Document:

ISDA 2002 Master Agreement

 Exhibit 10.13 
 ISDA® 

International Swaps and Derivatives Association, Inc. 
 2002 MASTER AGREEMENT 
 dated as of March 18, 2011 

 

					
	CITIBANK, N.A.	 	and	 	ARCH STREET FUNDING LLC

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

 Accordingly, the parties agree as follows:— 
  

	1.	Interpretation 

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

	2.	Obligations 

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

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or
Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and
(3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii). 
 Copyright © 2002 by International Swaps and Derivatives 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 Settlement Date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such
change. 
 (c) Netting of Payments. If on any date amounts would otherwise be payable:— 

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

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

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

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

(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 

  

					
		 	2	 	
		 		 	ISDA®2002

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

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

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

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

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

 

	3.	Representations 

 Each party makes the
representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction
is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any “Additional Representation” is specified in the Schedule or any Confirmation as applying, the party
or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation. 

 

	(a)	Basic Representations. 

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

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

  

					
		 	3	 	
		 		 	ISDA®2002

 (iii) No Violation or Conflict. Such execution, delivery and performance do
not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or
affecting it or any of its assets; 
 (iv) Consents. All governmental and other consents that are required to have
been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party
constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors’ rights generally and
subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 
  

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

 

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

 

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

  

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

  

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

  

	(g)	No Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity.

  

	4.	Agreements 

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

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

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

  

					
		 	4	 	
		 		 	ISDA®2002

 (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. 

  

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

  

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

  

	5.	Events of Default and Termination Events 

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or
any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an “Event of Default”) with respect to such party: 

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery
after, in each case, notice of such failure is given to the party; 
 (ii) Breach of Agreement; Repudiation of
Agreement. 
 (1) Failure by the party to comply with or perform any agreement or obligation (other than an obligation to
make any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or
performed by the party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or 
 (2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation executed and delivered by that party or any

  

					
		 	5	 	
		 		 	ISDA®2002

 Transaction evidenced by such a Confirmation (or such action is taken by any person or
entity appointed or empowered to operate it or act on its behalf); 
 (iii) Credit Support Default. 

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied
with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 
 (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider
to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under
each Transaction to which such Credit Support Document relates without the written consent of the other party; or 
 (3) the
party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate
it or act on its behalf); 
 (iv) Misrepresentation. A representation (other than a representation under
Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any
material respect when made or repeated or deemed to have been made or repeated; 
 (v) Default Under Specified Transaction.
The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:— 
 (1)
defaults (other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default
results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction; 
 (2)
defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable
notice requirement or grace period, such default continues for at least one Local Business Day); 
 (3) defaults in making any
delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or
grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions outstanding under the documentation applicable to that Specified Transaction; or 

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

  

					
		 	6	 	
		 		 	ISDA®2002

 (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) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or

 (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making
one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in
clause (1) above, of not less than the applicable Threshold Amount; 
 (vii) Bankruptcy. The party, any Credit
Support Provider of such party or any applicable Specified Entity of such party:— 
 (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)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the
jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting
creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any
other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity
not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed
or restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);
(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party
take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in clauses (1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

  

					
		 	7	 	
		 		 	ISDA®2002

 (viii) Merger Without Assumption. The party or any Credit Support Provider of
such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation,
amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:— 
 (1) the resulting, surviving or
transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or 

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

(i) Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or
pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered
into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it
would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):— 

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

  

					
		 	8	 	
		 		 	ISDA®2002

 
impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance
were required on that day); or 
 (2) such party or any Credit Support Provider of such party (which will be the Affected Party)
is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery
under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or
impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance
were required on that day), 
 so long as the force majeure or act of state is beyond the control of such Office, such party or
such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial,
incidental expenses), overcome such prevention, impossibility or impracticability; 
 (iii) Tax Event. Due to
(1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a
Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect
of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of
interest under Section 9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

(iv) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will
either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating
with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or
reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption; 
 (v) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such
party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if
applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the
occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated Event” with respect to X means that:— 

(1) X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part
of the assets comprising the business conducted by X as of the 

  

					
		 	9	 	
		 		 	ISDA®2002

 
date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity; 
 (2) any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or
its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or 
 (3) X effects any
substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the
case of entities other than corporations, any other form of ownership interest; or 
 (vi) Additional Termination Event.
If any “Additional Termination Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional
Termination Event in the Schedule or such Confirmation). 
 (c) Hierarchy of Events. 

(i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the
case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other
material provision of this Agreement or a Credit Support Document, as the case may be. 
 (ii) Except in circumstances
contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an
Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event. 
 (iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause
(ii) above, and not a Force Majeure Event. 
 (d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality
or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until:— 

(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a
Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of
that Illegality or Force Majeure Event, as the case may be; or 
 (ii) if earlier, the date on which the event or circumstance
constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local
Delivery Day, as appropriate. 
 (e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality
or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the
relevant obligation or 

  

					
		 	10	 	
		 		 	ISDA®2002

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

	6.	Early Termination; Close-Out Netting 

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

(ii) Transfer to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon
Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to
incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its
Offices or Affiliates so that such Termination Event ceases to exist. 
 If the Affected Party is not able to make such a
transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 

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

(iii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable
efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. 

  

					
		 	11	 	
		 		 	ISDA®2002

 (iv) Right to Terminate. 

(1) If:— 

(A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with
respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (B) a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 
 the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non-affected Party in
the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier
than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 
 (2) If at any time
an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:— 

(A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not
earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as
an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon receipt of a notice designating
an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an Early Termination
Date in respect of any or all other Affected Transactions. 
 (B) An Affected Party (if the Illegality or Force Majeure Event
relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only have the
right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of
an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. 
 (c) Effect of
Designation. 
 (i) If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early
Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be
required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii). 

  

					
		 	12	 	
		 		 	ISDA®2002

 (d) Calculations; Payment Date. 

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party
will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including any quotations, market data or information from
internal sources used in making such calculations), specifying (except where there are two Affected Parties) any Early Termination Amount payable and giving details of the relevant account to which any amount payable to it is to be paid. In the
absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of
such quotation or market data. 
 (ii) Payment Date. An Early Termination Amount due in respect of any Early
Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated
or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement
provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination
Date (the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). 
 (i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1) the sum of (A) the Termination
Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and (B) the
Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number, the
Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the Defaulting Party. 

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

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

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

  

					
		 	13	 	
		 		 	ISDA®2002

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

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

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

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination
applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and
retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 (iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute
an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction,
constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event
of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2). 

(v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of
loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither party will be entitled to recover any additional damages as a
consequence of the termination of the Terminated Transactions. 
 (f) Set-Off. Any Early Termination Amount payable to one party
(the “Payee”) by the other party (the “Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other Termination
Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non-affected Party, as the case may be (“X”) (and without prior notice to the Defaulting
Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (“Other Amounts”) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective
of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set-off
effected under this Section 6(f). 
 For this purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of
such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such
currency. 

  

					
		 	14	 	
		 		 	ISDA®2002

 If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of
the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 
 Nothing in this Section 6(f)
will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or
requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise). 
  

	7.	Transfer 

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

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

  

	(b)	a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts
payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11. 

 Any purported transfer that is not in compliance with this Section 7 will be void. 
  

	8.	Contractual Currency 

 (a) Payment
in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the
party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect
of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted
by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b)
Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above,
the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if
such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of
exchange at which such party is able, acting in good faith and using 

  

					
		 	15	 	
		 		 	ISDA®2002

 
commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order
actually received by such party. 
 (c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in this
Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which
any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been
made. 
  

	9.	Miscellaneous 

 (a) Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written
representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or
exclude any liability of a party for fraud. 
 (b) Amendments. An amendment, modification or waiver in respect of
this Agreement will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic
messaging system. 
 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the
parties under this Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in
this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e) Counterparts and Confirmations. 
 (i) This Agreement (and each
amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission and by electronic messaging system), each of which will be deemed an original. 

(ii) The parties intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether
orally or otherwise). A Confirmation will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes, by an exchange of electronic messages
on an electronic messaging system or by an exchange of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another effective means that any
such counterpart, telex, electronic message or e-mail constitutes a Confirmation. 
 (f) No Waiver of Rights. A failure or delay
in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further
exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 
 (g) Headings. The headings
used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 

  

					
		 	16	 	
		 		 	ISDA®2002

 (h) Interest and Compensation. 

(i) Prior to Early Termination. Prior to the occurrence or effective designation of an Early Termination Date in respect of
the relevant Transaction:— 
 (1) Interest on Defaulted Payments. If a party defaults in the performance of any
payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount,
for the period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause
(3)(B) or (C) below), at the Default Rate. 
 (2) Compensation for Defaulted Deliveries. If a party defaults in
the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise provided
in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market value
of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect of
which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date for delivery,
in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery. 
 (3) Interest
on Deferred Payments. If:— 
 (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been
payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount
becomes payable) in the same currency as that amount, for the period from (and including) the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable
Deferral Rate; 
 (B) a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to
make that payment will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as
well as after judgment) on the amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would, but for
Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with
respect to that party occurs, at the Applicable Deferral Rate; or 
 (C) a party fails to make any payment due to the occurrence
of an Illegality or a Force Majeure Event (after giving effect to any deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or
circumstance giving rise to that Illegality or Force Majeure Event 

  

					
		 	17	 	
		 		 	ISDA®2002

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

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

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

(C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable
Waiting Period has expired, 
 the party required (or that would otherwise have been required) to make the delivery will, to the
extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in
the relevant Confirmation or elsewhere in this Agreement. 
 (ii) Early Termination. Upon the occurrence or
effective designation of an Early Termination Date in respect of a Transaction:— 
 (1) Unpaid Amounts. For the
purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any
obligation required to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d))
required to have been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate. 
 (2)
Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with interest (before as well as after
judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close-out Rate. 

(iii) Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily
compounding and the actual number of days elapsed. 

  

					
		 	18	 	
		 		 	ISDA®2002

	10.	Offices; Multibranch Parties 

 (a) If
Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the other party that, notwithstanding the place of booking or
its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office, except that a party will not have recourse to the head or home
office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be repeated by each party on each date
on which the parties enter into a Transaction. 
 (b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to
clause (c) below, enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office
unless otherwise agreed by the parties in writing). 
 (c) The Office through which a party enters into a Transaction will be the Office
specified for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office.
Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with
respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the
prior written consent of the other party. 
  

	11.	Expenses 

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

 

	12.	Notices 

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

(iii) if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being
agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile machine); 
 (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or its delivery is attempted; 

(v) if sent by electronic messaging system, on the date it is received; or 

  

					
		 	19	 	
		 		 	ISDA®2002

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

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

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

	13.	Governing Law and Jurisdiction 

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

(i) submits:— 
 (1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do not involve a Convention Court and (B) the
exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or 
 (2) if this Agreement is
expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City; 

(ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any
claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and 

(iii) agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not
preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of Process. Each party irrevocably appoints the
Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly
notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or
12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law. 

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

  

					
		 	20	 	
		 		 	ISDA®2002

	14.	Definitions 

 As used in this
Agreement:— 
 “Additional Representation” has the meaning specified in Section 3. 

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

“Affected Party” has the meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon Merger, all Transactions
affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document
references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all
Transactions. 
 “Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly
or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a
majority of the voting power of the entity or person. 
 “Agreement” has the meaning specified in Section 1(c).

 “Applicable Close-out Rate” means:— 
 (a) in respect of the determination of an Unpaid Amount:— 
 (i) in respect of
obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; 

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

  

					
		 	21	 	
		 		 	ISDA®2002

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

(3) if the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause
(1) above applies), the Non-default Rate; and 
 (4) in all other cases, the Termination Rate. 

“Applicable Deferral Rate” means:— 
 (a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in the
applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; 

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

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

“Burdened Party” has the meaning specified in Section 5(b)(iv). 
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of
any law) that occurs after the parties enter into the relevant Transaction. 
 “Close-out Amount” means, with respect to
each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive
number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material
terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but
for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in 

  

					
		 	22	 	
		 		 	ISDA®2002

 
Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions. 

Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures
in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated
Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable. 

Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out-of-pocket expenses referred to in
Section 11 are to be excluded in all determinations of Close-out Amounts. 
 In determining a Close-out Amount, the Determining Party may
consider any relevant information, including, without limitation, one or more of the following types of information:— 
 (i) quotations
(either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant
documentation, including credit support documentation, between the Determining Party and the third party providing the quotation; 
 (ii)
information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market
data in the relevant market; or 
 (iii) information of the types described in clause (i) or (ii) above from internal sources
(including any of the Determining Party’s Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions. 

The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause
(i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not
satisfy those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other
information being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users of the relevant product,
information vendors, brokers and other sources of market information. 
 Without duplication of amounts calculated based on information
described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in
connection with its terminating, liquidating or re-establishing any hedge related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them). 
 Commercially reasonable procedures used in determining a Close-out Amount may include the following:— 
 (1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of pricing or other valuation models
that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated third parties that are similar to
the Terminated Transaction or group of Terminated Transactions; and 

  

					
		 	23	 	
		 		 	ISDA®2002

 (2) application of different valuation methods to Terminated Transactions or groups of Terminated
Transactions depending on the type, complexity, size or number of the Terminated Transactions or group of Terminated Transactions. 

“Confirmation” has the meaning specified in the preamble. 
 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 

“Contractual Currency” has the meaning specified in Section 8(a). 
 “Convention Court” means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in
Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

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

“Credit Support Provider” has the meaning specified in the Schedule. 
 “Cross-Default” means the event specified in Section 5(a)(vi). 

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

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

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

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

“electronic messages” does not include e-mails but does include documents expressed in markup languages, and
“electronic messaging system” will be construed accordingly. 
 “English law” means the law of
England and Wales, and “English” will be construed accordingly. 
 “Event of Default” has the
meaning specified in Section 5(a) and, if applicable, in the Schedule. 
 “Force Majeure Event” has the meaning
specified in Section 5(b). 
 “General Business Day” means a day on which commercial banks are open for general
business (including dealings in foreign exchange and foreign currency deposits). 
 “Illegality” has the meaning
specified in Section 5(b). 

  

					
		 	24	 	
		 		 	ISDA®2002

 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or
having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a
payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or
regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and “unlawful” will be construed accordingly. 
 “Local Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation
and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to
provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the
Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the
currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other
communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to
payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction.

 “Local Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to
accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a
location as determined in accordance with customary market practice for the relevant delivery. 
 “Master Agreement” has
the meaning specified in the preamble. 
 “Merger Without Assumption” means the event specified in
Section 5(a)(viii). 
 “Multiple Transaction Payment Netting” has the meaning specified in Section 2(c).

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

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

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

  

					
		 	25	 	
		 		 	ISDA®2002

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

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

“Proceedings” has the meaning specified in Section 13(b). 
 “Process Agent” has the meaning specified in the Schedule. 

“rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or
conversion into the Contractual Currency. 
 “Relevant Jurisdiction” means, with respect to a party, the jurisdictions
(a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes
this Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Schedule” has
the meaning specified in the preamble. 
 “Scheduled Settlement Date” means a date on which a payment or delivery is to
be made under Section 2(a)(i) with respect to a Transaction. 
 “Specified Entity” has the meaning specified in the
Schedule. 
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party
or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but
(i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total
return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other
financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future
becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities,
equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of
these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 

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

“Stamp Tax Jurisdiction” has the meaning specified in Section 4(e). 

  

					
		 	26	 	
		 		 	ISDA®2002

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

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

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

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

 “Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such
Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or
5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been)
required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early
Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other 

  

					
		 	27	 	
		 		 	ISDA®2002

 
compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation
referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each
party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties. 

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

									
	CITIBANK, N.A.	 		 	ARCH STREET FUNDING LLC
		 	 (Name of Party)
	 		 		 	 (Name of Party)

					
	By:	 	 /s/ Linda Cook
	 		 	By:	 	 /s/ Gerald F. Stahlecker

		 	Name: Linda Cook	 		 		 	Name: Gerald F. Stahlecker
		 	Title: Vice President, Citibank N.A.	 		 		 	Title: EVP
		 	Date:	 		 		 	Date: 3/18/11

  

					
		 	28	 	
		 		 	ISDA®2002

 [Execution Copy] 

SCHEDULE 

to the 

ISDA 2002 Master Agreement 
 dated as of March 16, 2011 
 between 

CITIBANK, N.A., 
 a national banking association organized under the laws of the United States 

(“Party A”) 
 and 
 ARCH STREET FUNDING LLC 

a limited liability company formed 
 under the law of the State of Delaware 
 (“Party B”)

 Part 1 
 Termination Provisions 
 In this Agreement: 

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

(ii) in relation to Party B, for the purpose of Section 5(a)(vi) and 5(b)(v) of this Agreement, FS Investment Corporation, a
Maryland corporation (the “Party B Investor”). 
 (b) “Specified Transaction” will have the
meaning specified in Section 14 of this Agreement. For purposes of clause (c) of such definition, Specified Transaction includes any securities options, margin loans, short sales, and any other similar transaction now existing or hereafter
entered into between Party A or any Section 5(a)(v) Affiliate, on the one hand, and Party B, on the other hand. 
 (c) The
“Cross Default” provisions of Section 5(a)(vi) will apply to Party A and will apply to Party B; provided that, notwithstanding the foregoing, an Event of Default shall not occur under either (1) or
(2) therein if (a) the event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay caused by an error or omission of an administrative or operational nature; (b) funds were available to
such party to enable it to make the relevant payment when due; and 

  
 1 

 
(c) such relevant payment is made within three Local Business Days following the discovery of the error or failure. 
 For purposes of Section 5(a)(vi), the following provisions apply: 

“Specified Indebtedness” shall have the meaning set forth in Section 14 of this Agreement; provided that
Specified Indebtedness shall not include deposits received in the course of a party’s ordinary banking business. 

“Threshold Amount” means 
 (i) with respect to Party A, 2% of the stockholders’ equity of Party A; and 
 (ii) with respect to Party B, the lesser of USD10,000,000 and 2% of the Net Asset Value of the Party B Investor; 
 including the U.S. Dollar equivalent on the date of any default, event of default or other similar condition or event of any obligation stated in any other currency. 

For purposes of the above, stockholders’ equity shall be determined by reference to the relevant party’s most recent
consolidated (quarterly, in the case of a U.S. organized party) balance sheet and shall include, in the case of a U.S. organized party, legal capital, paid-in capital, retained earnings and cumulative translation adjustments. Such balance sheet
shall be prepared in accordance with accounting principles that are generally accepted in such party’s country of organization. 
 For purposes of the above, (A) “Net Asset Value” means, as of any date, the Total Assets minus Total Liabilities, in each case as of such date,
(B) “Total Assets” means, at any date, all assets of the Party B Investor which in accordance with generally accepted accounting principles would be classified as assets upon a balance sheet of the Party B Investor
prepared as of such date, (C) “Total Liabilities” means, at any date, all liabilities of the Party B Investor which in accordance with generally accepted accounting principles would be classified as liabilities upon a
balance sheet of the Party B Investor prepared as of such date and (D) Net Asset Value shall be determined by reference to the Party B Investor’s most recent NAV and Performance Statement (as defined in Part 3) delivered to
Party A. 
 (d) The “Credit Event Upon Merger” provisions of Section 5(b)(v) of this Agreement will apply to
Party A and will apply to Party B (and to the Party B Investor). 
 (e) The “Automatic Early Termination”
provisions of Section 6(a) will not apply to Party A and will not apply to Party B; provided that, with respect to a party, where the Event of Default specified in Section 5(a)(vii)(1), (3), (4), (5), (6) or, to the
extent analogous thereto, (8) is governed by a system of law which does not permit termination to take place after the occurrence of the relevant Event of Default, then the Automatic Early Termination provisions of Section 6(a) will apply
to such party. 
 (f) “Termination Currency” means United States Dollars. 

(g) “Additional Termination Event”: The following shall constitute Additional Termination Events (and Party B will be the sole
Affected Party, and all Transactions will be Affected Transactions, with respect to such Additional Termination Events): 
 (1) Party B or the Party B Investor amends its constituent documents to alter its investment strategy and such amendment has or could reasonably be expected to have a

  
 2 

 
Material Adverse Effect. 
 (2) The Party B Investor or any
legal successor thereto (the “Manager”) ceases to be the investment manager of Party B or ceases to have authority to enter into transactions pursuant to this Agreement on behalf of Party B and shall not have
been replaced by another person or entity as to which Party A has not made an objection, having a reasonable basis, in writing within 10 Business Days following notice. 

(3) The Party B Investor ceases to be the sole owner, beneficially and of record, of all of the equity ownership interests
issued by Party B. 
 As used herein, “Material Adverse Effect” means a material adverse
effect on (a) the ability of Party B to perform any of its obligations under this Agreement or any Credit Support Document to which Party B is a party, (b) the rights of or benefits available to Party A under this Agreement
or any Credit Support Document to which Party B is a party, (c) the authority of the Manager to act as Party B’s agent in entering into and confirming Transactions and in receiving notices to Party B under this Agreement or
(d) whether any Transaction shall be consistent with the then-current and applicable investment policies, trading strategies and/or restrictions of Party B and the Party B Investor. 

1. Part 2 
 Tax Representations 
 (a) Payer Representations. For the purpose of
Section 3(e) of this Agreement, Party A will make the following representation and Party B will make the following representation: 
 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of
any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the
other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party
pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where
reliance is placed on clause (ii) above and the other party does not deliver a form or documents under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 

(b) Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the
representations specified below, if any: 
 The following representations will apply to Party A: 

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

 It is a limited liability company organized under the laws of the State of Delaware. 

  
 3 

 It is a disregarded entity for U.S. Federal income tax purposes. 

The following representations will apply to the Party B Investor: 
 It is a corporation organized under the laws of the State of Maryland, and its U.S. taxpayer identification number is 26-1630040. 
 It is a regulated investment company for U.S. Federal income tax purposes. 

Part 3 

Agreement to Deliver Documents 
 For the purpose of Section 4(a) of this Agreement: 
 I. Tax forms, documents or certificates
to be delivered are: 
  

					
	 Party required to
 deliver document
	  	 Form/Document/

Certificate
	  	 Date by which to

Be delivered

			
	Party A	  	An executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to Party A	  	No later than seven Business Days after the date of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or
incorrect.
			
	Party B	  	An executed IRS Form W-9 (or any successor form) (together with any required attachments) with respect to the Party B Investor (and showing Party B as a business
name)	  	No later than seven Business Days after the date of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or
incorrect.

 II. Other documents to be delivered are: 

 

							
	 Party required
 to
deliver
 document
	  	 Form/Document/Certificate
	  	 Date by which to

be delivered
	  	 Covered by

Section 3(d)

				
	Party A and Party B	  	Evidence reasonably satisfactory to the other party of the (i) authority of such party to enter into this Agreement and any Transactions and (ii) the authority and genuine
signature of the individual signing this Agreement on behalf of such party to execute the same.	  	No later than seven Local Business Days after the date of this Agreement and, if requested by the other party, as soon as practicable after execution of any Confirmation of any
other Transaction.	  	Yes

  
 4 

							
				
	Party B	  	The annual report of the Party B Investor containing audited consolidated financial statements prepared in accordance with accounting principles that are generally accepted in
the United States of America and certified by independent certified public accountants for each fiscal year.	  	As soon as available and in any event within 120 days (or as soon as practicable after becoming publicly available) after the end of each of the Party B Investor’s fiscal
years.	  	Yes; provided that the phrase “is, as of the date of the information, true, accurate and complete in every material respect” in Section 3(d) shall be deleted
and the phrase “fairly presents, in all material respects, the financial condition and results of operations as of their respective dates and for the respective periods covered thereby” shall be inserted in lieu thereof
				
	Party B	  	The unaudited consolidated financial statements, the consolidated balance sheet and related statements of income of the Party B Investor for each of the first three fiscal
quarters of each fiscal year prepared in accordance with accounting principles that are generally accepted in the United States of America.	  	As soon as available and in any event within 60 days (or as soon as practicable after becoming publicly available) after the end of each of the Party B Investor’s fiscal
quarters.	  	Yes; provided that the phrase “is, as of the date of the information, true, accurate and complete in every material respect” in Section 3(d) shall be deleted
and the phrase “fairly presents, in all material respects, the financial condition and results of operations as of their respective dates and for the respective periods covered thereby” shall be inserted in lieu
thereof

  
 5 

							
				
	Party B	  	Certified copies of (a) the limited liability company agreement of Party B and (b) the investment management agreement between Party B and the
Manager.	  	No later than seven Local Business Days after the date of this Agreement and as soon as practicable after any amendment, supplement or other modification of any thereof to the
extent that such amendment, supplement or other modification has or could reasonably be expected to have a Material Adverse Effect.	  	Yes
				
	Party A and Party B	  	A duly executed copy of each of the Credit Support Documents specified in Part 4(f) of this Schedule.	  	Upon execution of this Agreement.	  	No
				
	Party B	  	A statement including a calculation of the Party B Investor’s Net Asset Value and Performance as of the end of each calendar month (the “NAV and Performance
Statement”).	  	No later than two Business Days after the same is made available by or on behalf of the Party B Investor to any direct or indirect investors in the Party B
Investor	  	Yes
				
	Party B	  	Such other documents that may be reasonably requested by Party A from time to time.	  	As per request by Party A.	  	Yes

 Part 4 

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

					
	Address:	  	Capital Markets Documentation Unit
		  	388 Greenwich Street, 17th Floor
		  	New York, New York 10013
			
		  	 2.      Attention:
	  	Director Derivatives Operations
			
		  	Facsimile No.:	  	(212) 657-3992

  
 6 

					
		
		  	(For all purposes)
		
		  	In addition, in the case of notices or communications relating to Section 5, 6, 11 or 13 of this Agreement, a second copy of any such notice or communication shall
be addressed to the attention of Party A’s legal department as follows:
			
		  	Address:	  	Legal Department
		  		  	388 Greenwich Street, 17th Floor
		  		  	New York, New York 10013
			
		  	Attention:	  	Senior Deputy General Counsel, Citi Markets and Banking
			
		  	Facsimile No.:	  	(212) 816-5550

 Address for notices or communications to
Party B: 
  

			
	Address:	  	Arch Street Funding LLC
		  	c/o FS Investment Corporation
		  	Circa Centre
		  	2929 Arch Street, Suite 675
		  	Philadelphia, PA 19104
		
		  	Attention: William Goebel
		  	Phone: 215-220-4247
		  	Email: bill.goebel@franklinsquare.com
		
		  	Attention: Ken Miller
		  	Phone: 215-495-1164
		  	Email: ken.miller@franklinsquare.com
		  	Fax: 215-222-4649
		
		  	With copy to:
		
		  	GSO Capital Partners
		  	280 Park Ave., 11th Floor
		  	New York, N.Y. 10028
		
		  	Attention: Angelina Perkovic
		  	Angelina.perkovic@gso.com
		  	Phone: 212-503-2146
		  	Fax: 212-503-6921
		
		  	- and -
		
		  	Isabelle Pradel
		  	Isabelle.pradel@gsocap.com
		  	Phone: 212-503-2149
		  	Fax: 212-503-2149

  
 7 

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

Party A appoints as its Process Agent: Not Applicable 
 Party B appoints as its Process Agent: Not Applicable 
 (c) Offices. The provisions of
Section 10(a) will apply to this Agreement. 
 (d) Multibranch Party. For the purpose of Section 10(b) of this Agreement:

 Party A is a Multibranch Party and may enter into a Transaction through any of the following offices: New York, London,
Singapore and Sydney. 
 Party B is not a Multibranch Party. 
 (e) Calculation Agent. The Calculation Agent will be Party A unless otherwise specified in a Confirmation in reference to the relevant Transaction. 

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

(ii) In relation to Party B, the Credit Support Annex dated as of the date hereof and attached hereto between the parties
hereto. 
 (g) Credit Support Provider. 
 (i) In relation to Party A, none; and 
 (ii) In relation to Party B,
none. 
 (h) Governing Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or
relating in any way whatsoever to this Agreement (whether in contract, tort or otherwise) shall be governed by, the law of the State of New York. 
 (i) Jurisdiction. Section 13(b)(i) of this Agreement is hereby amended by deleting in line 2 of paragraph 2 the word “non-” and by deleting paragraph (iii) thereof. The
following shall be added at the end of Section 13(b): “Nothing in this provision shall prohibit a party from bringing an action to enforce a money judgment in any other jurisdiction.” 

(j) “Affiliate” will have the meaning specified in Section 14 of this Agreement. 

(k) Absence of Litigation. For the purpose of Section 3(c), “Specified Entity” means in relation to Party A, any Affiliate of
Party A, and in relation to Party B, none. 
 (l) No Agency. The provisions of Section 3(g) will apply to this Agreement.

 (m) Additional Representation will apply. Section 3(a) of this Agreement is hereby amended by the deletion of “and” at
the end of Section 3(a)(iv); the substitution of a semi-colon for the period at the end of Section 3(a)(v) and the addition of Sections 3(a)(vi) to (viii), as follows: 

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

  
 8 

 (1) No Reliance. It is acting for its own account, and it has made its own
independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication
(written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered
investment advice or a recommendation to enter into that Transaction. It has not received from the other party any assurance or guarantee as to the expected results of that Transaction. 

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

(3) Status of Parties. The other party is not acting as a fiduciary for or an advisor to it in respect of that
Transaction. 
 (vii) Eligible Contract Participant. (a) It is an “eligible contract participant” within
the meaning of Section 1(a)(12) of the Commodity Exchange Act, as amended (the “CEA”), (b) this Agreement and each Transaction is subject to individual negotiation by each party, and (c) neither this Agreement
nor any Transaction will be executed or traded on a “trading facility” within the meaning of Section 1a(33) of the CEA. 
 (viii) ERISA. The assets that are used in connection with the execution, delivery and performance of this Agreement and the Transactions entered into pursuant hereto are not the assets of an
employee benefit or other plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a plan described in Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”), an entity whose underlying assets include “plan assets” by reason of Department of Labor regulation section 2510.3-101, or a governmental plan that is subject to any federal, state, or local law that is
substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the Code.” 
 (n) “Netting of
Payments” Either party may notify the other in writing, not less than one Local Business Day in advance of one or more Scheduled Payment Dates, that with regard to payments due on that date, Multiple Transaction Payment Netting will apply;
provided that no such notice shall be required with respect to any Transaction if the related Confirmation expressly provides that Multiple Transaction Payment Netting will apply. Except to the extent that such advance written notice shall
have been given or as is specified in a related Confirmation, subparagraph Multiple Transaction Payment Netting will not apply for purposes of Section 2(c) of this Agreement. 

Part 5 

Other Provisions 
 (a)
Waiver of Right to Trial by Jury. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING. Each party hereby (i) certifies that
no representative, agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing 

  
 9 

 
waiver and (ii) acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph. 

(b) Severability. Except as otherwise provided in Sections 5(b)(i) or 5(b)(ii) in the event that any one or more of the provisions contained in
this Agreement should be held invalid, illegal, or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The parties shall
endeavor, in good faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

(c) Netting. In the event that any Terminated Transaction cannot be aggregated and netted against all other Terminated Transactions under
Section 6(e) of this Agreement, such excluded Terminated Transactions shall be aggregated and netted amongst themselves to the fullest extent permitted by law. 
 (d) Escrow Payments. If by reason of the time difference between the cities in which payments are to be made, it is not possible for simultaneous payments to be made on any date on which
both parties are required to make payments hereunder, either party may at its option and in its sole discretion notify the other party that payments on that date are to be made in escrow. In this case the deposit of the payment due earlier on that
date shall be made by 2:00 p.m. (local time at the place for the earlier payment) on that date with an escrow agent selected by the party giving the notice, accompanied by irrevocable payment instructions (i) to release the deposited payment to
the intended recipient upon receipt by the escrow agent of the required deposit of the corresponding payment from the other party on the same date accompanied by the irrevocable payment instructions to the same effect or (ii) if the required
deposit of the corresponding payment is not made on that same date, to return the payment deposited to the party that paid it into escrow. The party that elects to have payments made in escrow shall pay the costs of the escrow arrangements and shall
cause those arrangements to provide that the intended recipient of the payment due to be deposited first shall be entitled to interest on that deposited payment for each day in the period of its deposit at the rate offered by the escrow agent for
that day for overnight deposits in the relevant currency in the office where it holds that deposited payment (at 11:00 a.m. local time on that day) if that payment is not released by 5:00 p.m. on the date it is deposited for any reason other than
the intended recipients’ failure to make the escrow deposit it is required to make hereunder in a timely fashion. 
 (e)
Recording of Conversations. Each party hereto consents to the recording of its telephone conversations relating to this Agreement or any potential Transaction. To the extent that one party records telephone conversations (the
“Recording Party”) and the other party does not (the “Non-Recording Party”), the Recording Party shall, in the event of any dispute, make a complete and unedited copy of such party’s tape of the
entire day’s conversations with the Non-Recording Party’s personnel available to the Non-Recording Party. The Recording Party’s tapes may be used by either party in any forum in which a dispute is sought to be resolved and the
Recording Party will retain tapes for a consistent period of time in accordance with the Recording Party’s policy unless one party notifies the other that a particular transaction is under review and warrants further retention. 

(f) Limitation of Liability. No party shall be required to pay or be liable to the other party for any consequential, indirect or punitive
damages, opportunity costs or lost profits. 
 (g) 2002 Master Agreement Protocol. The parties agree that the definitions and provisions
contained in Annexes 1 to 16 and Section 6 of the 2002 Master Agreement Protocol published by the International Swaps and Derivatives Association, Inc. on 15th July 2003 are incorporated into and apply to this Agreement. 

  
 10 

 (h) Additional Party B Covenant. For purposes of Section 4 of this Agreement, the following
shall be added immediately following paragraph (e) thereof: 
 “(f) Notification Requirements. Party B
shall notify Party A in writing immediately upon the occurrence of (i) an event set forth in Part 1(g), and (ii) a change in the written investment policies of Party B or the Party B Investor as the same relates to the
investment restrictions and/or trading strategies of Party B or the Party B Investor, which change has or could reasonably be expected to have a Material Adverse Effect.” 
 (i) For purposes of Section 3 of this Agreement, the following shall be added immediately following paragraph (g) thereof: 

“(h) Compliance with Investment Policies. Party B hereby represents to Party A that the execution, delivery, and
performance by it of this Agreement and each Confirmation does not conflict with or violate the investment policies, trading strategies and/or restrictions of Party B as set forth in the offering and organizational documents, in each case as in
effect from time to time, of Party B and the Party B Investor. 
 (i) Manager Authorized as Agent. Party B
represents and warrants to Party A that the Manager is duly authorized to act as Party B’s agent in entering into and confirming Transactions and receiving notices to Party B under this Agreement, and that the Manager’s
entering into or confirmation of any Transaction shall be sufficient to bind Party B, with the result that Party B’s signature shall not be required on any Confirmation. 
 (j) Manager Representations. The following representations shall be made by the Manager in accordance with Section 3 of the Agreement as if the Manager was a party to this Agreement:

 “(i) Manager Representations. The Manager represents and warrants to Party A (x) that it is duly
authorized to act as Party B’s agent in entering into and confirming Transactions and in receiving notices to Party B under this Agreement, and (y) that any Transaction shall be entered into in accordance with the applicable
investment policies, trading strategies and/or restrictions of Party B and the Party B Investor as are then in effect. 

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

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

(l) Recourse Limited to Party B. Notwithstanding anything to the contrary contained in the Agreement, the Schedule or any Confirmation or
other document issued or delivered in connection with any Transaction entered into under this Agreement, any amounts owed or liabilities incurred by Party B hereunder or in respect of any Transaction entered into under this Agreement, shall be
satisfied solely from the assets of Party B and no recourse whether by set-off or otherwise, shall be had to the assets of the Manager or any director, officer or employee or partner of Party B or the

  
 11 

 
Manager or any of their Affiliates, except that the foregoing will not limit service of process on Party B by delivery of notice on its behalf to Party B. 

(m) Limitation on Damages. To the fullest extent permitted by applicable law, each party agrees that it shall not assert, and hereby waives, any
claim against the other party, on any theory of liability, for special, indirect, consequential or punitive damages; provided that the foregoing shall not limit any party’s obligation to make any amount otherwise payable in accordance
with the express provisions of this Agreement. 

  
 12 

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

									
	CITIBANK, N.A.	 		 	ARCH STREET FUNDING LLC
					
	By:	 	 /s/ Linda Cook
	 		 	By:	 	 /s/ Gerald F. Stahlecker

		 	Name: Linda Cook	 		 		 	Name: Gerald F. Stahlecker
		 	Title: Vice President, Citibank, N.A.	 		 		 	Title: EVP
				
		 		 		 	FS INVESTMENT CORPORATION, in its individual capacity in respect of the representations made by the Manager in Part 5(j) of this Schedule.
					
		 		 		 	By:	 	 /s/ Gerald F. Stahlecker

					
		 		 		 	Name:	 	 Gerald F. Stahlecker

					
		 		 		 	Title:	 	 EVP

					
		 		 		 	Date: 	 	 3/18/11

			
	(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 
 2002 ISDA Master Agreement 

dated as of March 18, 2011 
 between 
  

					
	CITIBANK, N.A.	 	and	  	ARCH STREET FUNDING LLC.
	(“Party A”)	 		  	(“Party B”)

 This Annex
supplements, forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule and is a Credit Support Document under this Agreement with respect to each party. 
 Accordingly, the parties agree as follows:— 
 Paragraph 1. Interpretation 

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

(b) Secured Party and Pledgor. All references in this Annex to the “Secured Party” will be to either party when acting in
that capacity and all corresponding references to the “Pledgor” will be to the other party when acting in that capacity; provided, however, that if Other Posted Support is held by a party to this Annex, all references
herein to that party as the Secured Party with respect to that Other Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary
thereof to provisions of law generally relating to security interests and secured parties. 
 Paragraph 2. Security
Interest 
 Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants
to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder. Upon the
Transfer by the Secured Party to the Pledgor of Posted Collateral, the security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to the extent
possible, without any further action by either party. 
 Copyright © 1994 by International Swaps and Derivatives
Association, Inc. 

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

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

(ii) the Credit Support Amount. 

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

Paragraph 4. Conditions Precedent, Transfer Timing, Calculations and Substitutions 
 (a) Conditions Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the
conditions precedent that: 
 (i) no Event of Default, Potential Event of Default or Specified Condition has occurred and is
continuing with respect to the other party; and 
 (ii) no Early Termination Date for which any unsatisfied payment obligations
exist has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the other party. 
 (b)
Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will
be made not later than the close of business on the next Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be made not later than the close of business on the second Local
Business Day thereafter. 
 (c) Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d)
will be made by the Valuation Agent as of the Valuation Time. The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on
the Local Business Day following the applicable Valuation Date (or in the case of Paragraph 6(d), following the date of calculation). 

  

					
		 	2	 	
		 		 	ISDA®1994

 (d) Substitutions.  

(i) Unless otherwise specified in Paragraph 13, upon notice to the Secured Party specifying the items of Posted Credit Support to be
exchanged, the Pledgor may, on any Local Business Day, Transfer to the Secured Party substitute Eligible Credit Support (the “Substitute Credit Support”); and 
 (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted Credit Support specified by the Pledgor in its notice not later than the Local Business Day
following the date on which the Secured Party receives the Substitute Credit Support, unless otherwise specified in Paragraph 13 (the “Substitution Date”); provided that the Secured Party will
only be obligated to Transfer Posted Credit Support with a Value as of the date of Transfer of that Posted Credit Support equal to the Value as of that date of the Substitute Credit Support. 
 Paragraph 5. Dispute Resolution 
 If a party (a “Disputing Party”) disputes
(I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party will notify the other
party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case
of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the
close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of (II) above, (3) the
parties will consult with each other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the Resolution Time, then: 
 (i) In the case of a dispute involving a Delivery Amount or Return Amount, unless otherwise specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the Value
as of the Recalculation Date by: 
 (A) utilizing any calculations of Exposure for the Transactions (or Swap Transactions) that
the parties have agreed are not in dispute; 
 (B) calculating the Exposure for the Transactions (or Swap Transactions) in
dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a
particular Transaction (or Swap Transaction), then fewer than four quotations may be used for that Transaction (or Swap Transaction); and if no quotations are available for a particular Transaction (or Swap Transaction), then the Valuation
Agent’s original calculations will be used for that Transaction (or Swap Transaction); and 
 (C) utilizing the procedures
specified in Paragraph 13 for calculating the Value, if disputed, of Posted Credit Support. 
 (ii) In the case of a dispute
involving the Value of any Transfer of Eligible Credit Support or Posted Credit Support, the Valuation Agent will recalculate the Value as of the date of Transfer pursuant to Paragraph 13. 

Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other
party, if the Valuation Agent is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Valuation Agent or
a resolution pursuant to (3) above and subject to Paragraphs 4(a) and 4(b), make the appropriate Transfer. 

  

					
		 	3	 	
		 		 	ISDA®1994

 Paragraph 6. Holding and Using Posted Collateral 

(a) Care Of Posted Collateral. Without limiting the Secured Party’s rights under Paragraph 6(c), the Secured Party will exercise
reasonable care to assure the safe custody of all Posted Collateral to the extent required by applicable law, and in any event the Secured Party will be deemed to have exercised reasonable care if it exercises at least the
same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to Posted Collateral,
including, without limitation, any duty to collect any Distributions, or enforce or preserve any rights pertaining thereto. 

(b) Eligibility to Hold Posted Collateral; Custodians.  
 (i) General. Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral, the Secured Party will be entitled to hold Posted Collateral or to appoint
an agent (a “Custodian”) to hold Posted Collateral for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian, the Pledgor’s obligations to make any Transfer will be discharged by making
the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed to be the holding of that Posted Collateral by the Secured Party for which the Custodian is acting. 

(ii) Failure to Satisfy Conditions. If the Secured Party or its Custodian fails to satisfy any conditions
for holding Posted Collateral, then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand, Transfer or cause its Custodian to Transfer all Posted Collateral held by it
to a Custodian that satisfies those conditions or to the Secured Party if it satisfies those conditions. 

(iii) Liability. The Secured Party will be liable for the acts or omissions of its Custodian to the same
extent that the Secured Party would be liable hereunder for its own acts or omissions. 
 (c) Use of Posted
Collateral. Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party
or an Affected Party with respect to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then the Secured Party
will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to: 
 (i) sell, pledge,
rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Posted Collateral it holds, free from any claim or right of any nature whatsoever of the Pledgor,
including any equity or right of redemption by the Pledgor; and 
 (ii) register any Posted Collateral in the name of the Secured
Party, its Custodian or a nominee for either. 
 For purposes of the obligation to Transfer Eligible Credit Support or Posted Credit
Support pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral and to receive Distributions made
thereon, regardless of whether the Secured Party has exercised any rights with respect to any Posted Collateral pursuant to (i) or (ii) above. 
 (d) Distributions and Interest Amount.  
 (i)
Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a Local Business Day, it will Transfer to the Pledgor not later than the following Local Business Day any
Distributions it receives or is deemed to receive to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation
Date for this purpose). 

  

					
		 	4	 	
		 		 	ISDA®1994

 (ii) Interest Amount. Unless otherwise specified in Paragraph 13 and
subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the Secured Party), the Secured Party
will Transfer to the Pledgor at the times specified in Paragraph 13 the Interest Amount to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the
date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and will be
subject to the security interest granted under Paragraph 2. 
 Paragraph 7. Events of Default 

For purposes of Section 5(a)(iii)(l) of this Agreement, an Event of Default will exist with respect to a party if: 

(i) that party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible Collateral, Posted Collateral or the
Interest Amount, as applicable, required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to that party; 
 (ii) that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five
Local Business Days after notice of that failure is given to that party; or 
 (iii) that party fails to comply with or perform
any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of that failure is given to that party. 

Paragraph 8. Certain Rights and Remedies 

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

(ii) any other rights and remedies available to the Secured Party under the terms of Other Posted Support, if any; 

(iii) the right to Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash
equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
 (iv) the right to liquidate any Posted Collateral held by the Secured Party through one or more public or private sales or other dispositions with such notice, if any, as may be
required under applicable law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party having the right to purchase any or all of the Posted
Collateral to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral to any amounts payable by the Pledgor with respect to any Obligations in that order as the Secured Party
may elect. 
 Each party acknowledges and agrees that Posted Collateral in the form of securities may decline speedily in value and is of a type
customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured Party, except any notice that is required under applicable law and cannot
be waived. 

  

					
		 	5	 	
		 		 	ISDA®1994

 (b) Pledgor’s Rights and Remedies. If at any time an Early Termination Date has
occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to less than all Transactions (or Swap Transactions)
where the Secured Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement): 
 (i) the Pledgor may exercise all rights and remedies available to a pledgor under applicable law with respect to Posted Collateral held by the Secured Party; 

(ii) the Pledgor may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted Support, if
any; 
 (iii) the Secured Party will be obligated immediately to Transfer all Posted Collateral and the Interest Amount to the
Pledgor; and 
 (iv) to the extent that Posted Collateral or the Interest Amount is not so Transferred pursuant to
(iii) above, the Pledgor may: 
 (A) Set-off any amounts payable by the Pledgor with respect to any Obligations against
any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and 
 (B) to the extent that the Pledgor does not Set-off under (iv)(A) above, withhold payment of any remaining amounts payable by the Pledgor with respect to any Obligations, up to the Value of any remaining
Posted Collateral held by the Secured Party, until that Posted Collateral is Transferred to the Pledgor. 
 (c) Deficiencies and
Excess Proceeds. The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support remaining after liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts
payable by the Pledgor with respect to any Obligations; the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b). 

(d) Final Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except
for any potential liability under Section 2(d) of this Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the Interest Amount, if any. 
 Paragraph 9. Representations 
 Each party represents to the other party (which
representations will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral) that: 

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

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

  

					
		 	6	 	
		 		 	ISDA®1994

 Paragraph 10. Expenses 
 (a) General. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its
obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection herewith. 

(b) Posted Credit Support. The Pledgor will promptly pay when due all taxes, assessments or charges of any nature that are imposed
with respect to Posted Credit Support held by the Secured Party upon becoming aware of the same, regardless of whether any portion of that Posted Credit Support is subsequently disposed of under Paragraph 6(c), except
for those taxes, assessments and charges that result from the exercise of the Secured Party’s rights under Paragraph 6(c). 
 (c) Liquidation/Application of Posted Credit Support. All reasonable costs and expenses incurred by or on behalf of the Secured Party or the Pledgor in
connection with the liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the
Defaulting Party or, if there is no Defaulting Party, equally by the parties. 
 Paragraph 11. Miscellaneous 

(a) Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral or the Interest
Amount will be obligated to pay the Pledgor (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of property that
were required to be Transferred, from (and including) the date that Posted Collateral or Interest Amount was required to be Transferred to (but excluding) the date of Transfer of that Posted Collateral or
Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 
 (b) Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other
document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to enable
that party to exercise or enforce its rights under this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or
an Interest Amount. 
 (c) Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend
against, any suit, action, proceeding or lien that involves Posted Credit Support Transferred by the Pledgor or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action,
proceeding or lien results from the exercise of the Secured Party’s rights under Paragraph 6(c). 
 (d) Good Faith and
Commercially Reasonable Manner. Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith
and in a commercially reasonable manner. 
 (e) Demands and Notices. All demands and notices made by a party under this
Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in Paragraph 13. 
 (f)
Specifications of Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also may be specified in one or more Confirmations or other documents and this Annex
will be construed accordingly. 

  

					
		 	7	 	
		 		 	ISDA®1994

 Paragraph 12. Definitions as Used in this Annex: 

As used in this Annex:- 

“Cash” means the lawful currency of the United States of America. 
 “Credit Support Amount” has the meaning specified in Paragraph 3. 

“Custodian” has the meaning specified in Paragraphs 6(b)(i) and 13. 
 “Delivery Amount” has the meaning specified in Paragraph 3(a). 

“Disputing Party” has the meaning specified in Paragraph 5. 
 “Distributions” means with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions of cash or other property with respect
thereto, regardless of whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon any disposition or liquidation of Posted
Collateral or, with respect to any Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein. 
 “Eligible Collateral” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. 

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

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

 “Independent Amount” means, with respect to a party, the amount specified as such for that party in Paragraph
13; if no amount is specified, zero. 
 “Interest Amount” means, with respect to an Interest Period, the
aggregate sum of the amounts of interest calculated for each day in that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party on that day, determined by the Secured Party
for each such day as follows: 
 (x) the amount of that Cash on that day; multiplied by 

(y) the Interest Rate in effect for that day; divided by 
 (z) 360. 
 “Interest Period” means the period from (and including) the
last Local Business Day on which an Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local Business Day on which Posted Collateral in the form of Cash was Transferred to or received by the
Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount is to be Transferred. 

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

  

					
		 	8	 	
		 		 	ISDA®1994

 “Minimum Transfer Amount” means, with respect to a party, the amount specified as
such for that party in Paragraph 13; if no amount is specified, zero. 
 “Notification Time” has the meaning
specified in Paragraph 13. 
 “Obligations” means, with respect to a party, all present and future obligations of that
party under this Agreement and any additional obligations specified for that party in Paragraph 13. 
 “Other Eligible
Support” means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. 

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

 “Resolution Time” has the meaning specified in Paragraph 13. 

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

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

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

(iii) in the case of securities that can be paid or delivered by book-entry, the giving of written instructions to the relevant
depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a legally effective transfer of the
relevant interest to the recipient; and 
 (iv) in the case of Other Eligible Support or Other Posted Support, as
specified in Paragraph 13. 

  

					
		 	9	 	
		 		 	ISDA®1994

 “Valuation Agent” has the meaning specified in Paragraph 13. 

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

“Valuation Percentage” means, for any item of Eligible Collateral, the percentage specified in Paragraph 13. 

“Valuation Time” has the meaning specified in Paragraph 13. 
 “Value” means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute, with respect to:

 (i) Eligible Collateral or Posted Collateral that is: 
 (A) Cash, the amount thereof, and 
 (B) A security, the bid price obtained by the
Valuation Agent multiplied by the applicable Valuation Percentage, if any; 
 (ii) Posted Collateral that consists of
items that are not specified as Eligible Collateral, zero; and 
 (iii) Other Eligible Support and Other Posted Support, as
specified in Paragraph 13. 

  

					
		 	10	 	
		 		 	ISDA®1994

 [Execution Copy] 
 Paragraph 13. Elections and Variables 
 (a) Security Interest for
“Obligations”. The term “Obligations” as used in this Annex means, with respect to the Pledgor, all present and future obligations of the Pledgor under this Agreement. 

(b) Credit Support Obligations. 
 (i) Delivery Amount, Return Amount and Credit Support Amount; Addition to Paragraph 3. 
 (A) “Delivery Amount” has the meaning set forth in Paragraph 3(a). 
 (B) “Return Amount” has the meaning set forth in Paragraph 3(b). 

(C) “Credit Support Amount” means for any Valuation Date (i) the Secured Party’s Exposure for that Valuation
Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) the Pledgor’s Threshold, if any; provided that (x) in the case where the sum of the Independent Amounts applicable to the
Pledgor exceeds zero, the Credit Support Amount will not be less than the sum of all Independent Amounts applicable to the Pledgor and (y) in all other cases, the Credit Support Amount will be deemed to be zero whenever the calculation of the
Credit Support Amount yields an amount less than zero. 
 (ii) Eligible Collateral. The items set forth on
Schedule I hereto will qualify as “Eligible Collateral” for the party specified (with the respective Valuation Percentages set forth opposite such items in said Schedule). 

(iii) Other Eligible Support. Although the parties intend that Transactions entered into under the Confirmation dated
March 16, 2011 (the “Subject Confirmation”) shall be subject to, and interpreted and performed in accordance with, the representations and warranties made in Clause 7 of the Subject Confirmation, in the event that any
such Transaction is for any purpose deemed to be a loan made by Party A to Party B, any Reference Obligation (as defined in the Subject Confirmation) held by any Citibank Holder (as defined in the Subject Confirmation) as a hedge for any
Transaction and all proceeds thereof shall be deemed to be Other Eligible Support and Other Posted Support. 
 (iv)
Thresholds. 
 (A) “Independent Amount” means, with respect to Party B, and with regard to any
Transaction, the amount as specified in the relevant Confirmation. 
 (B) “Threshold” shall mean, with respect
to Party A, not applicable., and with respect to Party B, zero. 
 (C) “Minimum Transfer Amount” for
purposes of computing a Delivery Amount pursuant to Paragraph 3(a) and a Return Amount pursuant to Paragraph 3(b), as of any date shall be USD100,000. 
 (D) Rounding. The Delivery Amount and the Return Amount will not be rounded. 
 (c)
Valuation and Timing. 
 (i) “Valuation Agent” means the Secured Party. 

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

  
 11 

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

(iv) “Notification Time” means 10:00 a.m., New York time on a Valuation Date provided, however, that, notwithstanding
Paragraph 4(b), if a request for Transfer is made by the Notification Time, then the relevant Transfer shall be made not later than the close of business on such day and, if such request is received after the Notification Time, not later than the
close of business on the next Local Business Day following such request. 
 (v) Transfer Timing. Paragraph 4(b) shall be
amended by (i) replacing the word “next” appearing in the third line thereof with the word “same” and (ii) by replacing the word “second” appearing in the fifth line thereof with the word “next”.

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

 

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

 (e) Substitution. 

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

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

(f) Dispute Resolution. 

(i) “Resolution Time” means 1:00 p.m., New York time, on the Local Business Day following the date on which notice is
given that gives rise to a dispute under Paragraph 5. 
 (ii) Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the
Value of Posted Credit Support will be calculated as follows: (A) the Value of Posted Credit Support consisting of Cash shall be the amount thereof and (B) the Value of Posted Credit Support consisting of a security shall be the sum of
(i) (x) the arithmetic mean of the mid market quotations on the relevant date of three nationally recognized principal market makers (which may include an affiliate of Party A) for such security chosen by the Valuation Agent
multiplied by the applicable Valuation Percentage or (y) if no quotations are available from such principal market makers on the relevant date, the arithmetic mean of the closing bid prices on the next preceding date multiplied by the
applicable Valuation Percentage plus (ii) the accrued interest on such security (except to the extent Transferred to a party pursuant to any applicable provision of this Agreement or included in the applicable price referred to in (i) of
this clause) as of such date. 
 (iii) Alternative. The provisions of Paragraph 5 will apply. 

  
 12 

 (g) Holding and Using Posted Collateral. 

(i) Eligibility to Hold Posted Collateral; Custodians. Party A or its Custodian will be entitled to hold Posted Collateral
pursuant to Paragraph 6(b) provided that such party is not a Defaulting Party. Initially Party A shall not be using a Custodian. 
 (ii) Use of Posted Collateral. The provisions of Paragraph 6(c) will apply. 
 (h)
Distributions and Interest Amount.  
 (i) Interest Rate. The “Interest Rate” will be (i) the
overnight ask rate in effect for such day, as set forth opposite the caption “O/N” under the heading “USD” on Telerate Page 3750 or any successor page thereto on or about 11:00 a.m., New York time, on such day, (ii) if no
successor page is quoted, as agreed by the parties. 
 (ii) Transfer of Interest Amount. Transfers of the Interest Amount
will be made in arrears on the seond Local Business Day of each calendar month. 
 (iii) Alternative to Interest Amount.
The provisions of Paragraph 6(d)(ii) will apply, provided, however, that the Interest Amount will compound daily. 
 (i) Additional
Representations. 
 (i) Notwithstanding anything to the contrary contained herein, (“X”) shall be the beneficial
owner, within the meaning of the U.S. tax laws, of any securities it shall Transfer as collateral to the other party (“Y”) pursuant to the terms hereof. 
 (ii) X shall promptly provide to Y, upon written request, any tax documentation reasonably requested by Y to allow Y to make gross interest payments to X in respect of any Posted Collateral Transferred to
Y pursuant hereto. 
 (j) Other Eligible Support and Other Posted Support. 

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

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

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

Citibank, N.A. 

Collateral Management Group 
 333 West 34th
Street, 2nd Floor 

New York, NY 10001 

Telephone No.: (212) 615-8406 
 Facsimile No.: (212) 994-0727; 
 and the address for Party B for such purposes shall be:

 As provided in Part 4(a) of the Schedule to the Agreement 

  
 13 

 (l) Accounts 
 All Transfers of Cash as Eligible Collateral to Party A shall be made to the following account: 
 Citibank, N.A. 
 ABA No.: 021-000-089 

Account No: #36001339 
 Reference: Margin Ops 
 All Transfers of Posted Credit Support to Party B shall be made to
the following account: 
 To an account at a commercial bank located in the 

United States of America most recently 
 identified for such purchase 
 by Party B in a notice in Party A

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

(ii) Custodians. An entity shall be eligible to serve as Custodian if and for so long as it (a) is not affiliated with
Party A or Party B, (b) is a trust company or commercial bank with trust powers, organized under the laws of the United States of America or any state thereof and subject to supervision or examination by federal or state authority,
having a combined capital and surplus of at least $500,000,000 and (c) shall have general unsecured short-term obligations rated at least “P-1” by Moody’s or “A-1” by S&P or have outstanding long term unsecured
unsubordinated debt securities rated at least “Baa2” by Moody’s or “BBB” by S&P. 
 (iii) Events
of Default. Paragraph 7(i) shall be amended and restated in its entirety as follows: “(i) that party fails (or fails to cause its Custodian) to make, when due any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount as
applicable, required to be made by it and that failure continues for one Local Business Day after notice of that failure is given to that party;” 
 (iv) Agreement as to Single Secured Party and Pledgor. Party A and Party B agree that, notwithstanding anything to the contrary in the recital to this Annex, Paragraph 1(b) or Paragraph 2
or the definitions in Paragraph 12, (a) the term “Secured Party” as used in this Annex means only Party A, (b) the term “Pledgor” as used in this Annex means only Party B, (c) only Party B
makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9 and (d) only Party B will be required to make Transfers of Eligible Credit Support hereunder.

 (v) Definitions and Inconsistency. Paragraph 1(a) shall be amended by adding the following language immediately after
the last sentence of such paragraph: “In the event of any inconsistency between this Annex and a Confirmation, the Confirmation will prevail in relation to the related Transaction or Transactions.”. 

  
 14 

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

									
	CITIBANK, N.A.	 		 	ARCH STREET FUNDING LLC
					
	By:	 	 /s/ Linda Cook
	 		 	By:	 	 /s/ Gerald F. Stahlecker

		 	Name: Linda Cook	 		 		 	Name: Gerald F. Stahlecker
		 	Title: Vice President, Citibank, N.A.	 		 		 	Title: EVP

 Credit Support Annex –
Signature Page 

 Schedule I 

 

							
	 	  	Party A	  	Party B	  	Valuation
Percentage
				
	 Cash
	  	N/A	  	X	  	100%Confirmation Letter Agreement

 Exhibit 10.14 

 

 

 [Execution Copy] 
  

			
	Date:	  	March 18, 2011
		
	To:	  	Arch Street Funding LLC
		  	Cira Centre
		  	2929 Arch Street, Suite 675
		  	Philadelphia, PA 19104
		  	Attention: Gerald F. Stahlecker
		  	Phone: 215-495-1169
		  	Fax: 215-222-4649
		  	Email: jerry.stahlecker@franklinsquare.com
		
	From:	  	 Citibank, N.A.
 333 West
34th Street
 2nd Floor
 New York, New
York 10001
 Attention: Director Derivative Operations
 Facsimile: 212-615-8594

 Transaction Reference Number:
             
 CONFIRMATION 

Ladies and Gentlemen: 
 The purpose of this
letter agreement is to set forth the terms and conditions of the Transactions entered into between Citibank, N.A. (“Citibank”) and Arch Street Funding LLC, a limited liability company formed under the laws of the State of
Delaware (“Counterparty”), on the Trade Date specified below (each, a “Transaction” and, collectively, the “Transactions”). This letter constitutes a “Confirmation” as
referred to in the Master Agreement specified below. 
 The definitions and provisions contained in the 2000 ISDA Definitions (the
“Definitions”), as published by the International Swaps and Derivatives Association, Inc., are incorporated into this Confirmation. In the event of any inconsistency between the Definitions and this Confirmation, this
Confirmation shall govern. Capitalized terms used but not defined in this Confirmation have the meanings assigned to them in Annex A. Capitalized terms used but not defined in this Confirmation or in Annex A have the meanings assigned to
them in the Definitions. 
  

	1.	AGREEMENT 

 This
Confirmation supplements, forms a part of and is subject to, the ISDA 2002 Master Agreement, dated as of March 16, 2011 (as amended, supplemented and otherwise modified and in effect from time to time, the “Master
Agreement”), between Citibank and Counterparty. All provisions contained in the Master Agreement govern this Confirmation except as expressly modified below. 

  
 Page 1

	2.	TERMS OF TRANSACTIONS 

 The terms of the particular Transactions to which this Confirmation relates are as follows: 
  

			
	General Terms:	 	
		
	Trade Date:	 	March 16, 2011
		
	Effective Date:	 	March 16, 2011
		
	Scheduled Termination Date:	 	The latest date for the final scheduled payment (or, if there is only one scheduled payment, for the scheduled payment) of principal of any Reference Obligation at any time included
in the Reference Portfolio.
		
	Termination Date:	 	The final Scheduled Settlement Date (as defined in the Master Agreement) with respect to all Transactions (other than any Counterparty Third Floating Rate Payer Payment Date). The
obligations of the parties to make payments required to be made hereunder shall survive the Termination Date.
		
	Obligation Termination Date:	 	 (a) In relation to any Repaid Obligation, the related Repayment Date; and

 
 (b) In relation to any Terminated Obligation, the related Termination
Settlement Date.

		
	Reference Portfolio:	 	As of any date of determination, all Reference Obligations with respect to all Transactions outstanding on such date.
		
	Reference Obligation:	 	Each obligation listed on Annex I from time to time having a Reference Amount equal to the “Reference Amount” indicated on Annex I for such obligation (and, in
the case of a Committed Obligation, having an Outstanding Principal Amount equal to the “Outstanding Principal Amount” indicated on Annex I for such Committed Obligation), in each case, subject to adjustment by the Calculation Agent
in accordance with the terms of this Confirmation.
		
		 	Counterparty may, by notice to Citibank on any Business Day on or after the Trade Date (each, an “Obligation Trade Date”), designate that any obligation
(each, a “Reference Obligation”) shall become the subject of a Transaction hereunder. Any such notice shall specify the proposed Reference Obligation and the proposed Reference Amount, Reference Entity and Initial Price in
relation to such 

  
 Page 2

			
		 	 Transaction.
  

Notwithstanding the foregoing, no such designation by Counterparty will be effective unless:

 
 (a) Citibank consents on or prior to the Obligation Trade Date to the relevant
Reference Obligation becoming the subject of a Transaction hereunder (having the proposed Reference Amount and Initial Price in the notice of designation from Counterparty);

 
 (b) on the Obligation Trade Date (i) the relevant Reference Obligation
satisfies the Obligation Criteria set forth in Annex II and (ii) the Portfolio Criteria set forth in Annex II are satisfied (or, if any Portfolio Criterion is not satisfied immediately prior to such designation, then the extent of
compliance with such Portfolio Criterion is improved); and
  
 (c) if the
relevant Reference Obligation would be a Specified Reference Obligation, Counterparty gives notice of such fact to Citibank in such notice of designation (provided that any failure to give such notice shall not affect the effectiveness of such
designation).
  
 Without limiting the generality of the foregoing clause
(a), Citibank may withhold its consent to any such designation based on any legal, accounting, tax or other similar issues that are adverse to Citibank in any material respect and that would or could reasonably be expected to arise as a result of
the entry into such Transaction or any purchase by the Citibank Holder of such Reference Obligation as a hedge for such Transaction. In the event that Citibank determines not to hold, or cause to be held, all or any portion of any such Reference
Obligation as a hedge for such Transaction on the Obligation Settlement Date for such Transaction, Citibank shall give prompt notice thereof to Counterparty.
  

The “Obligation Settlement Date” for a Transaction shall be the date following the Obligation Trade Date for such
Transaction that is customary for settlement of the related Reference Obligation substantially in accordance with the then-current market practice in the principal market for the related Reference Obligation (as determined by the Calculation
Agent).
  
 On the Obligation Trade Date for a Transaction,
the

  
 Page 3

			
		 	 Reference Amount of such Transaction shall, for all purposes hereof (including the determination of the “Maximum Portfolio Notional
Amount”) other than calculating Rate Payments, be increased by the “Reference Amount” specified in such notice from Counterparty. On the Obligation Settlement Date for a Transaction, the Reference Amount of such Transaction shall,
solely for the purposes of calculating Rate Payments, be increased by the “Reference Amount” specified in such notice from Counterparty.
  

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

		
	Reference Entity:	 	The borrower of the Reference Obligation identified as such in Annex I hereto. In addition, “Reference Entity”, unless the context otherwise requires, shall also
refer to any guarantor of or other obligor on the Reference Obligation.
		
	Ramp-Up Period:	 	The period from and including the Effective Date and ending on and including the date occurring 90 days after the Effective Date.

  
 Page 4

			
	Ramp-Down Period:	 	The period from and including the date 30 days prior to the Scheduled Termination Date and ending on and including the Scheduled Termination Date.
		
	Portfolio Notional Amount:	 	As of any date of determination, the sum of the Notional Amounts for all Reference Obligations as of such date.
		
	Notional Amount:	 	 (a) In relation to any Transaction (other than with respect to any Terminated Obligation or Repaid Obligation), as of any date of
determination, the Reference Amount of the related Reference Obligation as of such date multiplied by the Initial Price in relation to such Reference Obligation; and

 
 (b) In relation to any Transaction with respect to a Terminated Obligation or
Repaid Obligation, the amount of the reduction in the Reference Amount of the related Reference Obligation determined, in the case of a Terminated Obligation, pursuant to Clause 3 or, in the case of a Repaid Obligation, pursuant to
Clause 5, in each case multiplied by the Initial Price in relation to the related Reference Obligation.

		
	Outstanding Principal Amount:	 	In relation to any Reference Obligation as of any date of determination, the outstanding principal amount of such obligation as shown in the then current Annex I, as increased
pursuant to this Clause 2 (or, in the case of any Committed Obligation, pursuant to any borrowing in respect of such Committed Obligation after the Obligation Trade Date) and reduced pursuant to Clauses 3 and 5. Except as otherwise
expressly provided below with respect to Counterparty First Floating Amounts, the principal amount of any Committed Obligation outstanding on any date shall include the aggregate stated face amount of all letters of credit, bankers’ acceptances
and other similar instruments issued in respect of such Committed Obligation to the extent that the holder of such Committed Obligation is obligated to extend credit in respect of any drawing or other similar payment thereunder.
		
	Commitment Amount:	 	In relation to any Reference Obligation that is a Committed Obligation (and the related Transaction) as of any date of determination, the maximum outstanding principal amount of
such Reference Obligation that a registered holder thereof would on such date be obligated to fund (including all amounts previously funded and outstanding, whether or not 

  
 Page 5

			
		 	such amounts, if repaid, may be reborrowed).
		
	Notional Funded Amount:	 	 In relation to any Reference Obligation that is a Committed Obligation (and to the related Transaction) as of any date of determination,
the greater of (a) zero and (b) the sum of (i) the Outstanding Principal Amount of such Reference Obligation as of the Obligation Trade Date multiplied by the Initial Price in relation to such Reference Obligation minus (ii) the
product of (x) the excess, if any, of the Commitment Amount of such Reference Obligation as of the Obligation Trade Date over the Outstanding Principal Amount of such Reference Obligation as of the Obligation Trade Date multiplied by
(y) 100% minus the Initial Price in relation to such Reference Obligation plus (iii) any increase in the Outstanding Principal Amount of such Reference Obligation during the period from but excluding the Obligation Trade Date to and
including such date of determination minus (iv) any decrease in the Outstanding Principal Amount of such Reference Obligation during the period from but excluding the Obligation Trade Date to and including such date of determination.

 
 In relation to any Reference Obligation that is a Term Obligation (and the related
Transaction) as of any date of determination, the Notional Amount of such Reference Obligation.

		
	Portfolio Notional Funded Amount:	 	As of any date of determination, the aggregate of all Notional Funded Amounts with respect to all Reference Obligations in the Reference Portfolio on such date of
determination.
		
	Reference Amount:	 	In relation to (a) any Term Obligation, the Outstanding Principal Amount thereof and (b) any Committed Obligation, the Commitment Amount thereof.
		
	Maximum Portfolio Notional Amount:	 	USD200,000,000
		
	Utilization Amount:	 	In relation to any Calculation Period, the daily average of the Portfolio Notional Funded Amount during such Calculation Period.
		
	Business Day:	 	New York
		
	Business Day Convention:	 	Following (which shall apply to any date specified herein for the making of any payment or determination or the taking of any action which falls 

  
 Page 6

			
		 	 on a day that is not a Business Day).
  

If any anniversary date specified herein would fall on a day on which there is no corresponding day in the relevant calendar month, then such anniversary
date shall be the last day of such calendar month.

		
	Monthly Period:	 	Each period from but excluding the 25th day of any calendar month to and including the same day of the immediately succeeding calendar month.
		
	Calculation Agent:	 	Citibank. Unless otherwise specified, the Calculation Agent shall make all determinations, calculations and adjustments required pursuant to this Confirmation in good faith and on a
commercially reasonable basis.
		
	Calculation Agent City:	 	New York
		
	Initial Price:	 	In relation to any Reference Obligation (and the related Transaction), the Initial Price specified in Annex I. The Initial Price (a) will be expressed exclusive of accrued
interest, (b) will be expressed as a percentage of the Reference Amount, (c) will be determined exclusive of Costs of Assignment that would be incurred by a buyer in connection with any purchase of the Reference Obligation and exclusive of
any Delay Compensation and (d) will be, as of the related Obligation Trade Date, the “Initial Price” specified by Counterparty to Citibank in the notice of designation referred to above and consented to by Citibank.
		
	Payments by Counterparty	 	
		
	Counterparty First Floating Amounts:	 	
		
	First Floating Amount Payer:	 	Counterparty
		
	First Floating Amount:	 	In relation to any First Floating Rate Payer Payment Date, the sum, for each Transaction, of the products of (a) the First Floating Rate Payer Calculation Amount for such
Transaction for the related First Floating Rate Payer Calculation Period multiplied by (b) the Floating Rate Option for such Transaction during the related First Floating Rate Payer Calculation Period plus the Spread multiplied
by (c) the Floating Rate Day Count Fraction; provided that, for purposes of the foregoing calculation, the percentage specified in the foregoing clause (b) shall

  
 Page 7

			
		 	be the Spread (and not the Floating Rate Option plus the Spread) with respect to any portion of a First Floating Rate Payer Calculation Amount constituting the undrawn stated
face amount of all letters of credit, bankers’ acceptances and other similar instruments issued in respect of a related Committed Obligation.
		
	 First Floating Rate Payer

Calculation Amount:
	 	In relation to any First Floating Rate Payer Calculation Period and any Transaction, the daily average of the Notional Funded Amount of such Transaction during such First Floating
Rate Payer Calculation Period.
		
	 First Floating Rate Payer

Calculation Period:
	 	In relation to any Transaction, each Monthly Period, except that (a) the initial First Floating Rate Payer Calculation Period will commence on, and include, the related
Obligation Settlement Date and (b) the final First Floating Rate Payer Calculation Period will end on, but exclude, the related Obligation Termination Date.
		
	 First Floating Rate
 Payer
Payment Date:
	 	 (a) In relation to any Transaction (other than with respect to any Terminated Obligation or Repaid Obligation), the seventh Business Day
following the last day of any Monthly Period, commencing with the first such date after the Obligation Settlement Date for such Transaction and ending with the last such date occurring prior to the related Obligation Termination Date; and

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

		
	Floating Rate Option:	 	In relation to any Transaction, USD-LIBOR-BBA.
		
	Designated Maturity:	 	In relation to any Transaction, one month.
		
	Spread:	 	1.25%.
		
	 Floating Rate Day
 Count
Fraction:
	 	In relation to any Transaction, Actual/360.
		
	Reset Dates:	 	The first day of each First Floating Rate Payer Calculation Period.
		
	Compounding:	 	Inapplicable

  
 Page 8

			
	Counterparty Second Floating Amounts:	 	
		
	Second Floating Amount Payer:	 	Counterparty
		
	Second Floating Amount:	 	 In relation to any Second Floating Rate Payer Payment Date, the product of (a) the Second Floating Rate Payer Calculation Amount
for the related Second Floating Rate Payer Calculation Period multiplied by (b) the Spread multiplied by (c) the Floating Rate Day Count Fraction.

 
 Notwithstanding the foregoing, no Second Floating Amount shall be payable on any
Second Floating Rate Payer Payment Date, and no amount shall be payable under Clause 4(c) on any date after the last day of the Ramp-Up Period, following any date on which (a) Counterparty has designated at least 20 Designated Reference
Obligations to become the subject of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above) and (b) the aggregate Notional Amount of all Designated Reference Obligations as to which Citibank has not
given its consent to such Designated Reference Obligations becoming the subject of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above) exceeds 50% of the aggregate Notional Amount of all Designated
Reference Obligations that Counterparty has designated are to become the subject of Transactions hereunder (as contemplated opposite the caption “Reference Obligation” above).

		
	 Second Floating Rate Payer

Calculation Amount:
	 	In relation to any Second Floating Rate Payer Calculation Period, the excess, if any, of (a) 90% of the Maximum Portfolio Notional Amount over (b) the Utilization Amount
for such Second Floating Rate Payer Calculation Period.
		
	 Second Floating Rate Payer

Calculation Period:
	 	Each Monthly Period; provided that (a) the initial Second Floating Rate Payer Calculation Period shall begin on the first day following the last day of the Ramp-Up
Period and (b) the final Second Floating Rate Payer Calculation Period shall end on the last Second Floating Rate Payer Payment Date.
		
	 Second Floating Rate
 Payer
Payment Dates:
	 	The seventh Business Day following the last day of each Monthly Period; provided that (a) the initial Second Floating Rate Payer Payment Date will be the first such
Business Day after the last day of the Ramp-Up Period and (b) the final Second Floating Rate Payer Payment Date will be the day preceding 

  
 Page 9

			
		  	the first day of the Ramp-Down Period.
		
	Spread:	  	1.25%.
		
	 Floating Rate Day
 Count
Fraction:
	  	Actual/360.
		
	Compounding:	  	Inapplicable
		
	Counterparty Third Floating Amounts	  	
		
	Third Floating Amount Payer:	  	Counterparty
		
	Third Floating Amount:	  	Each Expense or Other Payment.
		
	 Third Floating Rate
 Payer
Payment Dates:
	  	In relation to any Transaction, (a) the seventh Business Day following the last day of each Monthly Period, beginning with the first such Business Day after the Obligation
Settlement Date for such Transaction, (b) the related Obligation Termination Date and (c) after the related Obligation Termination Date, the seventh Business Day after notice of a Third Floating Amount from Citibank to Counterparty;
provided that, prior to the seventh Business Day after the related Obligation Termination Date, if Counterparty has received less than seven Business Days’ notice from Citibank that such Third Floating Amount is due and payable, such
Third Floating Rate Payer Payment Date shall be the seventh Business Day following the last day of the next succeeding Monthly Period The obligation of Counterparty to pay Third Floating Amounts in respect of any Transaction shall survive the
related Obligation Termination Date.
		
	Counterparty Fourth Floating Amounts:	  	
		
	Fourth Floating Amount Payer:	  	Counterparty
		
	Fourth Floating Amount:	  	In relation to any Terminated Obligation or Repaid Obligation, Capital Depreciation, if any.
		
	 Fourth Floating Rate
 Payer
Payment Dates:
	  	Each Total Return Payment Date.

  
 Page 10

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

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

		
	Citibank Floating Amounts:	  	
		
	Floating Amount Payer:	  	Citibank
		
	Floating Amount:	  	In relation to any Terminated Obligation or Repaid Obligation, Capital Appreciation, if any.
		
	Floating Rate Payer Payment Dates:	  	Each Total Return Payment Date.

  
 Page 11

	3.	REFERENCE OBLIGATION REMOVAL; ACCELERATED TERMINATION. 

Reference Obligation Removal 
 (a) A
Transaction may be terminated in whole by either party (or in part by Counterparty) in accordance with this Clause 3 by the giving of notice (an “Accelerated Termination Notice”) to the other party (each such
termination, an “Accelerated Termination”). 
  

	(i)	Counterparty shall be entitled to terminate any Transaction or any portion thereof by delivering an Accelerated Termination Notice to Citibank that is given (i) no
later than the proposed Termination Trade Date and (ii) no more than 30 days, and no less than 10 days, prior to the proposed Termination Settlement Date; provided that, except in the case of the termination of all Transactions in
connection with the occurrence of the Scheduled Termination Date, (x) the Portfolio Criteria set forth in Annex II would be satisfied on the proposed Termination Trade Date after giving effect to such termination (or, if any Portfolio
Criterion is not satisfied immediately prior to such termination, the extent of compliance therewith would be maintained or improved after giving effect to such termination) and (y) the Net Collateral Value Percentage would be greater than or
equal to the Termination Threshold (in each case, after giving effect to such termination). The Accelerated Termination Notice shall specify the Reference Obligation that is the subject of such Accelerated Termination, the amount of the Terminated
Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. 

  

	(ii)	Following the occurrence of a Credit Event (as determined by the Calculation Agent) with respect to the related Reference Entity (including any guarantor or other
obligor referred to in the definition thereof), Citibank will have the right, but not the obligation, to terminate the related Transaction by delivering an Accelerated Termination Notice to Counterparty no less than 10 days prior to the proposed
Termination Trade Date. The Accelerated Termination Notice shall specify the Reference Obligation that is the subject of such Accelerated Termination, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed
Termination Settlement Date. 

 Elective Termination by Citibank due to Certain Events 

(b) If: 
  

	 	(i)	any Reference Obligation (including any Exchange Consideration) fails to satisfy the Obligation Criteria at any time, 

 

	 	(ii)	the Portfolio Criteria are not satisfied at any time, 

  

	 	(iii)	Counterparty fails to perform when due any obligation to Transfer Eligible Collateral under Clause 9(a), or 

 

	 	(iv)	Counterparty does not, by the deadline specified therefor in Clause 9(e), effect the Transfer to Citibank as Secured Party of Eligible Collateral contemplated by
Clause 9(e), 

 then Citibank may notify Counterparty in writing of such event. In the case of the foregoing clause (i), if
such event continues for 30 days following the delivery of such notice, then Citibank will have the right but not the obligation to terminate the related Transaction. In the case of the foregoing clause (ii), if such event continues for 30 days
following the delivery of such notice, then Citibank will have the right but not the obligation to terminate each Transaction that is the subject of this Confirmation. In the case of the 

  
 Page 12

 
foregoing clause (iii) or (iv), Citibank will have the immediate right but not the obligation to terminate each Transaction that is the subject of this Confirmation. Citibank may exercise
this termination right with respect to each Terminated Obligation by delivering an Accelerated Termination Notice to Counterparty that is given, as to any Terminated Obligation, (1) on the proposed Termination Trade Date and (2) no less
than 10 days prior to the proposed Termination Settlement Date for the related Terminated Obligation. The Accelerated Termination Notice shall specify each Reference Obligation that is the subject of such Accelerated Termination and, with respect to
each such Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. 
 Citibank Optional Termination Date 
 (c) Citibank will have the right, but not the
obligation, to terminate each Transaction that is the subject of this Confirmation, effective on any Business Day occurring on or after the second anniversary of the Effective Date (such anniversary date, the “Citibank Optional
Termination Date”). Citibank can exercise this termination right by delivering an Accelerated Termination Notice to Counterparty that is given no less than 15 days prior to the first proposed Termination Trade Date specified in the
related Accelerated Termination Notice. The Accelerated Termination Notice shall specify, as to each Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. If
Citibank does not exercise its right to terminate each Transaction that is the subject of this Confirmation on or before the date occurring 30 days prior to the Citibank Optional Termination Date, then Citibank will have the right, but not the
obligation, to propose, by notice to Counterparty, to amend and restate one or more material terms of the Transactions, including, without limitation, the Spread, the Independent Amount Percentage and the application of the Obligation Criteria and
Portfolio Criteria to the Transactions. If Citibank provides a notice to Counterparty proposing to amend and restate one or more material terms of the Transactions as provided above and Counterparty does not agree in writing to such amended and
restated terms within 10 Business Days after Citibank provides such notice to Counterparty, each Transaction shall terminate, and the Termination Trade Date shall be such tenth Business Day. In the event of any such termination, Citibank shall
deliver an Accelerated Termination Notice to Counterparty, which shall specify, as to each Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the proposed Termination Settlement Date. Even if a
Termination Trade Date has been designated with respect to each Transaction pursuant to this Clause 3(c), such designation will not prevent Citibank or Counterparty from subsequently designating an earlier Termination Trade Date in relation to
any Transaction to the extent Citibank or Counterparty, as the case may be, is entitled to designate such earlier Termination Trade Date pursuant to this Confirmation. Notwithstanding anything in this Confirmation to the contrary: 

 

	(i)	if Citibank elects to exercise its termination right under this Clause 3(c), then each reference to the term “Scheduled Termination Date” in
Clauses 4 (other than Clause 4(c)) and 5 and in the definitions of “Ramp-Down Period” and “Termination Trade Date” will instead be a reference to the date 30 days after the first proposed Termination Trade Date
specified in such notice; and 

  

	(ii)	whether or not Citibank elects to exercise its termination right under this Clause 3(c), and in the case of any termination pursuant to any of the paragraphs of
this Clause 3, each reference to the term “Scheduled Termination Date” in the provisions of Clause 4(c) dealing with the payment of Counterparty Second Floating Amounts (and the reference to the day preceding the first day of the
Ramp-Down Period in the definition of “Counterparty Second Floating Rate Payer Payment Date”) will be a reference to the earlier of (x) the Citibank Optional Termination Date and (y) the first anniversary of the Termination Date.

  
 Page 13

 Early Termination Date under Master Agreement 

(d) If there is effectively designated an Early Termination Date under the Master Agreement, then (i) each Transaction will be terminated in its
entirety (but without limiting Clause 4(c)), (ii) notwithstanding any contrary or otherwise inconsistent provision of the Master Agreement, the provisions set forth in Section 6(e) of the Master Agreement shall not apply to any
Transaction (except that amounts that become due and payable on or prior to such Early Termination Date with respect to any Transaction as provided in this Confirmation will constitute Unpaid Amounts) and (iii) the Termination Trade Date for
each Transaction will be the date specified by the Calculation Agent occurring on or promptly after such Early Termination Date; provided that, if such Early Termination Date is designated by reason of an Event of Default as to which Citibank
is the Defaulting Party, Counterparty may specify the Termination Trade Date with respect to any Transaction as to which the Calculation Agent has not specified the Termination Trade Date within 10 days after such Early Termination Date. The
Calculation Agent shall give notice (an “Accelerated Termination Notice”) to each party (such termination, an “Accelerated Termination”) on or prior to such Early Termination Date, which Accelerated
Termination Notice shall specify each Reference Obligation that is the subject of such Accelerated Termination and, with respect to each such Reference Obligation, the amount of the Terminated Obligation, the proposed Termination Trade Date and the
proposed Termination Settlement Date. The amount, if any, payable in respect of such Early Termination Date will be determined in accordance with Clause 4(b) of this Confirmation based upon the delivery of such Accelerated Termination Notice.

 Effect of Termination 
 (e)
With respect to any Transaction terminated in whole pursuant to this Clause 3, (i) as of the relevant Termination Trade Date the Reference Amount shall, for all purposes hereof (including the determination of the “Maximum Portfolio
Notional Amount”) other than calculating Rate Payments, be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal Amount thereof shall be reduced to zero) and (ii) as of the relevant Termination Settlement
Date the Reference Amount, for purposes of calculating Rate Payments, shall be reduced to zero (and, in the case of a Committed Obligation, the Outstanding Principal Amount thereof shall be reduced to zero). With respect to any Transaction
terminated in part pursuant to this Clause 3, (i) as of the relevant Termination Trade Date the Reference Amount shall, for all purposes hereof (including the determination of the “Maximum Portfolio Notional Amount”) other than
calculating Rate Payments, be reduced by the amount of the reduction of the Reference Amount specified in the Accelerated Termination Notice (and, in the case of a Committed Obligation, the Outstanding Principal Amount shall be reduced by an amount
equal to the product of the Outstanding Principal Amount in effect immediately prior to such reduction multiplied by the amount of the reduction of the Reference Amount divided by the Reference Amount in effect immediately prior to such reduction)
and (ii) as of the relevant Termination Settlement Date the Reference Amount shall, for purposes of calculating Rate Payments, be reduced by the amount of the reduction of the Reference Amount specified in the Accelerated Termination Notice
(and, in the case of a Committed Obligation, the Outstanding Principal Amount shall be reduced by an amount equal to the product of the Outstanding Principal Amount in effect immediately prior to such reduction multiplied by the amount of the
reduction of the Reference Amount divided by the Reference Amount in effect immediately prior to such reduction). Following any Termination Trade Date (other than the Termination Trade Date in respect of the Termination Date), Citibank shall
promptly prepare and deliver to Counterparty a revised Annex I. 
  

	4.	FINAL PRICE DETERMINATION 

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

  
 Page 14

 Determination by Counterparty 
 (a) In order to determine the Final Price for any Terminated Obligation then held by or on behalf of Citibank as a hedge for the related Transaction if such determination is being made as the result of a
termination pursuant to Clause 3(a), Counterparty may arrange for the sale of such Terminated Obligation by giving notice of such sale to Citibank; provided that Counterparty shall have no right to arrange a sale of a Terminated
Obligation pursuant to this Clause 4(a) if, as a result of such termination and the termination of all other Transactions as to which the Total Return Payment Date has not yet occurred, (i) the aggregate Value (as defined in the Credit
Support Annex) of all Posted Credit Support (as so defined) held by Citibank as Secured Party (as so defined) plus the aggregate of all Citibank Floating Amounts payable in connection with such terminations would be less than (ii) the aggregate
of all Counterparty Fourth Floating Amounts payable in connection with such terminations. Such notice must be given at least three Business Days prior to the related Termination Settlement Date in the case of any Terminated Obligation and at least
10 days prior to the Scheduled Termination Date if all Transactions are to be terminated in connection with the Scheduled Termination Date. Any sale (i) must be to an Approved Buyer or another buyer approved in advance by Citibank, such
approval not to be unreasonably withheld or delayed, and (ii) must be scheduled to occur no later than the date customary for settlement, substantially in accordance with the then-current market practice in the principal market for such
Terminated Obligation (as determined by the Calculation Agent), following the Termination Trade Date and prior to the Scheduled Termination Date if all Transactions are to be terminated in connection with the Scheduled Termination Date. If
Counterparty so arranges any sale, the net cash proceeds received from the sale of any Terminated Obligation, net of the related Costs of Assignment and adjusted by any Delay Compensation as provided in Clause 6(b), shall be the
“Final Price” for that Terminated Obligation. 
 Determination by Calculation Agent 

(b) If the Final Price for any Terminated Obligation is not determined according to Clause 4(a), the Calculation Agent shall attempt to obtain Firm
Bids for such Terminated Obligation with respect to the applicable Termination Trade Date from two or more Dealers. The Calculation Agent will give Counterparty notice of its intention to obtain Firm Bids pursuant to this Clause 4(b) (such
notice to be given telephonically and via electronic mail) not later than two hours prior to the bid submission deadline specified below. By notice to Citibank not later than the bid submission deadline specified below, Counterparty may, but shall
not be obligated to, designate up to three Approved Buyers each of which shall provide a Firm Bid (and the Calculation Agent will seek a Firm Bid from any such designee so designated by Counterparty on a timely basis). A “Firm
Bid” shall be a good and irrevocable bid for value, to purchase all or a portion of the applicable Terminated Obligation, expressed as a percentage of the Reference Amount of such Terminated Obligation and exclusive of accrued interest,
for scheduled settlement substantially in accordance with the then-current market practice in the principal market for such Terminated Obligation, as determined by the Calculation Agent, submitted as of 11 a.m. New York time or as soon as
practicable thereafter. If there is more than one Terminated Obligation at any time, then the Calculation Agent shall obtain Firm Bids solely with respect to each separate Terminated Obligation (but not with respect to any group or groups of such
Terminated Obligations). Citibank may, but is not obligated to, sell or cause the sale of any portion of any Terminated Obligation to any Dealer that provides a Firm Bid. 
 If the Calculation Agent is unable to obtain from Dealers at least one Firm Bid or combination of Firm Bids for all of the Reference Amount of any Terminated Obligation with respect to the relevant
Termination Trade Date, the Calculation Agent will attempt to obtain a Firm Bid or combination of Firm Bids for all of the Reference Amount of such Terminated Obligation from two or more Dealers until the earlier of (i) the second Business Day
(inclusive) following such Termination Trade Date and (ii) the date 

  
 Page 15

 
a Firm Bid or combination of Firm Bids is obtained for all of the Reference Amount of such Terminated Obligation. 
 If the Calculation Agent is able to obtain at least one Firm Bid or combination of Firm Bids for all or any portion of the Reference Amount of any Terminated Obligation, the Final Price for such
Terminated Obligation or portion thereof shall be determined by reference to such Firm Bid or Firm Bids pursuant to the last paragraph of this Clause 4(b). If no Firm Bids are obtained on or before such second Business Day for all or a portion
of the applicable Terminated Obligation, the Final Price shall be deemed to be zero with respect to each portion of such Terminated Obligation for which no Firm Bid was obtained. The Calculation Agent will conduct the bid process in accordance with
the procedures set forth in this Clause 4(b) and otherwise in good faith and in a commercially reasonable manner. Other than in the case of a termination pursuant to Clause 3(b) or 3(d), Citibank and Counterparty will make commercially
reasonable efforts to accomplish the assignment to Counterparty (free of payment by Counterparty) of the related Terminated Obligation or portion thereof held by or on behalf of Citibank as a hedge for the related Transaction for which the Final
Price is deemed to be zero (including as provided below); provided that Citibank shall not be liable for any losses related to any delay in or failure of such assignment beyond its control. 

Notwithstanding anything to the contrary herein, 
  

	(i)	the Calculation Agent shall be entitled to disregard any Firm Bid submitted by a Dealer if, in the Calculation Agent’s commercially reasonable judgment,
(x) such Dealer is ineligible to accept assignment or transfer of the related Terminated Obligation or portion thereof, as applicable, substantially in accordance with the then-current market practice in the principal market for the Terminated
Obligation, as determined by the Calculation Agent, or (y) as a result of the terms of any agreement or instrument governing the related Terminated Obligation or any order of a court of competent jurisdiction relating to such Terminated
Obligation, such Dealer is prohibited or restricted from obtaining any consent required for the assignment or transfer of the related Terminated Obligation or portion thereof, as applicable, to it; and 

 

	(ii)	if the Calculation Agent determines that the highest Firm Bid obtained in connection with any Termination Trade Date is not bona fide as a result of (x) the
occurrence of an Event of Default described in Section 5(a)(vii) with respect to the bidder, (y) the inability, failure or refusal of the bidder to settle the purchase of the related Terminated Obligation or portion thereof, as applicable,
or otherwise settle transactions in the relevant market or perform its obligations generally or (z) the Calculation Agent not having pre-approved trading lines with the bidder that would permit settlement of the purchase of the related
Terminated Obligation or portion thereof, as applicable, that Firm Bid shall be disregarded and the next highest Firm Bid that is not disregarded shall be used to determine the Final Price. 

If there is no such Firm Bid, then the Calculation Agent shall designate a new Termination Trade Date; provided that the Calculation Agent shall
designate a new Termination Trade Date pursuant to this paragraph only once. If the highest Firm Bid for any portion of the related Terminated Obligation determined in connection with the second Termination Trade Date is disregarded pursuant to this
paragraph, the Calculation Agent shall have no obligation to obtain further bids, and the applicable “Final Price” for the portion which was so disregarded shall be deemed to be zero. 

If Citibank transfers, or causes the transfer of, all or any portion of the Terminated Obligation to the Dealer or Dealers providing the highest Firm Bid
or highest combination of Firm Bids for such Terminated Obligation (or portion thereof) or to such other party as provided above, the net cash proceeds received from the sale of such Terminated Obligation or portion thereof (which sale shall be
scheduled to 

  
 Page 16

 
settle substantially in accordance with the then-current market practice in the principal market for the related Reference Obligation as determined by the Calculation Agent), net of the related
Costs of Assignment and adjusted by any Delay Compensation as provided in Clause 6(b), shall be the “Final Price” for that Terminated Obligation (or the portion thereof that is sold). 

If Citibank has determined not to hold, or cause to be held, all or any portion of any Terminated Obligation as a hedge for the related Transaction or
otherwise determines, in its sole discretion, not to sell or cause the sale of any portion of any Terminated Obligation to a Dealer providing the highest Firm Bid or combination of Firm Bids, the “Final Price” for such
Terminated Obligation or portion thereof shall be equal to the highest Firm Bid (or highest combination of Firm Bids) for such Terminated Obligation (or portion thereof) multiplied by the Reference Amount of such Terminated Obligation (or the
respective portions of the Reference Amount to which such Firm Bids relate). The Calculation Agent may perform any of its duties under this Clause 4(b) through any Affiliate designated by it, but no such designation shall relieve the
Calculation Agent of its duties under this Clause 4(b). 
 Early Termination of Facility 

(c) For the avoidance of doubt (and subject to paragraph (ii) of the last sentence of Clause 3(c)), if the Termination Date occurs prior to the
Citibank Optional Termination Date, each Counterparty Second Floating Amount shall continue to be payable by Counterparty on each subsequent Second Floating Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date;
provided that, if either party shall so specify in writing to the other party prior to any final Termination Trade Date, then on such final Termination Trade Date (i) the obligation of Counterparty to continue to pay each Counterparty
Second Floating Amount on each subsequent Second Floating Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date shall terminate and be replaced by the obligation in the following clause and (ii) Counterparty shall pay
to Citibank an amount equal to the present value (as calculated by the Calculation Agent with discounting on a continuous basis) discounted to such final Termination Trade Date of each Counterparty Second Floating Amount payable (without regard to
the termination of such obligation under the foregoing clause) on each subsequent Second Floating Rate Payer Payment Date occurring on or prior to the Scheduled Termination Date, at a discount rate per annum equal to the Discount Rate. For this
purpose, the “Discount Rate” means the zero coupon swap rate (as determined by the Calculation Agent) implied by the fixed rate offered to be paid by Citibank under a fixed for floating interest rate swap transaction with a
remaining Term equal to the period from such final Termination Trade Date to the Scheduled Termination Date in exchange for the receipt of payments indexed to USD-LIBOR-BBA. 

 

	5.	REPAYMENT. 

 If all or a
portion of the Reference Amount of any Reference Obligation is repaid or otherwise reduced (in the case of a Committed Obligation, only if the Reference Amount thereof is permanently reduced) (including, without limitation, through any exercise of
any right of set-off, reduction, or counterclaim that results in the satisfaction of the obligations of such Reference Entity to pay any principal owing in respect of such Reference Obligation) on or prior to the Scheduled Termination Date (the
amount of such repayment or other reduction, a “Repayment”; the portion of the related Reference Obligation so repaid or otherwise reduced, a “Repaid Obligation”; and the date of such Repayment, the
“Repayment Date”): 
  

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

  

	(b)	as of the related Repayment Date, the Reference Amount of such Reference Obligation shall be decreased by an amount equal to the principal amount of the Repaid
Obligation; and 

  
 Page 17

	(c)	the related Final Price in relation to the Repaid Obligation shall be (i) in the case of a Committed Obligation, the portion of the Reference Amount that is
permanently reduced (excluding any such reduction below the Outstanding Principal Amount thereof) on such Repayment Date and (ii) in the case of a Term Obligation, the amount of principal and premium in respect of principal paid by such
Reference Entity on the Repaid Obligation to holders thereof (or the amount by which the Reference Obligation was otherwise reduced) on such Repayment Date. Following any Repayment Date, Citibank shall promptly prepare and deliver to Counterparty a
revised Annex I showing the revised Reference Amount for the related Reference Obligation. 

  

	6.	ADJUSTMENTS. 

 (a) If any
Reference Obligation or portion thereof is irreversibly converted or exchanged into or for any securities, obligations or other assets or property (“Exchange Consideration”), thereafter such Exchange Consideration will
constitute such Reference Obligation or portion thereof, and, unless Citibank shall otherwise agree in writing, (i) if such Exchange Consideration fails to satisfy the Obligation Criteria, then Clause 3(b)(i) shall apply and (ii) if
the Portfolio Criteria set forth in Annex II would not be satisfied after giving effect to such exchange, then Clause 3(b)(ii) shall apply. 
 (b) Delay Compensation (as defined below) shall result in an adjustment (i) as contemplated by the definition of “Interest and Fee Amount” in connection with the establishment by the
Citibank Holder of a related hedge in respect of a Transaction, if the actual settlement of the purchase of the related hedge occurs after the Obligation Settlement Date and (ii) of a Final Price with respect to a Terminated Obligation in
connection with the termination by the Citibank Holder of a related hedge, if the actual settlement of the sale of the related hedge occurs after the Termination Settlement Date. “Delay Compensation” shall accrue (x) in
the case of clause (i) above, from and including the Obligation Settlement Date to but excluding the actual settlement of the purchase effected to establish the related hedge (and, during such period, (A) the Counterparty First Floating
Amount shall be calculated by reference to the Spread and not the Floating Rate Option and (B) Interest and Fee Amounts will be determined without regard to payments in respect of the interest rate index, but will be determined inclusive of the
applicable spread above such interest rate index, used in the Reference Obligation Credit Agreement to calculate interest payments in respect of the related Reference Obligation and in effect during such period) and (y) in the case of clause
(ii) above, from and including the Termination Settlement Date to but excluding the actual settlement of the sale effected to terminate the related hedge (and, during such period, (A) the Counterparty First Floating Amount shall be
calculated by reference to the Floating Rate Option and not the Spread and (B) Interest and Fee Amounts shall be reduced by interest accrued during such period in excess of the interest rate index used in the Reference Obligation Credit
Agreement to calculate interest payments in respect of the related Reference Obligation and in effect during such period). In connection with any adjustment by reason of Delay Compensation, (i) any initial Payment Date in this Confirmation
determined by reference to the “Obligation Settlement Date” shall be determined as if the Obligation Settlement Date were the actual settlement of the purchase of the related hedge and (ii) any final Payment Date in this Confirmation
determined by reference to the “Termination Settlement Date” shall be determined as if the Termination Settlement Date were the actual settlement of the termination of the related hedge. 

(c) If (i) Citibank elects to establish a hedge as a result of the addition or increase in the Reference Amount of any Reference Obligation that is
the subject of a Transaction and (ii) the Citibank Holder is unable after using commercially reasonable efforts to effect the settlement of such hedge, then, by notice to Counterparty, Citibank may in its sole discretion, specify that such
addition or increase in the Reference Amount of such Reference Obligation shall be of no force or effect (retroactive to the Obligation Trade Date or the Obligation Settlement Date, as the case may be). 

  
 Page 18

	7.	REPRESENTATIONS, WARRANTIES AND AGREEMENTS. 

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

 

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

  

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

 

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

 

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

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

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

  

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

  

	(iii)	 except as provided in Clause 7(d)(iii), each party and its Affiliates and the Calculation Agent may, whether by virtue of the types of
relationships described herein or otherwise, at the date hereof or at any time hereafter, be in possession of information regarding any Reference Entity or any Affiliate of any Reference Entity that is or may be material in the context of such
Transaction 

  
 Page 19

	 	 
and that may or may not be publicly available or known to the other party. In addition, except as provided in Clause 7(b)(vii), this Confirmation does not create any obligation on the part
of such party and its Affiliates to disclose to the other party any such relationship or information (whether or not confidential); 

  

	(iv)	neither Citibank nor any of its Affiliates shall be under any obligation to hedge such Transaction or to own or hold any Reference Obligation as a result of such
Transaction, and Citibank 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. Counterparty acknowledges and agrees that it is not
relying on any representation, warranty or statement by Citibank or any of its Affiliates as to whether, at what times, in what manner or by what method Citibank or any of its Affiliates may engage in any hedging activities;

  

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

  

	(vi)	if Citibank chooses to hold a Reference Obligation as a result of any Transaction, Citibank shall hold such Reference Obligation directly or through an Affiliate (the
“Citibank Holder”). The Citibank Holder may deal with such Reference Obligation as if the related Transaction did not exist, provided that, so long as the Citibank Holder remains the lender of record with respect to
such Reference Obligation, upon any occasion permitting the Citibank Holder to exercise any right in relation to such Reference Obligation to give or withhold consent (an “Election”) to an action proposed to be taken (or to
be refrained from being taken), the Citibank Holder shall, insofar as permitted under (x) applicable laws, rules and regulations and (y) each provision of any agreement or instrument evidencing or governing such Reference Obligation (and,
in the case of any participation interest, governing such participation interest), give its consent to the action proposed to be taken (or to be refrained from being taken), unless (A) Counterparty, by timely notice to Citibank, requests (a
“Counterparty Election Request”) that the Citibank Holder withhold such consent and (B) the Citibank Holder, in its sole discretion, elects to withhold such consent in accordance with the Counterparty Election Request.
Notwithstanding the foregoing: (1) the Citibank Holder shall have no obligation to respond to, or consult with Counterparty in relation to, a Counterparty Election Request (failure to respond to a Counterparty Election Request being deemed a
denial); (2) the Citibank Holder shall have no other duties or obligations to Counterparty of any nature with respect to any Election or any Counterparty Election Request; (3) the Citibank Holder shall not be liable to Counterparty or any
of its Affiliates for the consequences of any consent given or withheld by the Citibank Holder in connection with such Reference Obligation (whether or not pursuant to a Counterparty Election Request); and (4) if the Citibank Holder elects in
its sole discretion to withhold its consent in accordance with a Counterparty Election Request, the Citibank Holder may subsequently determine to give such consent at any time without notice to Counterparty; and 

  
 Page 20

	(vii)	in connection with each Reference Obligation that is held by a Citibank Holder as a result of any Transaction, the Citibank Holder will promptly (and in any event
within one Business Day after receipt) deliver or cause to be delivered to Counterparty the following information and documentation, in each case, to the extent actually received by the Citibank Holder from the Reference Entity or its agents under
the related Reference Obligation Credit Agreement: all notices of any borrowings, prepayments and interest rate settings, all amendments, consents, waivers and other modifications (whether final or proposed) in relation to the terms of the Reference
Obligation; and all notices given by the Reference Entity to the lenders or their agent or by the lenders or their agent to the Reference Entity in relation to the exercise of remedies. 

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

 

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

 

	(ii)	(x) it is an “eligible contract participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended (the
“CEA”), (y) the Master Agreement and each Transaction are subject to individual negotiation by each party, and (z) neither the Master Agreement nor any Transaction will be executed or traded on a “trading
facility” within the meaning of Section 1a(33) of the CEA. 

 (d) Counterparty hereby represents to Citibank that:

  

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

  

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

  

	(iii)	as of (x) the relevant Obligation Trade Date and (y) any date on which a sale is effected pursuant to Clause 4(a) or on which the Calculation Agent
solicits Firm Bids pursuant to Clause 4(b), neither Counterparty nor any of its Affiliates, whether by virtue of the types of relationships described herein or otherwise, is on such date in possession of information regarding any related
Reference Entity or any Affiliate of such Reference Entity that is or may be material in the context of such Transaction or the purchase or sale of any related Reference Obligation unless such information either (x) is publicly available or
(y) has been made available to each registered owner of such Reference Obligation on a basis that permits such registered owner to disclose such information to any assignee of or participant (whether on a funded or unfunded basis) in, or any
prospective assignee of or participant (whether on a funded or unfunded basis) in, any rights or obligations under the related Reference Obligation Credit Agreement; 

 

	(iv)	Counterparty is a wholly owned subsidiary of a United States person, within the meaning of Section 7701(a)(30) of the Code, and has elected to be treated as a
disregarded entity for U.S. Federal income tax purposes; 

  
 Page 21

	(v)	it has delivered to Citibank on or prior to the Trade Date (and it will, prior to any expiration of any such form previously so delivered, deliver to Citibank) a United
States Internal Revenue Service Form W-9 (or applicable successor form), properly completed and signed (which representation shall also be made for purposes of Section 3(f) of the Master Agreement); 

 

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

  

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

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

(f) Multiple Transaction Payment Netting under Section 2(c) of the Master Agreement will apply to the Transactions to which this Confirmation
relates. 
 (g) Notwithstanding anything in the Master Agreement to the contrary, Citibank will not be required to pay any additional amount
under Section 2(d)(i) of the Master Agreement in respect of any deduction or withholding for or on account of any Tax in relation to any payment under any Transaction that is determined by reference to interest or fees payable with respect to
any Reference Obligation. If Citibank is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding for or on account of any Tax in relation to any payment under
any Transaction that is determined by reference to interest or fees payable with respect to any Reference Obligation and Citibank does not so deduct or withhold, then Section 2(d)(ii) of the Master Agreement shall be applicable. 

 

	8.	ADJUSTMENTS RELATING TO CERTAIN UNPAID OR RESCINDED
PAYMENTS. 

 (a) If (i) Citibank makes any payment to Counterparty as provided under Clause 2 and the
corresponding Interest and Fee Amount is not paid (in whole or in part) when due or (ii) any Interest and Fee Amount in respect of a Reference Obligation is required to be returned (in whole or in part) by a holder of such Reference Obligation
(including, without limitation, the Citibank Holder) to the applicable Reference Entity or paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other applicable law, then Counterparty will
pay to Citibank, upon request by Citibank, such amount (or portion thereof) so not paid or so required to be returned, paid or otherwise rescinded. If such returned, paid or otherwise rescinded amount is subsequently paid, Citibank shall pay such
amount (subject to Clause 8(c)) to Counterparty within seven Business Days after the date of such subsequent payment. 
 (b) If, with
respect to any Repaid Obligation, the corresponding payment of principal of the Repaid Obligation is required to be returned (in whole or in part) by a holder thereof (including, without limitation, the Citibank Holder) to the applicable Reference
Entity or paid to any other person or entity or is otherwise rescinded pursuant to any bankruptcy or insolvency law or any other applicable law, then (i) the parties hereto shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and obligations of the parties hereunder shall continue as though no Repayment had occurred and (ii) without limiting the generality of the foregoing, if either party has made a payment to

  
 Page 22

 
the other party in respect of Capital Appreciation or Capital Depreciation related to such Repayment as provided under Clause 2, then the party that received the payment in respect of such
Capital Appreciation or Capital Depreciation, as applicable, shall repay such amount (subject to Clause 8(c)) to the other party. If such returned, paid or otherwise rescinded amount is subsequently paid by the related Reference Entity or any
such other person or entity, then the relevant party shall pay the amount of such Capital Appreciation or Capital Depreciation, as applicable, within seven Business Days after the date of such subsequent payment. 

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

 

	9.	CREDIT SUPPORT. 

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

  

	(a)	With respect to each Transaction to which this Confirmation relates, a single “Independent Amount” shall be applicable to Counterparty in an amount equal to
the Notional Amount with respect to such Transaction (or, in the case of any increase of the Notional Amount under any Transaction, the amount of such increase) multiplied by the percentage set forth in Clause 9(b) under the caption
“Independent Amount Percentage”. Not later than the Effective Date, Counterparty as Pledgor will Transfer to Citibank as Secured Party Eligible Collateral having a Value as of the date of Transfer equal to the aggregate of all Independent
Amounts determined pursuant this Clause 9(a). If the aggregate of all Independent Amounts on any date would increase as a result of an increase in the Portfolio Notional Amount, or any change in the Diversity Score, on such date and the
aggregate Value of Eligible Collateral Transferred to Citibank pursuant to this Clause 9(a) prior to such date is less than the aggregate of all Independent Amounts as so increased, then Counterparty as Pledgor will Transfer to Citibank as
Secured Party Eligible Collateral having a Value as of the date of Transfer equal to the greater of (i) USD1,000,000 and (ii) the amount of such shortfall. 

 

	(b)	With respect to each Transaction to which this Confirmation relates, the “Independent Amount Percentage” applicable to such Transaction will be equal to:

  

			
	 Condition
	  	 Independent Amount Percentage

		
	(i) With respect to any Transaction not relating to a Specified Reference Obligation on any date on which the Diversity Score is less than 15:	  	25%
		
	(i) With respect to any Transaction not relating to a Specified Reference Obligation on any date on which the Diversity Score is greater	  	20%

  
 Page 23

			
	 Condition
	  	 Independent Amount Percentage

		
	than or equal to 15:	  	
		
	(iii) With respect to any Transaction relating to a Specified Reference Obligation	  	Such percentage as Citibank shall specify on or prior to the Obligation Trade Date for such Transaction

 

	(c)	In no event shall Citibank as Secured Party be obligated to Transfer Posted Credit Support in respect of a Return Amount to Counterparty as Pledgor if the Value as of
any Valuation Date of all Posted Credit Support held by Citibank as Secured Party would be less than the aggregate of all Independent Amounts determined pursuant to Clause 9(a). 

 

	(d)	Solely for the purpose of determining any Delivery Amount or Return Amount pursuant to the Credit Support Annex, (i) in no event shall Counterparty as a Secured
Party have any positive “Exposure” to Citibank with respect to the Transactions (in aggregate) to which this Confirmation relates or (ii) without limiting Clause 3(b) or 9(e), in no event shall Citibank as a Secured Party have
any positive “Exposure” to Counterparty with respect to the Transactions (in aggregate) to which this Confirmation relates. 

  

	(e)	If (i) the Net Collateral Value Percentage on any Valuation Date is less than the Termination Threshold on such Valuation Date and (ii) Citibank gives notice
thereof to Counterparty on any Business Day, Counterparty shall, no later than one Business Day after the date of such notice from Citibank, effect the Transfer to Citibank as Secured Party of Eligible Collateral such that the Net Collateral Value
Percentage after giving effect to such Transfer is at least equal to the Cure Threshold. In addition, Counterparty may, on any Business Day, effect the Transfer to Citibank as Secured Party of any additional Eligible Collateral.

  

	(f)	If Counterparty enters into any Transaction under the Master Agreement other than the Transactions contemplated by this Confirmation (each, a “Separate
Transaction”), then the Credit Support Amount with respect to Counterparty as Pledgor shall never be less than the “Credit Support Amount” with respect to Counterparty as Pledgor calculated (i) solely with reference to
all Separate Transactions and (ii) without regard to the aggregate of all Independent Amounts applicable to Counterparty as Pledgor under this Confirmation. 

 

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

  

	(h)	 The “Interest Rate” will be (i) the overnight ask rate in effect for such day, as set forth opposite the caption
“O/N” under the heading “USD” on Reuters Page LIBOR01 or any successor page thereto on or about 11:00 a.m., New York time, on such day, or (ii) if no successor page is quoted, the rate in effect for such day, as set forth in
H.15(519) for that day opposite the caption “Federal Funds (Effective)” and if the rate is not yet published in H.15(519), the rate for such day will be the rate set forth in Composite 3:30 p.m. Quotations for U.S. Government Securities
for that day under the caption “Federal Funds/Effective Rate”. If on any day the appropriate rate for such day is not published in either H.15(519) or Composite 3:30 p.m. Quotations for U.S. Government Securities, the rate for such day
will be the arithmetic mean of the rate for the last transaction in overnight U.S. Dollar Federal funds arranged by three leading brokers of U.S. Dollar federal funds transactions in New York City selected by Citibank in good faith prior
to 9:00 a.m., New York City time on such day. “H.15(519)” means the weekly statistical release designated as such, or any successor publication, published by the Board of Governors of the Federal Reserve System.
“Composite 3:30 p.m. Quotations for U.S. Government Securities” 

  
 Page 24

	 	 
means the daily statistical release designated as such, or any successor publication, published by the Federal Reserve Bank of New York, or (iii) if such Federal funds rate is not available,
any page agreed by the parties. Transfers of the Interest Amount will be made in arrears on the seventh Business Day following the last day of each Monthly Period. 

 

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

  

	10.	NOTICE AND ACCOUNT DETAILS. 

 Notices to Citibank: 
 Citibank, N.A., New York Branch 

390 Greenwich Street, 4th Floor 
 New York, New York 10013 
 Tel: (212) 723-6181 

Fax: (646) 291-5779 
 Attn: Mitali Sohoni 
 with a copy to: 

Office of the General Counsel 
 Fixed Income and Derivatives Sales and Trading 
 Citibank, N.A., New York Branch

 388 Greenwich Street, 17th Floor 
 New York, New York 10013 
 Tel: (212) 816-2121 

Fax: (646) 862-8431 
 Attn: Craig Seledee 
 Notices to Counterparty: 

As set forth in Part 4 of the Schedule to the Master Agreement 
 Payments to Citibank: 
 Citibank, N.A., New York 

ABA No.: 021-000-089 
 Account No.: 00167679 
 Ref: Financial Futures 

Payments to Counterparty: 

Any payment to be made to Counterparty shall be subject to the condition that Citibank shall have received notice of the account to which
such payment is to be made not less than three Local Business Days prior to the date of such payment. 

  
 Page 25

	11.	OFFICES. 

  

	(a)	The Office of Citibank for each Transaction: 

  New York, NY 
  

	(b)	The Office of Counterparty for each Transaction: 

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

 

			
	Very truly yours,
	
	 CITIBANK, N.A.

		
	By:	 	 /s/ David Santos

		 	Name: David Santos
		 	Title: Authorized Signatory

 CONFIRMED AND AGREED

 AS OF THE DATE FIRST ABOVE WRITTEN: 
  

			
	ARCH STREET FUNDING LLC
		
	By:	 	 /s/ Gerald F. Stahlecker

		 	Name: Gerald F. Stahlecker
		 	Title: EVP

  
 Page 26

 ANNEX A 
 ADDITIONAL DEFINITIONS 
 “Affiliate”, for purposes of this
Confirmation only, has the meaning given to such term in Rule 405 under the Securities Act of 1933, as amended. 
 “Approved
Buyer” means (a) any entity listed in Annex III hereto (as such Annex may be amended by mutual written consent of the parties hereto from time to time) so long as its long-term unsecured and unsubordinated debt
obligations on the “trade date” for the related purchase or submission of a Firm Bid contemplated hereby are rated at least “A2” by Moody’s and at least “A” by S&P and (b) if an entity listed in
Annex III hereto is not the principal banking or securities Affiliate within a financial holding company group, the principal banking or securities Affiliate of such listed entity within such financial holding company group so long as such
obligations of such Affiliate have the rating indicated in clause (a) above. 
 “Capital Appreciation” and
“Capital Depreciation” mean, for any Total Return Payment Date, the amount determined according to the following formula for the applicable Terminated Obligation or Repaid Obligation: 

Final Price – Applicable Notional Amount 
 where 
 “Final Price” means (a) in the case of
any Terminated Obligation, the amount determined pursuant to Clause 4, and (b) in the case of any Repaid Obligation, the amount determined pursuant to Clause 5, and 

“Applicable Notional Amount” means the Notional Funded Amount (determined immediately prior to the related
Repayment Date or Termination Trade Date) for such Terminated Obligation or Repaid Obligation, as applicable. 
 If such amount is positive,
such amount is “Capital Appreciation” and if such amount is negative, the absolute value of such amount is “Capital Depreciation”. 
 “Committed Obligation” means (a) any Delayed Drawdown Reference Obligation and (b) any Revolving Reference Obligation. 

“Costs of Assignment” means, in the case of any Terminated Obligation, the sum of (a) any actual costs of transfer or
assignment paid by the seller under the terms of any Terminated Obligation or otherwise actually imposed on the seller by any applicable administrative agent, borrower or obligor incurred in connection with the sale of such Terminated Obligation and
(b) any reasonable expenses incurred by the seller in connection with such sale and, if transfers of the Terminated Obligation are subject to the Standard Terms and Conditions for Distressed Trade Confirmations, as published by the LSTA and as
in effect on the Obligation Trade Date, reasonable legal costs incurred by the seller in connection with such sale, in each case to the extent not already reflected in the Final Price. 
 “Credit Event” means the occurrence of a Bankruptcy or Failure to Pay. For purposes of the determination of whether a Credit Event has occurred, the Obligation Category will be
Borrowed Money, the Payment Requirement will be USD1,000,000 and no Obligation Characteristics will be specified. Capitalized terms used in this definition but not defined in this Confirmation shall have the meanings specified in the 2003 ISDA
Credit Derivatives Definitions. 

  
 Page 27

 “Cure Threshold” means (a) with respect to the first Valuation Date (if any) on
which the Net Collateral Value Percentage is less than the Termination Threshold and for the period thereafter until the Net Collateral Value Percentage is at least equal to 20%, but only if the Diversity Score at the end of such period is greater
than or equal to 15, 20% and (b) otherwise, 25%. 
 “Current Price” means, with respect to any Reference Obligation
on any date of determination, the Calculation Agent’s determination of the net cash proceeds that would be received from the sale on such date of determination of such Reference Obligation, net of the related Costs of Assignment. If
Counterparty disputes the Calculation Agent’s determination of the Current Price of any Reference Obligation, then Counterparty may, no later than two hours after Counterparty is given notice of such determination, (a) designate two
Dealers of credit standing acceptable to Citibank in the exercise of its reasonable discretion and (b) provide to Citibank within such two-hour period with respect to each such Dealer a Firm Bid with respect to the entire Reference Amount of
the Reference Obligation. The highest of such two Firm Bids will be the Current Price. The “Current Price” shall be expressed as a percentage of par and will be determined exclusive of accrued interest. 

“Dealer” means (a) any nationally recognized independent dealer in the related Reference Obligation chosen by the
Calculation Agent or its designated Affiliate, (b) any Approved Buyer or other entity designated by the Calculation Agent and having a credit standing acceptable to Citibank and (c) any Approved Buyer designated by Counterparty pursuant to
Clause 4(b). 
 “Delayed Drawdown Reference Obligation” means a Reference Obligation that (a) requires the
holder thereof to make one or more future advances to the borrower under the instrument or agreement pursuant to which such Reference Obligation was issued or created, (b) specifies a maximum amount that can be borrowed on one or more fixed
borrowing dates and (c) does not permit the re-borrowing of any amount previously repaid; provided that, on any date on which all commitments by the holder thereof to make advances to the borrower under such Delayed Drawdown Reference
Obligation expire or are terminated or reduced to zero, such Reference Obligation shall cease to be a Delayed Drawdown Reference Obligation. 

“Designated Reference Obligation” means any Reference Obligation that (a) is not a Specified Reference Obligation,
(b) has as of the Obligation Trade Date a Moody’s Rating of at least B2 and an S&P Rating of at least B, (c) is on the Obligation Trade Date part of a fungible class of debt obligations (as to issuance date and all economic terms)
of at least USD500,000,000, (d) has an Initial Price as of the Obligation Trade Date of at least 90% and (e) is on the Obligation Trade Date the subject of at least five bid quotations from nationally recognized independent dealers in the
related obligation as reported on a nationally recognized pricing service. 
 “Diversity Score” means the sum of each of
the Industry Diversity Scores and is calculated as follows: 
  

	(i)	For the purposes of the calculation of the Diversity Score, all affiliates of each obligor shall be treated as a single obligor together with such obligor. For this
purpose, affiliation shall not result solely from ownership by a common Financial Sponsor. 

  

	(ii)	The Industry Diversity Score is calculated as follows: 

  

	 	(a)	An Issuer Reference Amount is calculated for each Reference Entity represented in the Reference Portfolio by summing the Reference Amounts of all
the Reference Obligations with respect to such Reference Entity. 

  
 Page 28

	 	(b)	An Average Reference Amount is calculated by summing the Reference Amounts of all the Reference Obligations in the Reference Portfolio and
dividing such amount by the sum of the number of Reference Entities in the Reference Portfolio. 

  

	 	(c)	An Equivalent Unit Score is calculated for each Reference Entity as the lesser of (A) one and (B) the Issuer Reference Amount for such Reference
Entity divided by the Average Reference Amount. 

  

	 	(d)	An Aggregate Industry Equivalent Unit Score is then calculated for each of the Moody’s Industry Classification Groups, by summing the
Equivalent Unit Scores for each Reference Entity in each such Moody’s Industry Classification Group. 

  

	 	(e)	An Industry Diversity Score is then established by reference to the Diversity Score Table shown below for the related Aggregate Industry Equivalent Unit
Score; provided that if any Aggregate Industry Equivalent Unit Score falls between any two such scores then the applicable Industry Diversity Score will be the lower of the two Industry Diversity Scores in the Diversity Score Table.

 “Diversity Score Table”: 

 

															
	 Aggregate
 Industry
 Equivalent

Unit Score
	  	 Industry
Diversity
 Score
	  	 Aggregate
Industry
Equivalent

Unit Score
	  	 Industry
Diversity
 Score
	  	 Aggregate
Industry
Equivalent

Unit Score
	  	 Industry
Diversity
 Score
	  	 Aggregate
Industry
Equivalent

Unit Score
	  	 Industry
Diversity
 Score

	 0.0000
	  	0.0000	  	5.0500	  	2.7000	  	10.1500	  	4.0200	  	15.2500	  	4.5300
	 0.0500
	  	0.1000	  	5.1500	  	2.7333	  	10.2500	  	4.0300	  	15.3500	  	4.5400
	 0.1500
	  	0.2000	  	5.2500	  	2.7667	  	10.3500	  	4.0400	  	15.4500	  	4.5500
	 0.2500
	  	0.3000	  	5.3500	  	2.8000	  	10.4500	  	4.0500	  	15.5500	  	4.5600
	 0.3500
	  	0.4000	  	5.4500	  	2.8333	  	10.5500	  	4.0600	  	15.6500	  	4.5700
	 0.4500
	  	0.5000	  	5.5500	  	2.8667	  	10.6500	  	4.0700	  	15.7500	  	4.5800
	 0.5500
	  	0.6000	  	5.6500	  	2.9000	  	10.7500	  	4.0800	  	15.8500	  	4.5900
	 0.6500
	  	0.7000	  	5.7500	  	2.9333	  	10.8500	  	4.0900	  	15.9500	  	4.6000
	 0.7500
	  	0.8000	  	5.8500	  	2.9667	  	10.9500	  	4.1000	  	16.0500	  	4.6100
	 0.8500
	  	0.9000	  	5.9500	  	3.0000	  	11.0500	  	4.1100	  	16.1500	  	4.6200
	 0.9500
	  	1.0000	  	6.0500	  	3.0250	  	11.1500	  	4.1200	  	16.2500	  	4.6300
	 1.0500
	  	1.0500	  	6.1500	  	3.0500	  	11.2500	  	4.1300	  	16.3500	  	4.6400
	 1.1500
	  	1.1000	  	6.2500	  	3.0750	  	11.3500	  	4.1400	  	16.4500	  	4.6500
	 1.2500
	  	1.1500	  	6.3500	  	3.1000	  	11.4500	  	4.1500	  	16.5500	  	4.6600
	 1.3500
	  	1.2000	  	6.4500	  	3.1250	  	11.5500	  	4.1600	  	16.6500	  	4.6700
	 1.4500
	  	1.2500	  	6.5500	  	3.1500	  	11.6500	  	4.1700	  	16.7500	  	4.6800
	 1.5500
	  	1.3000	  	6.6500	  	3.1750	  	11.7500	  	4.1800	  	16.8500	  	4.6900
	 1.6500
	  	1.3500	  	6.7500	  	3.2000	  	11.8500	  	4.1900	  	16.9500	  	4.7000
	 1.7500
	  	1.4000	  	6.8500	  	3.2250	  	11.9500	  	4.2000	  	17.0500	  	4.7100
	 1.8500
	  	1.4500	  	6.9500	  	3.2500	  	12.0500	  	4.2100	  	17.1500	  	4.7200
	 1.9500
	  	1.5000	  	7.0500	  	3.2750	  	12.1500	  	4.2200	  	17.2500	  	4.7300
	 2.0500
	  	1.5500	  	7.1500	  	3.3000	  	12.2500	  	4.2300	  	17.3500	  	4.7400
	 2.1500
	  	1.6000	  	7.2500	  	3.3250	  	12.3500	  	4.2400	  	17.4500	  	4.7500
	 2.2500
	  	1.6500	  	7.3500	  	3.3500	  	12.4500	  	4.2500	  	17.5500	  	4.7600
	 2.3500
	  	1.7000	  	7.4500	  	3.3750	  	12.5500	  	4.2600	  	17.6500	  	4.7700
	 2.4500
	  	1.7500	  	7.5500	  	3.4000	  	12.6500	  	4.2700	  	17.7500	  	4.7800
	 2.5500
	  	1.8000	  	7.6500	  	3.4250	  	12.7500	  	4.2800	  	17.8500	  	4.7900
	 2.6500
	  	1.8500	  	7.7500	  	3.4500	  	12.8500	  	4.2900	  	17.9500	  	4.8000
	 2.7500
	  	1.9000	  	7.8500	  	3.4750	  	12.9500	  	4.3000	  	18.0500	  	4.8100
	 2.8500
	  	1.9500	  	7.9500	  	3.5000	  	13.0500	  	4.3100	  	18.1500	  	4.8200
	 2.9500
	  	2.0000	  	8.0500	  	3.5250	  	13.1500	  	4.3200	  	18.2500	  	4.8300
	 3.0500
	  	2.0333	  	8.1500	  	3.5500	  	13.2500	  	4.3300	  	18.3500	  	4.8400
	 3.1500
	  	2.0667	  	8.2500	  	3.5750	  	13.3500	  	4.3400	  	18.4500	  	4.8500
	 3.2500
	  	2.1000	  	8.3500	  	3.6000	  	13.4500	  	4.3500	  	18.5500	  	4.8600

  
 Page 29

															
	3.3500	  	2.1333	  	8.4500	  	3.6250	  	13.5500	  	4.3600	  	18.6500	  	4.8700
	 3.4500
	  	2.1667	  	8.5500	  	3.6500	  	13.6500	  	4.3700	  	18.7500	  	4.8800
	 3.5500
	  	2.2000	  	8.6500	  	3.6750	  	13.7500	  	4.3800	  	18.8500	  	4.8900
	 3.6500
	  	2.2333	  	8.7500	  	3.7000	  	13.8500	  	4.3900	  	18.9500	  	4.9000
	 3.7500
	  	2.2667	  	8.8500	  	3.7250	  	13.9500	  	4.4000	  	19.0500	  	4.9100
	 3.8500
	  	2.3000	  	8.9500	  	3.7500	  	14.0500	  	4.4100	  	19.1500	  	4.9200
	 3.9500
	  	2.3333	  	9.0500	  	3.7750	  	14.1500	  	4.4200	  	19.2500	  	4.9300
	 4.0500
	  	2.3667	  	9.1500	  	3.8000	  	14.2500	  	4.4300	  	19.3500	  	4.9400
	 4.1500
	  	2.4000	  	9.2500	  	3.8250	  	14.3500	  	4.4400	  	19.4500	  	4.9500
	 4.2500
	  	2.4333	  	9.3500	  	3.8500	  	14.4500	  	4.4500	  	19.5500	  	4.9600
	 4.3500
	  	2.4667	  	9.4500	  	3.8750	  	14.5500	  	4.4600	  	19.6500	  	4.9700
	 4.4500
	  	2.5000	  	9.5500	  	3.9000	  	14.6500	  	4.4700	  	19.7500	  	4.9800
	 4.5500
	  	2.5333	  	9.6500	  	3.9250	  	14.7500	  	4.4800	  	19.8500	  	4.9900
	 4.6500
	  	2.5667	  	9.7500	  	3.9500	  	14.8500	  	4.4900	  	19.9500	  	5.0000
	 4.7500
	  	2.6000	  	9.8500	  	3.9750	  	14.9500	  	4.5000	  		  	
	 4.8500
	  	2.6333	  	9.9500	  	4.0000	  	15.0500	  	4.5100	  		  	
	 4.9500
	  	2.6667	  	10.0500	  	4.0100	  	15.1500	  	4.5200	  		  	

 “Expense or Other Payment” means the aggregate amount of any payments (other than
extensions of credit) due from the lender(s) in respect of any Reference Obligation, including, without limitation, (a) any expense associated with any amendment, modification or waiver of the provisions of a credit agreement, (b) any
reimbursement of any agents under the provisions of a credit agreement, and (c) any indemnity or other similar payment, including amounts owed on or after the related Obligation Termination Date in respect of amounts incurred or any event that
occurred before the related Obligation Termination Date. 
 “Financial Sponsor” means any entity, including any
subsidiary of another entity, whose principal business activity is acquiring, holding and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books
and records and bank accounts, whose operations are not integrated one with another and whose financial condition and creditworthiness are independent of the other companies so owned by such entity. 

“Interest and Fee Amount” means, for any Citibank Fixed Amount Payer Payment Date and any Transaction, the aggregate amount of
interest (including interest breakage costs), fees (including, without limitation, amendment, consent, tender, facility, letter of credit and other similar fees) and other amounts (other than in respect of principal and premium paid in respect of
principal) paid with respect to the related Reference Obligation (after deduction of any withholding taxes for which the Reference Entities are not obligated to reimburse holders of the related Reference Obligation, if applicable) during the
relevant Citibank Fixed Amount Payer Calculation Period; provided that Interest and Fee Amounts: 
  

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

 

	(b)	in the case of “Non-Recurring Fees” (as so defined), shall not include any amounts that (i) accrue prior to the Obligation Trade Date for the related
Reference Obligation or that accrue on or after the Termination Trade Date for the related Reference Obligation or portion thereof or (ii) to the extent that such amounts are payable contingent upon whether a consent is given or withheld by the
record owner of the related Reference Obligation, accrue with respect to the related Reference Obligation that is not held by or on behalf of Citibank as a hedge for the related Transaction, 

  
 Page 30

	(c)	shall be determined after deducting any Costs of Assignment that would be incurred by a buyer in connection with any purchase of the Reference Obligation as a hedge for
such Transaction and, in connection with the establishment by the Citibank Holder of a related hedge in respect of such Transaction, shall be adjusted by any Delay Compensation as provided in Clause 6(b); and 

 

	(d)	in the case of any Transaction as to which the related Reference Obligation is a Committed Obligation, shall include only 75% of fees that are stated to accrue on or in
respect of the unfunded portion of any Commitment Amount. 

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

“LSTA” means The Loan Syndications and Trading Association, Inc. and any successor thereto. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

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

 

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

 

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

 

			
	 Loan
	  	 Relevant Rating

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

 

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

  

			
	 Reference Obligation
	  	 Relevant Rating

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

  
 Page 31

			
	 Subordinate
  

The Reference Obligation is Subordinate
	  	 to the other obligation
  

The rating by Moody’s that is two rating subcategories
below the rating assigned by Moody’s to the
other
obligation

  

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

  

			
	 Reference Obligation
	  	 Relevant Rating

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

 

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

 

			
	 Reference Obligation
	  	 Relevant Rating

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

  

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

  
 Page 32

	 	(A)	for up to 5% of the Portfolio Target Amount, Counterparty may apply to Moody’s for a shadow rating or public rating of such Reference Obligation, which shall then
be the Moody’s Rating (and Counterparty may deem the Moody’s Rating of such Reference Obligation to be “B3” pending receipt of such shadow rating or public rating, as the case may be); provided that (x) a Reference
Obligation will not be included in the 5% limit of the Portfolio Target Amount if Counterparty has assigned a rating to such Reference Obligation in accordance with clause (B) below and (y) upon receipt of a shadow rating or public rating,
as the case may be, such Reference Obligation will not be included in the 5% limit of the Portfolio Target Amount; 

  

	 	(B)	for up to 5% of the Portfolio Target Amount, if there is a private rating of an obligor that has been provided by Moody’s to Citibank and Counterparty,
Counterparty may impute a Moody’s Rating that corresponds to such private rating; provided that a Reference Obligation will not be included in the 5% limit of the Portfolio Target Amount if Counterparty has applied to Moody’s for a
shadow rating; or 

  

	 	(C)	for up to 10% of the Portfolio Target Amount, the Moody’s Rating may be determined in accordance with the methodologies for establishing the S&P Rating except
that the Moody’s Rating of such obligation will be (1) one sub-category below the Moody’s equivalent of the S&P Rating if such S&P Rating is “BBB-” or higher and (2) two sub-categories below the Moody’s
equivalent of the S&P Rating if such S&P Rating is “BB+” or lower. 

 For purposes of the foregoing, a
“private rating” shall refer to a rating obtained by Citibank, by Counterparty or by or on behalf of an obligor on a Reference Obligation that is not disseminated publicly; whereas a “shadow rating” shall refer to a credit
estimate obtained upon application of Counterparty or a holder of a Reference Obligation. Any private rating or shadow rating shall be required to be refreshed annually. If Counterparty applies to Moody’s for a shadow rating or public rating of
a Reference Obligation, Counterparty shall provide evidence to Citibank of such application and shall notify Citibank of the expected rating. Counterparty shall notify Citibank of the shadow rating or public rating assigned by Moody’s to a
Reference Obligation. 
 “Net Collateral Value” means, as of any date of determination, an amount equal to (a) the
aggregate Value (as defined in the Credit Support Annex) on such date of all Posted Credit Support (as so defined) held by Citibank as Secured Party (as so defined) plus (b) the aggregate of all Unrealized Capital Gains on such date with
respect to the Reference Portfolio minus (c) the aggregate of all Unrealized Capital Losses on such date with respect to the Reference Portfolio. 
 “Net Collateral Value Percentage” means, as of any date of determination, an amount (expressed as a percentage) equal to (a) the Net Collateral Value on such date divided by
(b) the Portfolio Notional Amount on such date. 
 “Portfolio Target Amount” means (a) during the Ramp-Up
Period and the Ramp-Down Period, the Maximum Portfolio Notional Amount, (b) at any other time, the Portfolio Notional Amount. 

“Rate Payments” means Counterparty First Floating Amounts, Counterparty Second Floating Amounts and Citibank Fixed Amounts.

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

  
 Page 33

 
borrowed and (c) permits, during any period on or after the date on which the holder thereof acquires such Reference Obligation, the re-borrowing of any amount previously repaid;
provided that, on the date that all commitments by the holder thereof to make advances to the borrower under such Revolving Reference Obligation expire or are terminated or reduced to zero, such Reference Obligation shall cease to be a
Revolving Reference Obligation. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, or any successor thereto. 
 S&P Rating means, with respect to a Reference Obligation: 

 

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

 

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

  

			
	 Loan
	  	 Relevant Rating

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

 

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

  

			
	 Reference Obligation
	  	 Relevant Rating

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

  
 Page 34

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

  

			
	 Reference Obligation
	  	 Relevant Rating

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

 

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

 

			
	 Reference Obligation
	  	 Relevant Rating

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

  

	(vi)	if the foregoing paragraphs are not applicable, then the S&P Rating shall be “CC”; provided that: 

(A) if application has been made to S&P to rate a Reference Obligation and such Reference Obligation has a
Moody’s Rating, then the S&P Rating with respect to such Reference Obligation shall, pending the receipt of such rating from S&P, be equal to the S&P Rating that is equivalent to such Moody’s Rating and (y) Reference
Obligations in the Reference Portfolio constituting no more, by aggregate Notional Amount, than 10% of the Portfolio Target Amount may be given a S&P Rating based on a rating given by Moody’s as provided in clause (x) (after giving
effect to the addition of the relevant Reference Obligation, if applicable); and 
 (B) for up to 10% of the
Portfolio Target Amount, the S&P Rating may be determined in accordance with the methodologies for establishing the Moody’s Rating except that the S&P 

  
 Page 35

 
Rating of such obligation will be (1) one sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s Rating is “Baa3” or higher and (2) two
sub-categories below the S&P equivalent of the Moody’s Rating if such Moody’s Rating is “Ba1” or lower. 

“Second Lien Obligation” means a Loan that is secured by collateral, but as to which the beneficiary or beneficiaries of such
collateral security agree for the benefit of the holder or holders of other indebtedness secured by the same collateral (“First Lien Debt”) as to one or more of the following: (1) to defer their right to enforce such
collateral security either permanently or for a specified period of time while First Lien Debt is outstanding, (2) to permit a holder or holders of First Lien Debt to sell such collateral free and clear of the security in favor of such
beneficiary or beneficiaries, (3) not to object to sales of assets by the obligor on such Loan following the commencement of a bankruptcy or other insolvency proceeding with respect to such obligor or to an application by the holder or holders
of First Lien Debt to obtain adequate protection in any such proceeding and (4) not to contest the creation, validity, perfection or priority of First Lien Debt. 
 “Specified Reference Obligation” means any Reference Obligation whose inclusion in the Reference Portfolio (other than as a “Specified Reference Obligation”) would not on
the related Obligation Trade Date satisfy one or more of clauses (ix) through (xiii) of the Obligation Criteria. 

“Subordinate” means, with respect to an obligation (the “Subordinated Obligation”) and another obligation
of the obligor thereon to which such obligation is being compared (the “Senior Obligation”), a contractual, trust or similar arrangement (without regard to the existence of preferred creditors arising by operation of law or
to collateral, credit support, lien or other credit enhancement arrangements or provisions regarding the application of proceeds of any of the foregoing) providing that (i) upon the liquidation, dissolution, reorganization or winding up of the
obligor, claims of the holders of the Senior Obligation will be satisfied prior to the claims of the holders of the Subordinated Obligation or (ii) the holders of the Subordinated Obligation will not be entitled to receive or retain payments in
respect of their claims against the obligor at any time that the obligor is in payment arrears or is otherwise in default under the Senior Obligation. 
 “Term Obligation” means any Reference Obligation that is not a Committed Obligation. 
 “Terminated Obligation” means any Reference Obligation or portion of any Reference Obligation that is terminated pursuant to Clause 3. 

“Termination Settlement Date” means, for any Terminated Obligation, the date customary for settlement, substantially in
accordance with the then-current market practice in the principal market for such Terminated Obligation (as determined by the Calculation Agent), of the sale of such Terminated Obligation with the trade date for such sale occurring on the related
Termination Trade Date. 
 “Termination Threshold” means (a) on any date on which the Diversity Score is greater
than or equal to 15, 17.5% and (b) otherwise, 20%. 
 “Termination Trade Date” means, with respect to any
Terminated Obligation, the date so designated in the related Accelerated Termination Notice; provided that: 
  

	(a)	 except as provided in the following clause (b), if the related Final Price is not determined in accordance with Clause 4(a), the
“Termination Trade Date” will be the bid submission deadline for the Firm Bid or combination of Firm Bids for all of the Reference Amount of such Terminated Obligation that are to be the basis for determining the Final Price of such
Terminated Obligation as designated by the Calculation Agent in order to cause the related Total Return 

  
 Page 36

	 	 
Payment Date to occur as promptly as practicable (in the discretion of the Calculation Agent) after the date originally designated as the “Termination Trade Date” in the related
Accelerated Termination Notice; and 

  

	(b)	in respect of the Scheduled Termination Date, if the related Final Price is not determined in accordance with Clause 4(a), the “Termination Trade Date”
will be the date so designated by the Calculation Agent in its discretion, occurring during the 30 calendar days preceding the Scheduled Termination Date (or earlier in the case of any Terminated Obligation determined by the Calculation Agent in its
sole discretion to be a distressed loan or other obligation) in a manner reasonably likely to cause the final Total Return Payment Date to occur on the Scheduled Termination Date. 

The Calculation Agent shall notify the parties of any Termination Trade Date designated by it pursuant to the foregoing proviso. 

“Total Return Payment Date” means, with respect to any Terminated Obligation or Repaid Obligation, the seventh Business Day next
succeeding the last day of the Monthly Period during which the related Obligation Termination Date occurs. 
 “Unrealized Capital
Gain” means, with respect to any Reference Obligation, if the Current Price of such Reference Obligation is greater than the Initial Price in relation to such Reference Obligation, then (a) such Current Price minus such Initial
Price multiplied by (b) the Reference Amount of such Reference Obligation. For purposes of computing any Unrealized Capital Gain, a Repaid Obligation or Terminated Obligation will be deemed to continue to be outstanding in an amount equal to
its Reference Amount until (but excluding) the related Total Return Payment Date (and after the determination of the related Final Price will have a Current Price equal to such Final Price). 
 “Unrealized Capital Loss” means, with respect to any Reference Obligation, if the Initial Price in relation to such Reference Obligation is greater than the Current Price of such
Reference Obligation, then (a) such Initial Price minus such Current Price multiplied by (b) the Reference Amount of such Reference Obligation. For purposes of computing any Unrealized Capital Loss, a Repaid Obligation or Terminated
Obligation will be deemed to continue to be outstanding in an amount equal to its Reference Amount until (but excluding) the related Total Return Payment Date (and after the determination of the related Final Price will have a Current Price equal to
such Final Price). 

  
 Page 37

 ANNEX I 

 

													
	 Reference
 Obligation
	  	 Reference

Entity
	  	 Reference

Amount
	  	 Outstanding
Principal

Amount
	  	 Initial

Price

(%)
	  	 Obligation

Trade

Date
	  	 Obligation
Settlement

Date

  
 Page 38

 ANNEX II 
 OBLIGATION CRITERIA 
 The “Obligation Criteria” are as follows:

  

	(i)	The obligation is a Loan. 

  

	(ii)	The obligation is denominated in USD. 

  

	(iii)	The obligation is secured. 

  

	(iv)	The obligation is not Subordinate. 

  

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

  

	(vi)	Except for any Delayed Drawdown Reference Obligation or Revolving Reference Obligation, the obligation does not require any future advances to be made to the related
issuer or obligor on or after the relevant Obligation Trade Date. 

  

	(vii)	On the relevant Obligation Trade Date for the Transaction relating to the obligation, the obligation is in the form of, and is treated as, indebtedness for U.S. Federal
income tax purposes. 

  

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

  

	(ix)	Except for any Specified Reference Obligation, the obligation is not a Second Lien Obligation. 

 

	(x)	Except for any Specified Reference Obligation, on the Obligation Trade Date the obligation is part of a fungible class of debt obligations (as to issuance date and all
economic terms) of at least USD125,000,000. 

  

	(xi)	Except for any Specified Reference Obligation, the obligation has as of the Obligation Trade Date a Moody’s Rating of at least B3 and an S&P Rating of at least
B-. 

  

	(xii)	Except for any Specified Reference Obligation, the obligation has an Initial Price as of the Obligation Trade Date of at least 60%. 

 

	(xiii)	 Except for any Specified Reference Obligation, either (x) the obligation is on the Obligation Trade Date the subject of at least two bid
quotations from nationally recognized independent dealers in the related obligation as reported on a nationally recognized pricing service or (y) the obligation satisfies each of the following four conditions: (A) the obligation was
originated not more than 30 days prior to the Obligation Trade Date, (B) the obligation is on the Obligation Trade Date the subject of at least one bid quotation from a nationally recognized independent dealer in the related obligation as
reported on a nationally recognized pricing service, (C) on the Obligation Trade Date the obligation is part of a fungible class of debt obligations (as to issuance date and all economic

  
 Page 39

	 	 
terms) of at least USD150,000,000 and (D) the obligation has as of the Obligation Trade Date a Moody’s Rating of at least B2 and an S&P Rating of at least B.

  
 Page 40

 PORTFOLIO CRITERIA 
 The “Portfolio Criteria” are as follows: 
  

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

 

	(ii)	The sum of the Notional Amounts for all Reference Obligations that are Specified Reference Obligations does not exceed 25% of the Portfolio Target Amount.

  

	(iii)	The sum of the Notional Amounts for all Reference Obligations that are Committed Obligations does not exceed 10% of the Portfolio Target Amount.

  

	(iv)	The sum of the Notional Amounts for Reference Obligations of any single Reference Entity or any of its Affiliates does not exceed 5% of the Portfolio Target Amount.

  

	(v)	The sum of the Notional Amounts for Reference Obligations of Reference Entities in any single Moody’s Industry Classification Group does not exceed 15% of the
Portfolio Target Amount. 

  

	(vi)	After the Ramp-Up Period and prior to the Ramp-Down Period, the Reference Portfolio has a Weighted Average Rating of at most 3,000. 

For purposes hereof: 
 “Moody’s
Industry Classification Groups” means each of the categories set forth in Table 1 below. 
 “Weighted Average
Rating” means, as of any date of determination, the number obtained by (a) multiplying the Notional Amount of each Reference Obligation by the applicable Rating Factor (as set forth in Table 2 below) for the related Reference
Entity; (b) summing the products obtained in clause (a) for all Reference Obligations; and (c) dividing the sum obtained in clause (b) by the aggregate of the Notional Amounts of all Reference Obligations. 

  
 Page 41

 TABLE 1 
 MOODY’S INDUSTRY CLASSIFICATION GROUPS 
 Aerospace & Defense 

Automotive 
 Banking, Finance, Insurance and Real
Estate 
 Beverage, Food, & Tobacco 
 Capital Equipment 
 Chemicals, Plastics, & Rubber 

Construction & Building 
 Consumer
goods: durable 
 Consumer goods: non-durable 
 Containers, Packaging, & Glass 
 Energy: Electricity 

Energy: Oil & Gas 
 Environmental
Industries 
 Forest Products & Paper 
 Healthcare & Pharmaceuticals 
 High Tech Industries 

Hotel, Gaming, & Leisure 
 Media:
Advertising, Printing & Publishing 
 Media: Broadcasting & Subscription 

Media: Diversified & Production 

Metals & Mining 
 Retail 

Services: Business 
 Services: Consumer

 Sovereign & Public Finance 

Telecommunications 
 Transportation: Cargo

 Transportation: Consumer 
 Utilities:
Electric 
 Utilities: Oil & Gas 
 Utilities: Water 
 Wholesale 

  
 Page 42

 TABLE 2 
 RATING FACTORS 
  

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

  
 Page 43

 ANNEX III 

APPROVED BUYERS 
 Bank of
America, NA 
 The Bank of Montreal 

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

Citibank, N.A. 
 Credit Agricole S.A. 

Canadian Imperial Bank of Commerce 
 Credit
Suisse 
 Deutsche Bank AG 
 Dresdner
Bank AG 
 Goldman Sachs & Co. 

HSBC Bank 
 JPMorgan Chase Bank, N.A. 

Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Morgan Stanley & Co. 
 Natixis 
 Northern Trust Company 
 Royal Bank of Canada 

The Royal Bank of Scotland plc 
 Societe Generale

 The Toronto-Dominion Bank 
 UBS AG

 U.S. Bank, National Association 

Wachovia Bank National Association 
 Wells Fargo
Bank, National Association 

  
 Page 44

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]