance;

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

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

    
(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in

  

  
ISDA® 1992

  
3

  

  

  
    
accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general
application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

  

  
(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party.

  
(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

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

  
(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true.

  
(f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true.

  
4. Agreements. Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:

  
(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:—

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

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

    
(iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable
Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially
prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any
reasonably required certification,

  

  
in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

  
(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any
Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future.

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

  
ISDA® 1992

  
4

  

  

  
(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure.

  
(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and
controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied
or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party.

  
5. Events of Default and Termination Events.

  
(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default
(an “Event of Default”) with respect to such party:

  
    
(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local
Business Day after notice of such failure is given to the party;

    
(ii) Breach of Agreement. Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a
Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of
such failure is given to the party;

    
(iii) Credit Support Default.

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

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

      
(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document;

    

    
(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or
any Credit Support Document proves to have been incorrect or misleading in any material respect when made, or repeated or deemed to have been made or repeated;

    
(v) Default Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice
requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in
making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is

  

  
ISDA® 1992

  
5

  

  

  
    
no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its
behalf);

    
(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect
of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate
amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or
instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an
aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period); 

     (vii) Bankruptcy. The party, any Credit Support Provider
of such party or any applicable Specified Entity of such party:—

    
      
(1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general
assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or
other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a
judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator,
provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or
restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7)
(inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

    

    
(viii) Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of
such consolidation, amalgamation, merger or transfer:

    
      
(1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or
pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or

      
(2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement.

    

  

  
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(b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below and, if specified to be applicable, a Credit Event Upon Merger if the event is specified
pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:—

  
    
(i) Illegality. Due to the adoption of, or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or
regulatory authority with competent jurisdiction of any applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):

    
      
(1) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction;
or

      
(2) to perform, or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction;

    

    
(ii) Tax Event. Due to (x) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with
respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other
party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6((d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or
on account of a Tax (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

    
(iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2((d)(i)(4)
(except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an
additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity
(which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii);

    
(iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting,
surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate,
will be the Affected Party); or

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

  

  
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(c) Event of Default and Illegality. If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

  
6. Early Termination.

  
(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has occurred and is then continuing, the other party (the “Non-defaulting
Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding
Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect
to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

  
(b) Right to Terminate Following Termination Event.

  
    
(i) Notice. If a Termination Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other
information about that Termination Event as the other party may reasonably require.

    
(ii) Transfer to Avoid Termination Event. If either an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party,
the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer
within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist.

    
If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section
6(b)(i).

    
Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would permit
it to enter into transactions with the transferee on the terms proposed.

    
(iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice thereof is given
under Section 6(b)(i) on action to avoid that Termination Event.

    
(iv) Right to Terminate. If:—

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

      
(2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party,

    

  

  
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either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there is more than one Affected Party, or the party which is
not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination Event is then
continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

  

  
(c) Effect of Designation.

  
    
(i) If notice designating an Early Termination Date is given under Section 6(a) or (b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing.

    
(ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other
provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e).

  

  
(d) Calculations.

  
    
(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a
statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid.
In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation.

    
(ii) Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which
is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of
a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to
(but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed.

  

  
(e) Payments on Early Termination. If an Early Termination Date occurs, the following provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or
“Loss”, and a payment method, either the “First Method” or the “Second Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation”
or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off.

  
    
(i) Events of Default. If the Early Termination Date results from an Event of Default:—

    
      
(1) First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the
Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party.

    

  

  
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(2) First Method and Loss. If the First Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement.

    
      
(3) Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will be payable equal to (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated
Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the
Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party.

    (4) Second Method and Loss. If the Second Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to
the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party.

      
(ii) Termination Events. If the Early Termination Date results from a Termination Event:—

      
(1) One Affected Party. If there is one Affected Party, the amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references
to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated,
Loss shall be calculated in respect of all Terminated Transactions.

      
(2) Two Affected Parties. If there are two Affected Parties:—

      
        
(A) if Market Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the party
with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the Termination Currency
Equivalent of the Unpaid Amounts owing to Y; and

        
(B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the
difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”).

      

      
If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y.

    

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

    
(iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable

  

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for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses.

  

  
7. Transfer.

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

  
(a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or
remedy under this Agreement); and

  
(b) a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6(e).

  
Any purported transfer that is not in compliance with this Section will be void.

  
8. Contractual Currency.

  
(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable
law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of
this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess.

  
(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after
recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party
as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess
arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is
able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party.
The term “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency.

  
(c) Separate Indemnities. To the extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes
of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement.

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

  
9. Miscellaneous.

  
(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings with respect thereto.

  
(b) Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

  
(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction.

  
(d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

  
(e) Counterparts and Confirmations.

  
    
(i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.

    
(ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and
delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a
binding supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation.

  

  
(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege
will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

  
(g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement.

  
10. Offices; Multibranch Parties.

  
(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to the other party that, notwithstanding the place of booking office or
jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or home office. This representation will be deemed to be repeated by such party on
each date on which a Transaction is entered into.

  
(b) Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of the other party.

  
(c) If a party is specified as a Multibranch Party in the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and
receives payments or deliveries with respect to a Transaction will be specified in the relevant Confirmation.

  
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11. Expenses.

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

  
12. Notices.

  
(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other communication under Section 5 or 6 may not be given by facsimile transmission
or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed effective as indicated:—

  
    
(i) if in writing and delivered in person or by courier, on the date it is delivered;

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

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

    
(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or

    
(v) if sent by electronic messaging system, on the date that electronic message is received,

  

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

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

  
13. Governing Law and Jurisdiction.

  
(a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule.

  
(b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably:

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

    
(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.

  

  
Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction
and Judgments Act 1982 or any modification, extension or re-enactment thereof

  
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for the time being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

  
(c) Service of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any
party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law.

  
(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and
(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not
claim any such immunity in any Proceedings.

  
14. Definitions.

  
As used in this Agreement:—

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

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

  
“Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

  
“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the entity or person.

  
“Applicable Rate” means:—

  
(a) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

  
(b) in respect of an obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate;

  
(c) in respect of all other obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and

  
(d) in all other cases, the Termination Rate.

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

  
“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on
which the relevant Transaction is entered into.

  
“consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

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

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

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

  
“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum.

  
“Defaulting Party” has the meaning specified in Section 6(a).

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

  “Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.

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

  
“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority
imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or
being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such
recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document).

  
“Law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful”
will be construed accordingly.

  
“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section
2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation
to any other payment, in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation
to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.

  
“Loss” means, with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding
or, at the election of such party but without duplication, loss or cost incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes
losses and costs (or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid
duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date,
or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the
relevant markets.

  
ISDA® 1992

  
15

  

  

  
“Market Quotation” means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an
amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with
respect to the obligations of such party) and the quoting Reference Market- maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or
delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated
Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included.
The Replacement Transaction would be subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its
quotation to the extent reasonably practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are
to be obtained will be selected in good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will
be the arithmetic mean of the quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and
lowest quotations. For this purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions cannot be determined.

  
“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount.

  
“Non-defaulting Party” has the meaning specified in Section 6(a).

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

  
“Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

  
“Reference Market-makers” means four leading dealers in the relevant market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the
criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city.

  
“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party
is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made.

  
“Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.

  
“Set-off” means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this
Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer.

  
“Settlement Amount” means, with respect to a party and any Early Termination Date, the sum of:

  
ISDA® 1992

  
16

  

  

  
(a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and

  
(b) such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the
reasonable belief of the party making the determination) produce a commercially reasonable result.

  
“Specified Entity” has the meaning specified in the Schedule.

  
“Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

  
“Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support
Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction,
collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option of any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c)
any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

  
“Stamp Tax” means any stamp, registration, documentation or similar tax.

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

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

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

  
“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case)
in effect immediately before the effectiveness of the notice designating that early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early Termination Date).

  
“Termination Currency” has the meaning specified in the Schedule.

  
“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination
Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date,
or, if the relevant Market Quotation or Loss (as the case may be) is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below)
for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of
such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise
will be agreed by the parties.

  
“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

  
ISDA® 1992

  
17

  

  

  
“Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts.

  
“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for
Section 2(a)(iii)) to such party under Section 2(a)(i) on or prio r to such Early Termination Date and which remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i)
which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair
market

  
ISDA® 1992

  
18

  

  

  
value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and
including) thedate such amounts or obligations wereor would havebeen required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily
compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so
obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties.

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

  	
GOLDMAN SACHS INTERNATIONAL
        	
CIT FINANCIAL LTD.
        
	
(Name of Party)
        	
(Name of Party)
        
	 

        
	 	 
	/s/ John Tribolati	/s/ Barbara Callahan 
	
        

    	
        

    
	
         Name: John Tribolati

        Title: Managing Director 

        Date: June 6, 2008

      	
        Name: Barbara Callahan

        Title: Senior Vice President – Corporate Treasury 

        Date: June 6, 2008

      

  

  
  
ISDA® 1992

  
19exv10w1

EXHIBIT 10.1

ATMEL CORPORATION

2005 STOCK PLAN

(AS AMENDED AND RESTATED AUGUST ___, 2008)

NOTICE OF GRANT OF RESTRICTED STOCK UNITS

     Unless otherwise defined herein, the terms defined in the Atmel Corporation 2005 Stock Plan
(the “Plan”) shall have the same defined meanings in this Notice of Grant of Restricted Stock Units
(the “Notice of Grant”).

     Name:

     Address:

     You have been granted an Award of restricted stock units (“Restricted Stock Units”), subject
to the terms and conditions of the Plan and this Notice of Grant, the Restricted Stock Unit
Agreement, attached hereto as Exhibit A, and the Performance Matrix, attached hereto as Exhibit B
(together, the “Award Agreement”), as follows:

	 	 	 	 	 	 	 
	 

	 	Grant Number:	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Grant Date:	 	 	 	 
	 

	 	 	 	 

	 	 

	 	 	 	 	 
	 

	 	Maximum Number	 	 
	 

	 	of Restricted Stock Units:
	 	[INSERT]
	 	 
	 

	 	Performance Period:
	 	[July 1, 2008 through December 31, 2011]
	 
	 	 	 	 
	 

	 	Performance Matrix:
	 	The number of Restricted Stock Units, if any, in which you
may vest in accordance with the Vesting Schedule below will
depend upon achievement of goals for the Company’s Operating
Margin during the Performance Period and will be determined in
accordance with paragraph 1 of Exhibit A and the Performance
Matrix, attached hereto as Exhibit B.
	 
	 	 	 	 
	 

	 	Vesting Schedule:
	 	The Participant will vest on the date the Administrator
determines the number of Restricted Stock Units earned in
accordance with paragraph 1 of Exhibit A and the Performance
Matrix, attached hereto as Exhibit B (the “Vesting Date”),
provided that such determination will be made within
[forty-five (45)] days after the end of each Quarterly
Performance Period beginning on or after April 1, 2009.
Except as otherwise provided in Exhibit A, the Participant
will not vest in

 

 

	 	 	 	 	 
	 

	 	 	 	the Restricted Stock Units unless he or she remains a Service
Provider through each Vesting Date.

     Your signature below indicates your agreement and understanding that this Award is subject to
and governed by the terms and conditions of the Plan and this Award Agreement. For example,
important additional information on vesting and forfeiture of the Restricted Stock Units is
contained in paragraphs 3 through 5 of Exhibit A. PLEASE BE SURE TO READ ALL OF EXHIBIT A AND
EXHIBIT B, WHICH CONTAIN THE SPECIFIC TERMS AND CONDITIONS OF THIS AWARD AGREEMENT. You further
represent that you have reviewed the Plan and this Award Agreement in their entirety, have had an
opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully
understand all provisions of the Plan and Award Agreement. You hereby agree to accept as binding,
conclusive and final all decisions or interpretations of the Administrator upon any questions
relating to the Plan and Award Agreement. You further agree to notify the Company upon any change
in the residence address indicated below.

	 	 	 
	PARTICIPANT:

	 	ATMEL CORPORATION
	 
	 	 
	 

	 	 
	Signature

	 	By
	 
	 	 
	 

	 	 
	Print Name

	 	Title

	 	 	 	 	 
	DATED:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 	 	 
	 
	 	 	 	 
	 	 	 
	Residence Address	 	 

2

 

EXHIBIT A

ATMEL CORPORATION

2005 STOCK PLAN

(AS AMENDED AND RESTATED AUGUST ___, 2008)

RESTRICTED STOCK UNIT AGREEMENT

   1. Grant.

     1.1. The Company hereby grants to the Participant under the Plan an Award of the Maximum
Number of Restricted Stock Units set forth on the first page of this Award Agreement, subject to
all of the terms and conditions in this Award Agreement and the Plan.

     1.2. The number of Restricted Stock Units in which the Participant may vest, if any, will
depend upon achievement of goals for the Company’s Operating Margin during the Performance Period
and will be determined as follows:

          1.2.1. The Company’s Operating Margin for each Quarterly Performance Period will be determined
and certified by the Administrator following the end of each such Quarterly Performance Period, but
in no event later than [forty-five (45)] days thereafter.

          1.2.2. Following the end of each Quarterly Performance Period beginning with the fourth
Quarterly Performance Period, but in no event later than [forty-five (45)] days thereafter, the
Administrator will determine and certify the Company’s Current Average Operating Margin and the
Company’s Performance Period-To-Date Average Operating Margin.

               1.2.2.1. If the Company’s (i) Performance Period-To-Date Average Operating Margin equals or
exceeds [                    ] percent (                    %) and (ii) the Operating Margin for at least four (4) of
the Quarterly Performance Periods during the Determination Period equals or exceeds [                    ]
percent (                    %), the Administrator then will identify the Percent of Maximum Shares Earned by
comparing the Company’s Current Average Operating Margin to the Performance Matrix, attached hereto
as Exhibit B. The Participant will vest on the applicable Vesting Date in the number of Restricted
Stock Units determined by (y) multiplying the Maximum Number of Restricted Stock Units set forth on
the first page of this Award Agreement by the Percent of Maximum Shares Earned determined in
accordance with the preceding sentence, rounded down to the nearest whole Share and (z) subtracting
the number of any previously vested Restricted Stock Units.

               1.2.2.2. If the Company’s (i) Performance Period-To-Date Average Operating Margin is less than
[                    ] percent (                    %) or (ii) the Company’s Operating Margin for at least four of the
Quarterly Performance Periods during the Determination Period did not equal or exceed [                    ]
percent (                    %), the Participant will not vest in any Restricted Stock Units on the applicable
Vesting Date. The number of Restricted Stock Units in which the Participant may

3

 

vest, if any, will depend upon achievement during subsequent Quarterly Performance Periods of
goals for the Company’s Operating Margin.

     1.3. Definitions.

          1.3.1. For purposes of this Award Agreement, “Annual Revenue” will have the meaning ascribed
to such term in Section 3(d) of the Plan, but will be determined for each Quarterly Performance
Period. Annual Revenue for a Quarterly Performance Period will be adjusted in accordance with
Section 3(jj) of the Plan to exclude the Company’s FAS 123R stock compensation expense, legal,
accounting and related expenses associated with independent investigations, restructuring and
impairment charges, and acquisition related charges incurred during such Quarterly Performance
Period.

          1.3.2. For purposes of this Award Agreement, “Current Average Operating Margin” will mean:

               1.3.2.1. As of the end of the fourth Quarterly Performance Period, the average of the
Operating Margins for the first four (4) Quarterly Performance Periods;

               1.3.2.2. As of the end of the fifth Quarterly Performance Period, the average of the (4) four
highest Operating Margins for the period including such Quarterly Performance Period and the four
(4) immediately preceding consecutive Quarterly Performance Periods; and

               1.3.2.3. As of the end of each Quarterly Performance Period thereafter, the average of the (4)
four highest Operating Margins for the period including such Quarterly Performance Period and the
five (5) immediately preceding consecutive Quarterly Performance Periods.

          1.3.3. For purposes of this Award Agreement, “Determination Period” will mean:

               1.3.3.1. As of the end of the fourth Quarterly Performance Period and the fifth Quarterly
Performance Period, the period including the first four (4) Quarterly Performance Periods and the
first five (5) Quarterly Performance Periods, respectively;

               1.3.3.2. As of the end of each Quarterly Performance Period thereafter, the period including
such Quarterly Performance Period and the five (5) immediately preceding consecutive Quarterly
Performance Periods.

          1.3.4. For purposes of this Award Agreement, “Operating Margin” will mean, as to any Quarterly
Performance Period, the percentage equal to the Company’s Operating Profit for such Quarterly
Performance Period divided by the Company’s Annual Revenue for such Quarterly Performance Period.

          1.3.5. For purposes of this Award Agreement, “Operating Profit” for a Quarterly Performance
Period will have the meaning ascribed to such term in Section 3(bb) of the Plan. Operating Profit
for a Quarterly Performance Period will be adjusted in accordance with Section 3(jj) of the Plan to
exclude the Company’s operating expenses, FAS 123R stock compensation expense, legal, accounting
and related expenses associated with independent investigations,

4

 

restructuring and impairment charges, and acquisition related charges incurred during such
Quarterly Performance Period.

          1.3.6. For purposes of this Award Agreement, “Performance Period-To-Date Average Operating
Margin” will mean, as of the end of a Quarterly Performance Period, the average of the Operating
Margins for the period including such Quarterly Performance Period and all previous Quarterly
Performance Periods.

          1.3.7. For purposes of this Award Agreement, “Quarterly Performance Period” will mean each
fiscal quarter of the Company that occurs during the Performance Period. For the avoidance of
doubt, the Performance Period will consist of fourteen (14) Quarterly Performance Periods
commencing on July 1, 2008.

     1.4. When Shares are paid to the Participant in payment for vested Restricted Stock units, par
value will be deemed paid by the Participant for each Restricted Stock Unit by services rendered by
the Participant to the Company, and will be subject to the appropriate tax withholdings.

   2. Company’s Obligation to Pay. Each Restricted Stock Unit has a value equal to the
Fair Market Value of a Share on the date it vests. Unless and until the Restricted Stock Units
will have vested in the manner set forth in paragraphs 3 through 5, the Participant will have no
right to payment of any such Restricted Stock Units. Prior to actual payment of any vested
Restricted Stock Units, such Restricted Stock Units will represent an unsecured obligation of the
Company, payable (if at all) only from the general assets of the Company.

   3. Vesting Schedule. Subject to paragraphs 4 and 5, the Restricted Stock Units
awarded by this Award Agreement will vest in the Participant according to the Vesting Schedule set
forth on the first page of this Award Agreement, subject to the Participant’s continuing to be a
Service Provider through each such Vesting Date.

   4. Change of Control.

     4.1. In the event of a Change of Control during the Performance Period, the Performance Period
shall be deemed to end immediately prior to the Change of Control. The number of Restricted Stock
Units in which the Participant shall be entitled to vest shall be the amount equal to (i) fifty
percent (50%) of the Maximum Number of Restricted Stock Units set forth on the first page of this
Award Agreement less (ii) the number of any previously vested Restricted Stock Units (the
difference referred to herein as the “Modified Number of Restricted Stock Units”). Notwithstanding
anything to the contrary herein and subject to Section 16(c) of the Plan, the Modified Number of
Restricted Stock Units will be scheduled to vest in accordance with the following schedule, subject
to the Participant continuing to be a Service Provider through each vesting date:

          4.1.1. If the Change of Control occurs on or prior to December 31, 2008 one-seventh (1/7) of
the Modified Number of Restricted Stocks Units, rounded down to the nearest whole Share, will vest
on December 31, 2008. The remaining unvested Modified Number of Restricted Stock Units will vest
in equal annual installments on each of the next three (3) annual anniversaries of December 31,
2008.

5

 

          4.1.2. If the Change of Control occurs after December 31, 2008, but on or prior to December
31, 2009, three-sevenths (3/7) of the Modified Number of Restricted Stock Units, rounded down to
the nearest whole Share, will vest on December 31, 2009. The remaining unvested Modified Number of
Restricted Stock Units will vest in equal annual installments on each of the next two (2) annual
anniversaries of December 31, 2009.

          4.1.3. If the Change of Control occurs after December 31, 2009, but on or prior to December
31, 2010, five-sevenths (5/7) of the Modified Number of Restricted Stock Units, rounded down to the
nearest whole Share, will vest on December 31, 2010. The remaining unvested Modified Number of
Restricted Stock Units will vest on December 31, 2011.

          4.1.4. If the Change of Control occurs after December 31, 2010, one hundred percent (100%) of
the Modified Number of Restricted Stock Units will vest on December 31, 2011.

     4.2. Notwithstanding anything herein to the contrary, in the event the Participant incurs a
Termination of Service three (3) months before or within twelve (12) months following a Change of
Control on account of a termination by the Company (or any Subsidiary) for any reason other than
Cause or on account of a termination by the Participant for Good Reason, then this award
immediately will vest in one hundred percent (100%) of the then unvested Modified Number of
Restricted Stock Units.

     4.3. Definitions.

          4.3.1. For purposes of this Award Agreement, “Cause” will mean (i) the Participant’s willful
and continued failure to perform the duties and responsibilities of his or her position after there
has been delivered to the Participant a written demand for performance from the [INSERT THE
FOLLOWING FOR ALL EMPLOYEES OTHER THAN THE CEO: CEO] [INSERT THE FOLLOWING FOR THE CEO: Board]
which describes the basis for the [INSERT THE FOLLOWING FOR ALL EMPLOYEES OTHER THAN THE CEO:
CEO’s] [INSERT THE FOLLOWING FOR THE CEO: Board] belief that the Participant has not substantially
performed his or her duties and the Participant has not corrected such failure within 30 days of
such written demand; (ii) any act of personal dishonesty taken by the Participant in connection
with his or her responsibilities as an employee of the Company with the intention or reasonable
expectation that such action may result in the substantial personal enrichment of the Participant;
(iii) the Participant’s conviction of, or plea of nolo contendere to, a felony that the Board
reasonably believes has had or will have a material detrimental effect on the Company’s reputation
or business; (iv) a breach of any fiduciary duty owed to the Company by the Participant that has a
material detrimental effect on the Company’s reputation or business; (v) the Participant being
found liable in any Securities and Exchange Commission or other civil or criminal securities law
action or entering any cease and desist order with respect to such action (regardless of whether or
not the Participant admits or denies liability); (vi) the Participant (A) obstructing or impeding;
(B) endeavoring to influence, obstruct or impede, or (C) failing to materially cooperate with, any
investigation authorized by the Board or any governmental or self-regulatory entity (an
“Investigation”). However, the Participant’s failure to waive attorney-client privilege relating
to communications with his or her own attorney in connection with an Investigation will not
constitute “Cause”; or (vii) the Participant’s disqualification or bar by any governmental or
self-regulatory authority from serving in the capacity contemplated by his or her position or the
Participant’s loss of

6

 

any governmental or self-regulatory license that is reasonably necessary for the Participant
to perform his or her responsibilities to the Company, if (A) the disqualification, bar or loss
continues for more than thirty (30) days, and (B) during that period the Company uses its good
faith efforts to cause the disqualification or bar to be lifted or the license replaced. While any
disqualification, bar or loss continues during the Participant’s employment, the Participant will
serve in the capacity contemplated by his or her position to whatever extent legally permissible
and, if the Participant’s employment is not permissible, he or she will be placed on leave (which
will be paid to the extent legally permissible).

          4.3.2. For purposes of this Award Agreement, “Change of Control” will mean the occurrence of
any of the following events: (i) the consummation by the Company of a merger or consolidation of
the Company with any other corporation, other than a merger or consolidation which would result in
the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving
entity) more than 50% of the total voting power represented by the voting securities of the Company
or such surviving entity outstanding immediately after such merger or consolidation; (ii) the
consummation of the sale or disposition by the Company of all or substantially all of the Company’s
assets; (iii) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended) becoming the “beneficial owner” (as defined in Rule 13d-3 under
said Act), directly or indirectly, of securities of the Company representing more than 50% of the
total voting power represented by the Company’s then outstanding voting securities; or (iv) a
change in the composition of the Board occurring within a one-year period, as a result of which
fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” will mean
directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a majority of those
directors whose election or nomination was not in connection with any transactions described in
subsections (i), (ii), or (iii) or in connection with an actual or threatened proxy contest
relating to the election of directors of the Company.

          4.3.3. For purposes of this Award Agreement, “Good Reason” will mean the Participant’s
termination of employment within ninety (90) days following the end of the Cure Period (as defined
below) as a result of the occurrence of any of the following without the Participant’s consent: (i)
a material diminution of the Participant’s authority, duties, or responsibilities, relative to the
Participant’s authority, duties, or responsibilities in effect immediately prior to such reduction,
provided, however, that a reduction of authority, duties, or responsibilities that occurs solely as
a necessary and direct consequence of the Company undergoing a Change of Control and being made
part of a larger entity will not be considered material, (ii) a material diminution by the Company
in the base salary of the Participant as in effect immediately prior to such reduction (unless the
Company also reduces the base salary of substantially all other employees of the Company), or (iii)
the relocation of the Participant to a facility or a location more than fifty (50) miles from the
Participant’s then present location; provided, however, that the Participant must provide written
notice to the Board of the condition that could constitute a “Good Reason” event within ninety (90)
days of the initial existence of such condition and such condition must not have been remedied by
the Company within thirty (30) days (the “Cure Period”) of such written notice.

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   5. Forfeiture upon Termination of Continuous Service. Notwithstanding any contrary
provision of this Award Agreement, if the Participant ceases to be a Service Provider for any or no
reason, the then-unvested Restricted Stock Units (after taking into account any accelerated vesting
that may occur as the result of any such termination, including in accordance with Section 4.2
above) awarded by this Award Agreement will thereupon be forfeited at no cost to the Company and
the Participant will have no further rights thereunder.

   6. Payment after Vesting. Any Restricted Stock Units that vest in accordance with
paragraph 3 or 4 will be paid to the Participant (or in the event of the Participant’s death, to
his or her estate) in whole Shares as soon as administratively practicable following the applicable
Vesting Date, subject to paragraph 8, but in each such case no later than the date that is
two-and-one-half months from the end of the Company’s tax year that includes the Vesting Date.
Notwithstanding anything in the Plan or this Award Agreement to the contrary, if the vesting of the
balance, or some lesser portion of the balance, of the Restricted Stock Units is accelerated in
connection with the Participant ceasing to be a Service Provider (provided that such cessation is a
“separation from service” within the meaning of Section 409A, as determined by the Company), other
than due to death, and if (x) the Participant is a “specified employee” within the meaning of
Section 409A at the time of such cessation and (y) the payment of such accelerated Restricted Stock
Units will result in the imposition of additional tax under Section 409A if paid to the Participant
on or within the six (6) month period following the Participant ceasing to be a Service Provider,
then the payment of such accelerated Restricted Stock Units will not be made until the date six (6)
months and one (1) day following the date of such cessation, unless the Participant dies during
such six (6) month period, in which case, the Restricted Stock Units will be paid to the
Participant’s estate as soon as practicable following his or her death, subject to paragraph 8. It
is the intent of this Award Agreement to comply with the requirements of Section 409A so that none
of the Restricted Stock Units provided under this Award Agreement or Shares issuable thereunder
will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will
be interpreted to so comply. For purposes of this Award Agreement, “Section 409A” means Section
409A of the Internal Revenue Code of 1986, as amended (the “Code”), and any proposed, temporary or
final Treasury Regulations and Internal Revenue Service guidance thereunder, as each may be amended
from time to time.

   7. Payments after Death. Any distribution or delivery to be made to the Participant
under this Award Agreement will, if the Participant is then deceased, be made to the Participant’s
designated beneficiary, or if no beneficiary survives the Participant, the administrator or
executor of the Participant’s estate. Any such transferee must furnish the Company with (a)
written notice of his or her status as transferee, and (b) evidence satisfactory to the Company to
establish the validity of the transfer and compliance with any laws or regulations pertaining to
said transfer.

   8. Withholding of Taxes. Notwithstanding any contrary provision of this Award
Agreement, no certificate representing the Shares will be issued to the Participant, unless and
until satisfactory arrangements (as determined by the Administrator) will have been made by the
Participant with respect to the payment of income, employment and other taxes which the Company
determines must be withheld with respect to such shares so issuable. The Administrator, in its
sole discretion and pursuant to such procedures as it may specify from time to time, may permit the
Participant to satisfy such tax withholding obligation, in whole or in part (without limitation) by
one or more of the following: (a) paying cash, (b) electing to have the Company withhold otherwise
deliverable shares of Common Stock having a Fair Market Value equal to the minimum amount required
to be

8

 

withheld, (c) delivering to the Company already vested and owned shares of Common Stock having
a Fair Market Value equal to the amount required to be withheld, or (d) selling a sufficient number
of such shares of Common Stock otherwise deliverable to Participant through such means as the
Company may determine in its sole discretion (whether through a broker or otherwise) equal to the
amount required to be withheld. If the Participant fails to make satisfactory arrangements for the
payment of any required tax withholding obligations hereunder at the time any applicable Shares
otherwise are scheduled to vest pursuant to paragraph 3 or 4, the Participant will permanently
forfeit such Shares and the Shares will be returned to the Company at no cost to the Company.

   9. Rights as Stockholder. Neither the Participant nor any person claiming under or
through the Participant will have any of the rights or privileges of a stockholder of the Company
in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares (which may be in book entry form) will have been issued, recorded on the records of the
Company or its transfer agents or registrars, and delivered to the Participant (including through
electronic delivery to a brokerage account). After such issuance, recordation and delivery, the
Participant will have all the rights of a stockholder of the Company with respect to voting such
Shares and receipt of dividends and distributions on such Shares.

   10. No Effect on Employment or Service. The Participant’s employment or other service
with the Company and its Subsidiaries is on an at-will basis only. Accordingly, the terms of the
Participant’s employment or service with the Company and its Subsidiaries will be determined from
time to time by the Company or the Subsidiary employing the Participant (as the case may be), and
the Company or the Subsidiary will have the right, which is hereby expressly reserved, to terminate
or change the terms of the employment or service of the Participant at any time for any reason
whatsoever, with or without good cause. The transactions contemplated hereunder and the Vesting
Schedule set forth on the first page of this Award Agreement do not constitute an express or
implied promise of continued employment for any period of time.

   11. Address for Notices. Any notice to be given to the Company under the terms of
this Award Agreement will be addressed to the Company at Atmel Corporation, 2325 Orchard Parkway,
San Jose, California 95131, or at such other address as the Company may hereafter designate in
writing.

   12. Grant is Not Transferable. Except to the limited extent provided in paragraph 7,
this Award and the rights and privileges conferred hereby will not be transferred, assigned,
pledged or hypothecated in any way (whether by operation of law or otherwise) and will not be
subject to sale under execution, attachment or similar process. Upon any attempt to transfer,
assign, pledge, hypothecate or otherwise dispose of this Award, or any right or privilege conferred
hereby, or upon any attempted sale under any execution, attachment or similar process, this Award
and the rights and privileges conferred hereby immediately will become null and void.

   13. Restrictions on Sale of Securities. The Shares issued as payment for vested
Restricted Stock Units under this Award Agreement will be registered under U.S. federal securities
laws and will be freely tradable upon receipt. However, a Participant’s subsequent sale of the
Shares may be subject to any market blackout-period that may be imposed by the Company and must
comply with the Company’s insider trading policies, and any other applicable securities laws.

9

 

   14. Binding Agreement. Subject to the limitation on the transferability of this grant
contained herein, this Award Agreement will be binding upon and inure to the benefit of the heirs,
legatees, legal representatives, successors and assigns of the parties hereto.

   15. Additional Conditions to Issuance of Stock. The Company will not be required to
issue any certificate or certificates for Shares hereunder prior to fulfillment of all the
following conditions: (a) the admission of such Shares to listing on all stock exchanges on which
such class of stock is then listed; (b) the completion of any registration or other qualification
of such Shares under any U.S. state or federal law or under the rulings or regulations of the
Securities and Exchange Commission or any other governmental regulatory body, which the
Administrator will, in its absolute discretion, deem necessary or advisable; (c) the obtaining of
any approval or other clearance from any U.S. state or federal governmental agency, which the
Administrator will, in its absolute discretion, determine to be necessary or advisable; and (d) the
lapse of such reasonable period of time following the date of vesting of the Restricted Stock Units
as the Administrator may establish from time to time for reasons of administrative convenience.

   16. Plan Governs. This Award Agreement is subject to all terms and provisions of the
Plan. In the event of a conflict between one or more provisions of this Award Agreement and one or
more provisions of the Plan, the provisions of the Plan will govern.

   17. Administrator Authority. The Administrator will have the power to interpret the
Plan and this Award Agreement and to adopt such rules for the administration, interpretation and
application of the Plan as are consistent therewith and to interpret or revoke any such rules
(including, but not limited to, the determination of whether or not any Restricted Stock Units have
vested). All actions taken and all interpretations and determinations made by the Administrator in
good faith will be final and binding upon Participant, the Company and all other interested
persons. No member of the Board or its Committee administering the Plan will be personally liable
for any action, determination or interpretation made in good faith with respect to the Plan or this
Award Agreement.

   18. Captions. Captions provided herein are for convenience only and are not to serve
as a basis for interpretation or construction of this Award Agreement.

   19. Agreement Severable. In the event that any provision in this Award Agreement will
be held invalid or unenforceable, such provision will be severable from, and such invalidity or
unenforceability will not be construed to have any effect on, the remaining provisions of this
Award Agreement.

   20. Modifications to the Award Agreement. This Award Agreement constitutes the entire
understanding of the parties on the subjects covered. The Participant expressly warrants that he
or she is not accepting this Award Agreement in reliance on any promises, representations, or
inducements other than those contained herein. Modifications to this Award Agreement or the Plan
can be made only in an express written contract executed by a duly authorized officer of the
Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company
reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole
discretion and without the consent of the Participant, to comply with Section 409A or to otherwise
avoid imposition of any additional tax or income recognition under Section 409A prior to the actual
payment of Shares pursuant to this Award of Restricted Stock Units.

10

 

   21. Amendment, Suspension or Termination of the Plan. By accepting this Restricted
Stock Unit award, the Participant expressly warrants that he or she has received a right to receive
stock under the Plan, and has received, read and understood a description of the Plan. The
Participant understands that the Plan is discretionary in nature and may be amended, suspended or
terminated by the Company at any time.

   22. Notice of Governing Law. This award of Restricted Stock Units will be governed
by, and construed in accordance with, the laws of the State of California, without regard to
principles of conflict of laws.

   23. Electronic Delivery. The Company may, in its sole discretion, decide to deliver
any documents related to Restricted Stock Units awarded under the Plan or future Restricted Stock
Units that may be awarded under the Plan by electronic means, or to request the Participant’s
consent to participate in the Plan by electronic means. The Participant hereby consents to receive
such documents by electronic delivery and if requested, to agree to participate in the Plan through
an on-line or electronic system established and maintained by the Company or another third party
designated by the Company.

11

 

EXHIBIT B

ATMEL CORPORATION

2005 STOCK PLAN

PERFORMANCE MATRIX FOR RESTRICTED STOCK UNITS

[INSERT MATRIX PERFORMANCE]

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