Document:

Exhibit 10.7

 

FINAL VERSION

 

 

 

Standard Terms and Provisions of

Trust Agreement

 

with
respect to

 

Taxable Term A/B Trust Certificates,
Class A

(“Class A Certificates”)

 

and

 

Taxable Term A/B Trust Certificates,
Class B

(“Class B Certificates”)

 

August
6, 2020

 

 

 

     

     

    

 

Table of Contents

 

	Section	Heading	Page
	 	 	 
	Article 1	Definitions and Construction	1
	 	 	 
	Section 1.1.	Certain Definitions	1
	Section 1.2.	Rules of Construction	14
	 	 	 
	Article 2	Creation of the Trust; Purposes of the Trust; Tax Matters	15
	 	 	 
	Section 2.1.	Creation of the Trust	15
	Section 2.2.	Purposes of the Trust	16
	Section 2.3.	Acquisition of Bonds	16
	Section 2.4.	Obligations of Trustee, Delaware Trustee, Trustor and Calculation Agent	17
	Section 2.5.	Beneficial Owners’ Direct Interests; Relationship between Aggregate Stated Amounts and Bond Principal Amount	17
	Section 2.6.	Tax Matters	18
	Section 2.7.	Intention of the Parties	18
	 	 	 
	Article 3	Trust Income Distributions	18
	 	 	 
	Section 3.1.	Method of Payment; Trustee as Agent for Payment of Fees	18
	Section 3.2.	Date and Priority of Distribution of Bond Interest	19
	Section 3.3.	Trustee Fee; Delaware Trustee Fee	19
	Section 3.4.	Distributions to Class A Certificates	19
	Section 3.5.	Distributions to Class B Certificates	20
	 	 	 
	Article 4	Termination Events	20
	 	 	 
	Section 4.1.	Termination Events	20
	Section 4.2.	Termination Procedures	22
	Section 4.3.	Special Bankruptcy-related Termination Procedures	24
	 	 	 
	Article 5	The Certificates	26
	 	 	 
	Section 5.1.	Ownership of Bonds; Voting	26
	Section 5.2.	Form and Numbering of Certificates	28
	Section 5.3.	Details of Certificates	28
	Section 5.4.	Validity of Certificates	29
	Section 5.5.	Exchange of Certificates	29
	Section 5.6.	Registration and Transfer of Certificates	29
	Section 5.7.	Ownership of Certificates	30
	Section 5.8.	Issuance of Certificates: Accrued Interest on Bonds	30
	Section 5.9.	Temporary Certificates	31

 

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	Section 5.10.	Mutilated, Destroyed, Lost or Stolen Certificates	32
	Section 5.11.	Book-Entry Only System for Certificates	32
	Section 5.12.	Limitations on Transfer	33
	Section 5.13.	Risk Retention	34
	 	 	 
	Article 6	Certain Representations and Covenants of the Parties	35
	 	 	 
	Section 6.1.	Representations and Covenants of the Trustor	35
	Section 6.2.	Covenants of the Trustee	35
	Section 6.3. 	Affirmative Covenants of the Trust	36
	Section 6.4.	Negative Covenants of the Trust	36
	Section 6.5.	Covenant of the Parties with respect to Bankruptcy	37
	 	 	 
	Article 7	The Trustee and Delaware Trustee	37
	 	 	 
	Section 7.1.	Acceptance of Duties; Purposes and Powers	37
	Section 7.2.	Limited Liability	38
	Section 7.3.	Fidelity Bond	41
	Section 7.4.	Indemnification of Trustee and Delaware Trustee	41
	Section 7.5.	Resignation, Removal and Replacement of Trustee or Delaware Trustee	42
	Section 7.6.	Default on Bonds	43
	Section 7.7.	Notices	43
	 	 	 
	Article 8	Redemption	44
	 	 	 
	Section 8.1.	General	44
	Section 8.2.	Other Redemption Provisions	44
	 	 	 
	Article 9	Miscellaneous	45
	 	 	 
	Section 9.1.	Governing Law	45
	Section 9.2.	Notices	46
	Section 9.3.	Binding Agreement	46
	Section 9.4.	Amendments	46
	Section 9.5.	Dissolution and Winding Up of the Trust	48
	Section 9.6.	Merger	48
	 	 	 

	Schedule I	—	Portfolio
	Schedule II	—	Portfolio Rebalancing, Make Whole Trigger Events and Make Whole Interest 
	 	 	 
	Exhibit A	—	Form of Class A Certificate
	Exhibit B	—	Form of Class B Certificate
	Exhibit C	—	Form of Series Trust Agreement
	Exhibit D	—	Form of Purchaser Letter

 

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Standard Terms and Provisions of
Trust Agreement

 

Whereas,
these Standard Terms and Provisions of Trust Agreement (the “Standard Terms”) shall be incorporated by reference in,
and attached as Exhibit A to, the Series Trust Agreements (each, a “Series Trust Agreement”), each dated as of
the related Deposit Date (as defined herein) and bearing a separate and distinct series (“Series”) designation, each
by and among Preston Hollow Capital, LLC (“PHCLLC”), as trustor (in such capacity, together with its successors and
assigns, the “Trustor”), the entity identified therein as trustee (in such capacity, together with its successors and
assigns, the “Trustee”), and the entity identified therein as Delaware trustee (in such capacity, together with its
successors and assigns, the “Delaware Trustee”) (each such Series Trust Agreement, together with the Standard Terms,
including all exhibits, schedules, appendices, supplements and amendments to each, collectively, the “Trust Agreement”);

 

Whereas,
with respect to each Series, each Series Trust Agreement shall create a Delaware statutory trust, bearing the corresponding Series designation
(each, a “Trust”), governed by the terms and provisions of the Statutory Trust Act (as defined herein) and the Trust
Agreement;

 

Whereas,
with respect to each Series, the purposes of the Trust are set forth in Article II;

 

Whereas,
with respect to each Series, the terms and provisions set forth in the Standard Terms shall govern the Certificates of such Series, unless
contrary terms and provisions are expressly adopted in the Series Trust Agreement, in which case, such contrary terms and provisions of
the Series Trust Agreement shall be determinative;

 

Now
Therefore, in consideration of the mutual agreements and covenants herein contained, each of the parties hereto hereby agrees as
follows for the benefit of each other and for the benefit of the Holders and Beneficial Owners of the Certificates of the Series:

 

Article 1

Definitions and Construction

 

Section 1.1.Certain
Definitions. Each capitalized term used herein, including in the recitals, shall have the meaning set forth in this Section 1.1,
unless the context otherwise requires:

 

“Accredited Investor”
shall mean an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act.

 

“Accrued Interest
on Bonds” shall have the meaning set forth in Section 5.8(c). The amount of Accrued Interest on Bonds, if applicable, is
set forth in the Bond Position Schedule.

 

“Act of Bankruptcy”
shall mean, with respect to any Person:

 

(i)       a
petition for involuntary bankruptcy shall have been filed against such Person, which either shall result in an order granting the bankruptcy
relief requested in such petition (including but not limited to an order for relief under Chapter 7 or 11 under the Bankruptcy Code)
or shall remain undismissed and unstayed for a period of 60 days;

 

     

     

    

 

(ii)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator,
receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the
winding up or liquidation of its affairs, shall have been entered against such Person, which shall remain undismissed and unstayed for
a period of 60 days;

 

(iii)       the
appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of such Person or of a substantial part of
its property for purposes of distributing such Person’s assets or winding up such Person’s affairs which shall remain unstayed
for a period of 60 days; or

 

(iv)       such
Person shall have (a) commenced a voluntary action under applicable bankruptcy laws, (b) filed a petition seeking to take advantage
of any other laws, domestic or foreign, to effect such Person’s bankruptcy, insolvency, reorganization, debt adjustment, winding
up or composition or adjustment of debts, (c) consented to a petition filed against it in an involuntary case under such bankruptcy
laws or other laws, (d) taken any formal action which results in a publicly available written statement of action duly approved by
an authorized committee or governing body, as appropriate, that admits without condition such Person’s inability to make payments
on its debts as they become due, (e) generally not been paying principal of or interest on its material obligations as they become
due (except as a result of a dispute regarding such obligations), or (f) made a general assignment for the benefit of creditors.

 

“Actual/Actual Basis”
shall mean, when used with respect to any interest, fee or rate of return calculation, that such interest, fee or rate of return shall
be calculated on the basis of a 365-day or 366-day year and the actual number of days elapsed.

 

“Actual/360
Basis” shall mean, when used with respect to any interest, fee or rate of return calculation, that such interest, fee or rate
of return shall be calculated on the basis of a 360-day year and the actual number of days elapsed.

 

“Affiliate”
shall mean, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person.

 

“Aggregate Outstanding
Class A Stated Amount” shall mean, with respect to the Portfolio on any date of determination, the aggregate Stated Amount of
Class A Certificates Outstanding on such date of determination, determined in accordance with Schedule I attached hereto,
after giving effect to (i) any changes in the Leverage Fraction of any Series pursuant to Section 9.4(b) and (c) and (ii) any redemption
of Class A Certificates pursuant to Section 8.1.

 

“Aggregate Outstanding
Bond Principal Amount” shall mean, with respect to the Portfolio on any date of determination, the aggregate principal amount
of Bonds in the Portfolio on such date of determination, determined in accordance with Schedule I attached hereto, after giving
effect to any redemption of Bonds pursuant to Section 8.1.

 

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“Alternate Rate”
shall mean, with respect to each Series, the rate designated as such in Schedule A to the Series Trust Agreement.

 

“Alternate Rate Margin
Adjustment” shall mean, with respect to each Series, the rate designated as such in Schedule A to the Series Trust Agreement.

 

“Authorized Denominations”
shall mean the denominations in which Certificates may be issued, which shall be $5,000 and integral multiples of $1 in excess thereof;
provided that, in connection with a partial redemption of Bonds and a corresponding pari passu redemption of Class A
Certificates and Class B Certificates pursuant to Section 8.1, the Trustee may issue one Certificate of each Class with a denomination
of less than $5,000.

 

“Authorized Trustee
Officer” shall mean, with respect to the Trustee or the Delaware Trustee, as applicable, the Chairman of the Board, each Executive
Officer, President, Senior Vice President, Executive Vice President, Managing Director, Vice President, Assistant Vice President, Secretary,
Assistant Secretary, Treasurer, Assistant Treasurer, Senior Trust Officer and Trust Officer of the Trustee or the Delaware Trustee, as
applicable, and every other officer or employee of the Trustee or the Delaware Trustee, as applicable, designated as an “Authorized
Trustee Officer” by any of the foregoing for purposes hereof in a communication to the other parties hereto.

 

“Bankruptcy Code”
shall mean the United States Bankruptcy Code (Title 11, U.S.C.), as amended from time to time.

 

“Bankruptcy Event”
shall have the meaning set forth in Section 4.1(a)(ii).

 

“Beneficial
Owner” shall mean any Person that owns a beneficial interest in Certificates through a Securities Depository; provided
that, as of the Deposit Date and as of any date thereafter, there shall be only one Beneficial Owner of the Class A
Certificates and one Beneficial Owner of the Class B Certificates.

 

“Bond Interest Payment
Date” shall mean each date in each year on which interest is payable on the Bonds and set forth as such in the Bond Position
Schedule, which shall be the date on which the Trustee shall distribute such interest in accordance with the order of priority set forth
in Section 3.2; provided that, if the Trustee on such Bond Interest Payment Date has not confirmed receipt of such interest
in immediately available funds, notwithstanding any other provision hereof, such distribution may be delayed until the Business Day on
which the Trustee confirms receipt of immediately available funds; and provided further that, if such Bond Interest Payment Date
is not a Business Day, then the Trustee may delay the distribution of amounts otherwise distributable on such Bond Interest Payment Date
until the first (1st) Business Day on which the Trustee has confirmed receipt of immediately available funds, which amounts shall then
be distributed as though distributed on such Bond Interest Payment Date.

 

“Bond Market Price”
shall mean, with respect to the Bonds of each Series:

 

(i)       on
the Deposit Date, the Deposit Price; and

 

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(ii)       on
any date of determination thereafter, a price for the Bonds, expressed as a percentage of par, net of accrued and unpaid interest, determined
by the Calculation Agent, in its sole discretion, acting in good faith.

 

“Bond Market Value”
shall mean, with respect to the Bonds of each Series on any date of determination, the product of (x) the Bond Market Price on such date
of determination and (y) the principal amount of the Bonds held by the Trust on such date of determination.

 

“Bond Minimum Market
Price” shall mean, with respect to the Bonds of each Series, the sum of the following:

 

(i)       the
Leverage Fraction; and

 

(ii)      the
Minimum Overcollateralization.

 

“Bond Minimum Market
Value” shall mean, with respect to the Bonds of each Series on any date of determination, the product of (x) the Bond Minimum
Market Price and (y) the principal amount of the Bonds held by the Trust on such date of determination.

 

“Bond Minimum Market
Value Breach” shall have the meaning set forth in Section 4.1(a)(iv). If a Bond Minimum Market Value Breach with respect
to any Series occurs prior to the Scheduled Termination Date, such occurrence shall be a Make Whole Trigger Event. (See Schedule II.)

 

“Bond Position Schedule”
shall mean, with respect to each Series, the schedule attached as Schedule I to the related Series Trust Agreement and identifying
the Bonds held by such Trust on the Deposit Date.

 

“Bond Rate”
shall mean, with respect to each Series, the interest rate per annum that accrues on the Bonds and set forth as such in the Bond
Position Schedule.

 

“Bond Redemption
Date” shall mean, with respect to the Bonds of each Series, any date on which the Trustee confirms receipt of immediately available
funds as proceeds of a redemption in whole or in part of such Bonds pursuant to the constituent instruments of such Bonds, which, in each
case, shall be the date on which the Trustee shall make distributions in accordance with Section 8.1(b).

 

“Bond Redemption
Notice” shall mean, with respect to the Bonds of each Series, any notice of redemption with respect to such Bonds received by
the Trustee in accordance with the constituent instruments of such Bonds.

 

“Bonds”
shall mean, with respect to each Series, the municipal securities that are transferred to the Trust on the Deposit Date and identified
as such in the Bond Position Schedule.

 

“Business Day”
shall mean any day on which banks in New York, New York are open for commercial banking purposes and that is not a day on which
the New York Stock Exchange is authorized or obligated by law or executive order to close.

 

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“Calculation Agent”
shall mean, with respect to each Series, the entity identified as such in the Series Trust Agreement, together with its successors and
assigns as such.

 

“Calculation Period”
shall mean each period from (and including) one Bond Interest Payment Date to (but excluding) the next Bond Interest Payment Date; provided
that the first Calculation Period will commence on (and include) the Deposit Date and the last Calculation Period will end on (and exclude)
the applicable Trust Termination Date.

 

“Certificate of Trust”
shall mean, with respect to each Series, the Certificate of Trust of the Trust, filed with the Secretary of State, pursuant to Section 3810
of the Statutory Trust Act.

 

“Certificates”
shall mean, with respect to each Series, collectively, the Class A Certificates and the Class B Certificates.

 

“Class A Certificates”
shall mean, with respect to each Series, the Taxable Term A/B Trust Certificates, Class A, of such Series issued by the Trust
pursuant to the Series Trust Agreement, evidencing a beneficial ownership interest in the Bonds of such Series, on the terms and conditions
set forth in the Trust Agreement.

 

“Class A Purchase
Price” shall mean, with respect to the Class A Certificates of any Series being purchased by the Beneficial Owner of the Class
B Certificates, to be exchanged for Class B Certificates, for the purpose of decreasing the Leverage Fraction with respect to such
Series pursuant to Section 9.4(b), an amount, calculated by the Calculation Agent, equal to the sum of the following:

 

(i)       the
accrued and unpaid Trustee Fee and Delaware Trustee Fee allocable to the Class A Certificates being purchased for exchange, calculated
to (but excluding) the applicable date of purchase;

  

(ii)       the
Stated Amount of Class A Certificates being purchased for exchange; and

 

(iii)       the
accrued and unpaid interest on such Class A Certificates at the Class A Rate to (but excluding) the date or purchase.

 

“Class A Rate”
shall mean:

 

(i)       with
respect to the Class A Certificates issued by any Trust on the related Deposit Date, the rate set forth and designated as such in Schedule
A to the Series Trust Agreement;

 

(ii)       with
respect to the Class A Certificates issued by any Successor Trust on the related Deposit Date, the rate set forth and designated as such
in Schedule A to the Series Trust Agreement, which Class A Rate shall be the “carryover” Class A Rate of the affected
Class A Certificates being replaced; and

 

(iii)       with
respect to the additional Class A Certificates issued by any Trust or Successor Trust on any date after the related Deposit Date, pursuant
to and in accordance with the Portfolio Rebalancing Procedures, the “carryover” Class A Rate of the affected Class A
Certificates being replaced.

 

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“Class A Redemption
Price” shall be, with respect to the Class A Certificates of any Series being redeemed upon termination of the Trust, an amount,
calculated by the Calculation Agent, equal to the sum of the following:

 

(i)       the
accrued and unpaid Trustee Fee and Delaware Trustee Fee, calculated to (but excluding) the applicable Trust Termination Date;

 

(ii)       100%
of the Stated Amount of Class A Certificates Outstanding on such Trust Termination Date;

 

(iii)       the
accrued and unpaid interest on such Class A Certificates at the Class A Rate to (but excluding) the Trust Termination Date; and

 

(iv)       if
applicable, the Make Whole Interest, determined pursuant to Schedule II attached hereto.

 

“Class B Certificates”
shall mean, with respect to each Series, the Taxable Term A/B Trust Certificates, Class B, of such Series issued by the Trust pursuant
to the Series Trust Agreement, evidencing a beneficial ownership interest in the Bonds of such Series, on the terms and conditions set
forth in the Trust Agreement.

 

“Class B Optional
Trust Termination” shall have the meaning set forth in Section 4.1(a)(iii).

 

“Code” shall
mean the United States Internal Revenue Code of 1986.

 

“DBNY”
shall mean Deutsche Bank AG New York Branch.

 

“DBNY Right to Terminate
ISDA” shall have the meaning set forth in Section 4.1(a)(v)(A). If a DBNY Right to Terminate ISDA with respect to any Series
occurs prior to the Scheduled Termination Date, such occurrence shall be a Make Whole Trigger Event. (See Schedule II.)

 

“Delaware Trustee”
shall mean, with respect to each Series, the entity identified as such in the Series Trust Agreement, together with its successors and
assigns, as such.

 

“Delaware Trustee
Fee” shall have the meaning set forth in Section 3.3(b).

 

“Delaware Trustee
Fee Rate” shall mean, with respect to each Series, the rate designated as such in Schedule A to the Series Trust Agreement.

 

“Deposit Date”
shall mean, with respect to each Series, the date on which (i) the Bonds are transferred to the Trust and deposited with the
Trustee and (ii) the Trustee issues the Certificates that represent beneficial interests in the Bonds.

 

“Deposit Price”
shall mean, with respect to the Bonds of each Series as of the Deposit Date, the price for the Bonds, expressed as a percentage of
par, net of accrued and unpaid interest, designated as such in Schedule A to the Series Trust Agreement.

 

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“Designated Office”
shall mean, with respect to each of the parties hereto, the office at the respective address set forth in Section 9.2 or, in
each case, such office at such other address as such Party shall have designated in writing to each of the other Notice Parties as provided
in Section 9.2.

 

“DTC” shall
mean The Depository Trust Company or its successors.

 

“DTC Letter”
shall mean, with respect to each Series, the letter of representations issued by the Trustee and addressed to DTC with respect to the
Class A Certificates of such Series, dated as of the Deposit Date, including all supplements and amendments thereto, in the form customarily
provided to DTC.

 

“DTC Participant”
shall mean a member of, or participant in, DTC as provided in the rules and regulations of DTC.

 

“Earliest Class B
Optional Termination Date” shall mean, with respect to each Series, the first Business Day on or after which the Beneficial
Owner of the Class B Certificates may elect to terminate the Trust, which shall be no sooner than three (3) months after the
Deposit Date. The Earliest Class B Optional Termination Date with respect to each Series shall be specified as such in Schedule A
to the Series Trust Agreement.

 

“Electronic Means”
shall mean facsimile transmission (“fax”), e-mail or other similar electronic means of communication.

 

“Eligible Investments”
shall have the meaning set forth in Section 4.3(b).

 

“Fee Calculation
Period” shall mean each period from (and including) one Bond Interest Payment Date to (but excluding) the next Bond Interest
Payment Date; provided that the first Fee Calculation Period will commence on (and include) the Deposit Date and the last Fee Calculation
Period will end on (and exclude) the applicable Trust Termination Date.

 

“Governmental Authority”
shall mean any nation or government, any state or other political subdivision thereof, any central bank or other United States or
foreign governmental authority, agency or instrumentality, and any Person exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government.

 

“Gross Negligence”
shall mean acts or omissions showing so marked a departure from the standard of care usually expected of a professional engaged in providing
the service in question as to demonstrate reckless or willful disregard for the consequences.

 

“Holdback Account”
shall have the meaning set forth in Section 4.3(e).

 

“Holdback Account
Reserve” shall have the meaning set forth in Section 4.3(e).

 

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“Holder”
shall mean, with respect to each Series, a Person in whose name any Certificates are registered in the registration books provided for
in Section 5.6, which, unless otherwise specified in the Series Trust Agreement, shall be DTC as to all Class A Certificates, unless
DTC ceases to be the Securities Depository for the Class A Certificates of such Series.

 

“Independent Trustee”
shall mean an entity that meets the requirements of Section (a)(4)(i) of Rule 3a-7 under the Investment Company Act (namely,
that (A) it is a bank that has an aggregate capital, surplus, and undivided profits of $500,000; (B) it is not an Affiliate
of the Trustor; (C) it is not providing credit or credit enhancement to the Trust; and (D) it shall not resign as Trustee, until
either (1) the Trust has been completely liquidated and the proceeds of the liquidation distributed to the Holders or (2) a
successor Trustee meeting the requirements of Section (a)(4)(i) of Rule 3a-7 under the Investment Company Act has been designated
and has accepted the role as Trustee.

 

“Initial Beneficial
Owner of the Class A Certificates” shall mean, with respect to each Series, DBNY (or an Affiliate thereof), in its capacity
as the Beneficial Owner of 100% of the Stated Amount of the Class A Certificates of such Series as of the related Deposit Date.

 

“Initial Beneficial
Owner of the Class B Certificates” shall mean, with respect to each Series, PHCLLC, in its capacity as the Beneficial Owner
of 100% of the Stated Amount of the Class B Certificates of such Series as of the related Deposit Date.

 

“Initial Leverage
Fraction” shall mean, with respect to each Series, upon formation of the related Trust or Successor Trust, a fraction, expressed
as a percentage:

 

(x)       the
numerator of which is the aggregate Stated Amount of Class A Certificates of such Series issued by the Trust or Successor Trust on
the related Deposit Date; and

 

(y)       the
denominator of which is the sum of (1) the aggregate Stated Amount of Class A Certificates of such Series on the related Deposit
Date plus (2) the aggregate Stated Amount of Class B Certificates of such Series on the related Deposit Date.

 

The Initial Leverage Fraction
with respect to each Series will be set forth and designated as such in the Series Trust Agreement.

 

“Investment Company
Act” shall mean the United States Investment Company Act of 1940, as amended from time to time.

 

“IRS” means
the United States Internal Revenue Service.

 

“Issuer”
shall mean the state or local governmental entity that is the issuer of the Bonds and that is identified as such in the Bond Position
Schedule.

 

“Issuer Bankruptcy
Filing” shall have the meaning set forth in Section 4.3(a).

 

“Issuer Failure to
Pay” shall have the meaning set forth in Section 4.1(a)(i).

 

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“Leverage Fraction”
shall mean, with respect to each Series:

 

(i)       on
the Deposit Date, the Initial Leverage Fraction; and

 

(ii)       on
any date of determination thereafter, a fraction, expressed as a percentage:

 

(x)       the
numerator of which is the aggregate Stated Amount of Class A Certificates of such Series on such date of determination; and

 

(y)       the
denominator of which is the sum of (1) the aggregate Stated Amount of Class A Certificates of such Series on such date of determination,
plus (2) the aggregate Stated Amount of Class B Certificates of such Series on such date of determination.

 

For the avoidance of doubt,
on any date of determination, the sum of (1) the aggregate Stated Amount of Class A Certificates of such Series on such date of determination,
plus (2) the aggregate Stated Amount of Class B Certificates of such Series on such date of determination shall equal the par amount
of the Bonds held by the Trust on such date of determination.

 

The Leverage Fraction with
respect to each Series will be adjusted from time to time to reflect any amendments effected for the purpose of (a) decreasing
the Leverage Fraction with respect to such Series pursuant to Section 9.4(b) or (b) increasing the Leverage Fraction with respect
to such Series pursuant to Section 9.4(c).

 

“LIBOR Rate”
shall mean, with respect to each Series, the rate designated as such in Schedule A to the Series Trust Agreement.

 

“Make
Whole Interest” shall have the meaning set forth in Schedule II attached hereto. (See
Schedule II.)

 

“Make
Whole Interest Rate” shall have the meaning set forth in Schedule II attached hereto. (See
Schedule II.)

 

“Make
Whole Trigger Event” shall have the meaning set forth in Schedule II attached hereto. (See
Schedule II.)

 

“Maximum Leverage
Fraction” shall mean, with respect to each Series on any date of determination, the maximum permitted Leverage Fraction with
respect to such Series, which will be set forth and designated as such in the Series Trust Agreement.

 

“Minimum Overcollateralization”
shall mean, with respect to the Bonds of each Series, for purposes of determining the Bond Minimum Market Price, the percentage set forth
and designated as such in the Series Trust Agreement.

 

“Notice of Termination”
shall have the meaning set forth in Section 4.1(b).

 

“Notice Parties”
shall mean, with respect to each Series, the Trust, the Trustor, the Trustee, the Calculation Agent, the Beneficial Owner of the Class A
Certificates and the Beneficial Owner of the Class B Certificates.

 

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“Opinion of Counsel”
shall mean, with respect to each Series, an opinion in writing signed by Chapman and Cutler LLP or any other nationally recognized firm
of attorneys acceptable to the Trustee and the Beneficial Owners of the Certificates, who may but need not be counsel for the Trustee
or the Trustor; provided that, with respect to tax matters, such opinion shall be rendered by Chapman and Cutler LLP or another
firm of attorneys nationally recognized in matters pertaining to the tax treatment of interest on obligations issued by states of the
United States of America and their political subdivisions as well as matters pertaining to the status of interests in trusts, partnerships
and other structures containing such obligations.

 

“Outstanding”
shall mean, when used with reference to the Certificates of any Series and of either Class of Certificates as of a particular date, all
such Certificates theretofore issued and delivered under the related Agreement, except:

 

(i)        any
such Certificates theretofore cancelled by the Trustee; and

 

(ii)       any
such Certificates in exchange for or in lieu of which other Certificates have been issued and delivered pursuant to such Agreement.

 

“Person”
shall mean an individual, association, unincorporated organization, corporation, partnership, limited liability company, joint venture,
business trust or a government or an agency or a political subdivision thereof, or any other entity.

 

“PHCLLC”
shall mean Preston Hollow Capital, LLC.

 

“PHCLLC ISDA Failure
to Pay” shall have the meaning set forth in Section 4.1(a)(v)(B). If a PHCLLC ISDA Failure to Pay with respect to any Series
occurs prior to the Scheduled Termination Date, such occurrence shall be a Make Whole Trigger Event. (See Schedule II.)

 

“Portfolio”
shall mean, on any date of determination, all Series (i) formed pursuant to Series Trust Agreements incorporating these Standard Terms
by reference therein, with respect to which (a) DBNY (or an Affiliate) is the Initial Beneficial Owner of the Class A Certificates
and (b) PHCLLC is the Initial Beneficial Owner of the Class B Certificates; and (ii) having Certificates that remain Outstanding
as of such date of determination.

 

Each
Series in the Portfolio shall be identified in a spreadsheet, substantially in the form of Schedule I attached hereto. The Calculation
Agent shall update the Schedule I spreadsheet from time to time to add subsequent Series and delete Series that have been terminated
as of the date of such update; it being understood and agreed that, notwithstanding any delay in updating the Schedule I spreadsheet,
each such subsequent Series shall, without any further action by the parties hereto, automatically become part of the Portfolio,
effective on the related Deposit Date.

 

“Portfolio Rebalancing
Procedures” shall have the meaning set forth in Schedule II attached hereto.

 

“Preference Account”
shall have the meaning set forth in Section 4.3(a).

 

“Preference Account
Reserve” shall have the meaning set forth in Section 4.3(a).

 

“Preference Account
Shortfall” shall have the meaning set forth in Section 4.3(d).

 

    -10-

     

    

 

“Preference Payments”
shall have the meaning set forth in Section 4.3(b).

 

“Preference Period
Expiration Date” shall have the meaning set forth in Section 4.3(c).

 

“Pre-Reviewed Bonds”
shall have the meaning set forth in Schedule II attached hereto. The Pre-Reviewed Bonds shall be identified in a schedule, substantially
in the form of Schedule III attached hereto. The Calculation Agent shall update Schedule III from time to time to add
Pre-Reviewed Bonds by mutual agreement of the parties and/or delete Bonds, if the Calculation Agent determines, in its sole but reasonable
judgment, that the affected Bonds are no longer eligible for transfer to a Trust
or Successor Trust; provided that, notwithstanding any delay by
the Calculation Agent in updating Schedule III, the determination by the Calculation Agent that any Bonds are no longer eligible
for transfer to a Trust or Successor Trust shall be effective immediately upon such
determination.

 

“Principal Credit
Source” shall mean the entity, if any, identified as such in the Bond Position Schedule, as (i) the issuer of the credit
enhancement with respect to the Bonds or (ii) if there is no credit enhancer, the obligor with respect to the Bonds.

 

“Purchaser Letter”
shall have the meaning set forth in Section 5.12(b).

 

“Qualified Affiliate”
shall have the meaning provided in the Risk Retention Rules.

 

“Qualified Institutional
Buyer” shall mean a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act.

 

“Qualified Purchaser”
shall mean a “qualified purchaser” as defined in Section 2(a)(51)(A) of the Investment Company Act.

 

“Quotation of Bond
Price” shall mean a price for the Bonds, expressed as a percentage of par, including accrued and unpaid interest, determined
by the Calculation Agent, at the direction of the Trustee, at the request of the Beneficial Owner of the Class B Certificates, pursuant
to Section 4.2(a), following the occurrence of a Termination Event, by soliciting firm bids from the following:

 

(1)       at
least three (3) broker-dealers making a market therein:

 

(A)       two
(2) of which shall be selected by the Calculation Agent in its absolute discretion (one of which may be the Calculation Agent or an Affiliate
thereof); and

 

(B)       one
(1) of which shall be selected by the Beneficial Owner of the Class B Certificates in its absolute discretion;

 

(2)       the
Beneficial Owner of the Class B Certificates; and

 

(3)       such
other potential purchasers as the Calculation Agent in its sole discretion determines to approach;

 

provided that, as soon
as practicable after the Deposit Date and from time to time thereafter prior to any solicitation of firm bids by the Calculation Agent,
the Beneficial Owner of the Class B Certificates shall have the right, in conjunction with the Calculation Agent, to discuss any
issues with respect to the pricing of the Bonds with any potential purchaser of the Bonds being approached for a firm bid;

 

    -11-

     

    

 

provided further that
(i) if two or more firm bids are obtained, the Quotation of Bond Price shall be the highest such firm bid; (ii) if only one firm bid is
obtained, the Quotation of Bond Price shall be such sole bid; and (iii) if no firm bids are obtained, the Quotation of Bond Price shall
be deemed to be zero.

 

“Risk Retention Rules”
shall mean the joint final rules adopted by the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors
of the Federal Reserve System, the Securities and Exchange Commission, the Department of Housing and Urban Development, and published
in the Federal Register on December 24, 2014, to implement the credit risk retention requirements of Section 15G of the Securities
Exchange Act, as added by Section 941 of the Dodd-Frank Act, together with any additional requirements, rules and regulations promulgated
thereunder from time to time, as any of the foregoing may be amended from time to time.

 

“Scheduled Termination
Date” shall mean:

 

(i)       with
respect to the Class A Certificates issued by any Trust on the related Deposit Date, the date set forth and designated as such in Schedule
A to the Series Trust Agreement;

 

(ii)       with
respect to the Class A Certificates issued by any Successor Trust on the related Deposit Date, the date set forth and designated as such
in Schedule A to the Series Trust Agreement, which Scheduled Termination Date shall be the “carryover” Scheduled Termination
Date of the affected Class A Certificates being replaced; and

 

(iii)       with
respect to the additional Class A Certificates issued by any Trust or Successor Trust on any date after the related Deposit Date,
pursuant to and in accordance with the Portfolio Rebalancing Procedures, the “carryover” Scheduled Termination Date of
the affected Class A Certificates being replaced.

 

For the avoidance of doubt,
whenever additional Class A Certificates are issued by any Trust or Successor Trust on any date after the related Deposit Date, pursuant
to and in accordance with the Portfolio Rebalancing Procedures, the additional Class A Certificates issued by the Trust or the Successor
Trust on such date may have a different Scheduled Termination Date (earlier or later) than the Class A Certificates issued by such Trust
or Successor Trust on the Deposit Date.

 

“Secretary of State”
shall mean the Secretary of State of the State of Delaware.

 

“Securities Act”
shall mean the United States Securities Act of 1933, as amended from time to time.

 

“Securities Depository”
shall mean, unless otherwise specified in the Series Trust Agreement, (i) with respect to the Class A Certificates of each Series,
DTC or any other securities depository registered under Section 17A of the Securities Exchange Act or operated by a bank or other
financial institution; or (ii) with respect to the Class B Certificates of each Series, the Trustee, any other bank or other financial
institution, acting as custodian for the Beneficial Owner of the Class B Certificates, in each case, as identified in the Series Trust
Agreement.

 

    -12-

     

    

 

“Securities Exchange
Act” shall mean the United States Securities Exchange Act of 1934, as amended from time to time.

 

“Security Agreement”
shall mean the Master Security Agreement, dated as of August 6, 2020, by and between PHCLLC, as obligor, and DBNY, as secured party.

 

“Series”
shall mean each separate and specially designated series of Certificates and Bonds associated therewith, created pursuant to the applicable
Series Trust Agreement.

 

“Series Trust Agreement”
shall mean, with respect to each Series, the Series Trust Agreement, substantially in the form of Exhibit C attached hereto,
dated the related Deposit Date, by and among the Trustor, the Trustee and the Delaware Trustee, including all schedules, exhibits, appendices
and amendments thereto.

 

“Shortfall Payment”
shall have the meaning set forth in Section 4.2(b).

 

“Standard Terms”
shall have the meaning set forth in the recitals hereto.

 

“Stated Amount”
shall mean, with respect to each Series, the par value of the Certificates assigned thereto at issuance on the Deposit Date, which par
value shall be an Authorized Denomination.

 

“Statutory Trust
Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Sec. 3801 et seq.,
as amended.

 

“Successor Trust”
shall have the meaning set forth in Schedule II attached hereto. (See Schedule II.) The Series Trust Agreement will specify
whether or not a Trust is a Successor Trust.

 

“Tax Matters Agent”
shall mean, with respect to each Series, the entity identified as such in the Series Trust Agreement, together with its successors and
assigns as such.

 

“Termination
Agreement” shall mean, with respect to each Series, the ISDA-based agreement, by and between DBNY, as Party A, and PHCLLC, as
Party B, pursuant to which, following the occurrence of a Termination Event, unless the Bonds have been sold (either to Party B,
in its capacity as the Beneficial Owner of the Class B Certificates, or to another purchaser) at a price at least equal to the applicable
Class A Redemption Price, Party B shall make a termination payment to Party A, to the extent that the Bond Market Value (as defined
in the Termination Agreement) of the Bonds being distributed in kind to Party A
or its affiliate, in its capacity as the Beneficial Owner of the Class A Certificates, by the Trustee on the Trust Termination
Date, pursuant to Section 4.2(e), is less than the applicable Class A Redemption
Price.

 

“Termination Event”
shall have the meaning set forth in Section 4.1(a).

 

“TMT Restrictions”
shall have the meaning set forth in Schedule II attached hereto. (See Schedule II.)

 

    -13-

     

    

 

“Trust”
shall mean, with respect to each Series, the Taxable Term A/B Trust, bearing a separate and distinct series designation, beginning with
Series [AB-01], created as a Delaware statutory trust, pursuant to the related Series Trust Agreement pursuant to the Statutory Trust
Act for the benefit of the Holders and Beneficial Owners of the Certificates of such Series.

 

“Trust Agreement”
shall mean, with respect to each Series, the Series Trust Agreement, as supplemented by the Standard Terms incorporated by reference therein
and the attached thereto as Exhibit A, including all exhibits, schedules, appendices, supplements and amendments to each.

 

“Trustee” shall
mean, with respect to each Series, the entity identified as such in the Series Trust Agreement, together with its successors and assigns
as such.

 

“Trustee Fee”
shall have the meaning set forth in Section 3.3(a).

 

“Trustee Fee Rate”
shall mean, with respect to each Series, the rate designated as such in Schedule A to the Series Trust Agreement.

 

“Trust Income Distribution
Date” shall mean each Bond Interest Payment Date, which shall be the date on which the Trustee shall make distributions pursuant
to Section 3.2; provided that, if the Trustee on such Bond Interest Payment Date has not confirmed receipt of such interest
in immediately available funds, notwithstanding any other provision hereof, such distribution may be delayed until the first (1st) Business
Day on which the Trustee confirms receipt of immediately available funds.

 

“Trustor”
shall mean, with respect to each Series, PHCLLC, in its capacity as trustor pursuant to the Trust Agreement.

 

“Trust Termination
Date” shall have the meaning set forth in Section 4.1(b).

 

“UCC” shall
mean the Uniform Commercial Code as in effect in the State of New York in the United States.

 

“United States”
or “U.S.” shall mean the United States of America, its territories and its possessions.

 

Section 1.2.      Rules of Construction.
Unless the context or use indicates another or different meaning or intent, the following rules shall apply to the construction of terms
and provisions in the Standard Terms:

 

(a)       Words
importing the singular number shall include the plural number and vice versa.

 

(b)       The
captions and headings herein are solely for convenience of reference and shall not constitute a part of the Trust Agreement nor shall
they affect its meaning, construction or effect.

 

(c)       The
words “hereof,” “herein,” “hereto” and other words of similar import in the Standard Terms shall mean
 “in” and “under” the entire Trust Agreement, which with respect to each Series includes the Series Trust Agreement
and the Standard Terms incorporated therein by reference and shall not refer to the Standard Terms standing alone.

 

    -14-

     

    

 

(d)       All
references herein to a particular time of day shall be to New York City time.

 

(e)       Reference
to Sections, Articles, Schedules and Exhibits shall be to Sections, Articles, Schedules and Exhibits hereof or hereto unless a different
document is specified.

 

Article 2

 

Creation of the
Trust; Purposes of the Trust; Tax Matters

 

	 	Section 2.1.	Creation of the Trust.

 

(a)       Pursuant
to and in compliance with the Statutory Trust Act, the Trustor, at the direction of the Beneficial Owner of the Class B Certificates,
shall create a Delaware statutory trust, bearing a separate and distinct series designation, pursuant to the filing by the Trustee and
the Delaware Trustee of a Certificate of Trust with the Secretary of State and the execution of a Series Trust Agreement. Upon formation,
the Trust shall constitute a statutory trust under the Statutory Trust Act. The Agreement shall constitute the governing instrument of
the Trust.

 

(b)       The
Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and
be sued on behalf of the Trust. However, notwithstanding the foregoing, the Trustee is not authorized to, and by its execution of
the Series Trust Agreement shall agree that it shall not, engage in any activities that are not authorized and directed by the Trust
Agreement.

 

(c)       The Trustee shall
hold within the trust department of the Trustee the Bonds acquired by the Trust pursuant to the Series Trust Agreement and all distributions
thereon after the Deposit Date received as principal, premium, if any, or interest with respect to the Bonds, whether from the Issuer
or from any Principal Credit Source, pending disbursement for the benefit of the Holders and Beneficial Owners as hereinafter provided.
The Trustee is authorized to establish various accounts with respect to the Trust corresponding to the characterization of assets to be
deposited therein so that the Trustee may at all times ascertain such characterization.

 

(d)       The Trustee shall
hold and retain custody of the Bonds for the benefit and account of the Holders and Beneficial Owners as the beneficiaries of the Trust.

 

(e)       The Bonds, all
funds received as principal, premium, if any, and interest on the Bonds, and all other assets of the Trust shall, except with respect
to the Bonds and other assets held by the Trust that are security entitlements or uncertificated securities, remain in the custody of
the Trustee on behalf of the Trust. Moneys of the Trust shall be held by the Trustee uninvested in a segregated account. The Bonds, all
funds and all other assets received and held by the Trustee on behalf of the Trust will not be subject to any right, charge, security
interest, lien or claim of any kind in favor of the Trustee or any Person claiming through the Trustee (other than the rights of the Holders
and Beneficial Owners). The Trustee shall not have the power or authority to transfer, assign, hypothecate, pledge or otherwise dispose
of any of the Bonds and other assets of the Trust to any Person, except as expressly permitted by the provisions of the Agreement.

 

    -15-

     

    

 

	 	Section 2.2.	Purposes of the Trust.

 

(a)       The
purposes of the Trust are, and the Trust shall have the power and authority, to engage in the following activities, and only in such activities,
subject to any relevant restrictions:

 

(i)       purchasing
or otherwise acquiring, owning, holding and selling the Bonds (whether itself or through agents);

 

(ii)       creating,
issuing and selling the Certificates;

 

(iii)       collecting
the payments on the Bonds and the proceeds of the Bonds;

 

(iv)       paying
the expenses of the Trust;

 

(v)       making
distributions of trust income and assets to the Holders and Beneficial Owners;

 

(vi)       entering
into agreements for the purchase or sale of Bonds, the letter of representations to DTC and such other agreements as are identified in
the Series Trust Agreement or this Agreement; and

 

(vii)       such
other activities as may be authorized or required by the express terms of the Statutory Trust Act, the Series Trust Agreement or the
Standard Terms, in connection with the acquisition and administration of the assets of the Trust and the making of distributions to
the Holders and Beneficial Owners.

 

(b)       The Trust shall
be located and administered in the State of Delaware or the State of New York. All bank accounts maintained by the Trustee on behalf
of the Trust shall be located in such jurisdictions and the Trust shall have no employees in any other jurisdiction; provided, however,
that nothing herein shall restrict or prohibit the Trustee from having employees within or without such jurisdictions. Payments shall
be received by the Trust only in such jurisdictions, and payments will be made by the Trust only from such jurisdictions. The only office
of the Trust shall be the Designated Office of the Trustee.

 

	 	Section 2.3.	Acquisition of Bonds.

 

(a)       With
respect to each Series, the Trustor shall irrevocably assign, convey and transfer to the Trustee, without recourse, for the benefit of
the Holders and Beneficial Owners of the Certificates of such Series, all right, title and interest in, to and under the Bonds, free and
clear of all claims, liens, security interests and encumbrances.

 

(b)       With respect to
each Series, the Trustor shall represent and warrant as follows:

 

(i)       immediately
prior to the delivery thereof to the Trust, the Trustor owned the Bonds free and clear of any lien, pledge, encumbrance or any other security
interest; and

 

(ii)       upon
delivery of the Bonds to the Trust, the Trustor shall not have any right, title or interest in, to or under the Bonds.

 

    -16-

     

    

 

 

(c)     To the extent that
the Bonds constitute security entitlements, the Trustor shall cause a securities intermediary (including DTC) to credit the Bonds to a
securities account of the Trust or the Trustee. To the extent that the Bonds constitute certificated securities, the Trustor shall cause
the Trust or the Trustee to acquire possession of the related security certificates indorsed to the Trust or the Trustee in blank by an
effective indorsement, or registered in the name of the Trust, the Trustee or a nominee for the Trustee, upon original issue or registration
of transfer by the issuer of such certificated security. To the extent that the Bonds constitute uncertificated securities, the Trustor
shall cause the issuer of such uncertificated security to register the Trust or the Trustee as the registered owner of such uncertificated
security.

 

(d)     The Trustee, on
behalf of the Trust, is authorized and directed to deliver any instrument or document necessary to obtain registration, or registration
of transfer, of the Bonds and to obtain payment of principal, premium, if any, and interest thereon. The Trustee, on behalf of the Trust,
is further authorized to sign and file any declaration, affidavit, certificate of ownership or other document necessary or advisable in
the administration of the Trust and to present for payment all Bonds or coupons thereon required to be presented as a condition of payment
at the maturity or upon call for redemption thereof.

 

(e)     The
Bonds and all moneys received as principal, premium, if any, and interest with respect to such Bonds shall remain in the custody of the
Trustee and shall be held in trust for the benefit and account of the Holders and Beneficial Owners of the Certificates as the beneficial owners
of the Bonds. All moneys received by the Trustee and held for the credit of the Trust shall be held by the Trustee uninvested and the
Trustee shall not be liable for interest thereon to any Person. The Bonds will not be subject to any right, charge, security interest,
lien or claim of any kind in favor of the Trustee or any Person claiming through it, except as expressly permitted by the provisions
of the Trust Agreement. Neither the Trustee nor the Delaware Trustee shall have any power or authority to transfer, assign, hypothecate,
pledge or otherwise dispose of any of the assets of the Trust to any Person, except as expressly permitted by the Trust Agreement.

  

Section 2.4.      Obligations of Trustee,
Delaware Trustee, Trustor and Calculation Agent.

 

(a)       None
of the Trustee, the Delaware Trustee, the Trustor or the Calculation Agent has any obligation with respect to the Bonds, except as expressly
provided herein.

 

(b)       None of the Trustee,
the Delaware Trustee, the Trustor or the Calculation Agent has any obligation with respect to the Termination Agreement, if any, other
than as explicitly provided herein.

 

Section 2.5.      Beneficial Owners’
Direct Interests; Relationship between Aggregate Stated Amounts and Bond Principal Amount.

 

(a)       With
respect to each Series, Class A Certificates evidence beneficial ownership of and the right to receive certain future payments of
principal, interest and premium, if any, on an undivided interest in the Bonds of such Series. The Class A Certificates of each Series
shall, as of the Deposit Date and continuously thereafter, be held by a single Beneficial Owner. Such Beneficial Owner of the Class A
Certificates shall have all the rights and privileges of an owner of the Bonds, to the extent provided in the Trust Agreement.

 

    -17-

     

    

 

(b)        With respect to
each Series, Class B Certificates evidence beneficial ownership of and the right to receive certain future payments of principal,
interest and premium, if any, on an undivided interest in the Bonds of such Series. The Class B Certificates of each Series shall,
as of the Deposit Date and continuously thereafter, be held by a single Beneficial Owner. Such Beneficial Owner of the Class B Certificates
shall have all the rights and privileges of an owner of the Bonds, to the extent provided in the Trust Agreement.

 

(c)        With respect to
each Series, the sum of the aggregate Stated Amount of Class A Certificates of such Series and the aggregate Stated Amount of Class B
Certificates of such Series may not exceed the principal amount of the Bonds of such Series as of the Deposit Date.

 

(d)       With respect to
each Series, no Beneficial Owner of Class A Certificates or Beneficial Owner of Class B Certificates shall have the right to
voluntarily redeem its Certificates prior to the termination of the Trust. For the avoidance of doubt, this restriction shall not restrict
or otherwise affect the rights of the Beneficial Owner of the Class B Certificates or any other Person to trigger a Termination Event
in accordance with Section 4.1.

 

Section 2.6.      Tax Matters.
With respect to each Series, each Beneficial Owner of Certificates of such Series acknowledges that (i) the arrangement created by
the Series Trust Agreement is intended to be treated as an entity disregarded from the Beneficial Owner of the Class B Certificates
for federal income tax purposes, (ii) the Class A Certificates are intended to be treated as indebtedness of the Beneficial
Owner of the Class B Certificates and (iii) the Class B Certificates are intended to be treated as ownership interests
in the Bonds and any other assets of the Trust. Each Beneficial Owner of Certificates of a Series agrees not to take any position inconsistent
with the intended treatment of the Trust and the Certificates of such Series, as described above, for any tax reporting purpose. The
Tax Matters Agent shall be (or shall be the agent and attorney-in-fact for) the partnership representative or tax matters partners
(or the equivalent thereof for state and local tax purposes).

 

Section 2.7.      Intention of the Parties.
With respect to each Series, it is the express intention of the parties hereto that the acquisition of the Bonds by the Trust pursuant
to the Series Trust Agreement be an acquisition of all right, title and interest in and to such Bonds. Furthermore, with respect to each
Series, it is not the intention of the parties that such acquisition and assignment be deemed to be a grant by the Trustor to the Trustee
on behalf of the Trust or on behalf of any Holder or Beneficial Owner of the Certificates of such Series of a security interest in such
Bonds to secure a debt or other obligation of the Trustor or such Holder or Beneficial Owner.

 

Article 3

Trust Income Distributions

 

Section 3.1.      Method of Payment; Trustee
as Agent for Payment of Fees.

 

(a)       With
respect to each Series, during any period in which the Certificates of such Series are held in the name of any Securities Depository or
its nominee, payments of income distributions shall be transferred by the Trustee to such Securities Depository under such Securities
Depository’s procedures for distribution to the Beneficial Owners of the Certificates of such Series. At any other time, income
distributions shall be distributed as specified in Section 5.3(e).

 

    -18-

     

    

 

(b)       With respect to
each Series, the Trustee shall pay, as agent for the Beneficial Owners of the Certificates of such Series, each such Beneficial Owner’s
allocable share of the accrued and unpaid Trustee Fee and Delaware Trustee Fee, on each Bond Interest Payment Date or other date on which
such expenses are payable pursuant to the Trust Agreement.

 

Section 3.2.      Date and Priority of
Distribution of Bond Interest. With respect to each Series, interest on the Bonds received by the Trustee on each Bond Interest Payment
Date shall be distributed in the following order of priority:

 

(a)       first,
to the Trustee and the Delaware Trustee, pari passu, as applicable, an amount equal to the accrued and unpaid Trustee Fee and Delaware
Trustee Fee;

 

(b)       second,
to the Beneficial Owner of the Class A Certificates, an amount equal to the accrued and undistributed interest that shall have accrued
at the Class A Rate on the aggregate Stated Amount of Class A Certificates during the applicable Calculation Period; and

 

(c)       third,
to the Beneficial Owner of the Class B Certificates, any balance remaining.

 

Section 3.3.      Trustee Fee; Delaware
Trustee Fee.

 

(a)       The
fee payable to the Trustee pursuant to Section 3.2(a) on each Bond Interest Payment Date (the “Trustee Fee”),
shall be an amount, determined by the Trustee, equal to the product of (x) the Trustee Fee Rate and (y) the average aggregate
Stated Amount of Certificates Outstanding from time to time on each day during the Fee Calculation Period ending on (but excluding) such
Bond Interest Payment Date, calculated on an Actual/Actual Basis for the Fee Calculation Period ending on (but excluding) such Bond Interest
Payment Date.

 

(b)       The fee payable
to the Delaware Trustee pursuant to Section 3.2(a) on each Bond Interest Payment Date (the “Delaware Trustee Fee”),
shall be an amount, determined by the Trustee, equal to the product of (x) the Delaware Trustee Fee Rate and (y) the average
aggregate Stated Amount of Certificates Outstanding from time to time on each day during the Fee Calculation Period ending on (but excluding)
such Bond Interest Payment Date, calculated on an Actual/Actual Basis for the Fee Calculation Period ending on (but excluding) such Bond
Interest Payment Date; provided that the Delaware Trustee may, by separate agreement with the Trustor, provide for payment procedures
pursuant to which the Trustor shall pay directly to the Delaware Trustee a mutually agreed fee, in lieu of the Delaware Trustee Fee calculated
pursuant to Section 3.2(a).

 

Section 3.4.      Distributions to Class A
Certificates.

 

(a)       Distributions
of interest on the Class A Certificates shall be made on each Trust Income Distribution Date, in arrears, in respect of the interest
that shall have accrued thereon during the Calculation Period ending on the day before the related Trust Income Distribution Date.

 

    -19-

     

    

 

(b)       The
amount of interest distributable to the Beneficial Owner of the Class A Certificates on any Trust Income Distribution Date in
respect of the Calculation Period ending on the day immediately preceding such Trust Income Distribution Date shall be calculated on
an Actual/360 Basis by multiplying (x) the aggregate Stated Amount of Class A Certificates Outstanding on such Trust
Income Distribution Date by (y) the Class A Rate in effect from time to time during such Calculation Period; provided that,
if any Trust issues additional Class A Certificates during a Calculation Period as a result of the application of the Portfolio
Rebalancing Procedures, then the amount of interest distributable to the Beneficial Owner of the Class A Certificates in respect of
such additional Class A Certificates shall be calculated on an Actual/360 Basis by multiplying (x) the Stated Amount of such
additional Class A Certificates Outstanding on such Trust Income Distribution Date by (y) the Class A Rate in effect from time to
time during the portion of such Calculation Period that such additional Class A Certificates were Outstanding by (z) the number of
days that such additional Class A Certificates were Outstanding during such
Calculation Period.

 

(c)        Absent manifest
error, the amount of interest distributable to the Beneficial Owner of the Class A Certificates on each Trust Income Distribution
Date shall be the amount determined by the Trustee in accordance with Section 3.4(b). Such interest shall be distributable to the
Beneficial Owner of the Class A Certificates pursuant to Section 3.2(a).

 

Section 3.5.      Distributions to Class B
Certificates. Distributions shall be made to the Beneficial Owner of the Class B Certificates on each Trust Income Distribution
Date in accordance with Section 3.2(c). The Beneficial Owner of the Class B Certificates will be entitled to the balance of
interest or other proceeds received in respect of the Bonds after payment of the amounts set forth in clauses (a) and (b) of
Section 3.2.

 

Article 4

Termination Events

 

Section 4.1.      Termination Events.

 

(a)       With
respect to each Series, each of the following events shall constitute a “Termination Event”:

 

(i)       (A)
a failure of payment of any installment of principal of or premium, if any, or interest on the Bonds (whether by scheduled maturity, regular
repayment, acceleration, demand or otherwise) and (B) if, with respect to such Bonds, a Principal Credit Source is identified as
such in the related Bond Position Schedule, a failure of such Principal Credit Source to make such payment of principal, premium or interest
under the terms of its credit enhancement upon demand for such payment thereunder, which failure or failures has continued unremedied
for five (5) days (any such occurrence, an “Issuer Failure to Pay”); it being understood and agreed, for the avoidance
of doubt, that any such failure of payment shall constitute an Issuer Failure to Pay, notwithstanding any debt moratorium, debt restructuring,
debt adjustment or comparable extraordinary restriction that shall have been (x) declared or announced (whether or not in writing)
by the Issuer or such Principal Credit Source or (y) imposed, declared or announced by a Governmental Authority having jurisdiction over
the Issuer or such Principal Credit Source;

 

    -20-

     

    

 

(ii)       notice
shall have been received by the Trustee that an Act of Bankruptcy shall have occurred with respect to (A) the Issuer of the Bonds
(or, in the case of any Bonds for which the payment of principal and interest constitutes a limited obligation of the Issuer payable solely
from amounts received from a third party obligor for whose benefit the Bonds were issued, such third party obligor) and (B) if a
Principal Credit Source is identified as such in the Bond Position Schedule, such Principal Credit Source (any such occurrence, a “Bankruptcy
Event”);

 

(iii)       notice
shall have been received by the Trustee and the Calculation Agent from the Beneficial Owner of the Class B Certificates, on any
Business Day on or after the Earliest Class B Optional Termination Date, that such Beneficial Owner has elected to terminate the
Trust (any such occurrence, a “Class B Optional Trust Termination”); it being understood and agreed that, if
a Class B Optional Trust Termination with respect to any Series occurs more than sixty (60) days prior to the Scheduled Termination
Date, such occurrence shall be a Make Whole Trigger Event;

 

provided
that, if the Beneficial Owner of the Class B Certificates has elected to terminate the Trust pursuant to Section 5.1(e), such
election may be made on any Business Day (without regard to the Earliest Class B Optional Termination Date) and shall not be a Make
Whole Trigger Event;

 

(iv)       notice
shall have been received by the Trustee from the Calculation Agent that:

 

(A)       
the Calculation Agent has notified the Beneficial Owner of the Class B Certificates that the Bond Market Value has fallen below the Bond
Minimum Market Value; and

 

(B)         the
Beneficial Owner of the Class B Certificates has failed to cure such deficiency, by posting collateral, pursuant to and in accordance
with the Termination Agreement, no later than the close of business on the Business Day immediately following notice of such deficiency
(any such occurrence, a “Bond Minimum Market Value Breach”);

 

(v)       notice
shall have been received by the Trustee from the Calculation Agent that, pursuant to the terms of the Termination Agreement:

 

(A)         DBNY
has the right to terminate such Termination Agreement following the occurrence of (1) an “Event of Default” (as defined therein)
or (2) a “Termination Event” (as defined therein), in either case, following the expiration of any cure or grace period
specified in the Termination Agreement (any such occurrence, a “DBNY
Right to Terminate ISDA”); or

 

(B)         PHCLLC
has failed to pay the “Final Payment Amount” (as defined in the Termination Agreement) no later than 10:00 a.m. on the applicable
Trust Termination Date (any such occurrence, a “PHCLLC ISDA Failure to Pay”); it being understood and agreed that any
such PHCLLC ISDA Failure to Pay:

 

(1)       shall
be a Make Whole Trigger Event, with an applicable Make Whole Interest Rate equal to the Class A Rate; and

 

(2)       shall
constitute a “Foreclosure Event” for purposes of the Security Agreement; or

 

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(vi)       notice
shall have been received by the Trustee from any Notice Party that there exist reasonable grounds for the belief that (A) registration
of the Trust is required under the Investment Company Act, (B) any Certificates have been sold in violation of the Securities Act or (C)
the Trustor, the Trustee, any Beneficial Owner of Certificates or any Affiliate of any of them is not in compliance with the United States
Dodd Frank Wall Street Reform and Consumer Protection Act and the rules promulgated thereunder or any other applicable securities laws
or regulations.

 

(b)       With
respect to each Series, upon the occurrence of any Termination Event, the Calculation Agent shall give prompt notice thereof to the Beneficial
Owner of the Class B Certificates, by Electronic Means (each, a “Notice of Termination”), stating that a Termination
Event has occurred and specifying the date on which the Trust will terminate as a result of such Termination Event (the “Trust
Termination Date”), which Trust Termination Date shall be the fifth
(5th) Business Day following the date of such Notice of Termination; 

 

provided, however, that,
with respect to a Class B Optional Trust Termination, the Trust Termination Date shall be the Business Day designated by the Beneficial
Owner of the Class B Certificates when making its election to terminate the Trust, which Trust Termination Date shall be a Business Day
no sooner than the fifth (5th) Business Day following the date of such election.

 

Section 4.2.      Termination Procedures.

 

(a)       With
respect to each Series, as soon as practicable after the occurrence of a Termination Event, the Calculation Agent shall determine the
Class A Redemption Price; provided that, if the triggering Termination Event is a Make Whole Trigger Event, the Calculation
Agent shall also determine the applicable Make Whole Interest in accordance with Schedule II attached hereto, in order to determine
the Class A Redemption Price. (See Schedule II.)

 

(b)       Upon
determination of the Class A Redemption Price, the Calculation Agent shall notify the Trustee and the Beneficial Owner of the Class B
Certificates, by Electronic Means, of the Class A Redemption Price so determined, including any Make Whole Interest, setting forth
its calculations in reasonable detail, which Class A Redemption Price the Beneficial Owner of the Class B Certificates shall
be required to pay to the Trustee, in immediately available funds, no later than the Trust Termination Date, for distribution by the Trustee
pursuant to Section 4.2(c);

 

provided that, if so
requested by the Beneficial Owner of the Class B Certificates, the Trustee shall direct the Calculation Agent to (i) determine
a Quotation of Bond Price for the Bonds pursuant to and in accordance with the definition thereof in Section 1.1 and (ii) cause the
sale of the Bonds, such that a sale is consummated so that the proceeds thereof will be available for distribution by the Trustee on the
Trust Termination Date pursuant to Section 4.2(d);

 

provided, however,
that the Calculation Agent will not cause a sale of the Bonds, if the expected bond proceeds would be insufficient to fund the Class A
Redemption Price, unless the Beneficial Owner of the Class B Certificates agrees to pay to the Trustee, in immediately available funds,
no later than the Trust Termination Date, for distribution pursuant to Section 4.2(d), an amount (the “Shortfall Payment”)
equal to the (i) the proceeds of the sale of the Bonds actually received by the Trustee, in immediately available funds, on the Trust
Termination Date, less (ii) the Class A Redemption Price;

 

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provided further that,
if the Bonds are to be sold as contemplated by the immediately preceding proviso and the Calculation Agent, after soliciting bids from
potential purchasers, obtains at least one firm bid quotation, the Beneficial Owner of the Class B Certificates shall have a right
of first refusal to purchase the Bonds from the Trust, for settlement no later than the Trust Termination Date, at a price equal to the
greater of (i) the product of (x) the Quotation of Bond Price determined by the Calculation Agent and (y) the principal amount
of the Bonds then held by the Trust and (ii) the Class A Redemption Price.

 

(c)        Upon receipt from
the Beneficial Owner of the Class B Certificates of an amount equal to the Class A Redemption Price, in immediately available
funds, no later than the Trust Termination Date, the Trustee shall, as promptly as possible, deliver the Bonds to, or at the direction
of, the Beneficial Owner of the Class B Certificates and distribute the Class A Redemption Price in the following order of priority,
each priority being fully paid before proceeds are used to pay any lower priority and no payment being made on any priority if the proceeds
have been exhausted in the payment of higher priorities:

 

(i)       first,
to the Trustee and Delaware Trustee, pari passu, an amount equal to the accrued and unpaid Trustee Fee and Delaware Trustee Fee,
respectively, calculated to (but excluding) the Trust Termination Date;

 

(ii)       second,
to the Beneficial Owner of the Class A Certificates, an amount equal to 100% of the Stated Amount of Class A Certificates Outstanding
on such Trust Termination Date;

 

(iii)       third,
to the Beneficial Owner of the Class A Certificates, an amount equal to the accrued and unpaid interest on such Class A Certificates
at the Class A Rate to (but excluding) the Trust Termination Date; and

 

(iv)       fourth,
to the Beneficial Owner of the Class A Certificates, if applicable, the Make Whole Interest, determined pursuant to Schedule
II attached hereto.

 

(d)       On the Trust Termination
Date, the Trustee shall distribute the proceeds of the sale of the Bonds (whether sold to the Beneficial Owner of the Class B Certificates
or to another purchaser), together with the Shortfall Payment, if any, provided by the Beneficial Owner of the Class B Certificates, in
the following order of priority, each priority being fully paid before proceeds are used to pay any lower priority and no payment being
made on any priority if the proceeds have been exhausted in the payment of higher priorities; provided that, if the Bonds have
been sold to a purchaser other than the Beneficial Owner of the Class B Certificates and the Trustee on the Trust Termination Date has
not confirmed receipt of such proceeds in immediately available funds, notwithstanding any other provision hereof, such distribution may
be delayed until the Business Day on which the Trustee confirms receipt of immediately available funds:

(i)       first,
to the Trustee and Delaware Trustee, pari passu, an amount equal to the accrued and unpaid Trustee Fee and Delaware Trustee Fee,
respectively, calculated to (but excluding) the Trust Termination Date;

 

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(ii)       second,
to the Beneficial Owner of the Class A Certificates, an amount equal to 100% of the Stated Amount of Class A Certificates Outstanding
on such Trust Termination Date;

 

(iii)      third,
to the Beneficial Owner of the Class A Certificates, an amount equal to the accrued and unpaid interest on such Class A Certificates
at the Class A Rate to (but excluding) the Trust Termination Date;

 

(iv)      fourth,
to the Beneficial Owner of the Class A Certificates, if applicable, the Make Whole Interest, determined pursuant to Schedule
II attached hereto; and

 

(iv)      fifth,
to the Beneficial Owner of the Class B Certificates, any remainder.

 

(e)           Notwithstanding
any provision herein to the contrary, if, either:

 

(x)        the
Beneficial Owner of the Class B Certificates, for whatever reason, fails to pay the Class A Redemption Price (or, if applicable,
the purchase price of the Bonds, following exercise of its right of first refusal, or the required Shortfall Payment), when due and payable
on the Trust Termination Date; or

 

(y)       if
applicable, the Calculation Agent, notwithstanding commercially reasonable efforts, is unable to obtain any firm bids for the Bonds;

 

then, the Trustee
shall transfer the Bonds, as promptly as possible on or after the Trust Termination Date, to the Beneficial Owner of the Class A
Certificates; provided that such transfer to the Beneficial Owner of the Class A Certificates shall be contingent upon payment
by the Beneficial Owner of the Class A Certificates to the Trustee and the Delaware Trustee of an amount equal to the sum of the
accrued and unpaid Trustee Fee and Delaware Trustee Fee, respectively, calculated to (but excluding) the Trust Termination Date; provided,
further, that, in connection with any such transfer, the Beneficial Owner of the Class B Certificates shall cooperate with the Trustee
and the Beneficial Owner of the Class A Certificates to take whatever steps are necessary or appropriate to effect the assignment of the
Bonds to the Beneficial Owner of the Class A Certificates.

 

(f)            Upon the completion
of the payments and transfers required by this Section 4.2, the Trustee shall cancel the Certificates.

 

(g)           Upon the occurrence
of a Termination Event pursuant to Section 4.1(a)(i) or (ii) above (namely, an Issuer Failure to Pay or a Bankruptcy Event), unless
alternative arrangements satisfactory to the Beneficial Owner of the Class A Certificates shall have been made prior thereto, the
special bankruptcy-related termination procedures set forth in Section 4.3 shall also apply.

 

Section 4.3.      Special Bankruptcy-related
Termination Procedures.

 

(a)           In
the case of a Termination Event pursuant to Section 4.1(a)(ii) above (namely, a Bankruptcy Event), unless arrangements satisfactory
to the Beneficial Owner of the Class A Certificates have otherwise been made, the Beneficial Owner of the Class B Certificates
shall deliver to the Trustee, as promptly as possible, for deposit into a special segregated custody account held by the Trustee in trust
for the Beneficial Owner of the Class A Certificates (the “Preference Account”), cash in an amount equal to the
sum of (i) any principal of the Bonds paid by the Issuer (or the trustee or other applicable fiduciary thereof) during the one hundred
twenty-four (124) days preceding the date of the filing by or against the Issuer of a petition commencing a case under the Bankruptcy
Code or any similar law (such filing, the “Issuer Bankruptcy Filing”) and (ii) any interest on the Bonds paid
by the Issuer (or the trustee or other applicable fiduciary thereof) during the one hundred twenty-four (124) days preceding the date
of such Issuer Bankruptcy Filing (such amount, the “Preference Account Reserve”).

 

    -24-

     

    

 

(b)           Amounts held in
the Preference Account shall be invested in Eligible Investments (as defined below), as directed by the Beneficial Owner of the Class B
Certificates, and shall be available for payment to the Beneficial Owner of the Class A Certificates in the event that any payments
of principal of and/or interest on the Bonds that have been made to such Beneficial Owner of the Class A Certificates are actually
avoided as preference payments under a proceeding brought under the Bankruptcy Code or any similar law (any such payments, “Preference
Payments”). For purposes hereof, “Eligible Investments” shall mean money market funds that are rated “AAA,”
in the case of S&P or Fitch, or “Aaa,” in the case of Moody’s, that invest solely in obligations or securities
of states of the United States of America or their political subdivisions, or interests therein.

 

(c)           Amounts held in
the Preference Account shall be held by the Trustee in the Preference Account until the earlier to occur of the following (such date,
the “Preference Period Expiration Date”):

 

(i)       the
date on which an order has been received by the Trustee that Preference Payments made to the Beneficial Owner of the Class A Certificates
must be returned as a result of a bankruptcy proceeding under the Bankruptcy Code or any similar law, and in such event, the Trustee shall
pay over from the Preference Account to such Beneficial Owner of Class A Certificates an amount equal to such Preference Payments;
or

 

(ii)       the
date on which notice has been received by the Trustee that such bankruptcy proceeding is closed or dismissed and such dismissal or closure
cannot be appealed;

 

it being understood and agreed that, on the first
(1st) Business Day following the Preference Period Expiration Date, the Trustee shall distribute any cash or Eligible Investments held
in the Preference Account, together with any investment earnings thereon, to the Beneficial Owner of the Class B Certificates.

 

(d)          If the Trustee
receives an order that Preference Payments made to the Beneficial Owner of the Class A Certificates must be returned as a result
of a bankruptcy proceeding under the Bankruptcy Code or any similar law, to the extent that the monies deposited in the Preference Account
are less than the amount of such Preference Payments (the amount of any such deficiency, the “Preference Account Shortfall”),
the Trustee shall notify the Beneficial Owner of the Class B Certificates that an amount equal to the Preference Account Shortfall
is due. The proceeds of the resulting payment by the Beneficial Owner of the Class B Certificates shall be deposited by the Trustee
in the Preference Account pending distribution to the Beneficial Owner of the Class A Certificates.

 

(e)           In the case of
a Termination Event pursuant to Section 4.1(a)(i) above (namely, an Issuer Failure to Pay), unless arrangements satisfactory to the
Beneficial Owner of the Class A Certificates have otherwise been made, the Beneficial Owner of the Class B Certificates shall
deliver to the Trustee, as promptly as possible, for deposit into a special segregated custody account held by the Trustee in trust for
the Beneficial Owner of the Class A Certificates (the “Holdback Account”), cash in an amount equal to the sum
of (A) any principal of the Bonds paid by the Issuer (or the trustee or other applicable fiduciary thereof) during the one hundred
twenty-four (124) days preceding the relevant Trust Termination Date, and (B) any interest on the Bonds paid by the Issuer (or
the trustee or other applicable fiduciary thereof) during the one hundred twenty-four (124) days preceding such Trust Termination
Date (such amount, the “Holdback Account Reserve”).

 

    -25-

     

    

 

(f)           Amounts held in the Holdback Account
shall be invested in Eligible Investments, as directed by the Beneficial Owner of the Class B Certificates. If during the one hundred
twenty-four (124) days following the relevant Trust Termination Date the Trustee obtains knowledge of an Issuer Bankruptcy Filing,
amounts held in the Holdback Account, together with any investment earnings thereon, shall be transferred to the Preference Account, to
be held and applied as provided above. Otherwise, on the first (1st) Business Day that is at least one hundred twenty-five (125) days
after the applicable Trust Termination Date, the Trustee shall distribute any cash or Eligible Investments held in the Holdback Account,
together with any investment earnings thereon, to the Beneficial Owner of the Class B Certificates.

 

(g)          For U.S. federal
income tax purposes, amounts held in the Preference Account and the Holdback Account (and the earnings thereon) shall be treated as property
of the Beneficial Owner of the Class B Certificates pledged to the Trust to secure an obligation of the Beneficial Owner of the Class B
Certificates to restore any deficit in its capital account caused by losses allocated to such Beneficial Owner.

 

Article 5

The Certificates

 

Section 5.1.      Ownership of Bonds;
Voting. With respect to each Series:

 

(a)       the
Trust shall have the power and authority, and the Trustee is hereby directed, to issue the Certificates in accordance with the Trust Agreement;

 

(b)       the
Beneficial Owner of the Class A Certificates shall have all the rights and privileges of an owner of the Bonds, to the extent provided
in the Trust Agreement; it being understood and agreed that the Class A Certificates of each Series shall, as of the Deposit Date
and as of any date thereafter, be held by only one Beneficial Owner;

 

(c)       the
Class B Certificates evidence ownership of and the right to receive certain future payments of principal, interest and premium, if
any, on an undivided interest in the Bonds, on the terms and conditions set forth in the Trust Agreement;

 

(d)       the
Beneficial Owner of the Class B Certificates shall have all the rights and privileges of an owner of the Bonds, to the extent provided
in the Trust Agreement; it being understood and agreed that the Class B Certificates of each Series shall, as of the Deposit Date
and as of any date thereafter, be held by only one Beneficial Owner;

 

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(e)           in the
event of any action or consent requiring the vote of the owners of the Bonds, the Trustee shall:

 

(i)       within
three (3) Business Days of its being informed of any such action or consent, deliver to the Initial Beneficial Owner of the Class A
Certificates (notwithstanding any intervening transfer of the Class A Certificates or any beneficial interest therein by the Initial
Beneficial Owner of the Class A Certificates) and the Beneficial Owner of the Class B Certificates each such Beneficial Owner's
proxy for such vote (prepared by counsel to the Trustor), returnable to the Trustee; and

 

(ii)       vote
solely in accordance with the proxies received from the Initial Beneficial Owner of the Class A Certificates and the Beneficial Owner
of the Class B Certificates, weighted by the respective Stated Amounts of Class A Certificates and Class B Certificates, respectively,
Outstanding as of the date such proxies are delivered to such Beneficial Owners;

 

provided that,
notwithstanding the foregoing, the Beneficial Owner of the Class B Certificates shall have the right to deliver voting instructions to
the Initial Beneficial Owner of the Class A Certificates, by telephone and by email to dbtob@list.db.com, no later than the
tenth (10th) day before the Trustee is required to submit its vote with respect to the Bonds (or, if the Trustee delivers such
proxy to the Beneficial Owner of the Class B Certificates and the Initial Beneficial Owner of the Class A Certificates fewer than ten
(10) calendar days prior to the date on which the Trustee is required to submit its vote, no later than the second (2nd) Business
Day after the date of receipt of the proxies);

 

provided further
that if, following receipt of (i) its proxy from the Trustee and (ii) timely voting instructions from the Beneficial Owner of the
Class B Certificates delivered as provided above, the Initial Beneficial Owner of the Class A Certificates, no later than the fifth
(5th) day before the Trustee is required to submit its vote with respect to the Bonds, has either (x) returned its proxy to
the Trustee, indicating a vote contrary to the instructions given by the Beneficial Owner of the Class B Certificates or (y) informed
the Trustee and the Beneficial Owner of the Class B Certificates by telephone that it will not vote in accordance with such voting instructions,
then the Beneficial Owner of the Class B Certificates shall have the right to terminate the Trust, pursuant to Section 4.1(a)(iii);

 

(f)        the Trustee
shall not take any action as the nominal holder or owner of the Bonds, either alone or as part of a group of such holders or owners of
such Bonds, except in accordance with the affirmative direction of the the Initial Beneficial Owner of the Class A Certificates and
the Beneficial Owner of the Class B Certificates;

 

(g)       the Beneficial
Owners of the Certificates shall return their proxies to the Trustee no later than the later of (i) the fifth (5th) Business
Day after the date of receipt of the proxy and (ii) the fifth (5th) day before the Trustee is required to submit its vote
with respect to the Bonds. On any Business Day after the date proxies are delivered by the Trustee, either Beneficial Owner of Certificates
may request that the Trustee inform such Beneficial Owner of whether the other Beneficial Owner of Certificates has delivered its proxy
and, if so, how such proxy was voted, and the Trustee shall provide such Beneficial Owner with the requested information. The Trustee
shall have no liability for any failure to act resulting from the late return of, or failure to return, any such proxy sent by the Trustee
to either Beneficial Owner of Certificates.

 

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Section 5.2.      Form
and Numbering of Certificates. With respect to each Series, the definitive Certificates of such Series are issuable in fully registered
form in Authorized Denominations. Certificates shall be substantially in the form set forth as Exhibit A or Exhibit B,
as applicable, attached hereto, with such appropriate variations, omissions and insertions as may be necessary or appropriate to conform
to the provisions of the Trust Agreement. All Certificates may have endorsed thereon such letters, numbers or other marks of identification
and such legends or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority
or of any securities exchange on which the Certificates may be listed or any usage or requirement of law with respect thereto.

 

Section 5.3.      Details of Certificates.

 

(a)       the
Certificates shall be dated the Deposit Date, shall entitle their Holders and/or Beneficial Owners to payments of interest, principal
and, under certain circumstances, premium on the Bonds.

 

(b)      the Certificates
shall be executed by the manual signature of an Authorized Trustee Officer. In case any Authorized Trustee Officer whose signature shall
appear on any Certificates shall cease to be such officer before the delivery of such Certificates, such signature shall nevertheless
be valid and sufficient for all purposes the same as if he or she had remained in office until such delivery.

 

(c)       the Stated Amount
of all Certificates shall be payable at the Designated Office of the Trustee upon the presentation and surrender of such Certificates
as the same shall become due and payable.

 

(d)       all Certificates
surrendered for payment, exchange or transfer shall forthwith be cancelled by the Trustee.

 

(e)       such interest will
be paid to each Holder or Beneficial Owner by wire transfer of immediately available funds, according to wire instructions given to the
Trustee by such Holder or Beneficial Owner in writing for such purpose.

 

(f)        subject to the
foregoing provisions of this Section 5.3, Certificates delivered under the Trust Agreement upon registration of transfer of or in
exchange for or in lieu of any other Certificates shall carry all the rights to accrued and unpaid interest, and interest to accrue, on
the Bonds that were carried by such other Certificates and such Certificates shall entitle the Holder or Beneficial Owner thereof to receive
interest payments from such date, so that neither gain nor loss in interest shall result from such transfer, exchange or substitution.

 

    -28-

     

    

 

 

(g)       to the fullest
extent permitted by law, the Certificates shall have only the rights specifically set forth in the Trust Agreement.

 

(h)      The
Receipt and Acceptance of any Receipt or any beneficial interest therein by or on behalf of any Holder or any Beneficial Owner, without
any signature or further manifestation of assent, shall constitute the unconditional acceptance by such
Holder or Beneficial Owner of all the terms and provisions of the Trust Agreement and shall constitute the Agreement of the Trust, such
Holder and such Beneficial Owner that the terms and provisions of such Trust Agreement are binding, operative and effective as between
the trust and such Holder or Beneficial Owner.

 

Section 5.4.     Validity of Certificates.
Only such Certificates as shall have been duly executed by an Authorized Trustee Officer shall be entitled to any benefit or security
under the Trust Agreement. No Certificates shall be valid or become obligatory for any purpose unless and until such Certificates shall
have been duly executed by an Authorized Trustee Officer, and such signature of an Authorized Trustee Officer upon any such Certificates
shall be conclusive evidence that such Certificates have been duly executed and delivered pursuant to the Trust Agreement.

 

Section 5.5.     Exchange
of Certificates. Subject to Sections 5.6 and 5.12, Certificates, upon surrender thereof at the Designated Office of the Trustee,
together with an assignment duly executed by the registered owner or such owner’s attorney or legal representative in such form
as shall be satisfactory to the Trustee, may, at the option of such Holder, be exchanged for an equal aggregate Stated Amount of Certificates
and terms, of any Authorized Denominations, entitling the Holder thereof to receive payments in the same manner, and in the same form
as the Certificates surrendered for exchange.

 

Section 5.6.     Registration and Transfer
of Certificates.

 

(a)       the
Trustee shall keep books for the registration and registration of transfer of Certificates as provided in the Trust Agreement. Said registration
books shall be available at all reasonable times for inspection by the Trustor and its agents and representatives, and the Trustee shall
provide upon its written request, an accurate copy of the names and addresses of the Holders set forth on such books.

 

(b)       the transfer of
any Certificates may be registered only upon the books kept for the registration and registration of transfer of Certificates, upon surrender
thereof to the Trustee, together with an assignment duly executed by the registered owner or such owner’s attorney or legal representative
in such form as shall be satisfactory to the Trustee. Upon any such registration of transfer, the Trustee shall execute and deliver in
exchange for such Certificates one or more new registered Certificates, registered in the name of the transferee, of any denomination
or denominations authorized by the Trust Agreement in the aggregate Stated Amount equal to the Stated Amount of such Certificates surrendered
or exchanged, on the same terms, and entitling the Holder thereof to receive trust income distributions in the same manner and in the
same form as the Certificates so surrendered.

 

    -29-

     

    

 

(c)       In all cases in which
Certificates shall be exchanged or the transfer of Certificates shall be registered hereunder, the Trustee shall execute and deliver
at the earliest practicable time Certificates in accordance with the provisions of the Trust Agreement. All Certificates surrendered
in any such exchange or registration of transfer shall forthwith be cancelled by the Trustee. No service charge shall be made for
any registration, transfer, or exchange of Certificates, but the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

 

Section 5.7.     Ownership of Certificates.
The Trust, the Trustor, the Trustee, the Delaware Trustee and any of their respective agents may treat the Person in whose name any Certificates
are registered, including, without limitation, any Securities Depository or its nominee, as the owner of such Certificates for the purpose
of receiving distributions of principal of, and any income distributions on, such Certificates, and, except as otherwise provided, for
all other purposes whatsoever, whether or not such Certificates shall be overdue, and, to the extent permitted by law, none of the Trust,
the Trustor, the Trustee or the Delaware Trustee nor any such agent shall be affected by notice to the contrary.

 

Section 5.8.     Issuance of Certificates:
Accrued Interest on Bonds.

 

(a)       Each
Series of Certificates shall consist of Class A Certificates and Class B Certificates in the aggregate Stated Amounts set forth
in the related Bond Position Schedule. Certificates issued on the Deposit Date shall be dated the Deposit Date.

 

(b)      With respect to
each Series, before the Certificates of such Series shall be executed and delivered by the Trustee on the Deposit Date, there shall be
filed or deposited with the Trustee the following:

 

(i)      a
fully executed copy of the Series Trust Agreement, which Series Trust Agreement incorporates by reference therein the Standard Terms;

 

(ii)      a
copy of the DTC Letter;

 

(iii)     an
opinion of special counsel to the Trustor (or such other nationally recognized counsel as is acceptable to the Trustor) as to the due
authorization, execution and delivery of and the validity of and enforceability against the Trustor of the Trust Agreement, in form and
substance satisfactory to the Trustor and the Trustee;

 

(iv)     opinion
of Chapman and Cutler LLP, special counsel to the Trust (or such other nationally recognized counsel as is acceptable to the Trustor),
as to certain securities law matters, in form and substance satisfactory to the Trustor and the Trustee;

 

(v)      an
opinion of special counsel to the Trustee, as to the due authorization, execution and delivery of and the validity of and enforceability
against the Trustee of the Trust Agreement, in form and substance satisfactory to the Trustor and the Trustee;

 

(vi)     an
opinion of Delaware counsel to the Trust, as to all matters relating to the laws of the State of Delaware, in form and substance satisfactory
to the Trustor and the Trustee; and

 

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(vii)    such
other documents, certificates and opinions as the Trustee reasonably may require.

 

When the
documents mentioned in items (i) to (vi), and, if applicable, (vii), inclusive, of this Section 5.8(b) shall have been filed
with the Trustee and when the Certificates shall have been issued as required by the Trust Agreement, the Trustee shall deliver the
Certificates to or upon the order of the Trustor, but only upon deposit of the Bonds with the Trustee.

 

(c)       On the first Bond
Interest Payment Date following the Deposit Date (or, if earlier, on the first date on which the Trustee receives payments in respect
of accrued interest on the Bonds), the Trustee, unless otherwise specified in the Series Trust Agreement, shall transfer to the Beneficial
Owner of the Class B Certificates the amount set forth in such Series Trust Agreement as the “Accrued Interest on Bonds.”
The “Accrued Interest on Bonds” represents that portion of the interest received by the Trustee in immediately available funds
on such Bond Interest Payment Date or such other date, as applicable, that shall have accrued on the Bonds prior to the Deposit Date;
provided that, if the Trustee on the first Bond Interest Payment Date has not confirmed receipt of such interest in immediately
available funds, notwithstanding any other provision hereof, the Trustee may delay the distribution of the Accrued Interest on Bonds until
the Business Day on which the Trustee confirms receipt of immediately available funds; and provided further that, if such Bond
Interest Payment Date is not a Business Day, then the Trustee may delay the distribution of such Accrued Interest on Bonds until the first
Business Day on which the Trustee has confirmed receipt of immediately available funds, which Accrued Interest on Bonds shall then be
distributed as though distributed on such Bond Interest Payment Date.

 

Section 5.9.     Temporary Certificates.

 

(a)       Until
definitive Certificates are ready for delivery, upon request of the Trustor, at the direction and on behalf of the Holders of Certificates,
who shall supply the Trustee with the number of Certificates required, the Trustee shall execute and deliver, in lieu of definitive Certificates
and subject to the same limitations and conditions, typewritten, printed, engraved or lithographed temporary Certificates, in the form
of fully registered Certificates in Authorized Denominations, substantially of the tenor of the Certificates set forth in the Trust Agreement
and with such appropriate omissions, insertions and variations as may be required.

 

(b)      Until definitive
Certificates are ready for delivery, any temporary Certificates may be exchanged at the Designated Office of the Trustee, without charge
to the Holder thereof, for an equal aggregate Stated Amount of temporary fully registered Certificates of Authorized Denominations, of
like tenor, of the same terms, and entitling the Holder thereof to receive trust income distributions in the same manner as the Certificates
so exchanged.

 

(c)      If temporary Certificates
shall be issued, the Trustee shall prepare the definitive Certificates and execute the same, and the Trustee, upon presentation to it
at its principal office of any temporary Certificates, shall cancel the same and deliver in exchange therefor at the place designated
by the Holder, without charge to the Holder thereof, one or more definitive Certificates of an equal aggregate Stated Amount, of the same
terms, and entitling the Holder thereof to receive trust income distributions in the same manner as the temporary Certificates so surrendered.
Until so exchanged, the temporary Certificates shall in all respects be entitled to the same benefit of the Trust Agreement as the definitive
Certificates to be issued and authenticated hereunder.

 

    -31-

     

    

 

Section 5.10.   Mutilated, Destroyed,
Lost or Stolen Certificates. In case any Certificates shall become mutilated or be destroyed, lost or stolen, the Trustee shall execute
and deliver new Certificates, of like date, terms and tenor in exchange and substitution for and upon the cancellation of such mutilated
Certificates or in lieu of and in substitution for such Certificates destroyed, lost or stolen, and the Holder shall pay the reasonable
expenses and charges of the Trustee in connection therewith and, in case of any Certificates destroyed, lost or stolen, the Holder shall
file with the Trustee evidence satisfactory to it that such Certificates were destroyed, lost or stolen, and of its ownership thereof,
and shall furnish, or cause to be furnished to, the Trust and the Trustee with such indemnity as shall be satisfactory to them (which,
in the case of an indemnitor that has a net worth of at least $50,000,000, may, at the request of such indemnitor, be provided on an unsecured
basis if permitted by the Trustee in its sole discretion). Any replacement Certificates issued pursuant to this Section 5.10 shall
constitute complete and indefeasible evidence of ownership in the Bonds as if originally issued, whether or not the destroyed or lost
or stolen Certificates shall be found at any time.

 

Section 5.11.   Book-Entry Only
System for Certificates.

 

(a)       Except
as otherwise provided in the Series Trust Agreement, one or more fully registered Class A Certificates and Class B Certificates,
each in an Authorized Denomination, shall be registered in the name of DTC or its nominee, and ownership thereof shall be maintained in
book-entry form by DTC for the account of the DTC Participants thereof. Initially, the Class A Certificates and the Class B
Certificates shall be registered in the name of Cede & Co., as the nominee of DTC. Transfers of beneficial ownership interests in
the Class A Certificates and Class B Certificates that are registered in the name of Cede & Co. will be accomplished by
book entries made by DTC and in turn by the DTC Participants who act on behalf of the Beneficial Owners of Class A Certificates and
Class B Certificates.

 

(b)      None of the Trust,
the Trustor, the Trustee, the Delaware Trustee, or any of their respective Affiliates, shall have any responsibility or obligation with
respect to:

 

(i)      the
accuracy of the records of DTC or any DTC Participant with respect to any beneficial ownership interest in the Class A Certificates;

 

(ii)      except
as otherwise provided, the delivery to any DTC Participant, any Beneficial Owner of Certificates or any other Person, other than DTC,
of any notice with respect to the Certificates;

 

(iii)     the
payment to any DTC Participant, any Beneficial Owner of the Certificates or any other Person, other than DTC, of any amount distributable
with respect to the Certificates; or

 

(iv)     the
failure of DTC to effect any transfer.

 

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(c)       So long as the
Certificates are registered in the name of DTC or its nominee, the Trustee may treat DTC as, and deem DTC to be, the absolute owner of
the Certificates for all purposes whatsoever, including without limitation:

 

(i)       the
payment of distributions to Beneficial Owners of Certificates;

 

(ii)      except
as otherwise provided, giving notices with respect to the Certificates; and

 

(iii)     registering
transfers with respect to the Certificates.

 

(d)       If at any time
DTC notifies the Trustee that it is unwilling or unable to continue as Securities Depository with respect to the Certificates or if at
any time DTC shall no longer be registered or in good standing under the Securities Exchange Act or other applicable statute or regulation
and a successor Securities Depository is not appointed by the Trustee, at the direction of the Trustor, at the request of and on behalf
of the Beneficial Owner of the Class B Certificates, within ninety (90) days after it receives notice or becomes aware of such condition,
as applicable, or if the Trustor determines that it is in the best interests of the Beneficial Owners of the Certificates that they be
able to obtain Certificates in certificated form, then the Trustee shall execute and deliver certificates representing the Certificates
in exchange for the global certificates, which new certificates shall be registered in such names and be in such Authorized Denominations
as DTC, pursuant to instructions from the DTC Participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such new
certificates to the Persons in whose names such Certificates are so registered. The parties to the Trust Agreement may enter into an amendment
thereto to make such changes as shall be necessary or appropriate if DTC is not the Securities Depository.

 

Section 5.12.   Limitations on Transfer.

 

(a)       Neither
the Certificates nor any interest therein may be issued and sold, transferred or resold except as permitted under the Securities Act and
the Investment Company Act, in each case, pursuant to registration or an exemption therefrom and under any applicable U.S. state
securities or “Blue Sky” laws. Without limiting the generality of the foregoing, Certificates and interests therein may only
be issued and sold, transferred or resold to Persons that are (i) Qualified Institutional Buyers or Accredited Investors and
(ii) Qualified Purchasers, in each case, purchasing the Certificates for their own account.

 

(b)       For the purpose
of monitoring compliance with the foregoing restrictions, each transferee of Certificates of any Series or any beneficial interest therein
shall deliver to the Trustor a completed and duly executed purchaser letter, substantially in the form of Exhibit D attached
hereto (each, a “Purchaser Letter”). Such Purchaser Letter shall be available for inspection by the Trustee during
normal business hours. The Trust, the Trustor, the Trustee and the Delaware Trustee may rely conclusively upon the information contained
in any such Purchaser Letter in the absence of actual knowledge of information to the contrary. In connection with any transfer, the Trustor
or the Trustee may require an unqualified Opinion of Counsel to the effect that such transfer may be effected without registration under
the Securities Act and under any applicable state securities or “Blue Sky” laws.

 

(c)      The Certificates
shall bear legends stating that they have not been registered under the Securities Act and are subject to the transfer requirements described
in this Section 5.12. By purchasing Certificates or any interest therein, each purchaser shall be deemed to have agreed to these
transfer requirements.

 

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(d)       The Certificates
and related documentation, including the Trust Agreement, may be amended or supplemented from time to time to modify the restrictions
on and procedures for resale and other transfers of the Certificates and interests therein to reflect any change in applicable law or
regulation (or the interpretation thereof) or in practices relating to the resale or other transfer of restricted securities generally,
if the Trust, the Trustor and the Trustee shall have received an Opinion of Counsel to the effect that such amendment or supplement is
necessary or appropriate.

 

(e)      The Certificates
shall not be listed on any established securities market. For this purpose, “established securities market” includes (i) any
national securities exchange registered under the Securities Exchange Act or exempted from registration because of the limited volume
of transactions, (ii) any local exchange, and (iii) any over the counter market characterized by an interdealer quotation system that
regularly disseminates quotations of obligations by identified brokers or dealers, by Electronic Means or otherwise.

 

(f)        Notwithstanding
anything to the contrary herein, (i) as of the Deposit Date and as of any date thereafter, there shall be only one Beneficial Owner of
the Class A Certificates and only one Beneficial Owner of the Class B Certificates; and (ii) any transfer of the Class B
Certificates or any beneficial interest therein shall require the prior written consent of the Beneficial Owner of the Class A Certificates;
it being understood and agreed that the Beneficial Owner of the Class A Certificates shall not consent to any such transfer other
than in connection with an assignment of all the obligations of the Beneficial Owner of the Class B Certificates under the Termination
Agreement, if any, to a party assuming all such obligations in writing. For the avoidance of doubt, “any transfer of the Class B
Certificates or any beneficial interest therein” includes any transaction, however denominated, that would be treated as a transfer
of ownership for federal income tax purposes.

 

Section 5.13.  Risk
Retention. With respect to each Series, the Beneficial Owner of the Class B Certificates agrees that it will (a) as a condition
to the issuance of Class A Certificates of such Series, on the Deposit Date, acquire, or cause a Qualified Affiliate to acquire, beneficial
ownership of Class B Certificates of such Series equal to at least 5% of the aggregate Stated Amount of all Certificates of such Series
issued on the Deposit Date, and (b) maintain, or cause a Qualified Affiliate to maintain, beneficial ownership of a Stated Amount of Residual
Certificates of such Series equal to at least 5% of the aggregate Stated Amount of all Certificates of such Series at any time Outstanding
during the term of the Trust. The Trustee shall not be responsible whatsoever for monitoring compliance with the Risk Retention Rules.

 

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Article 6

Certain Representations and Covenants of the Parties

 

Section 6.1.     Representations and
Covenants of the Trustor. The Trustor hereby represents as follows:

 

(i)       The
Trustor is duly authorized to execute the Series Trust Agreement.

 

(ii)      All
action on its part for the issuance of the Certificates shall have been duly and effectively taken on or before the date of issuance thereof.

 

(iii)     The
Certificates, in the hands of the Holders and Beneficial Owners thereof, will be valid rights to receive payments on or distributions
in respect of the Bonds, on the terms and conditions set forth in the Trust Agreement, enforceable according to their terms, notwithstanding
the bankruptcy, insolvency or liquidation of the Trustor.

 

(iv)     The
Trustor is duly authorized to perform, and shall faithfully perform at all times, all of the covenants, undertakings and agreements contained
in the Trust Agreement.

 

(v)      The
Trustor shall give the other Notice Parties notice of any substitution, replacement or resignation of the Trustor under the Trust Agreement
at least thirty (30) days prior to the effective date thereof.

 

(vi)     The
Trustor shall give the other Notice Parties notice of any substitution, replacement or resignation of the Tax Matters Agent or Calculation
Agent under the Trust Agreement at least thirty (30) days prior to the effective date thereof.

 

Section 6.2.     Covenants of the Trustee.
The Trustee shall not take any of the following actions (nor shall the Beneficial Owners of the Certificates direct the Trustee to take
any such actions):

 

(i)      dissolve,
terminate or liquidate the Trust in whole or in part in a manner not contemplated by the express terms of the Trust Agreement;

 

(ii)      merge
or consolidate the Trust with or into any other entity, or convey or transfer all or substantially all of the assets of the Trust to any
other entity in a manner not contemplated by the express terms of the Trust Agreement;

 

(iii)     cause
the Trust to incur, assume or guaranty any indebtedness other than as contemplated by the Trust Agreement;

 

(iv)     do
any act that conflicts with the Certificate of Trust or the Trust Agreement;

 

(v)      do
any act that would make it impossible to carry on the ordinary business of the Trust;

 

(vi)     confess
a judgment against the Trust;

 

(vii)    possess
any Trust assets, or assign any of the Trust’s right to property, for other than a valid Trust purpose;

 

(viii)   cause
the Trust to lend any funds to any entity;

 

(ix)     change
the Trust’s purpose and powers from those set forth in the Certificate of Trust or the Trust Agreement; or

 

(x)      fail
to observe all formalities required under, or do any act in contravention of the requirements of, the Statutory Trust Act.

 

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Section 6.3.     Affirmative Covenants
of the Trust. The Trust hereby agrees that it shall:

 

 

(i)       maintain
the books and records of the Trust separate and distinct from any other Person;

 

(ii)      maintain
the financial statements of the Trust separate and distinct from any other Person;

 

(iii)     hold
and account for the assets of the Trust in separate and distinct records, such that the assets of the Trust are not impermissibly commingled;

 

(iv)     conduct
the business of the Trust in the name of the Trust;

 

(v)      other
than as contemplated by the Certificate of Trust and the Trust Agreement, pay the liabilities and expenses of the Trust solely out of
the income and assets of the Trust;

 

(vi)     observe
all formalities required under the Statutory Trust Act;

 

(vii)   enter
into transactions with the Trustor or any of its Affiliates only if each such transaction is commercially reasonable, and on the same
terms as would be available in an arm’s length transaction with a Person that is not an Affiliate;

 

(viii)   hold
itself out as a separate entity from the Trustor; and

 

(ix)     correct
any known misunderstanding regarding its separate and independent identity.

 

Section 6.4.     Negative Covenants
of the Trust. Notwithstanding any provision of the Trust Agreement to the contrary, including without limitation Section 6.3
above, the Trust hereby agrees that it shall not:

 

(i)       engage
in any business activity other than as contemplated by the Certificate of Trust or the Trust Agreement;

 

(ii)      incur,
assume or guaranty any indebtedness other than as set forth in the Trust Agreement;

 

(iii)     engage
in any dissolution, liquidation, consolidation, merger or sale of any assets in a manner not contemplated by the express terms of the
Trust Agreement;

 

(iv)     form,
or cause to be formed, any subsidiaries;

 

(v)      own
or acquire any asset other than as contemplated by the Certificate of Trust or the Trust Agreement;

 

(vi)     hold
out its credit as being available to satisfy the obligation of any other Person;

 

(vii)    conduct
any business in the name of the Trustor or any of its Affiliates;

 

(viii)   acquire
the obligations or securities of the Trustor or any of its Affiliates;

 

(ix)      make
loans to any other Person or buy or hold evidence of indebtedness (other than the Bonds) issued by any other Person;

 

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(x)      other
than as contemplated by the Certificate of Trust or the Trust Agreement, pledge the assets to or for the benefit of any other Person;

 

(xi)      identify
the Trust as an Affiliate of any other Person; and

 

(xii)     other
than as contemplated by the Certificate of Trust or by the Trust Agreement, follow any directions or instructions of the Trustor.

 

Section 6.5.     Covenant of the Parties
with respect to Bankruptcy. The Trustor, the Trustee and the Delaware Trustee each agrees that it shall not, until at least one year
and one day after the termination of the Trust Agreement, take any of the following actions:

 

(i)       institute
proceedings to have the Trust declared or adjudicated bankrupt or insolvent;

 

(ii)      consent
to the institution of bankruptcy or insolvency proceedings against the Trust;

 

(iii)     file
a petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law
relating to bankruptcy;

 

(iv)     consent
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial
portion of the property of the Trust;

 

(v)      make
any assignment for the benefit of any creditors with respect to the Trust;

 

(vi)     cause
the Trust to admit in writing its inability to pay its debts generally as they become due; or

 

(vii)    take
any action, or cause the Trust to take any action, in furtherance of any of the foregoing.

 

Article 7

The Trustee and Delaware Trustee

 

Section 7.1.     Acceptance of Duties;
Purposes and Powers.

 

(a)       Each
of the Trustee and the Delaware Trustee, by its execution of the Series Trust Agreement, shall accept and agree to fulfill the respective
obligations imposed upon it by the Trust Agreement, upon the express terms and conditions set forth in the Trust Agreement.

 

(b)       The Trustee is
not authorized to, and by its execution of the Series Trust Agreement, shall agree that it will not, engage in activities with respect
to the Trust that are not permitted by the Trust Agreement.

 

(c)       The Trustee is
authorized to execute and deliver documents related to the Trust and documents so executed and delivered shall be valid obligations of
the Trust.

 

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(d)      The Delaware Trustee
is appointed to serve as the trustee of the Trust in the State of Delaware for the sole purpose of satisfying the requirement of Section 3807(a)
of the Statutory Trust Act that the Trust have at least one trustee with a principal place of business in the State of Delaware. It is
understood and agreed by the parties hereto that the Delaware Trustee shall have none of the duties or liabilities of the Trustee.

 

(e)       The duties of the Delaware Trustee
shall be limited to (i) accepting legal process served on the Trust in the State of Delaware and (ii) the execution and filing of any
certificates required to be filed with the Delaware Secretary of State that the Delaware Trustee is required to execute under Section 3811
of the Statutory Trust Act. To the extent that, at law or in equity, the Delaware Trustee has duties (including fiduciary duties) and
liabilities relating thereto to the Trust or any Holder or Beneficial Owner of Certificates, it is hereby understood and agreed by the
other parties hereto that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee expressly set
forth in the Trust Agreement. The Delaware Trustee shall have no liability for the acts or omissions of the Trustee.

 

Section 7.2.     Limited Liability.

 

(a)       Although
called a Trustee or Delaware Trustee, as applicable, the Trustee and the Delaware Trustee shall each be responsible for performing such
duties and only such duties as are specifically set forth in the Trust Agreement and no implied covenants, duties or obligations (whether
of a fiduciary nature or otherwise) shall be read into the Trust Agreement or implied in law against the Trustee or the Delaware Trustee.
The foregoing is also intended to restrict the duties of the Trustee and the Delaware Trustee, as applicable, at law or in equity (including
fiduciary duties) and liabilities relating thereto. The Trustee and the Delaware Trustee may each exercise any power or perform any obligations
required on its part hereunder either directly or through one or more agents chosen with due care.

 

(b)      The Trustee and
the Delaware Trustee shall incur no liability to any Holder or Beneficial Owner of any Certificates if, by reason of any provision of
any present or future law or regulation thereunder of any governmental authority or by reason of any natural disaster or war or other
similar circumstance beyond its control, the Trustee or the Delaware Trustee, as applicable, is prevented from doing or performing any
act or thing that the terms of the Trust Agreement provide should be done or performed.

 

(c)      The Trustee and
the Delaware Trustee shall not be charged with knowledge of any event or condition unless an officer assigned to the department administering
the Trust Agreement has actual knowledge thereof.

 

(d)       The
Trustee and the Delaware Trustee shall assume no obligation and shall not be subject to any liability to Holders or Beneficial Owner
of Certificates in the performance of its respective duties hereunder, other than by reason of its own willful misconduct, bad faith
or gross negligence. Neither the Trustee nor the Delaware Trustee is under any obligation to take any action that may tend to
involve it in any expense or liability, the recovery or payment of which within a reasonable time is not, in its reasonable opinion,
assured to it. The Trustee and the Delaware Trustee may each own and deal in the Bonds, in obligations of the same issue and
maturity as the Bonds and in the Certificates, as though they were not the Trustee or the Delaware Trustee under the Trust
Agreement.

 

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(e)       The Trustee and
the Delaware Trustee shall be entitled to rely on and shall be under no obligation to verify:

 

(i)       any
determination of any statistical amount, price, rate, leverage fraction, make whole interest or make whole interest rate, valuation, mathematical
value or market price or value furnished to the Trustee by the Calculation Agent, including, without limitation, the accrued and undistributed
interest on the Class A Certificates;

 

(ii)      any rate
(including the LIBOR Rate, the Alternate Rate or any other benchmark index rate), price, yield or other numerical amount set forth in
any Series Trust Agreement;

 

(iii)     information
in any Purchaser Letter delivered pursuant to Section 5.12(b);

 

(iv)    the
contents of any notice, instruction or other information furnished to it by the Trustor, the Calculation Agent or the Beneficial Owner
of the Class B Certificates, in connection with the purchase or sale of any Bonds hereunder; and

 

(v)     the
validity and accuracy of any requests or instructions, including notices delivered by Beneficial Owners, conforming to the requirements
of the Trust Agreement.

 

(f)        Neither the Trustee
nor the Delaware Trustee shall have any obligation or be subject to any liability to any Beneficial Owner for the performance of any duties
imposed on DTC or any DTC Participant (direct or indirect) under the terms of the Trust Agreement or any Certificates.

 

(g)      Notwithstanding
anything herein to the contrary, neither the Trustee nor the Delaware Trustee shall be responsible for, or be subject to any liability
to any Holder or Beneficial Owner for, any loss, cost or expense incurred in connection with the deposit or sale of Bonds hereunder, including
but not limited to the deposit of Bonds pursuant to Section 2.3, other than by reason of its own willful misconduct, bad faith or
gross negligence.

 

(h)       The Securities
Depository with which the Bonds are maintained as book-entry credits shall not be deemed an agent of the Trustee.

 

(i)       Except for the
authority and authenticity of any signatures of signatories of the Trustee appearing on the Certificates, the Trustee makes no representations
as to the validity or sufficiency of the Certificates or as to the validity, sufficiency, worth or tax exempt status of the Bonds relating
thereto.

 

    -39-

     

    

 

(j)       Subject to Section 7.2(g),
the Trustee shall not be responsible for, or be subject to any liability to any Holder for, any loss, cost or expense incurred in connection
with the deposit or sale of Bonds hereunder.

 

(k)       The Trustee may
employ agents or attorneys to transact or concur in transacting any business and to do or concur in doing any acts required to be done
by the Trustee and shall not be responsible for the misconduct or negligence of any such agent or attorney appointed with due care.

 

(l)        In no event shall
the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit) irrespective of whether such Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action.

 

(m)      The
Trustee shall not be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the LIBOR Rate (or, upon
conversion to an alternative to the LIBOR Rate, the Alternate Rate) or whether or when there has occurred, or to give notice to any other
transaction party of the occurrence of, any such other unavailability or cessation or similar transition; (ii) to select, determine or
designate any Alternate Rate or other successor or replacement benchmark index, or whether any conditions to the designation of such a
rate have been satisfied; (iii) to select, determine or designate any Alternate Rate Margin Adjustment, or other modifier to any replacement
or successor index; or (iv) to determine whether or what conforming changes are necessary or advisable to the Standard Terms or other
Trust-related documentation, if any, in connection with any of the foregoing.

 

(n)       The
Trustee shall not be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Agreement as
a result of the unavailability or cessation of the LIBOR Rate and absence of a designated Alternate Rate, including as a result of any
inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Calculation Agent,
in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably
required for the performance of such duties.

 

(o)       The
Trustee shall not be responsible or liable for the actions or omissions of the Calculation Agent, or any failure or delay in the performance
of its duties or obligations, nor shall they be under obligation to oversee or monitor its performance; and the Trustee shall be entitled
to rely conclusively upon, any determination made, and any instruction, notice, officer certificate, or other instrument or information
provided, by the Calculation Agent, without independent verification, investigation or inquiry of any kind by the Trustee.”

 

(p)       The
Trustee shall not be under any duty to succeed to, assume or otherwise perform any of the duties of the Calculation Agent, or to appoint
a successor or replacement in the event of its resignation or removal, or to remove and replace the Calculation Agent in the event of
a default, breach or failure of performance on the part of the Calculation Agent with respect to its duties and obligations under the
terms of the governing documents.

 

(q)       The
Trustee shall not have any liability for any interest rate published by any publication that is the source for determining the Class A
Rate, including but not limited to the Reuters Screen (or any successor source), or for any rates compiled by the ICE Benchmark Administration
Limited, a United Kingdom company, or a comparable or successor quoting service, or for any rates published on any publicly available
source, including without limitation the Federal Reserve Bank of New York’s Website, or in any of the foregoing cases for any delay,
error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto.

 

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Section 7.3.      Fidelity Bond.
The Trustee is required at all times to maintain a fidelity bond or other insurance (which may be self-insurance) in reasonable form
and amount to protect against loss due to dishonest or fraudulent action by its employees in connection with its obligations under the
Trust Agreement.

 

Section 7.4.      Indemnification of
Trustee and Delaware Trustee.

 

(a)      The
Beneficial Owner of the Class B Certificates agrees to indemnify the Trustee and the Delaware Trustee, including any directors, officers,
employees or agents thereof (the “Indemnitees”), against, and hold the Indemnitees harmless from, any liability or
expense (including reasonable counsel fees and expenses) relating to, or in any way connected with acting as Trustee or Delaware Trustee,
except for any liability or expense arising out of acts of gross negligence, bad faith or willful misconduct on the part of the Trustee,
the Delaware Trustee or any other Indemnitee to the extent that such Indemnitee is seeking indemnification hereunder. Without limiting
the generality of the foregoing, the Indemnitees shall have no duty or responsibility for and shall not be deemed to have been negligent
with respect to, and the Beneficial Owner of the Class B Certificates shall indemnify and hold harmless the Indemnitees against,
any liability arising out of any claim that (i) any disclosure with respect to the Bonds or the Certificates required by applicable federal
and state laws was not made or (ii) registration of the Certificates or any investment company relating to the Certificates and the Trust
Agreement is required by applicable federal or state securities laws and the Trust failed to effect such registration.

 

(b)       If
the indemnification provided for in Section 7.4(a) is invalid or unenforceable in accordance with its terms, then the
Beneficial Owner of the Class B Certificates shall contribute to the amount paid or payable by the Indemnitees as a result of
such liability in such proportion as is appropriate to reflect the relative benefits received by the Beneficial Owner of the
Class B Certificates on one hand and the Indemnitees, on the other, from the issuance and sale of such Certificates. For this
purpose, the benefits received by the Beneficial Owner of the Class B Certificates shall be the aggregate amount received upon
the sale of the Certificates, less the costs and expenses of such sale, including the cost of acquisition of the Bonds or parts
thereof evidenced thereby, and the benefits received by the Indemnitees shall be the aggregate amount of fees received by each, less
costs and expenses incurred by each in relation to the Certificates. If, however, the allocation provided by the two immediately
preceding sentences is not permitted by applicable law, then the Beneficial Owner of the Class B Certificates shall contribute
to such amount paid or payable by the Indemnitees, in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the Beneficial Owner of the Class B Certificates on the one hand and the Indemnitees on the
other in connection with the actions or omissions which resulted in such liability, as well as any other relevant equitable
considerations.

 

    -41-

     

    

 

(c)       In case any claim
shall be made or action brought against the Indemnitees for any reason for which indemnity may be sought against the Beneficial Owner
of the Class B Certificates as provided above, the Indemnitees may promptly notify such Beneficial Owner in writing setting forth
the particulars of such claim or action and the such Beneficial Owner may assume the defense thereof. If the Beneficial Owner of the Class B
Certificates assumes the defense, the Indemnitees shall have the right to retain separate counsel in any such action but shall bear the
fees and expenses of such counsel unless (i) the Beneficial Owner of the Class B Certificates shall have specifically authorized
the retaining of such counsel or (ii) the parties to such suit including the Indemnitees and the Beneficial Owner of the Class B
Certificates have been advised in writing by such counsel that one or more legal defenses may be available to it which may not be available
to the Beneficial Owner of the Class B Certificates in which case such Beneficial Owner shall not be entitled to assume the defense
of such suit notwithstanding its obligation to bear the reasonable fees and expenses of such counsel.

 

(d)      The term “liability,” as used in this Section 7.4, shall include any losses, claims, damages, expenses (including
without limitation the Indemnitee’s reasonable costs and expenses in defending itself against any losses, claims or
investigations of any nature whatsoever, but excluding lost profits or other consequential damages) or other liabilities, joint or
several, arising for any reason under the Trust Agreement (including without limitation violation of applicable laws or trademarks
or service marks).

 

(e)      The obligations
of the Beneficial Owner of the Class B Certificates under this Section 7.4 shall be in addition to any liability that such Beneficial
Owner may otherwise have and shall extend, upon the same terms and conditions, to each officer and director of the Indemnitees and to
each Person, if any, who controls any Indemnitee within the meaning of the Securities Exchange Act.

 

(f)        Upon any removal
or resignation of any Indemnitee, such Indemnitee’s right to indemnification and the obligations of the Beneficial Owner of the
Class B Certificates to indemnify such Indemnitee hereunder shall survive such removal or resignation.

 

(g)      The sole recourse
of any Indemnitee under this Section 7.4 shall be to the Beneficial Owner of the Class B Certificates and the assets of the
Beneficial Owner of the Class B Certificates. In no event shall any Indemnitee have any claim under this Section 7.4 for payment
against the Trust or any assets of the Trust.

 

Section 7.5.      Resignation, Removal
and Replacement of Trustee or Delaware Trustee.

 

(a)       Each
of the Trustee and the Delaware Trustee may at any time resign as Trustee or Delaware Trustee, as applicable, by giving written notice
of its election to do so to the other Notice Parties.

 

(b)       Each of the Trustee
and the Delaware Trustee may at any time be removed as Trustee or Delaware Trustee, as applicable, by the Trustor, at the direction and
on behalf of the Beneficial Owner of the Class B Certificates, upon delivery of a notice to the Trustee or Delaware Trustee, as applicable,
with a copy to the other Notice Parties, such removal to become effective no sooner than thirty (30) days after the delivery of any
such notice.

 

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(c)       If at any time
(i) the Trustee or the Delaware Trustee gives notice that it elects to resign as Trustee or Delaware Trustee, as applicable, or (ii) the
Trustee or Delaware Trustee is removed as Trustee or Delaware Trustee, as applicable, by the Trustor, at the direction and on behalf of
the Beneficial Owner of the Class B Certificates, upon delivery of a notice to such effect, the Trustor shall, within thirty (30)
days after the delivery of any such notice of resignation or removal, as applicable, appoint a successor Trustee or Delaware Trustee,
as applicable, at the direction and on behalf of the Beneficial Owner of the Class B Certificates, which (with respect to the Trustee
only) shall be a commercial bank with trust powers or a trust company having its principal office in the United States of America and
having a combined capital and surplus of at least $50,000,000 or whose obligations hereunder are guaranteed by a Person whose capital
and surplus or net worth is at least that amount. Furthermore, the Trustee shall be a commercial bank with trust powers or a trust company
that, in either case, qualifies as an Independent Trustee. If no successor Trustee or Delaware Trustee, as applicable, has been so appointed
within such thirty (30) day period, the resigning or removed Trustee or Delaware Trustee, may petition any court of competent jurisdiction
for the appointment of a successor thereto.

 

(d)       If at any time
the Trustee or the Delaware Trustee becomes incapable of acting or is adjudged bankrupt or insolvent, or a receiver of the Trustee or
the Delaware Trustee or of such Person’s property is appointed, or any public officer takes charge or control of the Trustee or
the Delaware Trustee or of such Person’s property or affairs for the purpose of rehabilitation, conservation or liquidation, then
the Trustor, at the direction and on behalf of the Beneficial Owner of the Class B Certificates, may petition any court of competent
jurisdiction for the removal of the Trustee or Delaware Trustee, as applicable, and the appointment of a successor thereto.

 

(e)       Notwithstanding
any of the foregoing, no resignation or removal of the Trustee or Delaware Trustee in accordance with the provisions hereof shall become
effective until (i) a successor thereto shall have accepted its appointment hereunder and agreed to be subject to and comply with the
terms and conditions of the Trust Agreement and (ii) with respect to the Trustee only, the outgoing Trustee have transferred the Bonds,
in accordance with their terms, to its successor prior to any such resignation or removal.

 

(f)        Any corporation
into which the Trustee or Delaware Trustee may be merged or converted or with which it may be consolidated or any corporation succeeding
to all or substantially all the business of the department or group that administers this Trust shall be the successor of the Trustee
hereunder; provided that such corporation shall be otherwise eligible under Section 7.5(c), without the execution or filing
of any paper or any further act on the part of any of the parties hereto.

 

Section 7.6.       Default
on Bonds. With respect to any default on the Bonds of any Series, neither the Trustee nor the Delaware Trustee is authorized to,
and neither will, proceed against the Issuer thereof or any other obligor on such Bonds or assert the rights and privileges of
Holders or Beneficial Owners and neither the Trustee nor the Delaware Trustee has any duty to do so.

 

Section 7.7.      Notices. Upon
receipt of any notice with respect to the Bonds of any Series from the Issuer’s trustee or other applicable fiduciary, the Trustee
shall promptly forward a copy of such notice to the other Notice Parties in accordance with Section 9.2.

 

    -43-

     

    

 

Article 8

Redemption

Section 8.1.      General.

 

(a)       With
respect to each Series, the proceeds of a redemption in whole or in part of the Bonds shall be applied, subject to adjustment due to all
applicable Authorized Denominations and rounding conventions, pari passu, to the redemption of the Class A Certificates and the
Class B Certificates, on a pro rata basis (based on the Stated Amount of each such Beneficial Owner's Class A Certificates
or Class B Certificates, as applicable, compared to the aggregate Stated Amount of all Certificates, in each case, pursuant to the priority
of payments set forth in Section 8.1(b).

 

(b)      With respect to
each Series, the Trustee shall distribute any redemption proceeds received in respect of the Bonds of such Series on any Bond Redemption
Date in the following order of priority, each priority being fully paid before proceeds are used to pay any lower priority and no payment
being made on any priority if the proceeds have been exhausted in the payment of higher priorities:

 

(i)       first,
to the Trustee and Delaware Trustee, pari passu, an amount equal to the accrued and unpaid Trustee Fee and Delaware Trustee Fee,
respectively, calculated to (but excluding) the Bond Redemption Date;

 

(ii)      second,
to the Beneficial Owner of the Class A Certificates, an amount equal to the accrued and unpaid interest on the Class A Certificates
being redeemed at the Class A Rate to (but excluding) the Bond Redemption Date;

 

(iii)     third,
subject to adjustment due to all applicable Authorized Denominations and rounding conventions, pari passu, to the Beneficial
Owner of the Class A Certificates and the Beneficial Owner of the Class B Certificates, an amount equal to the Stated Amount of each
such Beneficial Owner's Class A Certificates or Class B Certificates, as applicable, being redeemed on such Bond Redemption Date; and

 

(v)      fourth,
to the Beneficial Owner of the Class B Certificates, any balance remaining.

 

Section 8.2.      Other Redemption Provisions.

 

(a)       The
Trustee shall notify the other Notice Parties within one Business Day after it receives any Bond Redemption Notice.

 

(b)       With respect to
each Series, if only a portion of the Certificates of such Series are subject to redemption, each Beneficial Owner of Certificates or
such Beneficial Owner’s attorney or legal representative shall present and surrender its Class A Certificates or Class B
Certificates, as applicable, to the Trustee for payment of the Stated Amount thereof so called for redemption plus the redemption premium,
if any, on such Stated Amount, and the Trustee shall execute and deliver to or upon the order of such Beneficial Owner or such Beneficial
Owner’s legal representative, without charge therefor, for the unredeemed portion of the Stated Amount of its Certificates so surrendered,
one or more Certificates of the same Class and Series, and entitling the Beneficial Owner thereof to receive interest, principal and premium
payments on the Bonds in the same manner.

 

    -44-

     

    

 

(c)       With respect to
each Series, any Certificates so redeemed, presented and surrendered shall be cancelled upon the surrender thereof.

 

(d)       With respect to
each Series, notwithstanding any other provision of the related Trust Agreement, if on any day any Issuer notifies the Trustee that it
has elected to revoke its election to redeem Bonds, no Certificates shall be redeemed on such date and any notice of redemption shall
be null and void. In such event, no later than the next Business Day after the date on which the Trustee receives notice of such revocation,
the Trustee shall notify the Beneficial Owners of the Certificates of such revocation.

Article 9

Miscellaneous

Section 9.1.       Governing Law.

 

(a)       The
Trust Agreement will be governed by and construed in accordance with the laws of the State of Delaware applicable to agreements made and
to be performed in said state, without reference to its conflict of laws provisions.

 

(b)       Each
of the parties hereto hereby irrevocably submits to the nonexclusive jurisdiction of any court of the State of New York or U.S. Federal
Court sitting in New York County in the State of New York for any action or proceeding arising out of or relating to the Trust
Agreement or the transactions contemplated thereby, and irrevocably waives, to the fullest extent it may effectively do so, the defense
of an inconvenient forum to the maintenance of any such action or proceeding.

 

(c)       Each
of the parties hereto hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined
in such court of the State of New York or, to the extent permitted by law, in such U.S. Federal Court sitting in
New York County in the State of New York and that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Each of the parties
hereto hereby further waives all right to trial by jury in any action, proceeding or counterclaim arising out of or relating to the
Trust Agreement or the transactions contemplated thereby.

 

(d)       Notwithstanding any provision herein to
the contrary, the Trustor, if so requested by the Beneficial Owner of the Class A Certificates, subject to the consent of the Trustee,
the Delaware Trustee and the Beneficial Owner of the Class B Certificates, such consent not to be unreasonably withheld, shall take,
or shall direct the Trustee and/or Delaware Trustee to take, such actions as are necessary to transfer the assets and liabilities of
the Trust to a newly formed Cayman trust formed for purposes substantially similar to the purposes of the Trust, in exchange for beneficial
interests therein having substantially the same terms as the Class A Certificates and the Class B Certificates, which beneficial
interests shall be distributed to the Beneficial Owner of the Class A Certificates and the Beneficial Owner of the Class B
Certificates, respectively, in exchange for the cancellation of their Certificates; provided that no such transfer may be undertaken,
if such transfer would change the manner or timing of any payments due to either Beneficial Owner of Certificates or otherwise materially
adversely affect the interest of either Beneficial Owner of Certificates.

 

    -45-

     

    

 

Section 9.2.    Notices. Any notice
or other instrument in writing that is authorized or required by the Trust Agreement to be given shall be sufficiently given, if addressed
to and received by the Trustor, the Trustee or the Delaware Trustee, as applicable, if addressed to and received by such addressee at
its office specified in the Series Trust Agreement; or, in each case, such other address as such party may specify in writing to the other
parties.

 

Section 9.3.     Binding Agreement.
The Trust Agreement shall extend to and shall be binding upon the parties hereto and their respective successors and assigns.

 

Section 9.4.    Amendments.

 

(a)       For
any of the following purposes, the parties hereto may amend the Trust Agreement at any time, such amendment to be immediately effective
without the consent of any Beneficial Owner of Certificates:

 

(i)       to
provide for a qualified Securities Depository to replace DTC or another Securities Depository; or

 

(ii)       to
modify the restrictions on resale and other transfers of the Certificates in accordance with the terms of Section 5.12(d) and (e);

 

provided that (i) the Trustee
determines, based on an officer’s certificate of the Trustor to such effect, that such amendment will not adversely affect the
interests of any Beneficial Owner of Certificates; (ii) the Trustee receives an Opinion of Counsel to the effect that such
amendment will not result in the withdrawal of, or modification of the conclusions of, any opinion previously delivered regarding
securities law treatment of the Certificates; and (iii) notice of such amendment is given at least two (2) Business Days
prior to the effective date of such amendment to all Notice Parties.

 

(b)       The
parties hereto may also amend the Trust Agreement at any time and from time to time, at the direction of the Beneficial Owner of the Class B
Certificates and with the consent of the Beneficial Owner of the Class A Certificates, for the purpose of decreasing the Leverage
Fraction with respect to the Series; provided that, on or before the effective date of such amendment:

 

(i)       the
Beneficial Owner of the Class A Certificates has agreed to sell, and the Beneficial Owner of the Class B Certificates has agreed
to purchase, a specified Stated Amount of Class A Certificates, at the applicable Class A Purchase Price;

 

    -46-

     

    

 

(ii)      the
Beneficial Owner of the Class A Certificates has caused DTC to deliver such specified Stated Amount of Class A Certificates “free”
to the Trustee by book-entry transfer into the Trustee’s accounts at DTC, against payment by the Beneficial Owner of the Class B
Certificates of the Class A Purchase Price;

 

(iii)     the
Beneficial Owner of the Class B Certificates, in its capacity as the new beneficial owner of the Stated Amount of Class A Certificates
so delivered, has directed the Trustee to (A) cancel the Stated Amount of Class A Certificates so delivered; (B) execute a Stated
Amount of additional Class B Certificates equal to the Stated Amount of the Class A Certificates being cancelled; (C) register the additional
Class B Certificates in the name of the Beneficial Owner of the Class B Certificates, as the Holder thereof; and (D)  hold such Class
B Certificates in custody on behalf of such Holder; and

 

(iv)     the
Beneficial Owner of the Class B Certificates has agreed to pay to the Trustee a sum sufficient to pay any tax or other governmental
or DTC charge that may be imposed in relation thereto.

 

(c)       The
parties hereto may also amend the Trust Agreement at any time and from time to time, at the direction of the Beneficial Owner of the Class B
Certificates and with the consent of the Beneficial Owner of the Class A Certificates, for the purpose of increasing the Leverage
Fraction with respect to the Series; provided that, on or before the effective date of such amendment:

 

(i)       the
Beneficial Owner of the Class B Certificates has agreed to sell, and the Beneficial Owner of the Class A Certificates has agreed
to purchase, a specified Stated Amount of Class B Certificates, at a purchase price equal to the Stated Amount of such Class B Certificates;

 

(ii)      the
Beneficial Owner of the Class B Certificates has directed the Trustee to (A) cancel the specified Stated Amount of Class B Certificates;
(B) execute a Stated Amount of additional Class A Certificates equal to the Stated Amount of the Class B Certificates being cancelled;
(C) register the additional Class A Certificates in the name of Cede & Co., as nominee of DTC; and (D) deliver such additional Class
A Certificates by book-entry transfer into the account of the Beneficial Owner of the Class A Certificates at DTC; and

 

(iii)     the
Beneficial Owner of the Class B Certificates has agreed to pay to the Trustee a sum sufficient to pay any tax or other governmental
or DTC charge that may be imposed in relation thereto.

 

(d)       The parties hereto
may also amend the Trust Agreement at any time and from time to time for any other purpose and in any other respect that they may deem
necessary or desirable (except with respect to matters explicitly addressed in subsections (a), (b) and (c) above) with the consent of
the Beneficial Owner of the Class A Certificates and the Beneficial Owner of the Class B Certificates; provided that
(i) the Trustee has received an Opinion of Counsel to the effect that such amendment will not result in the withdrawal of, or modification
of the conclusions of, any opinion previously delivered regarding securities law treatment of the Certificates; and (ii) the effective
date of such amendment shall be a date which is no earlier than the fifth (5th) Business Day following delivery of notice of such amendment
by the Trustee by Electronic Means to the other Notice Parties; provided, however, that, so long as the conditions specified in
clauses (i) and (ii) have been satisfied, any amendment the sole purpose of which is to cure any formal defect, omission, inconsistency
or ambiguity in the Trust Agreement shall not require the consent of any Beneficial Owners of Certificates and shall be effective immediately
upon delivery of notice of such amendment by the Trustee by Electronic Means to the other Notice Parties and to the Securities Depository
for transmission to the Beneficial Owners of Certificates.

 

    -47-

     

    

 

(e)       No amendment pursuant to this Section 9.4
shall take effect unless the Trust and the Trustee shall have received an Opinion of Counsel to the effect that any such amendment complies
with this Section 9.4. Furthermore, the Trustee shall have no liability for determinations made in good faith, upon receipt of an
officer’s certificate of the Trustor, pursuant to this Section 9.4.

 

Section 9.5.      Dissolution and Winding
Up of the Trust.

 

(a)       The
Trust shall dissolve and wind up in compliance with Section 3808(f) and (g) of the Statutory Trust Act on the date upon which all
the Bonds or the proceeds thereof are distributed to the Holders or Beneficial Owners of the Certificates pursuant to one or more provisions
of the Trust Agreement; provided that, if Section 4.3 applies, the Trust shall not dissolve until the Trustee has distributed
any cash or Eligible Investments held in the Preference Account, together with any investment earnings thereon, pursuant thereto. Upon
the completion of winding up of the Trust, including the payment or the making of reasonable provision for payment of all claims and obligations
of the Trust in accordance with Section 3808 of the Statutory Trust Act, the Trustee, at the direction and expense of the Trustor,
shall file a certificate of cancellation with the Delaware Secretary of State in accordance with Section 3810 of the Statutory Trust
Act, at which time the Trust Agreement and the Trust shall terminate. Upon dissolution, the Trust shall be empowered to merge into another
similarly dissolved Delaware statutory trust for the purpose of terminating both trusts’ existence. The Trustee shall not be responsible
for any cost or expense in connection with such dissolution.

 

(b)       The discharge of any indenture or other
document related to the Bonds will not in and of itself result in a termination of the Trust Agreement.

 

Section 9.6.     Merger. The Trustee
and the Delaware Trustee shall have the power and authority, from time to time and without the consent of any Holders or Beneficial Owner
of Certificates, but only upon the written direction of the Trustor, to merge or consolidate the Trust with or into, or to merge into
the Trust, any other Delaware statutory trust formed by the Trustor for purposes substantially similar to the purposes of the Trust; provided,
however, that (i) such merger or consolidation does not, as evidenced by a certificate of the Trustor, change the manner or timing
of any payments due to any Holder or Beneficial Owner of Certificates, or change any other provision of the Trust Agreement in a manner
that would materially adversely affect the interest of any Holders or Beneficial Owner of Certificates; and (ii) following such merger
or consolidation, the assets and liabilities of the Trust shall be unchanged as a result of the merger or consolidation.

 

    -48-

     

    

 

SCHEDULE I

(Updated as of [  [)

 

PORTFOLIO

 

	Series	Bonds	
    Deposit

    Date
	
    Scheduled

    Termination

    Date
	Class A

 Rate	
    Initial

    Class A

    Stated Amount
	Initial

 Leverage

 Fraction	Sector
	
    Taxable Term A/B Trust,

    Series AB-[01]

     
	
    $[             ]

    [Issuer]

    [Description]

    CUSIP No.: [         ]

     
	/  /	/  /	[  ]%	$[        ]	[  ]%	 
	
    Taxable Term A/B Trust,

    Series AB-[02]

     
	
    $[             ]

    [Issuer]

    [Description]

    CUSIP No.: [         ]

     
	/  /	/  /	[  ]%	$[        ]	[  ]%	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

    

     

    

 

	Series	
    Initial

    Class A

    Stated Amount
	Initial

 Leverage

 Fraction	Date of

 Decrease

 (or

 Increase)

 of

 Leverage

 Fraction

 (if any)	Change (+/-)

 in Stated 

Amount of

 Class A

 Certificates	Bond

 Redemption

 Date (if 

any)	Decrease in

 Bond

 Principal

 Amount	Resulting

 Outstanding

 Class A

 Stated

 Amount	Resulting

 Leverage

 Fraction	Remaining

 Outstanding

 Bond

 Principal

 Amount
	Series AB-[01]	$[        ]	[  ]%	/  /	$[             ]	   /  /  	$[             ]	$[             ]	[  ]%	$[             ]
	 	 	 	/  /	$[             ]	   /  /  	$[             ]	$[             ]	[  ]%	$[             ]
	 	 	 	 	 	 	 	 	[  ]%	 
	Series AB-[02]	$[        ]	[  ]%	/  /	$[             ]	   /  /  	$[             ]	$[             ]	 	$[             ]
	 	 	 	/  /	$[             ]	   /  /  	$[             ]	$[             ]	[  ]%	$[             ]
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Aggregate Outstanding Class A Stated Amount	$[             ]	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Aggregate Outstanding Bond Principal Amount	 	 	$[             ]
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Schedule I-2-

     

    

 

 

SCHEDULE II

 

PORTFOLIO REBALANCING, MAKE WHOLE TRIGGER EVENTS

AND 

MAKE WHOLE INTEREST

 

With respect to each Series,
the Class A Rate assigned to the Class A Certificates of the Series on the Deposit Date is a term rate modeled to be in effect until the
specified Scheduled Termination Date. Upon the occurrence of certain events prior to the Scheduled Termination Date (each, as set forth
in the table below, a “Make Whole Trigger Event”), Make Whole Interest (as defined below) may be payable to the Beneficial
Owner of the Class A Certificates.

 

In addition, the parties have
agreed to certain procedures to facilitate Portfolio rebalancing and the formation of Successor Trusts from time to time to reduce the
likelihood of the occurrence of a Make Whole Trigger Event as well as to optimize the posting of collateral by the Beneficial Owner
of the Class B Certificates (the “Portfolio Rebalancing Procedures”).

 

Capitalized terms used but
not defined herein shall have the respective meanings ascribed to such terms in Section 1.1 of the Standard Terms. (See also “Definitions”
below.)

 

	Make Whole Trigger Event
	
    Class B Optional Trust Termination

    (Trust Termination Event pursuant
    to Section 4.1(a)(iii) of the Standard Terms, other than upon an election to terminate the Trust pursuant to Section 5.1(e).)

     

	
    Bond Minimum Market Value
    Breach

    (Trust Termination Event pursuant
    to Section 4.1(a)(iv) of the Standard Terms)

     

	
    DBNY Right to Terminate ISDA

    (Trust Termination Event pursuant
    to Section 4.1(a)(v)(A) of the Standard Terms)

     

	
    PHCLLC ISDA Failure to Pay

    (Trust Termination Event
pursuant to Section 4.1(a)(v)(B) of the Standard Terms) 

 

Definitions

 

“Make Whole Interest”
shall mean, with respect to each Series, if applicable, the amount of interest payable to the Beneficial Owner of the Class A Certificates,
following the occurrence of a Make Whole Trigger Event with respect to such Series, which shall be an amount, calculated by the Calculation
Agent, equal to the amount of interest that would otherwise have accrued, at the Make Whole Interest Rate, on the Class A Certificates
being redeemed on account of such Make Whole Trigger Event, for the period from (and including) the date on which such Make Whole Trigger
Event occurred to (but excluding) the Scheduled Termination Date; provided that the payment of Make Whole Interest shall be waived,
if:

 

(x)       the
Beneficial Owner of the Class B Certificates forms one or more Successor Trusts on the Trust Termination Date of the predecessor
Trust being terminated and the aggregate Stated Amount of Class A Certificates issued by such Successor Trust(s) is at least equal
to the Stated Amount of Class A Certificates that had been issued by the
affected Trust being terminated; or

 

     

     

    

 

(y)       following
application of the Portfolio Rebalancing Procedures, the Beneficial Owner of the Class B Certificates has been unable to form such Successor
Trust(s) prior to the Trust Termination Date.

 

“Make Whole Interest
Rate” shall mean, with respect to the Class A Certificates of any Series being redeemed as a result of a Make Whole Trigger
Event:

 

(i)       upon
the occurrence of a PHCLLC ISDA Failure to Pay, a rate per annum equal the greater of (x) the Class A Rate or (y) the rate
specified as the Make Whole Interest Rate in Schedule A to the related Series Trust Agreement; and

 

(ii)       upon
the occurrence of any Make Whole Trigger Event other than a PHCLLC ISDA Failure to Pay, a rate per annum equal to the rate specified
as the Make Whole Interest Rate in Schedule A to the related Series Trust Agreement.

 

Portfolio Rebalancing Procedures
shall mean:

 

(i)       Rebalancing
the Leverage Fraction of two or more outstanding Trusts.

 

(A)       The
Beneficial Owner of the Class B Certificates, subject to the consent of the Beneficial Owner of the Class A Certificates, such consent
not to be unreasonably withheld, may direct the parties thereto to amend the Trust Agreement with respect to one or more affected Series,
pursuant to Section 9.4(b), for the purpose of decreasing the Leverage Fraction with respect to the related Trust or Trusts, and,
in connection therewith, may purchase a specified Stated Amount of Class A Certificates of a particular affected Series from the Beneficial
Owner of the Class A Certificates, at the applicable Class A Purchase Price, and exchange them for Class B Certificates of such affected
Series; and

 

(B)       simultaneously
therewith, the Beneficial Owner of the Class B Certificates, subject to the consent of the Beneficial Owner of the Class A Certificates,
such consent not to be unreasonably withheld, may direct the parties thereto to amend the Trust Agreement with respect to one or more
other Series, pursuant to Section 9.4(c), for the purpose of increasing the Leverage Fraction with respect to such other Trust(s),
pursuant to which amendment such other Trust(s) shall issue additional Class A Certificates (in exchange for Class B Certificates of the
affected Series delivered by the Beneficial Owner of the Class B Certificates), which additional Class A Certificates shall be purchased
by the Beneficial Owner of the Class A Certificates, in an aggregate Stated Amount at least equal to the specified Stated Amount
of Class A Certificates of the affected Series purchased by the Beneficial Owner of the Class B Certificates (and exchanged for Class
B Certificates), pursuant to an amendment described in clause (A) above; provided that, with respect to each Series of additional
Class A Certificates issued pursuant to an amendment described in this clause (B), the Class A Rate and Scheduled Termination Date of
such additional Class A Certificates shall be the “carryover” Class A Rate and Scheduled Termination Date of the affected
Class A Certificates being replaced.

 

    Schedule II-2 -

     

    

 

(ii)       Formation
of Successor Trust(s). The Beneficial Owner of the Class B Certificates may at any time request the consent of the Beneficial Owner
of the Class A Certificates to the formation of one or more Successor Trusts that would issue an aggregate Stated Amount of Class A
Certificates at least equal to the Outstanding Stated Amount of Class A
Certificates issued by an existing Trust. In connection with any such request, the parties shall complete the following steps within thirty
(30) days following the date of such request:

 

(A)       first,
the Beneficial Owner of the Class A Certificates shall review the schedule of Pre-Reviewed Bonds to determine whether any such Pre-Reviewed
Bonds are acceptable for inclusion in a Successor Trust utilizing a Leverage Fraction equivalent to the Leverage Fraction of such
existing Trust and advise the Beneficial Owner of the Class B Certificates of the result of such review;

 

(B)       second,
if, after completing the review described in subparagraph (A) above, the Beneficial Owner of the Class A Certificates deems none of
the Pre-Reviewed Bonds so reviewed acceptable for inclusion in one or more Successor Trusts, the Beneficial Owner of the Class A Certificates
shall (1) identify one or more Pre-Reviewed Bonds that it would deem acceptable for inclusion in a Successor Trust utilizing a
Leverage Fraction lower than the Leverage Fraction of the existing Trust and/or
(2) propose reconstituting the affected Trust utilizing a lower Leverage Fraction; and

 

(C)       third,
if the Beneficial Owner of the Class A Certificates has proposed a lower Leverage Fraction pursuant to and in accordance with subparagraph
(B) above, but the Beneficial Owner of the Class B Certificates deems the applicable Leverage Fraction unacceptable, the Beneficial Owner
of the Class B Certificates shall provide the Beneficial Owner of the Class A Certificates with a schedule of bonds held by the Beneficial
Owner of the Class B Certificates in its investment portfolio (outside of the Portfolio) that do not have TMT Restrictions (regardless
of whether or not such bonds are being financed through other transaction structures that may entail other restrictions on transferability,
such as a lock out period or a prepayment penalty).

 

If, after completing
the review described in subparagraph (C) above, the Beneficial Owner of the Class A Certificates deems none of the bonds so reviewed acceptable
for inclusion in one or more Successor Trusts, then, in the event of a subsequent Class B Optional Trust Termination of the existing Trust,
no Make Whole Interest shall be payable; provided that, if any such bonds would be acceptable to the Beneficial Owner of the Class A
Certificates, but the Beneficial Owner of the Class B Certificates is not able to make such bonds available for a Successor Trust, because
of any applicable restrictions on transferability or any other reason whatsoever, then the payment of Make Whole Interest shall not
be waived.

 

    Schedule II-3 -

     

    

 

(iii)       Deleveraging
in Lieu of a Class B Optional Trust Termination.

 

If the Beneficial Owner
of the Class A Certificates and the Beneficial Owner of the Class B Certificates have been unable to agree to the formation of
one or more Successor Trusts issuing a Stated Amount of Class A Certificates equal to the Stated Amount of Class A Certificates of
an affected Trust after taking the steps set forth in paragraph (ii) above, then, in lieu of a Class B Optional Trust
Termination of the affected Trust, the Beneficial Owner of the Class B Certificates may direct the parties thereto to amend the
Trust Agreement with respect to the affected Trust, pursuant to Section 9.4(b), for the purpose of decreasing the Leverage
Fraction of such Trust (the Beneficial Owner of the Class A Certificates hereby agreeing not to withhold its consent to such
amendment), pursuant to which amendment the Beneficial Owner of the Class A Certificates shall sell, and the Beneficial Owner
of the Class B Certificates shall purchase, a specified Stated Amount of Class A Certificates, at the applicable Class A
Purchase Price, with a Stated Amount up to the dollar value of the collateral posted by the Beneficial Owner of the Class B
Certificates pursuant to the related Termination Agreement, determined as of the date of purchase, which Class A Certificates
so purchased by the Beneficial Owner of the Class B Certificates shall be cancelled and exchanged for additional Class B
Certificates of the affected Series; provided that the Beneficial
Owner of the Class B Certificates may not direct any such amendment with respect to any particular affected Series more frequently
than once per calendar month; provided, however, that the Beneficial Owner of the Class B Certificates may direct an
amendment of more than one Trust Agreement, if such direction is given simultaneously;

 

provided further that,
if the Beneficial Owner of the Class B Certificates, pursuant to one or more Termination Agreements, has posted cash collateral with an
aggregate dollar value of at least $20 million, determined on a Portfolio basis on any date of determination, because the Bond Market
Price with respect to one or more affected Series has fallen below the Bond Minimum Market Price with respect to such Series, then the
Beneficial Owner of the Class B Certificates shall have the right, at any time, to direct an amendment pursuant to Section 9.4(b), for
the purpose of decreasing the Leverage Fraction with respect to one or more affected Series (the Beneficial Owner of the Class A
Certificates hereby agreeing not to withhold its consent to such amendment).

 

(iv)       Subsequent
Releveraging.

 

If, with respect to one or
more Series that were the subject of a deleveraging pursuant to paragraph (iii) above, the Bond Market Value of such Series subsequently
increases by $1 million or more, in the aggregate, then the Beneficial Owner of the Class B Certificates may, subject to the consent
of the Beneficial Owner of the Class A Certificates, such consent not to be unreasonably withheld, direct the parties thereto to
amend the Trust Agreement with respect to the affected Series, for the purpose of increasing the Leverage Fraction with respect
to such Series, pursuant to which amendment the Beneficial Owner of the Class B Certificates shall deliver to the Trustee a specified
Stated Amount of Class B Certificates of the affected Series, to be cancelled and exchanged for additional Class A Certificates
of the affected Series, which additional Class A Certificates shall be purchased by the Beneficial Owner of the Class A Certificates;

 

provided that, if the
Beneficial Owner of the Class A Certificates withholds its consent to such amendment, the Beneficial Owner of the Class B Certificates
shall have the right, exercisable on the date that is thirty (30) days after the date of its request for the consent of the Beneficial
Owner of the Class A Certificates to such amendment, to: (x) unwind any affected Trust and form one or more Successor Trust(s), pursuant
to and in accordance with paragraph (ii) above; or (y) further decrease the Leverage Fraction of any affected Trust (including
down to zero) while simultaneously increasing the Leverage Fraction of one or more other Trusts, pursuant to and in accordance with paragraph
(i) above.

 

    Schedule II-4 -

     

    

 

(v)       Deleveraging
at the Option of the Beneficial Owner of the Class A Certificates.

 

In the event that the Beneficial
Owner of the Class B Certificates becomes obligated to pay Make Whole Interest in respect of one or more Class B Optional Trust Terminations
that result in a reduction in the Aggregate Outstanding Class A Stated Amount by more than one percent (1%) on any date of determination,,
then the Beneficial Owner of the Class A Certificates may elect to reduce the Aggregate Outstanding Class A Stated Amount by up to a further
ten percent (10%) if the following conditions are met:

 

(A)       The
Aggregate Outstanding Class A Stated Amount following such Class B Optional Trust Terminations is greater than $200,000,000; and

 

(B)        The
Portfolio does not meet any of the following diversity criteria:

 

(1)       the
largest obligor on the Bonds comprises less than twenty percent (20%) of the Portfolio;

 

(2)       the
five (5) largest obligors on the Bonds comprise in the aggregate less than sixty percent (60%) of the Portfolio;

 

(3)       the
obligors in any one sector (as set forth on Schedule I) comprise in the aggregate less than forty percent (40%) of the Portfolio; or

 

(4)       the
obligors located in any one State comprise less than twenty-five percent (25%) of the Portfolio.

 

If the conditions set forth
above are met, then the Beneficial Owner of the Class A Certificates may direct an amendment pursuant to Section 9.4(b), for the purpose
of decreasing pro rata the Leverage Fraction of all outstanding Trusts by up to ten percent (10%) (the Beneficial Owner
of the Class B Certificates hereby agreeing not to withhold its consent to such amendment).

 

“Pre-Reviewed
Bonds” shall mean, on any date of determination, the Bonds that the Beneficial Owner of the Class B Certificates and the Calculation
Agent have agreed are eligible for transfer to a Trust or Successor Trust. The Pre-Reviewed Bonds are identified as such on Schedule
III attached hereto, as such schedule may be updated from time to time by the Calculation Agent to add Pre-Reviewed Bonds by mutual
agreement of the parties and/or delete Bonds, if the Calculation Agent determines, in its sole but reasonable judgement, that the
affected Bonds are no longer eligible Pre-Reviewed Bonds.

 

The
Beneficial Owner of the Class B Certificates acknowledges and agrees that the Calculation Agent shall have the right, at any time, to
determine that any Bonds included on Schedule III are no longer eligible Pre-Reviewed Bonds if, in its sole but reasonable judgment,
the Calculation Agent has determined that such Bonds have experienced or are likely to experience a material deterioration in credit quality
or adverse material adverse event. Under such circumstances, the Calculation Agent shall update Schedule III to delete the
affected Bonds; provided that, notwithstanding any delay in updating Schedule III, such affected Bonds shall no longer be
eligible Pre-Reviewed Bonds, effective immediately upon such determination.

 

Furthermore, with respect
to the Pre-Reviewed Bonds, the Beneficial Owner of the Class B Certificates agrees that it shall:

 

(i)       notify
the Trustee, the Calculation Agent and the Beneficial Owner the Class A Certificates of (A) any violation of any operating
performance or financial position covenant or any other covenant in the governing instruments of such Pre-Reviewed Bonds or any
event that is likely, in the reasonable judgment of the Beneficial Owner of the Class B Certificates, to result in such a
violation with the passage of time or the giving of notice, promptly, but in no event later than 10:00 a.m. on the first (1st)
Business Day following the Business Day on which such Beneficial Owner obtains actual knowledge thereof; and (B) the steps, if any,
being taken to “cure” such violation; and

 

    Schedule II-5 -

     

    

 

(ii)       certify,
upon demand of the Calculation Agent, but no less frequently than quarterly, that there has been no violation of any such operating performance
or financial position covenant that has not been (i) cured to the satisfaction of the Beneficial Owner of the Class A Certificates or
(ii) waived in writing by the Beneficial Owner of the Class A Certificates.

 

“Successor Trust”
shall mean any new Trust formed:

 

(i)       following
the occurrence of a Make Whole Trigger Event, as described in clause (x) in the definition of “Make Whole Interest”
above, which, together with any other Trust(s) formed simultaneously therewith, issues Class A Certificates in an aggregate Stated Amount
at least equal to the Stated Amount of Class A Certificates affected by such Make Whole Trigger Event; provided that any Successor
Trust being formed following the occurrence of a Make Whole Trigger Event shall be formed on the applicable Trust Termination Date of
the predecessor Trust being terminated; or

 

(ii)       pursuant
to and in accordance with the Portfolio Rebalancing Procedures;

 

provided that,
in either case:

 

(x)       the
Class A Rate with respect to the Class A Certificates issued by any Successor Trust on the related Deposit Date shall be the “carryover”
Class A Rate of the affected Class A Certificates being replaced; and

 

(z)       the
Scheduled Termination Date with respect to the Class A Certificates issued by any Successor Trust on the related Deposit Date shall be
the “carryover” Scheduled Termination Date of the affected Class A Certificates being replaced.

 

“TMT Restrictions”
shall mean, with respect to bonds held by the Beneficial Owner of the Class B Certificates in its investment portfolio (outside of the
Portfolio) that are being financed through a secured, non-recourse transaction structure with a remaining term of at least ten (10) years,
the restrictions on transferability inherent in such transaction structure.

 

    Schedule II-6 -

     

    

 

SCHEDULE III

(Updated as of [  ])

 

PRE-REVIEWED BONDS

 

	Bonds	Maximum Principal Amount Eligible
	
    [Issuer]

    [Description]

    CUSIP No.: [         ]

     
	$[             ]
	
    [Issuer]

    [Description]

    CUSIP No.: [         ]

     
	$[             ]
	
    [Issuer]

    [Description]

    CUSIP No.: [         ]

     
	$[             ]
	
    [Issuer]

    [Description]

    CUSIP No.: [         ]

     
	$[             ]
	
    [Issuer]

    [Description]

    CUSIP No.: [         ]

     
	$[             ]
	
    [Issuer]

    [Description]

    CUSIP No.: [         ] 
	$[             ]

 

     

     

    

 

Exhibit A

 

Form of Class A Certificate

 

The
securities represented by this Certificate have not been registered under the United States Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws nor has any entity been registered as an investment company under the United States Investment
Company Act of 1940, as amended (the “Investment Company Act”), in connection with the issuance and delivery thereof.

 

The
Holder of the Class A Certificates, by its acceptance thereof, acknowledges and agrees that neither the Class A Certificates
nor any beneficial interest therein may be transferred or resold, except as permitted under the Securities Act and the Investment Company
Act, in each case, pursuant to registration or an exemption therefrom.

 

Without
limiting the generality of the foregoing, Class A Certificates or any beneficial interest therein may only be issued and sold, transferred
or resold to persons that are (1) “qualified institutional buyers” within the meaning of Rule 144A under the Securities
Act or “accredited investors” as defined in Rule 501 under the Securities Act and (2) “qualified purchasers”
as defined in Section 2(a)(51)(a) of the Investment Company Act, in each case, purchasing the Certificates for their own account.
The securities represented by this Certificate are subject to certain other restrictions on transfer set forth in the Trust Agreement
(defined below), including particularly Section 5.12 of the Standard Terms (defined below).

 

Unless
this Certificate is presented by an authorized representative of The Depository Trust Company, New York, New York, United States
(“DTC”), to the Trustee or its agent for registration of transfer or exchange or for payment, and any Certificate issued
is registered in the name of CEDE & Co. or in such other name as is requested by an authorized representative of DTC (and any payment
is made to CEDE & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, inasmuch as the registered owner hereof, CEDE & Co., has an
interest herein.

 

    Exhibit A-1 

     

    

 

 

Registered
Number: AB-XX-A

 

CUSIP No.:
[________________]

 

Taxable Term A/B Trust Certificates,
Class A

(“Class A Certificates”)

 

Taxable Term A/B Trust, Series AB-XX

(payable only from the assets of the Trust)

 

Holder:                      CEDE & Co.

 

Stated
Amount:        Up to $100,000,000

 

Deposit
Date:            [________________]

 

This certificate evidences
a beneficial interest in the assets of the Taxable Term A/B Trust, Series AB-XX, a Delaware statutory trust (the “Trust”).

 

The Trust has been formed
pursuant to a Series Trust Agreement, dated [________________] (the “Series Trust Agreement”), by and among
Preston Hollow Capital, LLC, as trustor, and [________________], as trustee, and [________________], as Delaware trustee,
which Series Trust Agreement incorporates by reference therein the Standard Terms and Provisions of Trust Agreement, dated August 6, 2020,
attached thereto as Exhibit A (the “Standard Terms” and, together with the Series Trust Agreement, including
all exhibits, schedules, appendices, supplements and amendments to each, collectively, the “Trust Agreement”).

 

All capitalized terms used
but not otherwise defined herein shall have the respective meanings assigned to such terms in the Trust Agreement.

 

The
terms and conditions of the Trust Agreement are hereby incorporated in this Certificate as if fully set forth herein. The Holder hereof
hereby assents to all of the terms and provisions of the Trust Agreement, a copy of which is available for inspection at the corporate
trust office of The trustee.

 

The terms and provisions of
the Class A Certificates will be governed by the laws of the State of Delaware.

 

    Exhibit A-2

     

    

 

In
Witness Whereof, the Trustee has executed this certificate in its name, as of the Deposit Date, by the manual signature of a duly
authorized officer of the Trustee.

 

	 	Taxable Term A/B Trust, Series AB-XX
	 	 	 
		By:	[Trustee], not in its individual capacity, but solely
as Trustee under the Trust Agreement

 

		By:	
	 	 	Authorized Officer

 

    Exhibit A-3

     

    

 

Exhibit B

Form of Class B Certificate

 

The
securities represented by this Certificate have not been registered under the United States Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws nor has any entity been registered as an investment company under the United States Investment
Company Act of 1940, as amended (the “Investment Company Act”), in connection with the issuance and delivery thereof.

 

The
Holder of the Class B Certificates, by its acceptance thereof, acknowledges and agrees that neither the Class B Certificates
nor any beneficial interest therein may be transferred or resold, except as permitted under the Securities Act and The Investment Company
Act, in each case, pursuant to registration or an exemption therefrom.

 

Without
limiting the generality of the foregoing, Class B Certificates or any beneficial interest therein may only be issued and sold, transferred
or resold to persons that are (1) “qualified institutional buyers” within the meaning of Rule 144A under the Securities
Act or “accredited investors” as defined in Rule 501 under the Securities Act and (2) “qualified purchasers”
as defined in Section 2(a)(51)(a) of the Investment Company Act, in each case, purchasing the Certificates for their own account.
The securities represented by this Certificate are subject to certain other restrictions on transfer set forth in the Trust Agreement
(defined below), including particularly Section 5.12 of the Standard Terms (defined below).

 

    Exhibit B-1

     

    

 

Registered
Number: AB-XX-B

 

CUSIP No.:
[________________]

Taxable Term A/B Trust Certificates,
Class B

(“Class B Certificates”)

 

Taxable Term A/B Trust, Series AB-XX

(payable only from the assets of the Trust)

 

Holder:                   Preston Hollow Capital, LLC

 

Stated
Amount:      Up to $100,000,000

 

Deposit
Date:          [________________]

 

This certificate evidences
a beneficial interest in the assets of the Taxable Term A/B Trust, Series AB-XX, a Delaware statutory trust (the “Trust”).

 

The Trust has been formed
pursuant to a Series Trust Agreement, dated [________________] (the “Series Trust Agreement”), by and among
Preston Hollow Capital, LLC, as trustor, and [________________], as trustee, and [________________], as Delaware trustee,
which Series Trust Agreement incorporates by reference therein the Standard Terms and Provisions of Trust Agreement, dated August 6, 2020,
attached thereto as Exhibit A (the “Standard Terms” and, together with the Series Trust Agreement, including
all exhibits, schedules, appendices, supplements and amendments to each, collectively, the “Trust Agreement”). All
capitalized terms used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Trust Agreement.

 

The
terms and conditions of the Trust Agreement are hereby incorporated in this Certificate as if fully set forth herein. The Holder hereof
hereby assents to all of the terms and provisions of the Trust Agreement, a copy of which is available for inspection at the corporate
trust office of the Trustee.

 

The terms and provisions of
the Class B Certificate will be governed by the laws of the State of Delaware.

 

    Exhibit B-2

     

    

 

In
Witness Whereof, the Trustee has executed this certificate in its name, as of the Deposit Date, by the manual signature of a duly
authorized officer of the Trustee.

 

	 	Taxable Term A/B Trust, Series AB-XX
	 	 	 
		By:	[Trustee], not in its individual capacity, but solely
as Trustee under the Trust Agreement

 

		By:	
	 	 	Authorized Officer

 

    Exhibit B-3

     

    

 

Exhibit C

Form of Series Trust Agreement

 

[See Attached]

 

    Exhibit C-1

     

    

 

Exhibit D

Form of Purchaser Letter

 

Taxable Term A/B Trust Certificates,
Class A

Series AB-XX

(“Class A Certificates”)

 

Taxable Term A/B Trust Certificates,
Class B

Series AB-XX

(“Class B Certificates”)

 

Date: _____________________

 

Preston
Hollow Capital, LLC

as Trustor

 

Ladies and Gentlemen:

 

(1) This Purchaser
Letter applies to privately offered trust certificates designated as a series (each, a “Series”) of Taxable Term A/B
Trust Certificates, Class A (“Class A Certificates”) or Taxable Term A/B Trust Certificates, Class B
(“Class B Certificates” and, together with Class A Certificates, the “Certificates”) that
are currently being offered or that may be offered in the future. This Purchaser Letter supersedes all Purchaser Letters that we have
delivered relating to any prior purchases or transfers of any Series of Certificates, and applies to all prior, current and future
purchases and transfers of Certificates as of and from the date hereof. The terminology used herein is intended to be general in its application
and not to exclude any Certificates of any Series in respect of which alternative terminology may be used.

 

(2) The undersigned
(hereinafter “we” or the “Undersigned,” with “us” and “our” having meanings correlative
thereto) has purchased Certificates and may in the future purchase Certificates. All Certificates currently Outstanding have been issued
by a Taxable Term A/B Trust, bearing a separate and distinct Series designation (each, a “Trust”) pursuant to
a Series Trust Agreement (“Series Trust Agreement”), each by and among Preston Hollow Capital, LLC, as trustor
(in such capacity, together with its successors and assigns, the “Trustor”), the entity identified therein as trustee
(in such capacity, together with its successors and assigns, the “Trustee”), and the entity identified therein as Delaware
trustee (in such capacity, together with its successors and assigns, the “Delaware Trustee”), which Series Trust Agreement
supplements and incorporates by reference therein the Standard Terms and Provisions of Trust Agreement, dated August 6, 2020, attached
thereto as Exhibit A (the “Standard Terms” and, together with the Series Trust Agreement, including all exhibits,
schedules, appendices, supplements and amendments to each, collectively, the “Trust Agreement”). Capitalized terms
used but not otherwise defined herein shall have the respective meanings assigned to such terms in the Trust Agreement.

 

    Exhibit D-1

     

    

 

(3) We covenant and
agree as follows:

 

(A) This Purchaser Letter shall
apply to all transfers by us of Certificates and beneficial interests in Certificates, including sales of and offers to sell Certificates
and any other disposition of Certificates (each, a “Transfer” and, collectively, “Transfers,” with
“Transferee” and “to Transfer” having meanings correlative thereto).

 

(B) Transfers of Certificates
by us shall be made only in the Authorized Denominations set forth in the Trust Agreement.

 

(C) We will Transfer any
Certificates held by us from time to time subject to the restrictions imposed by the Trust Agreement and any other transfer
restrictions or other related procedures described in the Trust Agreement.

 

(D) We will make Transfers only
to a Transferee that has signed and delivered to the Trustee a Purchaser Letter in form and substance substantially identical to this
Purchaser Letter.

 

(E) We understand that a
restrictive legend will be placed on the Certificates.

 

(4) We authorize and
instruct our DTC Participant to disclose to the Trustee such information concerning our beneficial ownership of Certificates as such party
shall request.

 

(5) This Purchaser
Letter is not a commitment by us to purchase any Certificates.

 

(6) We represent and
agree as follows:

 

(A) We understand and expressly
acknowledge that the Certificates have not been and will not be registered under the United States Securities Act of 1933, as amended
(the “Securities Act”), or any applicable U.S. state securities laws, nor has any entity been registered as an
investment company under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”),
in connection with the issuance and delivery thereof, and, accordingly, that the Certificates may not be Transferred, pledged or hypothecated,
unless an applicable exemption from the registration requirements of the Securities Act, the Investment Company Act and any applicable
U.S. state securities laws is available.

 

(B) We were not formed solely
to acquire the Certificates.

 

(C) We hereby confirm that all
prior and current purchases of Certificates by us have been, and any future purchases of Certificates by us will be, for our own account,
and not with a view to any public resale or distribution thereof. We represent that we will at all times prior to the transfer by us of
any Certificates remain the sole Beneficial Owner of such Certificates.

 

    Exhibit D-2

     

    

 

(D) We are (i) a “qualified
institutional buyer” as defined in Rule 144A under the Securities Act or an “accredited investor” as defined in
Rule 501 under the Securities Act and (ii) a “qualified purchaser” as defined in Section 2(a)(51)(a) of the Investment
Company Act with respect to the Certificates purchased or to be purchased by us. We have such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an investment in the Certificates and are able and prepared to
bear the economic risk of investing in and holding such Certificates. We have had material involvement in the negotiations regarding the
organization and operation of the Trust, including involvement in the negotiations concerning the Standard Terms and the Series Trust
Agreement.

 

(E) Neither we nor anyone acting
on our behalf has offered or sold or will offer or sell any Certificates by means of any form of general solicitation or general advertising
or has taken or will take any action that would constitute a distribution of Certificates under the Securities Act, would render the disposition
of Certificates a violation of Section 5 of the Securities Act or any U.S. state or other securities law or would require registration
or qualification pursuant thereto.

 

(F) We have received or expect
to receive a copy of the Trust Agreement relating to the Certificates, and to the extent that we have required or will require additional
documents or information concerning the Certificates or the Bonds underlying the Certificates, in addition to the Trust Agreement, we
have obtained or will request and obtain such other documents or information.

 

(7) With respect to
each Series:

 

(A) For
ourselves and for each present and future Beneficial Owner of Certificates purchased by us, we acknowledge and agree that
(i) the arrangement created by the Series Trust Agreement is intended to be treated as an entity disregarded from the
Beneficial Owner of the Class B Certificates for federal income tax purposes, (ii) the Class A Certificates are
intended to be treated as indebtedness of the Beneficial Owner of the Class B Certificates, (iii) the Class B
Certificates are intended to be treated as ownership interests in the Bonds and any other assets of the Trust and (iv) we will
not take any position inconsistent with the intended treatment of the Trust and the Certificates of such Series, as described above,
for any tax reporting purpose.

 

(B) We consent
to the appointment of the entity identified as the “Tax Matters Agent” in the Series Trust Agreement and we hereby
appoint the Tax Matters Agent as our agent and attorney in fact for the purpose of acting on our behalf (but at its own expense) in
complying with the obligations of the partnership representative or tax matters partner (or the equivalent thereof for state and
local tax purposes) for the Series . We shall take any reasonably requested action necessary to codify, ratify or otherwise further
this appointment.

 

    Exhibit D-3

     

    

 

(8) With respect to
each Series with respect to which we are the Beneficial Owner of the Class B Certificates, we hereby agree that:

 

(A) we shall
be the “sponsor” and “securitizer” of the Trust for purposes of Section 15G of the Securities Exchange Act,
added by Section 941(b) of the United States Dodd-Frank Wall Street Reform and Consumer Protection Act; and

 

(B) in such
capacity, we shall maintain an ownership interest in the Trust sufficient to satisfy the risk retention obligations thereunder and otherwise
comply with all applicable disclosure, reporting and recordkeeping obligations with respect thereto;

 

(9) This Purchaser
Letter shall be for the benefit of each of the following parties participating in each Series of which we hold any Certificates: the Trust,
the Trustor, the Trustee, the Delaware Trustee, any DTC Participant through which we hold Certificates, and any Transferor to or Transferee
from the Undersigned. We recognize that such parties will rely upon the truth and accuracy of the representations and agreements set forth
in this Purchaser Letter and we agree that each of our purchases of Certificates now or in the future shall be deemed to constitute our
concurrence in and ratification of the entire contents of this Purchaser Letter and shall apply equally to any such subsequent purchase.

 

(10) The terms and
provisions of this Purchaser Letter will be governed by the laws of the State of New York.

 

    Exhibit D-4

     

    

 

In
Witness Whereof, the undersigned has caused this Purchaser Letter to be duly executed and delivered by its duly authorized officer
as of the date first above written.

 

		[Name of Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

		Mailing address of Purchaser:
	 	 
	 	 

 

	DTC Participant	
	 	 
	Purchaser’s Taxpayer	 
	ID Number:	 	 
	 	 	 
	Name:	 	 
	Number:	 	 

 

    Exhibit D-5Exhibit 10.8

 

Execution Version

 

AMENDMENT NO. 2 TO CREDIT FACILITY AGREEMENT

 

This Amendment No. 2 to Credit
Facility Agreement (this “Amendment”) is made as of February 26, 2021 by and between PRESTON HOLLOW CAPITAL, LLC,
a Delaware limited liability company (the “Borrower”) and MITSUBISHI UFJ TRUST AND BANKING CORPORATION, NEW YORK
BRANCH, a duly licensed Federal Branch of Mitsubishi UFJ Trust and Banking Corporation, a banking corporation organized and existing
under the laws of the country of Japan, having its office at 1221 Avenue of the Americas, 10th Floor, New York, New York 10020 (the “Bank”).
Capitalized terms referred to herein without definition have the meanings given to them in the Credit Agreement (as defined below).

 

WHEREAS, the Borrower and
the Bank have entered into that certain Credit Facility Agreement dated as of July 2, 2019 (as may be modified, supplemented, amended,
restated (including any amendment and restatement thereof), extended or renewed from time to time prior to the date hereof, the “Credit
Agreement”); and

 

WHEREAS, the parties hereto desire to amend the Credit Agreement
as set forth herein.

 

NOW, THEREFORE, for good and
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

SECTION 1. Amendments.
In accordance with Section 11.01 (Amendments and Waivers) of the Credit Agreement, the Borrower and the Bank agree that the Credit
Agreement is hereby amended as set forth on Exhibit A to this Amendment. Language being inserted into the applicable section of
the Credit Agreement is evidenced by bold and underline formatting (indicated textually in the same manner as the following example: double-underlined
text). Language being deleted from the applicable section of the Credit Agreement is evidenced by strike-through formatting
(indicated textually in the same manner as the following example: stricken text).

 

SECTION 2. Conditions to
Effectiveness of this Amendment. The effectiveness of this Amendment is conditioned upon:

 

(a)       the Bank having received from each party to this Amendment, a counterpart of this Amendment duly executed by each such party; and

 

(b)       payment of all fees and disbursements invoiced
through the date hereof of Cadwalader, Wickersham & Taft LLP, as Bank’s special New York counsel.

 

SECTION 3. Reference to and Effect on the Facility Documents.

 

(a)       On
and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
 “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each
of the other Facility Documents to the Credit Agreement, “thereunder”, “thereof” or words of like import
referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended by this Amendment.

 

     

     

    

 

(b) The Credit Agreement and
the other Facility Documents, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are
hereby in all respects ratified and confirmed.

 

SECTION 4. Representations
and Warranties. The Borrower represents and warrants that at the time of and immediately after giving effect to this Amendment, each
of the representations and warranties of the Borrower set forth in Article VII (Representations and Warranties) of the Credit Agreement
are true and correct in all material respects (except to the extent such representations and warranties specifically relate to an earlier
date, in which case such representations and warranties were true and correct on and as of such earlier date); provided that such materiality
qualifier shall not be applicable to any representations or warranties that are already qualified or modified by materiality in the text
thereof.

 

SECTION 5. Default and
Event of Default. The Borrower represents and warrants that at the time of and immediately after giving effect to this Amendment,
no Default or Event of Default has occurred and is continuing or would result from this Amendment.

 

SECTION 6. Effective Date.
This Amendment shall become effective as of the date hereof, subject to satisfaction of the conditions set forth in Section 2 (Conditions
to Effectiveness of this Amendment) of this Amendment.

 

SECTION 7. Governing Law,
Submission to Jurisdiction, Waivers and Service of Process. The provisions contained in the Credit Agreement, insofar as they relate
to governing law, the submission to the jurisdiction of the courts specified therein, waivers of venue and the consent to service of process
shall apply to this Amendment mutatis mutandis as if they were incorporated herein.

 

SECTION 8. Counterparts.
This Amendment may be executed by the parties to this Amendment on any number of separate counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original but all of which when taken together shall constitute one and the
same contract. Any signature (including, without limitation, (x) any electronic symbol or process attached to, or associated with, a contract
or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record and (y) any facsimile
or .pdf signature) hereto or to any other certificate, agreement or document related to this transaction, and any contract formation or
record-keeping, in each case, through electronic means, shall have the same legal validity and enforceability as a manually executed signature
or use of a paper-based record-keeping system to the fullest extent permitted by applicable law including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform
Electronic Transactions Act, and the parties hereto hereby waive any objection to the contrary.

 

[SIGNATURE PAGES FOLLOW]

 

    -2-

     

    

 

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

 

		PRESTON HOLLOW CAPITAL, LLC, as Borrower

 

	 	By:	/s/ Clifford N. Weiner

	 		Name:	Clifford N. Weiner
	 		Title:	Managing Director

 

Signature Page to Amendment No. 2 to the Credit Facility Agreement

 

     

     

    

 

		MITSUBISHI UFJ TRUST AND BANKING CORPORATION, NEW YORK BRANCH,
                            as Bank

 

	 	By:	 /s/ Makoto Takeda
	 	 	Name:	Makoto Takeda
	 	 	Title:	Executive Vice President

 

Signature Page to Amendment No. 2 to the Credit Facility Agreement

 

     

     

    

 

EXHIBIT A

 

[See attached.]

 

     

     

    

 

 

Execution Version

Incorporating Amendment Nos. 1-2

 

 

 

CREDIT FACILITY AGREEMENT

 

DATED AS OF July 2, 2019

 

BY AND BETWEEN

 

Preston
Hollow Capital, LLC

 

AND

 

MITSUBISHI UFJ TRUST AND BANKING CORPORATION,

 

NEW YORK BRANCH

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Article I.	DEFINITIONS AND INTERPRETATION	1
	Section 1.01	Definitions	1
	Section 1.02	Accounting Terms	16
	Section 1.03	Interpretation	16
	Section 1.04	Divisions	16
	Section 1.05	Benchmark Replacement	16
	 	 	 
	Article II.	THE ADVANCES	17
	Section 2.01	The Advances	17
	Section 2.02	Borrowings	17
	Section 2.03	Term of Commitment	18
	 	 	 
	Article III.	PAYMENT OBLIGATIONS	18
	Section 3.01	Promissory Notes	18
	Section 3.02	Interest	19
	Section 3.03	Maximum Interest Rate	19
	Section 3.04	Fees	20
	Section 3.05	Computation of Interest and Fees	20
	Section 3.06	Prepayments	20
	Section 3.07	Mandatory Repayments and Voluntary Reduction of Commitment	20
	Section 3.08	Rollovers	21
	Section 3.09	Payment Terms	22
	Section 3.10	Funding Loss Indemnification	22
	 	 	 
	Article IV.	CHANGES IN CIRCUMSTANCES	23
	Section 4.01	Illegality	23
	Section 4.02	Increased Costs	24
	Section 4.03	Taxes	26
	 	 	 
	Article V.	SECURITY	29
	Section 5.01	Pledge of Collateral	29
	Section 5.02	Eligible Collateral Value	29
	 	 	 
	Article VI.	CONDITIONS PRECEDENT	29
	Section 6.01	Conditions Precedent to Closing	29
	Section 6.02	Conditions Precedent to Each Advance	31
	 	 	 
	Article VII.	REPRESENTATIONS AND WARRANTIES	32
	Section 7.01	Existence and Powers	32
	Section 7.02	Authorization	32
	Section 7.03	No Conflicts	32
	Section 7.04	Governmental Consents	33
	Section 7.05	Financial Statements and Financial Condition	33
	Section 7.06	Litigation and Other Actions	34

 

    i

     

    

 

	Section 7.07	Taxes	34
	Section 7.08	Full Disclosure; No Material Misstatements	34
	Section 7.09	No Default	35
	Section 7.10	Compliance with Laws and Other Obligations	35
	Section 7.11	[Reserved.]	35
	Section 7.12	Title	35
	Section 7.13	Capital Structure of the Borrower	35
	Section 7.14	[Reserved]	35
	Section 7.15	[Reserved]	35
	Section 7.16	Rank of Indebtedness	36
	Section 7.17	No Set-off	36
	Section 7.18	[Reserved]	36
	Section 7.19	Beneficial Ownership Certification	36
	Section 7.20	Sanction Laws; Anti-Corruption Laws	36
	Section 7.21	Collateral	36
	Section 7.22	ERISA	37
	Section 7.23	Independent Decision	37
	Section 7.24	Investment Company Act	37
	Section 7.25	[Reserved]	37
	Section 7.26	Subsidiaries	37
	 	 	 
	Article VIII.	AFFIRMATIVE COVENANTS	38
	Section 8.01	Existence; Business and Properties	38
	Section 8.02	Reporting Requirements	38
	Section 8.03	Payment of Taxes and Claims	40
	Section 8.04	[Reserved]	40
	Section 8.05	Compliance with Laws and Formation Documents; Maintenance of Existence and Rights	40
	Section 8.06	Maintenance of Records	40
	Section 8.07	Right of Inspection	41
	Section 8.08	[Reserved.]	41
	Section 8.09	Further Assurances	41
	Section 8.10	[Reserved]	41
	Section 8.11	[Reserved]	41
	Section 8.12	Maintenance of Collateral	41
	Section 8.13	Use of Proceeds	42
	 	 	 
	Article IX.	NEGATIVE COVENANTS	42
	Section 9.01	Liens	42
	Section 9.02	Incurrence of Indebtedness	42
	Section 9.03	Mergers, Consolidations and Sales of Assets	42
	Section 9.04	Material Changes, Major Event Changes	43
	Section 9.05	Restricted Payments	43
	Section 9.06	[Reserved]	43
	Section 9.07	Investment Company	43
	Section 9.08	Transactions with Affiliates	44
	Section 9.09	Sanctions Laws; Anti-Corruption Laws	44

 

    ii

     

    

 

	Article X.	DEFAULT	43
	Section 10.01	Events of Default	43
	Section 10.02	Remedies Upon Event of Default	46
	 	 	 
	Article XI.	MISCELLANEOUS	48
	Section 11.01	Amendments and Waivers	49
	Section 11.02	Notices	50
	Section 11.03	No Waiver; Cumulative Remedies	50
	Section 11.04	Survival of Representations and Warranties	50
	Section 11.05	Payment of Expenses; Indemnification; Waiver of Consequential Damages	50
	Section 11.06	Assignments	51
	Section 11.07	Counterparts	53
	Section 11.08	Severability	53
	Section 11.09	Governing Law	53
	Section 11.10	Submission to Jurisdiction; Waivers; Service of Process	53
	Section 11.11	Integration; Effectiveness	55
	Section 11.12	Treatment of Certain Information; Confidentiality	55
	Section 11.13	[Reserved]	55
	Section 11.14	USA PATRIOT Act Notice	55

 

	Schedule I	Existing Indebtedness
	Schedule II	Capital Structure of the Borrower
	Schedule III	Ineligible Institutions
	Schedule IV	Conduit Issuers
	 	 
	EXHIBIT A	Form of Promissory Note
	EXHIBIT B	Form of Draw down Request
	EXHIBIT C	Compliance Certificate
	EXHIBIT D	Responsible Officers
	EXHIBIT E	Form of Commitment Amount Increase Request
	EXHIBIT F	Investment Guidelines
	EXHIBIT G	Form of Rollover Request
	EXHIBIT H	Form of Conversion Request
	EXHIBIT I	Benchmark Replacement Setting

 

    iii

     

    

 

THIS
CREDIT FACILITY AGREEMENT (as modified, supplemented, amended, restated (including any amendment and restatement thereof), extended
or renewed from time to time, this “Agreement”), dated as of July 2, 2019, by and between Preston
Hollow Capital, LLC, a Delaware limited liability company (the “Borrower”) and Mitsubishi UFJ Trust and Banking
Corporation, New York Branch (the “Bank”), a duly licensed Federal Branch of Mitsubishi UFJ Trust and Banking Corporation,
a banking corporation organized and existing under the laws of the country of Japan, having its office at 1221 Avenue of the Americas,
10th Floor, New York, New York 10020.

 

WHEREAS, the Borrower has
requested the Bank to make senior secured loans in an aggregate principal amount not to exceed at any one time the Available Borrowing
Amount, for Working Capital Purposes, and the Bank is prepared to make such loans upon the terms and conditions set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

Article I.     DEFINITIONS
AND INTERPRETATION

 

		Section 1.01	Definitions.

 

The following terms are used
in this Agreement with the meanings herein set forth:

 

“Acceptable Coverage
Level” means the product of (i) 2.5 multiplied by (ii) the Accrued Advance Amount.

 

“Accrued Advance
Amount” means, at any time, the aggregate outstanding principal amount at such time of all Advances after giving effect to any
borrowings and prepayments or repayments, plus all accrued fees and unpaid interest in respect thereof.

 

“Advance”
has the meaning set forth in Section 2.01 (The Advances).

 

“Affiliate”
means, with respect to a Person, another Person that directly or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with such Person.

 

“Agreement”
has the meaning provided in the preamble of this Agreement.

 

“Anti-Corruption
Laws” means all Governmental Rules of any jurisdiction (including the U.S., the European Union, the United Kingdom and
Japan) applicable to the Borrower, its Affiliates or any party to the Facility Documents concerning or relating to bribery or corruption,
including, without limitation, the FCPA.

 

“Anti-Money Laundering Laws”
means all Governmental Rules of any jurisdiction (including the U.S., the European Union, the United Kingdom and Japan) applicable
to the Borrower, its Affiliates or any party to the Facility Documents concerning or relating to money laundering or terrorist financing.

 

     

     

    

 

“Applicable Rate”
means, with respect to (a) each LIBOR Rate Advance, the LIBOR Rate plus the Applicable Spread and (b) each Base Rate Advance,
the Base Rate plus the Applicable Spread; provided, that notwithstanding the foregoing, the Applicable Rate for the initial Interest Period
for the initial Advance made hereunder was determined based on the Federal Funds Term Rate plus the Applicable Spread.

 

“Applicable Spread”
means (a) with respect to LIBOR Rate Advances, 1.20% per annum and (b) with respect to Base Rate Advances, 0.70%
per annum.

 

“Approved Accounting
Principles” means GAAP or IFRS.

 

“Auditor”
means, KPMG, LLP or such other independent certified public accountants of internationally recognized standing approved by the Bank, which
approval shall not be unreasonably withheld.

 

“Available Borrowing
Amount” means, as of any day, the lesser of (a) the Commitment Amount as of such day and (b) the maximum amount that
would not result in a Shortfall.

 

“Bank”
has the meaning provided in the preamble of this Agreement.

 

“Bankruptcy Code”
means title 11 of the United States Code, as in effect from time to time.

 

“Base Rate”
means, for any day, a fluctuating rate per annum equal to the higher of: (a) the Federal Funds Rate plus 50 basis points (0.50%);
or (b) the Prime Rate for such day.

 

“Base Rate Advance”
has the meaning set forth in Section 2.01 (The Advances).

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Borrower”
has the meaning provided in the preamble of this Agreement.

 

“Business Day”
means a day, other than a Saturday or Sunday or other day on which banking institutions in New York City are authorized or required by
any applicable Governmental Rule to close or substantially all banking institutions in New York City are in fact closed, and, to
the extent referring to the LIBOR Rate, any day that is also a day on which dealings in Dollar deposits are carried on in the London interbank
market.

 

“Cash
Equivalents” means (a) money market funds held in the Collateral Account which are not rated below (i) “Aa-mf”
by Moody’s, (ii) “AAm” by S&P or (iii) “AAmmf” by Fitch, (b) United States Treasury or
governmental agency obligations which constitute the full faith and credit of the United States of America and (c) other cash equivalents
acceptable to the Bank in its sole discretion.

 

    2

     

    

 

“Cash Management
Services” means any cash management or related services including treasury, depository, return items, overdraft, controlled
disbursement, merchant store value cards, e-payables services, electronic funds transfer, interstate depository network, automatic clearing
house transfer (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline
system) and other customary cash management arrangements.

 

“Change of Control”
means the acquisition of direct or indirect Control of the Borrower by any Person or group.

 

“Closing Date”
means July 2, 2019.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
means, collectively, all the “Collateral” as defined in the Security Agreement.

 

“Collateral Account”
means the Custody Account.

 

“Commitment”
means the commitment of the Bank to make Advances hereunder in an aggregate principal amount at any one time outstanding not to exceed
the Commitment Amount.

 

“Commitment Amount”
means $150,000,000, as adjusted from time to time pursuant to Section 2.03(b).

 

“Commitment Fee”
has the meaning set forth in Section 3.04 (Fees).

 

“Competitor”
means any Person that deals in municipal securities that is not a depository institution, organized under the laws of the United States
or any state with a long-term debt rating of at least Baa3 from Moody’s, BBB- from S&P or BBB- from Fitch.

 

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Controlling Corporation”
has the meaning set forth in Section 4.02(b) (Increased Costs).

 

“Conversion”
has the meaning set forth in Section 3.11(a) (Conversions).

 

“Conversion Request”
has the meaning set forth in Section 3.11(a) (Conversions).

 

    3

     

    

 

“Custodian”
means the Bank (as successor in interest to Mitsubishi UFJ Trust & Banking Corporation (U.S.A.)) , or its designee or nominee,
acting in its capacity as custodian of the Borrower.

 

“Custody
Account” means the “Custodian Account” as defined in the Custody Agreement.

 

“Custody
Agreement” means the Custodian Account Agreement dated December 14, 2015, between the Borrower and the Custodian,
appointing the Custodian as the custodian of certain of the Borrower’s assets deposited in the Custody Account, as may be
modified, supplemented, amended or restated (including any amendment and restatement thereof).

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States of America, if applicable, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, winding up, striking off or similar
debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

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

 

“Deposit”
means all sums whatsoever in any currency or currencies (provided that the value of such amounts at any relevant time of measurement
shall be the USD equivalent of any non-USD currencies at such time) from time to time standing to the credit of the Borrower in the Collateral
Account plus the value of Cash Equivalents (as determined by the Bank) credited to the Collateral Account and, in each case subject to
a valid, perfected first priority pledge, security interest and charge in favor of the Bank.

 

“Derivative Obligations”
means, as to any Person, all payment obligations of such Person in respect of any rate swap transaction, basis swap, forward rate transaction,
forward purchase, 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, or any other similar transaction (including any option with respect to any of the foregoing transactions)
or any combination of the foregoing transactions.

 

“Disqualified Person”
means, on any date, (a) each Person identified on Schedule III and (b) any other Person that is a Competitor of the Borrower
or any of its Subsidiaries.

 

“Disruption Event”
means either or both of: (a) a material disruption to those payment or communications systems or to those financial markets and which
are, in each case, required to operate in order for payments to be made in connection with the Transactions (or otherwise in order for
the transactions contemplated by the Facility Documents to be carried out) which disruption is not caused by, and is beyond the control
of, any of the parties hereto; or (b) the occurrence of any other event which results in a disruption (of a technical or systems-related
nature) to the treasury or payments operations of a party, preventing that, or any other party hereto from: (i) performing its payment
obligations under the Facility Documents; or (ii) communicating with other parties hereto in accordance with the terms of the Facility
Documents, and which (in either such case) is not caused by, and is beyond the control of, the party hereto whose operations are disrupted.

 

    4

     

    

 

“Dollars”,
 “U.S. Dollars”, “USD” or “$” refers to the lawful currency of the United States.

 

“Drawdown Date”
means, with respect to an Advance, the date of disbursement of such Advance, which shall be a Business Day.

 

“Drawdown Request”
has the meaning set forth in Section 2.02(a) (Borrowings).

 

“Electronic
Request” has the meaning set forth in Section 1.03 (Interpretation).

 

“Eligible
Assets” means, as determined by the Bank in its sole discretion, any U.S. municipal or corporate bonds, notes or similar
debt securities (including medium and long-term debt securities) that in each case: (1) are denominated in Dollars, (2) for
which quotes are available from an Eligible Pricing Source or for which valuation information satisfactory to the Bank in its sole discretion
is otherwise available to the Bank, (3) are listed on the Borrower’s assets valuation report, (4) are held in the Collateral
Account and (5) if any consents are required to pledge or otherwise transfer the Borrower’s interest in such asset, for which
such consents have been obtained in writing. Notwithstanding the foregoing, Eligible Assets shall not include any asset that is, constitutes
or is comprised of (i) defaulted debt, debtor-in-possession financing, distressed debt or any debt for which a monetary default or
monetary event of default has occurred or the obligations of which have been accelerated, (ii) a derivative or synthetic instrument,
(iii) equity or subordinated debt, (iv) a structured security as a result of any alternative financing (e.g., a residual or
equity interest from any tender option bond) or (v) corporate bonds with no credit rating or with a credit rating that is not Investment
Grade or (vi) a security for which the Bank is unable to determine a third party price or value after reasonable efforts, unless
the Borrower provides such information in form and substance satisfactory to the Bank in its sole discretion. The Bank shall have the
right to disqualify from time to time any asset as an Eligible Asset in its reasonable discretion.

 

“Eligible Collateral
Value” means, on any date of determination, an amount equal to (i) the Value of all Eligible Assets as adjusted by the
Bank to give effect to all applicable haircuts pursuant to the Investment Guidelines plus (ii) without duplication of (i), the
Deposit.

 

“Eligible
Pricing Source” means, with respect to any security, a bid quotation received from Bloomberg, Markit, ICE, IDC,
Financial Times Interactive Data, J.J. Kenny, Thomson Reuters or another independent pricing service approved by Bank in its commercially
reasonable discretion from time to time.

 

“Employee
Plan” means an “employee pension benefit plan” as defined in Section 3(2) of ERISA (other than
a Multiemployer Plan) that is subject to Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA.

 

“ERISA”
means, at any time, the U.S. Employee Retirement Income Security Act of 1974, as amended, (or any successor legislation thereto)
and the regulations promulgated and rulings issued thereunder.

 

    5

     

    

 

“ERISA Affiliate”
means each person (as defined in Section 3(9) of ERISA) that is a member of a controlled group of, or under common control with,
the Borrower, within the meaning of Section 414(b), (c), (m) or (o) of the Code.

 

“Event of Default”
has the meaning set forth in Section 10.01(Events of Default).

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to the Bank or required to be withheld or deducted from a payment to the Bank,
(a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed
as a result of the Bank being organized under the laws of, or having its applicable lending office located in, the jurisdiction imposing
such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes
imposed on amounts payable to or for the account of the Bank with respect to an applicable interest in a Commitment or an Advance pursuant
to a law in effect on the date on which (i) the Bank acquires such interest in the Commitment or Advance or (ii) the Bank changes
its lending office, except in each case to the extent that, pursuant to Section 4.03 (Taxes), amounts with respect to such Taxes
were payable either to the Bank’s assignor immediately before the Bank became a party hereto or to the Bank immediately before it
changed its lending office, (c) Taxes attributable to the Bank’s failure to comply with Section 4.03(e) (Status of
the Bank) and (d) any withholding Taxes imposed under FATCA.

 

“Executive Order”
means the Executive Order No. 13224 of September 23, 2001, entitled Blocking Property and Prohibiting Transactions With Persons
Who Commit, Threaten to Commit, or Support Terrorism.

 

“Facility Documents”
means, collectively, this Agreement, any Note, the Security Documents and each other agreement or instrument executed or delivered in
connection herewith or therewith.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and
any agreement entered into pursuant to Section 1471(b)(1) of the Code and any U.S. or non-U.S. fiscal or regulatory legislation,
rules, guidance notes or practices adopted pursuant to any such intergovernmental agreement entered into in connection with the implementation
of such section of the Code or analogous provisions of non-U.S. law.

 

“FCPA”
means the U.S. Foreign Corrupt Practices Act of 1977, as amended from time to time.

 

“Federal Funds Rate”
means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members
of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the
Business Day next succeeding such day; provided that: (a) if such day is not a Business Day, the Federal Funds Rate for such day
will be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if
no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day will be the average rate (rounded
upward, if necessary, to a whole multiple of 1/100 of 1%) charged to the Bank on such day on such transactions as determined by the Bank.
Notwithstanding anything herein to the contrary, if the Federal Funds Rate determined in accordance with this definition is less than
zero, the Federal Funds Rate shall be deemed to be zero.

 

    6

     

    

 

 

“Federal Funds Term
Rate” means, with respect to the initial Interest Period, the rate per annum determined by the Bank (rounded upward, if necessary,
to a whole multiple of 1/100 of 1%) at which deposits in Dollars are arranged by Federal funds brokers of recognized standing selected
in good faith by the Bank on or before the first Business Day of such Interest Period for a period of time and in a comparable amount
of Dollars to the initial Advance to be outstanding hereunder. Notwithstanding anything herein to the contrary, if the Federal Funds Rate
determined in accordance with this definition is less than zero, the Federal Funds Rate shall be deemed to be zero.

 

“Final
Maturity Date” has the meaning set forth in Section 2.03 (Term of Commitment).

 

“Financial Statements”
has the meaning set forth in Section 7.05 (Financial Statements and Financial Condition).

 

“Fitch”
means Fitch Ratings Inc.

 

“Foreign Bank”
means a Bank that is not a U.S. Person.

 

“Formation Documents”
means, with respect to the Borrower, its certificate of formation and limited liability company agreement.

 

“FRB” means
the Board of Governors of the U.S. Federal Reserve System.

 

“GAAP”
means generally accepted accounting principles in the United States in effect from time to time.

 

“Governmental Person”
means, whether domestic or foreign, any national, federal, state or local government, any political subdivision thereof or any governmental,
quasi-governmental, judicial, public or regulatory instrumentality, authority, body or entity, including, without limitation, the Internal
Revenue Service, the FRB, the Office of the Comptroller of the Currency, the New York State Department of Financial Services, the Financial
Services Agency of Japan, or any other central bank and any comparable authority (including any supra-national bodies such as the European
Union or the European Central Bank).

 

“Governmental Rule”
means any treaty, law, statute, rule, regulation, ordinance, order, code, judgment, decree, directive, interpretation, request, guideline,
policy or similar form of decision of any Governmental Person.

 

“Hedge Agreement”
means a “swap agreement” as that term is defined in Section 101(53B)(A) of the Bankruptcy Code.

 

    	 	7	 

     

    

 

“IFRS”
means accounting principles in accordance with International Financial Reporting Standards as issued by the International Accounting Standards
Board, as in effect from time to time, applied on a basis consistent with the most recent audited consolidated financial statements delivered
to the Bank.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as Indebtedness
or liabilities in accordance with Approved Accounting Principles: (a) all obligations (including principal, interest, fees and charges)
of such Person for borrowed money or for the deferred purchase price of property or services (excluding current accounts payable incurred
in the ordinary course of business), (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments,
(c) all Indebtedness created or arising under any conditional-sale or other title-retention agreement with respect to property acquired
by such Person, (d) all Indebtedness of the types described in clauses (a), (b), (c), (e), (f) or (g) of this definition
secured by any Lien on any property owned by such Person, whether or not such Indebtedness has been assumed by such Person (provided that
if the Person has not assumed or otherwise become liable in respect of such Indebtedness, such Indebtedness shall be deemed to be the
lesser of (A) the amount of such Indebtedness of such other Person and (B) an amount equal to the fair market value of the property
to which such Lien relates as determined in good faith by such Person), (e) all obligations of such Person as lessee under leases
that have been or should be, in accordance with Approved Accounting Principles, recorded as capital leases, (f) obligations under
direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise
to secure a credit against loss in respect of, indebtedness or obligations of others of the kinds referred to in clauses (a), (b), (c),
(d), (e), (f) or (g) of this definition, and (g) all Derivative Obligations of such Person. For purposes hereof the amount
of any Derivative Obligations shall be equal to the mark-to-market value of the relevant transaction.

 

“Indemnified
Parties” has the meaning set forth in Section 11.05(b) (Payment of Expenses; Indemnification; Waiver of Consequential
Damages).

 

“Indemnified Taxes”
means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of
the Borrower under any Facility Document and (b) to the extent not otherwise described in (a), Other Taxes.

 

“Information”
has the meaning set forth in Section 11.12 (Treatment of Certain Information).

 

“Interest
Payment Date” means, with respect to (a) each LIBOR Rate Advance, the last day of each Interest Period applicable
to such LIBOR Rate Advance and the Maturity Date; provided, however, that if any such Interest Period exceeds three (3) months,
each of the respective dates that fall every three months after the beginning of such Interest Period will also be an Interest Payment
Date and (b) each Base Rate Advance, the last Business Day of each calendar month and the Maturity Date.

 

    	 	8	 

     

    

 

“Interest Period”
means, with respect to any LIBOR Rate Advance, the period (a) commencing on (and including) the later of (i) the date of such
LIBOR Rate Advance and (ii) the termination date of the immediately preceding Interest Period in the case of a Rollover to a successive
Interest Period as described in 3.08 (Rollovers) hereof and (b) ending on (but excluding) either (i) if the Borrower has selected
an Interest Period of one week or two weeks in the applicable Drawdown Request, Conversion Request or Rollover Request (as applicable),
the day that is one or two weeks after the date of such LIBOR Rate Advance, or (ii) if the Borrower has selected an Interest Period
of one, two, three or six months in the applicable Drawdown Request, Conversion Request or Rollover Request (as applicable), the numerically
corresponding day in the calendar month that is one, two, three or six months thereafter, as applicable; provided, however, that:

 

(1)            if
the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall
be adjusted to occur on the next succeeding Business Day, unless such extension would cause the last day of such Interest Period to occur
in the next calendar month, then the last day of such Interest Period shall occur on the immediately preceding Business Day;

 

(2)            each
one, two, three or six month Interest Period that begins on the last Business Day of a calendar month (or on any day for which there is
no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day of the appropriate subsequent
calendar month, provided that such Business Day does not occur after the Final Maturity Date; and

 

(3)            no
Interest Period shall extend beyond the Final Maturity Date.

 

“Investment Company
Act” means the U.S. Investment Company Act of 1940, as amended from time to time.

 

“Investment
Grade” means, as of any date of determination, corporate bonds or notes of the Borrower having a long term credit rating of
not less than Baa3 from Moody’s, BBB- from S&P or BBB- from Fitch provided that in the event of a split
rating, the lower rating shall be determinative.

 

“Investment Guidelines”
means the investment guidelines set forth in Exhibit F hereto.

 

“Key Person”
means each of the following individuals: Jim Thompson and Cliff Weiner.

 

“LIBOR Rate”
means, with respect to any Interest Period, the interest rate per annum, appearing on Reuters Screen LIBOR01 Page (or any replacement
page) as of 11:00 a.m., London time, two (2) Business Days prior to the Drawdown Date, as the London interbank offered rate administered
by the ICE Benchmark Administration (or any Person that takes over the administration of such rate) for deposits in United States Dollars
(for delivery on the first day of such relevant Interest Period) with a term equivalent to such Interest Period; provided, however, that
if the total number of days in any Interest Period falls between two available LIBOR Rate periods, the Bank shall determine the LIBOR
Rate for such Interest Period by interpolation, which determination shall be conclusive in the absence of manifest error. In the event
on a Drawdown Date such rate cannot be determined as aforesaid, LIBOR Rate shall instead be the interest rate per annum equal to the arithmetic
mean of the rates at which United States Dollar deposits with maturities equal to the relevant Interest Period are offered to the principal
London office of two major banks (as selected by the Bank) in the London interbank market at 11:00 a.m., London time, on such Drawdown
Date. The Bank will request the principal London office of each such bank to provide a quotation of its rate. LIBOR Rate for such Drawdown
Date will be based on the arithmetic mean of such quotations. Notwithstanding the foregoing, if the banks selected as aforesaid by the
Bank are not quoting as described above, the LIBOR Rate will be deemed not to be determinable as of such Drawdown Date, and Section 1.05
shall apply. Notwithstanding anything herein to the contrary, if the LIBOR Rate determined in accordance with this definition is less
than zero, the LIBOR Rate shall be deemed to be zero.

 

    	 	9	 

     

    

 

“LIBOR Rate Advance”
has the meaning set forth in Section 2.01 (The Advances).

 

“Lien”
means any mortgage, deed of trust, pledge, security interest, charge, hypothecation, assignment, deposit arrangement, encumbrance, lien
(statutory or other), or preference, priority, or other security agreement or preferential arrangement, charge, or encumbrance of any
kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement, any financing lease
having substantially the same economic effect as any of the foregoing, and the filing of any financing statement under the Uniform Commercial
Code, or comparable law of any jurisdiction to evidence any of the foregoing, provided that, for the avoidance of doubt, the rights
typically arising from a preferred equity interest shall not constitute a “preference,” “priority,” or “preferential
arrangement” for the purposes of this definition).

 

“Margin Stock”
has the meaning specified in Regulation U of the FRB.

 

“Material Adverse
Effect” means any material adverse effect on (a) the condition (financial or otherwise), results of operations, or assets
(including the Collateral) of the Borrower, (b) the ability of the Borrower to perform its obligations under any of the Facility
Documents, (c) the legality, validity, binding effect or enforceability of any of the Facility Documents, or (d) any of the
rights or remedies of the Bank hereunder or under any of the other Facility Documents.

 

“Material Market
Disruption” means any change in national or international financial or economic conditions or any national or international
calamity or emergency, in each case as would, in the reasonable determination of the Bank, have the effect of a material dislocation in
or closure of the interbank or money markets or the equity or fixed income markets in one or more of the following financial centers:
New York, London or Tokyo.

 

“Maximum Commitment
Amount” means three hundred million dollars ($300,000,000.00).

 

“Minimum
Coverage Level” means the product of (i) 2 multiplied by (ii) the Accrued Advance Amount.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer
Plan” means a multiemployer plan (as defined in Section 4001(a)(3) of ERISA) and subject to ERISA.

 

    	 	10	 

     

    

 

“NAV
Decline Percentages” means, as of the last day of any calendar month, a decline in Net Asset Value of the Borrower of, (i) 25%
(twenty-five percent) (excluding as a result of redemptions, subscriptions, capital contributions, withdrawals, distributions or
dividends) compared to the Net Asset Value of the Borrower as of the last day of the immediately preceding calendar quarter, (ii) 35%
(thirty-five percent) (excluding as a result of redemptions, withdrawals, distributions or dividends) compared to the Net Asset Value
of the Borrower as of the last day of the immediately preceding calendar year, or (iii) 50% (fifty percent) (excluding as a result
of redemptions, withdrawals, distributions or dividends) compared to the highest Net Asset Value of the Borrower as of any day on or after
the Closing Date.

 

“Net
Asset Value” means, with respect to any Person, the result in U.S. Dollars of subtracting the total value of all liabilities
(including but not limited to the aggregate mark-to-market value of all trading positions constituting liabilities) of such Person from
the total value of all assets (including but not limited to cash, deposit accounts and instruments, securities, and the aggregate mark-to-market
value of all trading positions constituting assets) of such Person. For purposes of this computation, amounts denominated in a currency
other than U.S. Dollars shall be converted to U.S. Dollars at the spot rate for such currency prevailing on the date of determination
of the Net Asset Value.

 

“Note”
has the meaning set forth in Section 3.01 (Promissory Notes).

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Facility Document
or otherwise with respect to any Advance, whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against
the Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the foregoing, the Obligations include
(a) the obligation to pay principal, interest, expenses, fees, indemnities and other amounts payable by the Borrower under any Facility
Document and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that the Bank, in each
case in its sole discretion, may elect to pay or advance on behalf of the Borrower.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Other Connection
Taxes” means, with respect to the Bank, Taxes imposed as a result of a present or former connection between the Bank and the
jurisdiction imposing such Tax (other than connections arising from the Bank having executed, delivered, become a party to, performed
its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant
to or enforced any Facility Document, or sold or assigned an interest in any Facility Document).

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made
under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest
under, or otherwise with respect to, any Facility Document, except any such Taxes that are Other Connection Taxes imposed with respect
to an assignment.

 

    	 	11	 

     

    

 

“Participant”
has the meaning set forth in Section 11.06(c) (Assignments).

 

“Participant Register”
has the meaning set forth in Section 11.06(c) (Assignments).

 

“PATRIOT Act”
means the Uniting and Strengthening America by Providing the Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, as amended from time to time.

 

“Permitted
Indebtedness” means (i) Indebtedness in respect of overdrawn checks, drafts and similar instruments arising
in the ordinary course of maintaining deposit accounts; (ii) existing Indebtedness listed on Schedule I, (iii) purchase money
Indebtedness incurred in the ordinary course of business; (iv) Indebtedness consisting of guarantees (A) incurred in the ordinary
course of business with respect to surety and appeal bonds; and (B) arising in respect of customary indemnification obligations to
purchasers in connection with asset dispositions; (v) Indebtedness incurred in the ordinary course of business under statutory or
appeal bonds, (vi) Indebtedness with respect to standard or term matched tender option bonds, repurchase contracts under master repurchase
agreements, A/B contracts, total return swaps, and similar financial contracts; (vii) Indebtedness owed to any Person providing property,
casualty, liability, or other insurance to the Borrower or any of its Subsidiaries; (viii) Indebtedness under Hedge Agreements that
are incurred for the bona fide purpose of hedging the interest rate, commodity, or foreign currency risks associated with the Borrower
and its Subsidiaries’ operations and not for speculative purposes; (ix) Indebtedness incurred in the ordinary course of business
in respect of credit cards, credit card processing services, debit cards, stored value cards, commercial cards (including so-called “purchase
cards”, “procurement cards” or “p-cards”), or Cash Management Services, (x) contingent liabilities
in respect of any indemnification obligation, adjustment of purchase price, non-compete, or similar obligation of the Borrower or any
of its Subsidiaries incurred in connection with the consummation of one or more acquisitions; (xi) accrual of interest, accretion
or amortization of original issue discount, or the payment of interest in kind, in each case, on Indebtedness that otherwise constitutes
Permitted Indebtedness; (xii) so long as no Event of Default has occurred and is continuing or would result therefrom, any other
unsecured Indebtedness incurred by the Borrower or its Subsidiaries in an aggregate outstanding amount not to exceed $2,000,000, and (xiii) other
Indebtedness as agreed to in writing by the Bank in its absolute and sole discretion from time to time.

 

“Permitted
Liens” means (i) Liens on assets other than the Collateral securing Permitted Indebtedness, (ii) Liens imposed
by law for taxes that are not yet due or are being contested in good faith by appropriate proceedings and with respect to which adequate
reserves in conformity with generally accepted accounting principles have been taken, (iii) Liens of any institution at which the
Borrower maintains an account securing ordinary fees and expenses related to maintenance of any such account, (iv) Liens on assets
other than the Collateral in respect of judgments that do not constitute an Event of Default under Section 10.01(l) (Events
of Default); and (v) other Liens as agreed to by the Bank in its absolute and sole discretion.

 

    	 	12	 

     

    

 

“Person”
means any natural person, company, corporation, limited liability company, joint venture, partnership, association, trust, or any other
entity or organization, including any Governmental Person.

 

“Prime Rate”
means the variable rate of interest per annum established by the Bank at its New York office from time to time as its US “prime
rate.” Each change in any interest rate provided for herein based upon the Prime Rate resulting from a change in the Prime Rate
shall take effect at the time of such change in the Prime Rate, regardless of the Interest Period. Notwithstanding anything herein to
the contrary, if the Prime Rate determined in accordance with this definition is less than zero, the Prime Rate shall be deemed to be
zero.

 

“Process Agent”
means Capitol Services, Inc. or any other Person designated by the Borrower pursuant to Section 11.10(c) Submission to
Jurisdiction; Waivers; Service of Process).

 

“Register”
has the meaning set forth in Section 11.06(a) (Assignments).

 

“Regulatory Action”
means, with respect to any Person, (i) any action, investigation, inquiry, suit or other proceeding by or before any self-regulatory
organization or Governmental Persons for reasons of any alleged wrongdoing, breach of any law, rule or any regulation or other similar
reason or (ii) any accusation in writing by any Person, of wrongdoing, fraud, violation of any law, rule or any regulation or
other similar conduct.

 

“Related Parties”
means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees,
administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Renewal Date”
has the meaning set forth in Section 2.03 (Term of Commitment).

 

“Responsible Officer”
means any officer or director of the Borrower who is authorized to act for, and on behalf of, the Borrower with respect to the Facility
Documents and the Transactions.

 

“Restricted Payment”
means, with respect to any Person, any dividend, redemption or other distribution to an equity owner of such Person, or any payment on
account of the purchase, redemption, retirement, acquisition, cancellation or termination of any equity interest of such Person or of
any option, warrant or other right to acquire any such equity interest.

 

“Rollover”
means the renewal of all or any part of any LIBOR Rate Advance upon the expiration of the Interest Period with respect thereto, pursuant
to Section 3.08 (Rollovers).

 

“Rollover Notification
Deadline” has the meaning set forth in Section 3.08(a) (Rollovers).

 

“Rollover Request”
has the meaning set forth in Section 3.08(a) (Rollovers).

 

“S&P”
means Standard & Poor’s (a division of McGraw Hill Financial, Inc.).

 

    	 	13	 

     

    

 

“Sanctioned Jurisdiction”
means, at any time, a country, territory or geographical region which is itself the subject or target of any Sanctions (including, without
limitation, as of the date of this Agreement, Cuba, Iran, North Korea, Crimea and Syria).

 

“Sanctions”
or “Sanctions Laws” means economic or financial sanctions, or trade embargoes imposed, administered or enforced from
time to time by a Governmental Person (including, but not limited to, OFAC, the U.S. Department of State, Japan, the United Nations Security
Council, the European Union and Her Majesty’s Treasury of the United Kingdom).

 

“Sanctions Target”
means any Person: (a) that is the subject or target of any Sanctions; (b) listed in the annex to, or otherwise subject to the
provisions of, the Executive Order; (c) named in any Sanctions-related list maintained by OFAC, the U.S. Department of State, the
U.S. Department of Commerce or the U.S. Department of the Treasury, including but not limited to the “Specially Designated National
and Blocked Person” list; (d) located, organized or resident in a Sanctioned Jurisdiction that is, or whose government is,
the subject or target of Sanctions; or (e) owned or controlled by, or controlling, any such Person or Persons described in the foregoing
clauses (a)-(d).

 

“Secured Assets”
means investments custodied with the Custodian and credited to the Collateral Account.

 

“Security
Agreement” means that certain Security Agreement, dated as of the date hereof, between the Borrower and the Bank, as the same
may be modified, supplemented, amended or restated (including any amendment and restatement thereof) extended, renewed, refinanced
or replaced from time to time.

 

“Security Documents”
means the Security Agreement and all other similar or related security documents hereafter delivered to the Bank granting, continuing
or perfecting a Lien on any asset or assets of any Person to secure the Obligations of the Borrower hereunder, under the Note (if any)
and/or under any other Facility Documents or to secure any guarantee of any such Obligations by the Borrower or any other Person.

 

“Shortfall”
has the meaning set forth in Section 5.02 (Eligible Collateral Value).

 

“Similar Law”
has the meaning set forth in Section 7.22(c) (ERISA).

 

“Solvent”
means, with respect to any Person on a particular date, that on such date (a) the fair value of the property of such Person is greater
than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the present fair
salable value of the assets of such Person is not less than the amount that will be required to pay the probable liability of such Person
on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts
or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature and (d) such Person is not engaged
in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute
an unreasonably small capital.  The amount of contingent liabilities at any time shall be computed as the amount that, in the light
of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability.

 

    	 	14	 

     

    

 

“Subsidiary”
means, as to any Person, any corporation or other entity whose capital stock or other ownership interests having ordinary voting power
to elect a majority of the board of directors or other Persons performing similar functions is at the time owned or controlled by such
Person either directly or indirectly through intermediaries. Unless otherwise set forth herein, “Subsidiary” means a Subsidiary
of the Borrower.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees
or other charges imposed by any Governmental Person, including any interest, additions to tax or penalties applicable thereto.

 

“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement and the other Facility Documents, the consummation of
the transactions contemplated herein and therein and the creation, perfection and enforcement of any security interest created under the
Security Documents.

 

“Transfer”
has the meaning set forth in Section 11.06(a) (Assignments).

 

“Transferee”
has the meaning set forth in Section 11.06(a) (Assignments).

 

“Type of Advance”
means either a Base Rate Advance or a LIBOR Rate Advance, as applicable.

 

“Unused Commitment”
means, as of any day of determination, an amount equal to the excess, if any, of (a) the Commitment Amount as of such day of determination
over (b) the principal amount of all outstanding Advances.

 

“U.S. Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“U.S. Tax Compliance
Certificate” has the meaning set forth in Section 4.03(e) (Taxes).

 

“Value”
means as of any day of determination in respect of any asset of the Borrower comprising the Collateral, the value of such asset determined
by the Bank by reference to the information obtained from any Eligible Pricing Source selected by the Bank in its sole discretion; provided
that if such value is not timely provided by an Eligible Pricing Source or the Bank reasonably determines that the value provided does
not accurately reflect the value of such asset, the Value with respect to such asset shall be determined by the Bank in a commercially
reasonable manner.  The Value of an asset shall be determined net of the Borrower’s liabilities relating thereto, including
all of the Borrower’s obligations to pay any unpaid portion of the purchase price thereof.

 

“Working Capital
Purposes” means the use of the borrowings hereunder for the Borrower’s general corporate purposes, including trading,
investing, and cash management purposes as well as for payment of fees, expenses and other obligations of the Borrower in the ordinary
course of business.

 

    	 	15	 

     

    

 

Section 1.02          Accounting
Terms.

 

Unless otherwise set forth
herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial
statements required to be delivered hereunder shall be prepared in accordance with Approved Accounting Principles as in effect in the
United States from time to time on a basis consistent with the financial statements of the Borrower delivered to the Bank pursuant to
Section 8.02 (Reporting Requirements).

 

Section 1.03          Interpretation.

 

In this Agreement, the singular
includes the plural and the plural the singular; words importing any gender include the other gender; references to statutes are to be
construed as including all statutory provisions consolidating, amending or replacing the referred statute; references to “writing”
include printing, typing, lithography and other means of reproducing words in a tangible visible form, including facsimile transmission
legibly received and electronic transmission in the form of a legible portable document format (pdf) (duly signed, as the context may
require) attached to an electronic mail (“Electronic Request”) but unless otherwise provided in this Agreement does not include
any other electronic means of communication including electronic mail; the words “including,” “includes” and “include”
are deemed to be followed by the words “without limitation”; references to articles, sections (or subdivisions of sections),
recitals, exhibits, or schedules are to those of this Agreement unless otherwise indicated; references to any agreement, instrument or
other document (including any Formation Documents) are deemed to include all subsequent amendments and other modifications to such instruments,
but only to the extent such amendments and other modifications are not prohibited by the terms of this Agreement; and references to Persons
include their respective permitted successors and assigns.

 

Section 1.04          Divisions.

 

Any reference herein or in
any other Facility Document to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer,
or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of
a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation,
consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division
of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is
a subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

Section 1.05          Benchmark
Replacement.

 

Notwithstanding anything to
the contrary set forth in this Agreement, the LIBOR Rate and any Benchmark Replacement (as such term is defined in Exhibit I
to this Agreement) shall be subject to replacement in accordance with the terms and conditions set forth in Exhibit I to this
Agreement, which Exhibit I is incorporated herein by reference.

 

    	 	16	 

     

    

 

Article II.           THE
ADVANCES

 

Section 2.01          The
Advances.

 

Subject to and upon the terms
and conditions set forth herein, so long as the Commitment has not been terminated, the Bank agrees to make advances based on the LIBOR
Rate (a “LIBOR Rate Advance”) and based on the Base Rate (a “Base Rate Advance” and together with
the LIBOR Rate Advances, the “Advances” and each an “Advance”) to the Borrower in Dollars in an
aggregate principal amount for all Advances outstanding hereunder not to exceed the Available Borrowing Amount. Subject to and upon the
terms and conditions set forth herein, the Borrower may from time to time borrow, prepay pursuant to Section 3.06 (Prepayments) and
re-borrow under Sections 2.01 (The Advances) and 2.02 (Borrowings).

 

Section 2.02          Borrowings.

 

(a)             In
order to request an Advance, the Borrower shall deliver to the Bank by an Electronic Request of drawdown substantially in the form of
Exhibit B hereto (each, a “Drawdown Request”), signed by a Responsible Officer.

 

(b)            Each
Drawdown Request shall be by an Electronic Request received by the Bank not later than 5:00 p.m. (New York City time) three (3) Business
Days prior to the requested Drawdown Date, unless the Bank accepts a lesser notice period for such Drawdown Request in its sole and absolute
discretion; provided that Bank agrees (i) to make commercially reasonable efforts to fund any requested Base Rate Advance
(to the extent that the aggregate amount of Base Rate Advances outstanding do not, or after giving effect to such requested Base Rate
Advance will not, exceed $20,000,000) pursuant to Section 2.02(d) below to the extent the Drawdown Request therefor is received
by the Bank not later than 12:00 noon (New York City time) on the Business Day preceding the requested Drawdown Date (for the avoidance
of doubt, to the extent the aggregate amount of Base Rate Advances outstanding is in excess of $20,000,000 or to the extent the amount
of any requested Base Rate Advance would result in the aggregate amount of Base Rate Advances outstanding exceeding $20,000,000, then
such excess amount shall be subject to the three (3) Business Day advance notice requirement for Drawdown Requests generally, as
set forth immediately above) and (ii) that for an Advance for which the Drawdown Date is the Closing Date, the corresponding Drawdown
Request shall be by an Electronic Request received by the Bank not later than 9:00 a.m. (New York City time) on the Closing Date.
Each Drawdown Request shall be irrevocable and binding on the Borrower. Each Advance shall be in a principal amount equal to at least
$500,000 with integral multiples of $100,000 in excess thereof. The Borrower shall have the right to request not more than ten (10) Advances
per calendar month; provided that there shall be no more than twelve (12) Advances outstanding at any one time.

 

(c)            The
Borrower hereby authorizes the Bank to apply against the amount of each Advance any costs and expenses payable under Section 11.05
(Payment of Expenses; Indemnification; Waiver of Consequential Damages) other than prospective or currently undeterminable indemnifiable
amounts.

 

    	 	17	 

     

    

 

(d)            Upon
satisfaction of the applicable conditions set forth in Section 6.02 (Conditions Precedent to Each Advance) on the date set forth
in the applicable Drawdown Request, the Bank will pay to the Collateral Account designated by the Borrower the amount of the relevant
Advance in Dollars, net of any fees, costs and expenses due hereunder.

 

Section 2.03          Term
of Commitment.

 

(a)            The
Commitment shall automatically renew on July 2, 2020 and each anniversary thereof (each, a “Renewal Date”) (or
if any such day is a day other than a Business Day, on the immediately preceding Business Day); provided that the Commitment shall be
terminated on (i) a Renewal Date for which either the Borrower or the Bank has provided at least ninety (90) calendar days’
prior written notice to the other party of its desire to terminate the Commitment or (ii) July 1, 2022 (or if such day is a
day other than a Business Day, on the immediately preceding Business Day) (the earlier of clause (i) and (ii), the “Final
Maturity Date”).

 

(b)            The
Borrower may at any time, but not more than twice per calendar year, request that the Bank increase the Commitment Amount (in increments
of $5,000,000) to an amount equal to or less than the Maximum Commitment Amount by delivering to the Bank a written request substantially
in the form of Exhibit E hereto specifying the amount of the requested increase and the proposed effective date of the requested
increase (which shall not be less than forty-five (45) calendar days after the date such request is delivered unless otherwise agreed
by the Bank). Within thirty (30) calendar days immediately following receipt of the Borrower’s request, the Bank shall (i) notify
the Borrower whether it consents to such increase, and (ii) if the Bank so consents, make such increase available to the Borrower.
A failure by the Bank to notify the Borrower of its decision within such thirty (30) calendar day period, or in such other period as agreed,
shall be deemed a refusal by the Bank to increase the Commitment Amount.

 

Article III.          PAYMENT
OBLIGATIONS

 

Section 3.01          Promissory
Notes.

 

(a)             It
is the intention of the parties hereto that no separate promissory notes be issued to evidence Advances hereunder; provided that the Bank
may request that any Advance made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver
to the Bank a promissory note in substantially the form attached hereto as Exhibit A (a “Note”) payable to the
Bank (or, if requested by the Bank, to the Bank and/or its registered assigns). Thereafter, the Advances and interest thereon shall at
all times (including any assignment pursuant to Section 11.06 (Assignments)) be represented by one or more Notes payable to the payee
named therein or any permitted assignee thereof, except to the extent that the Bank or permitted assignee subsequently returns any such
Note for cancellation and requests that such borrowings once again be evidenced as described in Section 3.01(b) (Promissory
Notes).

 

(b)            The
Bank will maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to it as a
result of the Advances, including the amounts of principal, interest and other amounts payable and paid to it from time to time under
this Agreement and (if applicable) the Note evidencing such Advances. All such notations shall be conclusive evidence of the information
so noted and shall be binding on the parties hereto, in the absence of manifest error; provided, however, that any failure
to record or any error in doing so shall not in any manner limit or otherwise affect the obligation of the Borrower hereunder to repay
the Advances made by the Bank, accrued interest thereon and the other Obligations of the Borrower to the Bank hereunder in accordance
with the terms of this Agreement, or the rights and remedies of the Bank hereunder.

 

    	 	18	 

     

    

 

Section 3.02          Interest.

 

(a)             Each
Advance shall bear interest for each day during each Interest Period at a rate per annum equal to the Applicable Rate in effect as of
such day. Interest in respect of each Advance shall accrue for each day that the Advance is outstanding from and including the Drawdown
Date of such Advance to but excluding the date of repayment of the Advance and shall be due and payable in arrears on each Interest Payment
Date and on the date of each repayment of the principal of such Advance.

 

(b)            Subject
to Section 1.05 (Benchmark Replacement), in the event, and on each occasion, that, on any date of determination with respect to the
LIBOR Rate, the Bank shall have determined in good faith that reasonable means do not exist for ascertaining the LIBOR Rate, due to any
circumstance affecting the London interbank market, the Bank shall, as soon as practicable thereafter, give written notice of such determination
to the Borrower. In the event of any such determination, each outstanding LIBOR Rate Advance shall be converted to a Base Rate Advance.

 

(c)             If
all or a portion of (i) the principal amount of any Advance, (ii) any interest payable thereon, or (iii) any other amount
payable under this Agreement shall not be paid by the Borrower when due (whether at the stated maturity, by acceleration or otherwise),
such overdue amount shall bear interest at a rate per annum equal to the Applicable Rate plus two percent (2%) from the date of
such non-payment to (but excluding) the date on which such amount is paid in full (after as well as before judgment). Interest payable
under this Section 3.02(c) shall be computed for the actual number of days elapsed on the basis of a year of 360 days.

 

(d)            Accrued
and unpaid interest on past due amounts (including interest and past due interest) shall be due and payable on demand.

 

Section 3.03          Maximum
Interest Rate.

 

All agreements between the
Borrower and the Bank are expressly limited so that in no event whatsoever, whether by reason of any Advance, acceleration of the maturity
of the unpaid principal balance hereof, or otherwise, shall the amount paid or agreed to be paid to the Bank for the use or forbearance
of the money to be advanced hereunder exceed the highest lawful rate permissible under applicable usury laws. In the event the performance
of any obligation of the Borrower under this Agreement or any other Facility Document shall require the payment of interest in excess
of such highest lawful rate, then such obligations shall, automatically and retroactively to the date of this Agreement, be deemed reduced
to the highest lawful rate permissible under applicable usury laws. If the Bank ever receives as interest an amount which would exceed
such highest lawful rate, the amount of excess interest shall not be applied to the payment of interest, but shall, automatically and
retroactively, be applied to the reduction of the unpaid principal balance due hereunder, and, if and to the extent such amount of excess
interest exceeds such principal balance, be returned by the Bank to the Borrower.

 

    	 	19	 

     

    

 

Section 3.04          Fees.

 

The Borrower agrees to pay
to the Bank an unused commitment fee (the “Commitment Fee”), in an amount equal to (i) the average daily amount
of the Unused Commitment during the immediately preceding calendar quarter multiplied by (ii) 0.225%; multiplied by (iii) the
actual number of calendar days in such calendar quarter divided by (iv) 360. The Borrower and the Bank acknowledge and agree that
the Commitment Fees payable hereunder are bona fide unused commitment fees and are intended as reasonable compensation to the Bank for
committing to make funds available to the Borrower as described herein and for no other purposes and are due and payable whether or not
the conditions precedent in Article VI are satisfied. The Commitment Fee shall be due and payable quarterly in arrears on the last
Business Day of March, June, September and December of each year, commencing on the first such date to occur after the date
hereof, and on the Maturity Date.

 

Section 3.05          Computation
of Interest and Fees.

 

All computations of fees and
interest shall be made on the basis of a 360-day year and the actual number of days elapsed (including the first day but excluding the
last day) in the period for which such fees or interest are payable, except that interest computed by reference to the Base Rate at times
when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year).
Each determination by the Bank of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest
error.

 

Section 3.06          Prepayments.

 

The Borrower shall have the
right, upon notice to the Bank, to prepay any Advance made hereunder, without premium or penalty, in whole or in part (but, if in part,
being an amount that reduces such Advance by a minimum of $100,000 and integral multiples of $100,000, or if less, the entire principal
amount outstanding) at any time and from time to time. Each such notice shall be irrevocable and specify the date and the amount of such
prepayment, and must be received by the Bank not later than 5:00 p.m. (New York City time) at least three (3) Business Days
(unless the Bank accepts a lesser notice period in its sole and absolute discretion) before the date of prepayment. If such notice is
given, the Borrower shall make such payment and the amount set forth in the notice shall be due and payable on the date set forth therein.
Any prepayment must be accompanied by all accrued interest thereon through the date of prepayment and any additional amounts required
under Section 3.10 (Funding Loss Indemnification), if applicable. If the Borrower has not selected the Advances to be prepaid, the
prepayments shall be applied to the outstanding Advances in the order determined by the Bank in its sole and absolute discretion.

 

Section 3.07          Mandatory
Repayments and Voluntary Reduction of Commitment.

 

(a)            If
for any reason the Accrued Advance Amount at any time exceeds the Commitment Amount at such time, the Borrower shall immediately repay
Advances in an aggregate amount equal to such excess. Each repayment of Advances pursuant to this Section 3.07 (Mandatory Repayments
and Voluntary Reduction of Commitment) shall be applied to repay Advances in the order determined by the Bank in its sole and absolute
discretion.

 

    	 	20	 

     

    

 

(b)            The
Borrower may at any time terminate the Commitment or from time to time reduce the Commitment Amount; provided that the Borrower shall
not terminate the Commitment or reduce the Commitment Amount if, after giving effect to any concurrent prepayment of the Advances in accordance
with Section 3.06 (Prepayments), (i) the Accrued Advance Amount would exceed the Commitment Amount at such time or (ii) the
Commitment Amount would be $15,000,000 or less (unless the Bank has agreed in writing to a lower amount). The Borrower shall notify the
Bank of any election to terminate the Commitment or reduce the Commitment Amount at least three (3) Business Days prior to the effective
date of such termination or reduction, specifying such election and the effective date thereof. Each notice delivered by the Borrower
pursuant to this Section 3.07(b) shall be irrevocable. Upon termination of the Commitment, the Borrower shall repay the principal
amount of each outstanding Advance together with all accrued and unpaid interest and fees, and any other costs, fees or other amounts
due or payable by the Borrower to the Bank hereunder on the effective date of such termination.

 

Section 3.08          Rollovers.

 

(a)            No
later than 5:00 p.m. (New York City time) at least three (3) Business Days prior to the termination of the Interest Period for
a LIBOR Rate Advance (the “Rollover Notification Deadline”), the Borrower shall have the right to request a rollover
of such LIBOR Rate Advance by delivering to the Bank by an Electronic Request a request for rollover substantially in the form of Exhibit G
hereto (each, a “Rollover Request”), signed by a Responsible Officer. The Rollover Request shall specify the length
of the Interest Period selected by the Borrower with respect to such Advance. Each Rollover Request shall be irrevocable and effective
upon notification thereof to the Bank.

 

(b)            The
effectiveness of a Rollover of a LIBOR Rate Advance is subject to the conditions that, at the time of the applicable Rollover Request
and after giving effect to such Rollover, (i) the representations and warranties of the Borrower set forth in Article VII are
true and correct in all material respects (except any such representation or warranty that relates to or is made as of a specific earlier
date, in which case such representation or warranty shall be true and correct with respect to such specific earlier date); provided that
such materiality qualifier shall not be applicable to any representations or warranties that are already qualified or modified by materiality
in the text thereof; (ii) no Default or Event of Default has occurred and is continuing or would result from such Rollover; (iii) the
Bank shall have received a Rollover Request in accordance with the requirements in paragraph (a) above; (iv) the Accrued Advance
Amount shall not exceed the Available Borrowing Amount; (v) the Transactions (A) are permitted by the laws and regulations of
each jurisdiction to which the Bank and the Borrower are subject, (B) do not violate any applicable Governmental Rule or any
judgment, decree, injunction or other order of any court or governmental or regulatory authority and (C) will not subject the Bank
to any unreimbursed tax, penalty or liability under or pursuant to any applicable law or regulation; (vi) the Bank has received all
fees and other amounts due and payable by the Borrower on or prior to the proposed effective date for such Rollover, including, to the
extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder; and
(vii) no Material Market Disruption or Disruption Event has occurred and is continuing.

 

    	 	21	 

     

    

 

(c)             If
either (i) the Borrower fails to deliver a Rollover Request to the Bank with respect to any LIBOR Rate Advance by the applicable
Rollover Notification Deadline or (ii) the conditions in paragraph (b) above are not satisfied, the Borrower shall repay to
the Bank the outstanding principal amount of such LIBOR Rate Advance on the last day of the current Interest Period therefore, together
with all accrued and unpaid interest and fees, and any other costs, fees or other amounts due or payable by the Borrower to the Bank hereunder.

 

Section 3.09          Payment
Terms.

 

(a)            All
payments to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made, without set-off
or counterclaim of any nature whatsoever and free and clear of any deductions or withholdings, and not later than 2:00 p.m. (New
York City time), on the day when due, in United States Dollars and in immediately available funds by wire transfer to:

 

	Beneficiary Bank:	 	Deutsche Bank Trust Company Americas
	Federal ABA No.:	 	[omitted]
	Beneficiary Name:	 	Mitsubishi UFJ Trust and Banking Corporation, New York Branch
	Beneficiary Account No.:	 	[omitted]
	Reference:	 	Preston Hollow Capital, LLC

 

or to such other account or in such other manner
as the Bank may from time to time notify the Borrower in writing.

 

(b)            If
at any time insufficient funds are received by and available to the Bank to pay fully all amounts of principal, interest and fees then
due hereunder, such funds shall be applied first toward payment of interest and fees then due, and then, toward payment of principal then
due, as the Bank may decide in its sole and absolute discretion.

 

(c)             If
any payment hereunder becomes due and payable on a day other than a Business Day, the date of payment thereof shall be the next succeeding
Business Day and interest thereon shall be payable at the then Applicable Rate during such extension; provided, that, if such immediately
succeeding Business Day shall fall in the next calendar month, then the date of payment thereof shall be the immediately preceding Business
Day.

 

Section 3.10          Funding
Loss Indemnification.

 

The Borrower agrees to indemnify
the Bank and to hold the Bank harmless from any loss, cost or expense (including, without limitation, any loss of anticipated profits
and loss, cost, expense or liability arising from the liquidation or reemployment of deposits or other funds required by the Bank to fund
its Advances or from fees payable to terminate the deposits from which such funds were obtained) which the Bank may sustain or incur as
a consequence of (a) any failure by the Borrower (for a reason other than the failure of the Bank to make the Advance) to borrow
any Advance on the Drawdown Date indicated in the Drawdown Request, or (b) any payment or prepayment of any LIBOR Rate Advance (whether
voluntary, mandatory, automatic, by reason of acceleration or otherwise) on a day which is not the last day of an Interest Period. A certificate
as to the amount of such losses, costs and expenses, submitted to the Borrower by the Bank and showing in reasonable detail the basis
for the calculation thereof, shall be conclusive evidence of the amount of such losses, costs and expenses absent manifest error. The
obligations contained in this Section 3.10 shall survive the termination of this Agreement and the payment of all other amounts payable
hereunder.

 

    	 	22	 

     

    

 

Section 3.11          Conversions.

 

(a)            The
Borrower shall have the right to convert a Base Rate Advance to a LIBOR Rate Advance (a “Conversion”) by giving the
Bank an Electronic Request of conversion substantially in the form of Exhibit H hereto (each, a “Conversion Request”),
signed by a Responsible Officer, no later than 5:00 p.m. (New York City time) at least three (3) Business Days prior to the
proposed date of conversion.

 

(b)            The
effectiveness of each Conversion shall be subject to the satisfaction of the following conditions: (i) the representations and warranties
of the Borrower set forth in Article VII are true and correct in all material respects (except any such representation or warranty
that relates to or is made as of a specific earlier date, in which case such representation or warranty shall be true and correct with
respect to such specific earlier date); provided that such materiality qualifier shall not be applicable to any representations or warranties
that are already qualified or modified by materiality in the text thereof; (ii) no Default or Event of Default has occurred and is
continuing or would result from such Conversion; (iii) the Bank shall have received a Conversion Request in accordance with the requirements
in paragraph (a) above; (iv) the Accrued Advance Amount shall not exceed the Available Borrowing Amount; (v) the Transactions
(A) are permitted by the laws and regulations of each jurisdiction to which the Bank and the Borrower are subject, (B) do not
violate any applicable Governmental Rule or any judgment, decree, injunction or other order of any court or governmental or regulatory
authority and (C) will not subject the Bank to any unreimbursed tax, penalty or liability under or pursuant to any applicable law
or regulation; (vi) the Bank has received all fees and other amounts due and payable by the Borrower on or prior to the proposed
effective date for such Conversion, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required
to be reimbursed or paid by the Borrower hereunder; and (vii) no Material Market Disruption or Disruption Event has occurred and
is continuing.

 

Article IV.          CHANGES
IN CIRCUMSTANCES

 

Section 4.01          Illegality.

 

Notwithstanding anything to
the contrary herein contained, if the Bank determines that any Governmental Rule has made it unlawful, or that any Governmental Person
has asserted that it is unlawful, for the Bank to make or maintain the Advances as contemplated by this Agreement, then the Bank shall
give the Borrower notice of such determination as soon thereafter as practicable, and (a) if the Advances have not yet been disbursed,
the commitment of the Bank hereunder to make the Advances shall forthwith be cancelled, and (b) if the Advances have been disbursed,
the Borrower will use commercially reasonable efforts to cooperate with the Bank so as to enable the Bank to be in compliance, if possible,
with such circumstances, provided, that, if the parties cannot agree upon the manner in which the Advances may be brought into
compliance with applicable Governmental Rules, or if the Bank determines, in good faith, that no commercially reasonable action would
permit the Advances to be maintained in compliance with applicable Governmental Rules, then the Borrower shall prepay the Advances in
full by the earlier of (i) the ninetieth (90th) day from the date the Bank notifies the Borrower in writing that the applicable Governmental
Rule shall make maintaining the Advances illegal, or (ii) the date that it becomes unlawful for the Bank to maintain the Advances.
If due to the change in the requirement of any Governmental Rule it becomes unlawful for the Bank to determine or charge interest
rates based upon the LIBOR Rate, then, on notice thereof by the Bank to the Borrower, commencing either on the last day of the then-current
Interest Period (if the Bank may lawfully continue to maintain the LIBOR Rate Advances as a LIBOR Rate-based loan to such day), or immediately
(if the Bank may not lawfully continue to maintain the LIBOR Rate Advances as a LIBOR Rate-based loan), the LIBOR Rate Advances shall
instead be converted to Base Rate Advances. The Bank agrees to designate a different lending office for purposes of the Advances if such
designation will avoid the need for such notice and will not, in the good faith judgment of the Bank, otherwise be materially disadvantageous
to the Bank.

 

    	 	23	 

     

    

 

Section 4.02          Increased
Costs.

 

(a)           If
the Bank determines that the adoption of any Governmental Rule, any change in or in the interpretation or application of any Governmental
Rule, or compliance by the Bank with any request or directive (whether or not having the force of law) from any Governmental Person, in
each case made subsequent to the Closing Date:

 

		i.	subjects the Bank to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters
of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

		ii.	imposes, modifies or holds applicable any reserve, special deposit, insurance charge, or similar requirement
against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any
other acquisition of funds by, the Bank; or

 

		iii.	imposes any other condition (other than Taxes) on the Bank; and the result of any of the foregoing is
(x) to increase the cost to the Bank of agreeing to make or making, funding or maintaining the Advances or (y) to reduce the
amount received or receivable by the Bank in connection with its agreeing to make, making, funding, or maintaining the Advances,

 

then
from time to time upon demand of the Bank, the Borrower shall promptly pay to the Bank such additional amounts necessary to compensate
the Bank for such increased cost or reduction in amount receivable, but only if the lending desk at the Bank that is responsible
for providing the financing hereunder is also actively seeking such costs from its similarly situated borrowers with comparable facilities.

 

    	 	24	 

     

    

 

(b)            If
the Bank determines that the adoption of any Governmental Rule regarding capital adequacy, any change therein or in the interpretation
or application thereof, or compliance by the Bank or any corporation controlling the Bank (the “Controlling Corporation”)
with any request or directive regarding capital adequacy (whether or not having the force of law) from any Governmental Person, in each
case made subsequent to the Closing Date, has the effect of reducing the rate of return on the capital of the Bank or the Controlling
Corporation as a consequence of the Bank’s obligations hereunder to a level below that which the Bank or the Controlling Corporation
could have achieved but for such application or compliance (taking into consideration the Bank’s or the Controlling Corporation’s
policies with respect to capital adequacy and the Bank’s desired return on capital), then from time to time upon demand of the Bank,
the Borrower shall promptly pay to the Bank such additional amounts necessary to compensate the Bank or the Controlling Corporation for
such reduction.

 

(c)            Promptly
after becoming aware of any change in any Governmental Rule or other event that will entitle the Bank to compensation under this
Section 4.02 (Increased Costs), the Bank shall deliver a certificate to the Borrower specifying in reasonable detail the basis for
the request for compensation and the method of computation thereof, which shall be conclusive in the absence of manifest error. The Borrower
shall pay the Bank the amount shown as due on any such certificate delivered by the Bank within thirty (30) calendar days after receipt
thereof; provided that the Borrower shall not be required to compensate the Bank pursuant to this Section 4.02(c) (Increased
Costs) for any increased costs incurred or reductions suffered more than 180 calendar days prior to the date that the Bank notified the
Borrower of the change in Governmental Rule giving rise to such increased costs or reductions, and of the Bank’s intention
to claim compensation therefor (except that if the change in Governmental Rule giving rise to such increased costs or reductions
is retroactive, then the 180 day period referred to above shall be extended to include the period of retroactive effect thereof). The
Bank agrees to designate a different lending office with respect to the Advances if such designation will avoid or reduce the amount of
compensation payable under this Section 4.02 (Increased Costs) and will not, in the good faith judgment of the Bank, otherwise be
materially disadvantageous to the Bank or subject the Bank to any unreimbursed cost or expense. The Borrower agrees to pay all reasonable
costs and expenses incurred by the Bank in connection with any such designation or assignment. The obligations of the Borrower pursuant
to this Section 4.02 (Increased Costs) shall survive the termination of this Agreement and the payment of the Advances and all other
amounts payable hereunder.

 

(d)            For
purposes of this Section 4.02 (Increased Costs), (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority)
or any United States or Japanese Governmental Persons, in each case pursuant to Basel III, are deemed to have been introduced or adopted
after the Closing Date, regardless of the date enacted, adopted, issued, or promulgated or implemented.

 

    	 	25	 

     

    

 

Section 4.03          Taxes.

 

(a)            Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Facility Document shall be made without
deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding
of any Tax from any such payment, then the Borrower shall be entitled to make such deduction or withholding and shall timely pay the full
amount deducted or withheld to the relevant Governmental Person in accordance with applicable law and, if such Tax is an Indemnified Tax,
then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including
such deductions and withholdings applicable to additional sums payable under this Section) the Bank receives an amount equal to the sum
it would have received had no such deduction or withholding been made.

 

(b)            Payment
of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Person in accordance with applicable law,
or at the option of the Bank timely reimburse it for the payment of, any Other Taxes.

 

(c)             Indemnification
by the Borrower. The Borrower shall indemnify the Bank, within 10 calendar days after demand therefor, for the full amount of any
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or
paid by the Bank or required to be withheld or deducted from a payment to the Bank and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Person.
A certificate as to the amount of such payment or liability delivered to the Borrower by the Bank shall be conclusive absent manifest
error.

 

(d)            Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Person pursuant to this Section,
the Borrower shall deliver to the Bank the original or a certified copy of a receipt issued by such Governmental Person evidencing the
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Bank.

 

(e)            Status
of the Bank. (i) The Bank shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly
completed and executed documentation reasonably requested by the Borrower as will permit payments made under any Facility Document to
be made without withholding or at a reduced rate of withholding. In addition, the Bank, if reasonably requested by the Borrower, shall
deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower as will enable the Borrower to determine
whether or not the Bank is subject to backup withholding or information reporting requirements, and as will enable the Borrower to comply
with its own information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion,
execution and submission of such documentation (other than such documentation set forth in Section 4.03(e)(ii)(A), (ii)(B) and
(ii)(D) below (Taxes)) shall not be required if in the Bank’s reasonable judgment such completion, execution or submission
would subject the Bank to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of
the Bank.

 

    	 	26	 

     

    

 

 

(ii) Without limiting the generality
of the foregoing,

 

		(A)	any Bank that is a U.S. Person shall deliver to the Borrower on or prior to the date on which such Bank
becomes a lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed copies
of IRS Form W-9 certifying that such Bank is exempt from U.S. federal backup withholding tax;

 

		(B)	any Foreign Bank shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower), whichever of the following is applicable:

 

		(1)	in the case of a Foreign Bank claiming the benefits of an income tax treaty to which the United States
is a party (x) with respect to payments of interest under any Facility Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E,
as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article
of such tax treaty and (y) with respect to any other applicable payments under any Facility Document, IRS Form W-8BEN or
IRS Form W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business
profits” or “other income” article of such tax treaty;

 

		(2)	executed copies of IRS Form W-8ECI;

 

		(3)	in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, (x) a certificate to the effect that such Foreign Bank is not a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or
a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance
Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable; or

 

		(4)	to the extent a Foreign Bank is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied
by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Bank is a partnership
and one or more direct or indirect partners of such Foreign Bank are claiming the portfolio interest exemption, such Foreign Bank may
provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect partner;

 

    27

     

    

 

		(C)	any Foreign Bank shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such
number of copies as shall be requested by the Borrower) on or prior to the date on which such Foreign Bank becomes a lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower), executed copies of any other form prescribed
by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with
such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction
required to be made; and

 

		(D)	if a payment made to a Bank under any Facility Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Bank were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Bank shall deliver to the Borrower at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary
for the Borrower to comply with its obligations under FATCA and to determine that such Bank has complied with such Bank’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

The Bank agrees that if any
form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification
or promptly notify the Borrower in writing of its legal inability to do so.

 

(f)            Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any
Taxes as to which it has been indemnified pursuant to this Section 4.03 (Taxes) (including by the payment of additional amounts pursuant
to this Section 4.03 (Taxes)), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity
payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Person with respect to
such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid
over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Person) in
the event that such indemnified party is required to repay such refund to such Governmental Person. Notwithstanding anything to the contrary
in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
paragraph (f) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified
party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not
be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it
deems confidential) to the indemnifying party or any other Person.

 

    28

     

    

 

(g)           Transferee.
For the avoidance of doubt, for the purpose of this Section 4.03 (Taxes) and any relevant definitions, the term “Bank”
includes any Transferee.

 

(h)           Survival.
Each party’s obligations under this Section 4.03 (Taxes) shall survive any assignment of rights by, or the replacement of,
a Bank, the termination of the Commitment and the repayment, satisfaction or discharge of all obligations under any Facility Document.

 

Article V.         SECURITY

 

Section 5.01         Pledge
of Collateral.

 

To secure payment by the Borrower
of the Obligations, the Borrower will enter into the Security Agreement, pursuant to which the Borrower will grant to the Bank a security
interest in all of its rights, title and interest in and to the Collateral.

 

Section 5.02         Eligible
Collateral Value.

 

The Borrower shall ensure
that at all times the Eligible Collateral Value is not less than the Acceptable Coverage Level.  If at any time, the Eligible Collateral
Value is less than the Acceptable Coverage Level (such difference, a “Shortfall”):

 

(a)            Within
sixty (60) calendar days after the earlier of (i) becoming aware of, or (ii) receipt of notice from the Bank of, the occurrence
of a Shortfall (or such longer time period as determined by the Bank in its absolute and sole discretion), the Borrower shall: (x) prepay
Advances in an aggregate principal amount, or (y) deposit into the Collateral Account additional Collateral (acceptable to the Bank
in its sole discretion) in an amount, sufficient to cure the Shortfall; provided that, notwithstanding the foregoing, the Borrower shall
apply immediately upon receipt the full amount of all proceeds realized on existing Collateral toward repayment of the Accrued Advance
Amount until the Shortfall is cured.

 

Article VI.

CONDITIONS PRECEDENT

 

Section 6.01         Conditions
Precedent to Closing.

 

The obligation of the Bank
to make the initial Advance hereunder is subject to the satisfaction or waiver by the Bank of each of the following conditions precedent:

 

(a)            The
Bank shall have received each of the following documents, each in form and substance satisfactory to the Bank:

 

		i.	counterparts of each Facility Document, duly executed by each party thereto;

 

    29

     

    

 

		ii.	copies, in each case certified as true, complete and correct and as being in full force and effect as
of a date no earlier than the Closing Date by a Responsible Officer, of: (A) the Borrower’s Formation Documents, each as amended
and in full force and effect on the Closing Date, (B) a recent certificate of good standing of the Borrower, (C) copies of the
Custody Agreement, (D) the resolutions duly adopted and approved by the board of managers of the Borrower authorizing the execution,
delivery and performance of the Facility Documents and the borrowing of the Advances from the Bank hereunder, or other evidence of authority
reasonably satisfactory to the Bank and (E) an incumbency certificate setting forth the names, titles and specimen signatures of
persons authorized to execute the Facility Documents and to give written instructions in connection therewith;

 

		iii.	a certificate signed by a Responsible Officer certifying that: (A) the representations and warranties
contained in the Facility Documents are true and correct in all material respects (provided that such materiality qualifier shall not
be applicable to any representations or warranties that are already qualified or modified by materiality in the text thereof); (B) that
no Default or Event of Default has occurred and is continuing or would result from the consummation of the Transactions; (C) that
the Borrower has authority to borrow; (D) that the Borrower has disclosed to its members or equivalent that it may obtain and utilize
credit facilities; (E) that there are no actions, suits or proceedings pending against the Borrower before any court or tribunal
wherever located in the world, and no steps have been, or are being, taken to compulsorily wind up the Borrower and no resolution voluntarily
to wind up, terminate or dissolve the Borrower has been adopted by its members or equivalent; and (F) that all consents and authorizations
required by the Borrower and/or its board of managers in relation to the Facility Documents have been obtained;

 

		iv.	A favorable opinion of external counsel to the Borrower, covering such matters relating to the Transactions
and the Collateral as reasonably requested by the Bank;

 

		v.	Evidence of the filing of all UCC-1 financing statements required to perfect or evidence a first priority
lien on, charge over and security interest in the Collateral, and the result of tax, judgment and lien searches on the Borrower in all
applicable jurisdictions;

 

		vi.	Evidence that all other filings, documents and other actions deemed necessary or advisable by the Bank
to perfect the Liens created under the Security Agreement have been filed, executed or taken, as applicable, and all other actions to
ensure the priority of such Liens have been taken;

 

		vii.	upon the reasonable request of the Bank made at least five (5) calendar days prior to the Closing
Date, the Borrower shall have provided to the Bank the documentation and other information so requested in connection with applicable
 “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least
two (2) calendar days prior to the Closing Date;

 

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		viii.	at least five (5) calendar days prior to the Closing Date, the Borrower shall deliver a Beneficial
Ownership Certification; and

 

		ix.	such other approvals, opinions and documents or information relating to the Borrower, the Facility Documents
or the Transactions as the Bank or its counsel may reasonably request.

 

(b)           All
fees required to be paid by the Borrower on or before the Closing Date shall have been paid, including, to the extent invoiced, reimbursement
or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

 

Section 6.02         Conditions
Precedent to Each Advance.

 

The obligation of the Bank
to fund an Advance on any Drawdown Date is subject to the satisfaction of the following conditions:

 

(a)          
At the time of and immediately after giving effect to the Advance, the representations and warranties of the Borrower set forth in Article VII
are true and correct in all material respects (except any such representation or warranty that relates to or is made as of a specific
earlier date, in which case such representation or warranty shall be true and correct with respect to such specific earlier date); provided
that such materiality qualifier shall not be applicable to any representations or warranties that are already qualified or modified by
materiality in the text thereof;

 

(b)          
At the time of and immediately after giving effect to the Advance, no Default or Event of Default has occurred and is continuing or would
result from such Advance or the application of the proceeds therefrom;

 

(c)          
The Bank shall have received a Drawdown Request in accordance with the requirements hereof;

 

(d)          
At the time of and immediately after giving effect to the Advance (i) the Accrued Advance Amount shall not exceed the Available Borrowing
Amount;

 

(e)          
The Transactions (i) are permitted by the laws and regulations of each jurisdiction to which the Bank and the Borrower are subject,
(ii) do not violate any applicable Governmental Rule or any judgment, decree, injunction or other order of any court or governmental
or regulatory authority and (iii) will not subject the Bank to any unreimbursed tax, penalty or liability under or pursuant
to any applicable law or regulation;

 

(f)           
The Bank has received all fees and other amounts due and payable by the Borrower on or prior to the Drawdown Date, including, to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder; and

 

    31

     

    

 

(g)          
At the time of the Advance no Material Market Disruption or Disruption Event has occurred and is continuing.

 

Article VII.       REPRESENTATIONS
AND WARRANTIES

 

The Borrower represents and
warrants to the Bank as of the Closing Date and as of each Drawdown Date that:

 

Section 7.01         Existence
and Powers.

 

The Borrower and each Subsidiary
(a) is duly incorporated, organized, formed or established (as applicable), validly existing and in good standing under the laws
of its jurisdiction of formation or incorporation (as applicable), (b) has all requisite power and authority and all governmental
and other consents, approvals, licenses and authorizations in all applicable jurisdictions required to (i) own its property and assets
and to carry on its business as now conducted and as proposed to be conducted and (ii) execute, deliver and perform its obligations
under the Facility Documents and consummate the Transactions, and (c) is duly qualified to do business in, and is in good standing
in every jurisdiction where such qualification is required, except for qualifications the lack of which individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

Section 7.02         Authorization.

 

(a)           The
Transaction is within the powers of the Borrower and as contemplated by its Formation Documents and has been duly and validly authorized
by all necessary corporate or other organizational action and requires no other proceedings or actions by the Borrower. Each of the Facility
Documents and the Custody Agreement has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation
of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or
other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in
a proceeding in equity or at law.

 

(b)           The
Responsible Officers of the Borrower listed on Exhibit D have the authority to provide any certificate, agreement or instrument
required under this Agreement on behalf of the Borrower and to take all other actions on behalf of the Borrower that are contemplated
herein or related to the Transactions.

 

(c)            No
limit on the Borrower’s powers will be exceeded as a result of the borrowing or grant of security contemplated by the Facility Documents.

 

Section 7.03         No
Conflicts.

 

The Transaction (a) will
not violate (i) any applicable law or regulation of any Governmental Person having jurisdiction over the Borrower, (ii) any
of the Formation Documents or (iii) any order, writ, injunction or decree of any Governmental Person applicable to the Borrower or
any Subsidiary, (b) will not violate, conflict with or result in a default under any indenture, agreement or other instrument binding
upon the Borrower or any of its assets or any Subsidiary, and (c) will not result in the creation or imposition of any Lien on any
of the Borrower’s assets (now owned or hereafter acquired), except for Liens in favor of the Bank created pursuant to the Security
Documents.

 

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Section 7.04         Governmental
Consents.

 

All actions, consents or approvals
of, registrations or filings with, or any other actions by any Governmental Person or any other Person that are or will be required on
the part of the Borrower in connection with (a) the Transactions, (b) the grant to the Bank of a legal, valid and enforceable
security interest in all the Collateral, (c) the Borrower’s Formation Documents, or laws, statutes, rules and regulations
or orders applicable to, the Borrower or any Collateral or (d) any indenture, agreement or other instrument binding upon the Borrower
or any of the Collateral, have been obtained, effected or made and are in full force and effect.

 

Section 7.05         Financial
Statements and Financial Condition.

 

(a)           The
Borrower has delivered its most recent annual consolidated balance sheet and the related consolidated statements of income, retained earnings,
and cash flows for the fiscal year then ended, all audited by the Auditor (without a “going concern” or like qualification
or exception and without any qualification or exception as to the scope of such audit), and accompanied by an opinion of the Auditor that
such financial statements present fairly the financial position, results of operations, and cash flows as in accordance with Approved
Accounting Principles consistently applied (collectively, the “Financial Statements”). The Financial Statements (i) were
prepared in accordance with the Borrower’s books of account and records, (ii) present fairly the financial condition and results
of operations and cash flows of the Borrower and its Subsidiaries as at the dates and for the periods covered in them as stated, and the
results of the Borrower’s operations and sources and applications of funds for the fiscal period then ended and (iii) have
been prepared in accordance with Approved Accounting Principles applied consistently throughout the periods involved. The Borrower does
not have any liabilities, obligations or commitments of a type required to be reflected on a balance sheet prepared in accordance with
Approved Accounting Principles, except: (i) those which are adequately reflected or reserved against in the Financial Statements;
and (ii) those which have been incurred in the ordinary course of business since the date of the Financial Statements and which are
not material in amount.

 

(b)            The
Borrower has delivered its most recent unaudited consolidated balance sheets and the related unaudited consolidated statements of income,
retained earnings, and cash flows of the Borrower, and such financial statements present fairly, on a basis consistent with the Financial
Statements referred to in Section 7.05(a), the consolidated financial position, consolidated results of operations and cash flows
of the Borrower.

 

(c)            Since
the date of the most recently delivered Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or could reasonably be expected to have a Material Adverse Effect.

 

(d)            The
Borrower is, individually and together with its Subsidiaries, Solvent.

 

    33

     

    

 

Section 7.06         Litigation
and Other Actions.

 

(a)           There
are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Person pending against or, to the knowledge
of the Borrower, threatened against or affecting the Borrower, any of its Subsidiaries or any of their respective employees, or assets
(i) that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse
Effect or (ii) that purport to affect or call into question the validity or enforceability of this Agreement, any other Facility
Document, or the Custody Agreement, the Collateral or the Transactions.

 

(b)           None
of the Borrower or any Affiliate, officer, employee or agent of such the Borrower is subject to any Regulatory Action.

 

Section 7.07         Taxes.

 

Each of the Borrower and each
of its Subsidiaries has timely filed or caused to be filed all federal income and other material Tax returns required to have been filed
by it and has timely paid or caused to be paid all federal income and other material Taxes required by law to have been paid by it, except
to the extent that any such Tax is being contested in good faith by appropriate proceedings and with respect to which adequate reserves
have been made in accordance with Approved Accounting Principles.

 

Section 7.08         Full
Disclosure; No Material Misstatements.

 

(a)            The
Borrower has disclosed to the Bank all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries
is subject, and all other matters known to it that could reasonably be expected to result in a Material Adverse Effect.

 

(b)            None
of (i) the Formation Documents or (ii) any other report, financial statement, exhibit, schedule or other information furnished
by or on behalf of the Borrower to the Bank in connection with this Agreement or any other Facility Document or any Transaction or included
in this Agreement or any other Facility Document or delivered pursuant hereto or thereto, as of the date furnished contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

 

(c)            No
amendments or other modifications have been made to the Formation Documents as in effect on the Closing Date except (i) to the extent
such amendments or modifications could reasonably be expected to be materially adverse to the Bank, as have been consented to by the Bank
in writing, and (ii) with respect to all other amendments or modifications, copies of which executed amendments or modifications
have been provided to the Bank.

 

(d)            The
Formation Documents most recently furnished to the Bank are true and correct and contain all the material terms of all the agreements
and arrangements between the parties to them.

 

    34

     

    

 

(e)            There
has been no breach of any term of any Formation Document by any of the parties to it. Subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether
considered in a proceeding in equity or at law, the Formation Documents are in full force and effect and the obligations of the parties
thereunder constitute legal, valid, binding and enforceable obligations of each such party thereto.

 

Section 7.09         No
Default.

 

No Default or Event of Default
has occurred and is continuing or could reasonably be expected to result from the consummation of the Transactions or the execution or
performance of this Agreement or any other Facility Document.

 

Section 7.10         Compliance
with Laws and Other Obligations.

 

Each of the Borrower and each
of its Subsidiaries is in compliance with (i) all applicable Governmental Rules and all applicable orders, writs, injunctions
and decrees of any Governmental Person applicable to it or its property and the continued operation of its properties and assets as currently
conducted will not violate any applicable Governmental Rules or any orders, writs, injunctions and decrees of any Governmental Persons
and (ii) all indentures, agreements and other instruments binding upon it or its property, in each case of clauses (i) and (ii) except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

Section 7.11         [Reserved.]

 

Section 7.12         Title.

 

(a)            Each
of the Borrower and each of its Subsidiaries has good and marketable title to its assets free and clear of any Liens, other than Liens
in favor of the Bank created pursuant to the Facility Documents and Permitted Liens.

 

(b)            The
Borrower has acquired or shall acquire its ownership in the Collateral in good faith without notice of any adverse claim (within the meaning
given to such term by Section 8-102(a)(1) of the UCC). Other than pursuant to the Facility Documents, the Borrower has not made
or authorized any registrations, filings or recordations in any jurisdictions involving a security interest in any Collateral.

 

Section 7.13         Capital
Structure of the Borrower.

 

Schedule II sets forth, as
of the date hereof, and as of the date of each Advance and each Rollover made hereunder, a complete and correct description of the capital
structure of the Borrower.

 

Section 7.14         [Reserved].

 

Section 7.15         [Reserved].

 

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Section 7.16         Rank
of Indebtedness.

 

The Borrower does not have
any Indebtedness outstanding other than under the Facility Documents and Permitted Indebtedness. The obligations of the Borrower under
this Agreement and the other Facility Documents to pay the principal of and interest on the Advances and any and all other amounts due
hereunder or thereunder constitute direct, senior and secured obligations with full recourse to the Borrower.

 

Section 7.17         No
Set-off.

 

The obligations of the Borrower
under the Facility Documents are not subject to any defense, set-off or counterclaim by the Borrower or any circumstance whatsoever which
might constitute a legal or equitable discharge from its obligations thereunder.

 

Section 7.18         [Reserved].

 

Section 7.19         Beneficial
Ownership Certification.

 

As of the Closing Date, the
information included in the Beneficial Ownership Certification is true and correct in all respects.

 

Section 7.20         Sanction
Laws; Anti-Corruption Laws.

 

(a)            Each
of (i) the Borrower, the Borrower’s Subsidiaries, any Person that Controls the Borrower, and, to the Borrower’s knowledge,
each of their respective officers, managers or directors and (ii) to the Borrower’s knowledge, any other Affiliate of the Borrower,
and any officer, manager or director of any other Affiliate of the Borrower, are in compliance with Sanctions Laws, Anti-Corruption Laws
and Anti-Money Laundering Laws.

 

(b)            None
of the Borrower, the Borrower’s Subsidiaries, any Person that Controls the Borrower, or, to the knowledge of the Borrower, any director,
officer, manager, employee, agent, or Affiliate of the Borrower is a Person that is, or is owned or controlled by Persons that are: (a) a
Sanctions Target; or (b) located, organized or resident in a Sanctioned Jurisdiction. To the Borrower’s knowledge, none of
its members is a Sanctions Target or located, organized or resident in a Sanctioned Jurisdiction.  The Borrower will notify the Bank
in writing not more than one (1) Business Day after becoming aware of any breach of this Section 7.20 or Section 9.09.

 

Section 7.21         Collateral.

 

The Security Documents, together
with the filing of a UCC-1 financing statement with the Secretary of State of the State of Delaware, are effective to create in favor
of the Bank a legal, valid and continuing Lien in the Collateral and such Lien constitutes a first priority perfected and continuing Lien
on the Collateral, securing the payment of the Obligations and enforceable against the Borrower and all third parties; all filings and
other actions necessary to perfect the Bank’s security interest in the Collateral have been duly made or taken and are in full force
and effect. Other than in respect of Liens created pursuant to the Security Documents, the Borrower does not have any registrations, filings,
recordations, or agreements granting “control” (as provided in Section 9-106 of the UCC), in any of the Collateral, including,
without limitation, the filings of UCC-1 financing statements. None of the Collateral is comprised of Margin Stock.

 

    36

     

    

 

Section 7.22         ERISA.

 

The following representations
shall be repeated on each day during the term of this Agreement:

 

(a)            The
Borrower does not have any ERISA Affiliates.

 

(b)            The
Borrower has not maintained, contributed to or had an obligation to contribute to, or otherwise had any liability with respect to, any
Employee Plans or Multiemployer Plans and does not have any present intention to do so. The Borrower does not and will not have an obligation
or liability with respect to retiree medical or death benefits other than as required under Section 4980B of the Code.

 

(c)            The
Borrower is not and is not acting on behalf of, and will not be or be acting on behalf of (i) an “employee benefit plan”
as defined in and subject to Title I ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the
Code, (iii) a plan or arrangement subject to any law, rule or regulation substantially similar to Section 406 of ERISA
and/or Section 4975 of the Code (“Similar Law”) or (iv) a person or entity considered to hold “plan assets”
(“Plan Assets”) of any of the foregoing as determined under Section 3(42) of ERISA, U.S. Department of Labor Regulation
 § 2510.3-101, or for purposes of any Similar Law.

 

Section 7.23         Independent
Decision.

 

The Borrower has or will have
consulted with its advisors with respect to the financial reporting, tax, ERISA and accounting treatment of Transaction, including with
respect to use of proceeds of any Advance, prior to entering into the Transaction, and has made its own independent decisions with respect
to such financial reporting, tax, ERISA and accounting treatment and has not relied upon the Bank (or any Affiliate thereof) in making
such decisions.

 

Section 7.24         Investment
Company Act.

 

Neither the Borrower nor any
of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act.

 

Section 7.25         [Reserved].

 

Section 7.26         Subsidiaries.

 

As of the Closing Date, the
Borrower does not have any Subsidiaries other than as set forth on Schedule II.

 

    37

     

    

 

Article VIII.     AFFIRMATIVE
COVENANTS

 

Section 8.01         Existence;
Business and Properties.

 

The Borrower and each of its
Subsidiaries will do or cause to be done all things necessary to:

 

(a)            preserve,
renew and keep in full force and effect its legal existence and good standing;

 

(b)            preserve
and keep in full force and effect the rights, licenses, permits, franchises, authorizations, patents, copyrights, trademarks and trade
names required to conduct its business and to perform its obligations under the Facility Documents and the Custody Agreement; and

 

(c)            maintain
and preserve all property material to the conduct of its business and keep such property in good repair, working order and condition in
order that the business carried on in connection therewith may be properly conducted at all times; provided, however, that
nothing in this Section 8.01 (Existence; Business and Properties) shall prevent the Borrower from (i) discontinuing any of its
businesses no longer deemed advantageous to it or discontinuing the operation and maintenance of any of its properties no longer deemed
useful in the conduct of its business or (ii) selling or disposing of any assets or capital stock thereof, in a transaction not prohibited
by Section 9.03 (Mergers, Consolidations and Sales of Assets).

 

Section 8.02         Reporting
Requirements.

 

The Borrower shall furnish
or cause to be furnished to the Bank:

 

(a)            as
soon as available and in any event within one hundred and twenty (120) calendar days after the end of each fiscal year, its most recent
consolidated balance sheet and the related consolidated statements of income, retained earnings, and its cash flows, as of the close of
such fiscal year, all audited by an independent certified public accountant reasonably acceptable to the Bank (without a “going
concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) and accompanied
by an opinion of the Auditor to the effect that such financial statements present fairly its financial position, results of operations,
and cash flows of the Borrower and its Subsidiaries, as of the close of such fiscal year, in accordance with Approved Accounting Principles;

 

(b)            as
soon as available and in any event within sixty (60) calendar days after the end of each of the first three (3) quarterly periods
of each fiscal year, its unaudited consolidated balance sheet and the related unaudited consolidated statements of income, retained earnings,
and cash flows, as of the close of such fiscal quarter, which present fairly, on a basis consistent with its financial statements referred
to in Section 8.02(a) (Reporting Requirements), its and its Subsidiaries consolidated financial position as of such date and
its consolidated results of operations and its cash flows for such fiscal quarter (subject to normal year-end adjustments);

 

(c)            promptly
upon and in any event within five (5) Business Days after becoming aware of any Default or Event of Default, notice of such occurrence
with a statement of a Responsible Officer setting forth details of the Default or Event of Default and any action taken or proposed to
be taken with respect thereto;

 

    38

     

    

 

(d)            promptly
upon becoming aware of any matter or development that has had or could reasonably be expected to have a Material Adverse Effect, notice
thereof;

 

(e)            at
the time made available by the Borrower to its members, copies of all periodic, episodic or other letters, reports or notices distributed
by the Borrower to its members generally or to all of the members holding a particular class of membership interests (excluding, for the
avoidance of doubt, any custom reports prepared by the Borrower upon the request and for the benefit of any individual member or subset
of holders of a particular class of membership interests);

 

(f)            collateral
report of the Secured Assets showing (i) investment sector/subsector diversification and (ii) asset valuation and liquidity
level, within ten (10) Business days of the end of each calendar quarter;

 

(g)            a
custody report setting out in reasonable detail all Secured Assets of the Borrower, including but not limited to full description, share
amount and the Value of such Secured Assets, as of the end of each calendar month, by the tenth (10th) Business Day of the
next calendar month, and in any case within two calendar days of request by the Bank;

 

(h)            promptly
upon request by the Bank, such other information concerning the condition or operations, financial or otherwise, of the Borrower as the
Bank may from time to time reasonably request;

 

(i)             promptly
after the occurrence thereof, written notice describing any changes to liquidity, currency or other material terms of any Secured Asset;

 

(j)             concurrently
with any delivery of financial statements described in subsection (a) and (b), a compliance certificate of a Responsible Officer
substantially in the form of Exhibit C attached hereto;

 

(k)            prompt
written notice of any amendments or modifications made to any of the Formation Documents together with clean and marked copies of each
relevant document highlighting the amendments or modifications made;

 

(l)             prompt
written notice if any of the representations made in Section 7.22 (ERISA) is or will become untrue;

 

(m)           prompt
written notice of any development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

 

(n)            promptly,
upon the request of the Bank (i) the offering documents, (ii) the constituent documents, (iii) the most recent audited
financial statements and reports available and (iv) any other documents or information reasonably requested by the Bank, in each
case, with respect to any Eligible Assets and/or the issuer thereof, as applicable.

 

    39

     

    

 

(o)            prompt
notification of any change in the information provided in the Beneficial Ownership Certification that would result in a change to the
list of beneficial owners identified in such certification.

 

For the avoidance of doubt, with respect to each
item required to be delivered pursuant to this Section 8.02 (Reporting Requirements), such item shall be deemed to have been delivered
by the Borrower in satisfaction of this Section 8.02 (Reporting Requirements) to the extent it is available to the Bank from the
Custodian or any other Affiliate of the Bank that is a party to a Facility Document.

 

Section 8.03         Payment
of Taxes and Claims.

 

The Borrower shall, and shall
cause each of its Subsidiaries to, timely file, and cause each Subsidiary to timely file, all federal income and other material Tax returns
required by law to be filed by them, and shall timely pay, and cause each Subsidiary to timely pay, all federal and state income and other
material Taxes required by law to be paid by them, except any such Taxes that are being contested in good faith and for which there are
adequate reserves in accordance with Approved Accounting Principles.

 

Section 8.04         [Reserved].

 

Section 8.05         Compliance
with Laws and Formation Documents; Maintenance of Existence and Rights.

 

(a)            The
Borrower shall, and shall cause each of its Subsidiaries to, comply with the requirements of all Governmental Rules and orders or
directives of any Governmental Person applicable to it or to its business or property, whether now in effect or hereafter enacted, except
where failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

(b)            The
Borrower will comply in all material respects with all of the terms and conditions of its Formation Documents, including with respect
to any borrowing restrictions that may be contained therein.

 

(c)            The
Borrower shall, and shall cause each of its Subsidiaries to, preserve and maintain its existence, carry on its business as it is presently
being conducted and preserve and maintain all of its rights, privileges, and franchises necessary in the normal conduct of its business
and in accordance with all valid regulations and orders of any Governmental Authority, except where failure to do so could reasonably
be expected to have, a Material Adverse Effect.

 

Section 8.06         Maintenance
of Records.

 

The Borrower shall keep, and
cause each Subsidiary to keep, adequate records and books of account, in which full, true and correct entries are to be made, in accordance
with Approved Accounting Principles, as applicable, consistently applied, reflecting all dealings and transactions in relation to the
Borrower’s and such Subsidiary’s (as the case may be) business, assets and activities.

 

    40

     

    

 

Section 8.07         Right
of Inspection.

 

The
Borrower will permit, and cause each of its Subsidiaries to permit, the Bank and its Affiliates or any of their respective agents or representatives,
upon reasonable prior notice, to visit and inspect the Borrower’s and any of its Subsidiaries’ properties, to examine and
make copies of and abstracts from their records and books, and to discuss the affairs, finances, and condition of the Borrower and any
Subsidiary with their respective officers and directors and the Auditor, all at such reasonable times and as often and as reasonably requested
(or, following the occurrence of a Default or Event of Default, at such times and as often as requested); provided that, so long
as no Default or Event of Default has occurred, the Bank may only exercise the visitation and inspection rights set forth in this Section 8.07
(Right of Inspection) once per calendar year.

 

Section 8.08         [Reserved.]

 

Section 8.09         Further
Assurances.

 

Promptly upon request by the
Bank, the Borrower will correct any material defect or error that may be discovered in any Facility Document or in the execution, acknowledgment,
filing or recordation thereof and will do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any
and all such further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing statements
and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other instruments as
the Bank may reasonably require from time to time in order to (i) carry out more effectively the purposes of the Facility Documents;
(ii) to the fullest extent permitted by applicable law, subject the Borrower’s properties, assets, rights and interests intended
to be Collateral to the Liens now or hereafter intended to be covered by any of the Security Documents, (iii) to perfect and maintain
the validity, effectiveness and priority of any of the Security Documents and any of the Liens intended to be created thereunder and (iv) assure,
convey, grant, assign, transfer, preserve, protect and confirm more effectively unto the Bank the rights granted or now or hereafter intended
to be granted to the Bank under any Facility Document or under any other instrument executed in connection with any Facility Document.

 

Section 8.10         [Reserved].

 

Section 8.11         [Reserved].

 

Section 8.12         Maintenance
of Collateral.

 

(a)            The
Borrower shall at all times be the beneficial owner of the Collateral (subject only to the terms of the Facility Documents).

 

(b)            The
books and records of the Borrower will reflect the Bank’s first priority lien on, security interest in and charge over the Collateral.

 

(c)            All
of the Collateral constituting cash or “Investment Property” (as defined in Article 9 of the UCC) has been (or will be
credited, immediately upon receipt thereof) and will remain credited to the Collateral Account.

 

    41

     

    

 

(d)            The
Borrower shall take such action within its control as is necessary or as may be reasonably requested by the Bank in order to perfect and
to maintain the perfection and first priority of the security interest of the Bank in the Collateral.

 

Section 8.13         Use
of Proceeds.

 

The Borrower will use all amounts
received in connection with the Advances for Working Capital Purposes, and for such other short term borrowing as the Bank may approve
in its sole and absolute discretion. Notwithstanding the foregoing, no part of the proceeds from an Advance will be used, whether directly
or indirectly for any purpose that entails a violation of Regulations T, U or X of the FRB. The Bank is not bound to monitor or verify
the application of any Advances pursuant to this Agreement.

 

Article IX.       NEGATIVE
COVENANTS

 

Section 9.01         Liens.

 

(a)            The
Borrower shall not, nor will it permit any Subsidiary to, directly or indirectly create, incur, assume or suffer to exist any Lien upon
or with respect to any of its properties or assets, whether now owned or hereafter acquired, or of or upon any income or profit therefrom,
except Permitted Liens and Liens created pursuant to any Facility Document.

 

(b)            The
Borrower will not directly or indirectly (i) permit the validity or effectiveness of the security interests created pursuant to any
Facility Document to be impaired, (ii) take any action that would permit the security interests created pursuant to the Facility
Documents not to constitute valid and perfected first priority security interest in the Collateral; or (iii) enter into any contractual
obligations (other than this Agreement and other Facility Documents) that limit the ability of the Borrower to create, incur, assume or
suffer to exist Liens on its property.

 

Section 9.02         Incurrence
of Indebtedness.

 

The Borrower shall not, nor
will it permit any Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness other than (i) Indebtedness
to the Bank hereunder and (ii) Permitted Indebtedness.

 

Section 9.03         Mergers,
Consolidations and Sales of Assets.

 

(a)            The
Borrower shall not (i) amalgamate, consolidate or merge with or into, or convey, sell, assign, transfer, lease, or otherwise dispose
of (whether in one transaction or in a series of transactions) all or substantially all of its property and assets (whether now owned
or hereafter acquired) to any Person, or reorganize, reincorporate, reconstitute into or as another entity, or liquidate or dissolve in
whole or in part; (ii) voluntarily or involuntarily sell, lease, transfer, license, loan or otherwise dispose of any asset unless
such sale, lease, transfer, license, loan or other disposal is made in the ordinary course of its business, on an arm’s length basis
and the consideration receivable is fair market value or (iii) establish or suffer to exist any Subsidiary, except for those Subsidiaries
set forth on Schedule II, as amended by the Borrower from time to time and delivered to the Bank.

 

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(b)            The
Borrower shall promptly notify the Bank in writing whenever any Subsidiary effectuates a transaction: (i) described in clause (i) of
subsection (a) of this Section 9.03 (Mergers, Consolidations and Sales of Assets) or (ii) for which the Borrower would
itself be prohibited from effectuating under clause (ii) of subsection (a) of this Section 9.03 (Mergers, Consolidations
and Sales of Assets).

 

Section 9.04         Material
Changes, Major Event Changes.

 

(a)            The
Borrower shall not engage in any business or operations other than as described in the Formation Documents.

 

(b)            [Reserved].

 

(c)            The
Borrower will not (i) amend, modify or otherwise alter the Borrower’s Investment Guidelines or any of its Formation Documents,
or the Custody Agreement, in each case, without the prior written consent of the Bank unless such amendment or modification could not
reasonably be expected to materially adversely impact the rights of the Bank or (ii) terminate the Custody Agreement unless a replacement
for Custodian (as applicable) that is reasonably acceptable to the Bank is appointed.

 

(d)            The
Borrower will not change (i) its name, identity, or corporate form, or (ii) its jurisdiction of incorporation, formation or
registration (as applicable) or (iii) its chief executive office and/or principal place of business, in each case unless the Borrower
shall have given the Bank not less than thirty (30) calendar days’ prior written notice thereof (or such shorter period as the Bank
may agree in its sole discretion).

 

(e)            The
Borrower will not, nor will it permit any Subsidiary to, change (x) its fiscal year or (y) its methods of accounting as in effect
on the Closing Date, in each case, without the prior written consent of the Bank.

 

Section 9.05         Restricted
Payments.

 

The Borrower will not, and
will not permit any Subsidiary to, make any Restricted Payment, provided that, if no Default or Event of Default exists and is continuing
or would result therefrom, (i) the Borrower may make redemption payments or other distributions to its members as permitted by the
Formation Documents and (ii) each Subsidiary may make Restricted Payments to the Borrower and any other Person that owns an equity
interest in such Subsidiary, ratably according to their respective holdings of such equity interests in respect of which such Restricted
Payment is being made.

 

Section 9.06         [Reserved].

 

Section 9.07         Investment
Company.

 

The Borrower will not, and
will not permit any of its Subsidiaries to, become an “investment company” as defined in the Investment Company Act.

 

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Section 9.08         Transactions
with Affiliates.

 

The Borrower will not, nor
shall it permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise
acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except in the ordinary
course of business at prices and on terms and conditions not less favorable than could be obtained on an arm’s length basis from
unrelated third parties.

 

Section 9.09         Sanctions
Laws; Anti-Corruption Laws.

 

(a)            The
Borrower shall not, directly or, indirectly, use, or permit any of its directors, officers or employees to use, or, to its knowledge,
permit any of its Affiliates or agents currently engaged by it and carrying out activities on its behalf to directly use, or to the Borrower’s
knowledge to indirectly use, the proceeds of the Advances, or lend, contribute or otherwise make available such proceeds:

 

		i.	in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money,
or anything else of value, to any person in violation of any applicable Anti-Corruption Laws;

 

		ii.	to or for the benefit of a Sanctions Target; or

 

		iii.	for the purpose of funding, financing or facilitating any activities, business or transaction of or with
any Sanctions Target.

 

(b)            The
Borrower will maintain, or will cause to be maintained, in effect policies and procedures designed to promote and achieve compliance by
the Borrower and its directors, officers, employees, and agents with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

 

(c)            The
Borrower shall not fund all or part of any repayment of an Advance from proceeds derived from transactions which would be prohibited by
Sanctions, and shall conduct its business in compliance with applicable Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions.

 

Article X.         DEFAULT

 

Section 10.01       Events
of Default.

 

Each of the following events shall constitute
an “Event of Default”:

 

(a)            The
Borrower shall fail to pay any principal of or interest on any Advance or Commitment Fee when such payment is due;

 

(b)            The
Borrower shall fail to pay any other amount hereunder when such payment is due and such failure remains unremedied for three (3) Business
Days after written notice thereof has been given by the Bank to the Borrower;

 

(c)            Any
representation, warranty or statement made or deemed to be made by or on behalf of the Borrower in any Facility Document, or in any certificate,
agreement or instrument made or delivered in connection therewith, shall prove to have been incorrect or misleading in any material respect
when made or delivered;

 

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(d)            The
Borrower shall fail to perform or observe any other term, covenant or agreement not otherwise addressed in this Section 10.01 (Events
of Default) contained in any Facility Document and such failure shall remain unremedied for ten (10) Business Days after the earlier
to occur of (i) the Borrower’s knowledge thereof and (ii) written notice thereof has been given by the Bank to the Borrower;

 

(e)            The
security interest created pursuant to any Facility Document shall at any time fail or cease for any reason to constitute a valid and perfected
first priority security interest of the Bank in any portion of the Collateral purported to be subject thereto and to secure the Obligations,
or the Borrower shall so assert;

 

(f)            The
Borrower shall fail to comply with any of the reporting requirements set forth in Section 8.02 (Reporting Requirements) hereof and
such failure shall not be remedied within five (5) Business Days after written notice thereof has been given by the Bank to the Borrower;

 

(g)            A
default, event of default or other similar condition or event (however described) in respect of the Borrower or any of its Subsidiaries
shall occur under any material agreement, contract or transaction with the Bank or any of its Affiliates and any applicable notice requirements
or grace periods in connection therewith have been satisfied or passed (as applicable), the cumulative effect of which is to cause or
to permit the Bank or such Affiliate, as the case may be, to cause a liquidation of, an acceleration of obligations under, or an early
termination of, such agreement, contract or transaction;

 

(h)            The
occurrence of any of the following with respect the Borrower or any of its Subsidiaries: (i) a default, event of default, termination
event or other similar condition or event (however described) in respect of the Borrower or any of its Subsidiaries under one or more
agreements or instruments relating to any Indebtedness (individually or collectively) in an aggregate amount of not less than $3,000,000,
which has resulted in such Indebtedness becoming due and payable under such agreements or instruments, before it would otherwise have
been due and payable or (ii) a default by the Borrower or any of its Subsidiaries (individually or collectively) in making one or
more payments under one or more agreements or instruments relating to any Indebtedness on the due date thereof in an aggregate amount
of not less than $3,000,000 under such agreements or instruments (after giving effect to any applicable notice requirement or grace period);

 

(i)             The
Borrower or any of its Subsidiaries shall institute or consent to the institution of any proceeding or procedure under any Debtor Relief
Law (including, without limitation, by a meeting being convened with a view to, or the passing of a resolution for, its winding up and/or
dissolution), or make an assignment for the benefit of creditors, or apply for or consent to the appointment of any receiver, trustee,
custodian, conservator, liquidator, provisional liquidator, rehabilitator or similar official for it or for all or any material part of
its property; or any receiver, trustee, custodian, conservator, liquidator, provisional liquidator, rehabilitator or similar officer shall
be appointed without the application or consent of the Borrower or any of its Subsidiaries and the appointment shall continue undischarged
or unstayed for fifteen (15) calendar days; or an application for a receivership order shall be made in respect of the Borrower or any
of its Subsidiaries; or a winding up petition shall be presented in respect of the Borrower or any of its Subsidiaries or any proceeding
under any Debtor Relief Law relating to the Borrower or to all or any material part of its property or any Subsidiary is instituted without
the consent of the Borrower or such Subsidiary and shall continue undismissed or unstayed for fifteen (15) calendar days, or an order
for relief shall be entered in any such proceeding;

 

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(j)             The
Borrower or any Subsidiary shall (i) generally not pay its debts as such debts become due, or shall admit in writing its inability
to pay its debts generally, (ii) voluntarily commence any proceeding or file any petition seeking relief under any Debtor Relief
Law (including, without limitation, by a meeting being convened with a view to, or the passing of a resolution for, its winding up and/or
dissolution), (iii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or the filing
of any petition described in paragraph (i) of this Section 10.01 (Events of Default), (iv) file an answer admitting the
material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors,
or (vi) take any action for the purpose of effecting any of the foregoing;

 

(k)            [Reserved];

 

(l)             (x) One
or more judgments, decrees, or orders for the payment of money in excess of $500,000 in the aggregate shall be rendered against the Borrower
or any of its Subsidiaries and such judgments, decrees, or orders shall continue undischarged and unsatisfied and in effect for a period
of thirty (30) calendar days without being vacated, discharged, satisfied, or stayed pending appeal, or any action shall be taken by a
judgment creditor to attach any of the Borrower’s or any Subsidiary’s assets to enforce any such judgment; or (y) there
shall occur any failure by the Borrower or any Subsidiary to satisfy when due any non-monetary judgment if the failure to do so could
have a Material Adverse Effect;

 

(m)           The
Borrower shall change or evidence an intention to materially change the nature or scope of its business, or any governmental authority
expropriates or evidences an intention to expropriate all or a substantial part of the Borrower’s assets and the result of any of
the foregoing will materially and adversely affect the Borrower’s ability to perform its obligations under the Facility Documents
as determined by the Bank in its sole discretion;

 

(n)            (i) The
Borrower shall deny or repudiate its obligations under any Facility Document, (ii) any Governmental Rule shall purport to render
invalid, or preclude enforcement of, any material provision of this Agreement or any other Facility Document or impair performance of
any of the Borrower’s obligations under any Facility Document or (iii) any dominant authority asserting or exercising de jure
or de facto governmental or police powers shall, by moratorium laws or otherwise, cancel, suspend or defer the obligation of the Borrower
to pay any amount required to be paid under any Facility Document to which it is a party;

 

(o)            [Reserved];

 

(p)            The
Borrower shall terminate the services of the Bank, as Custodian or the Custodian shall cease to act in such capacity for any reason;

 

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(q)           A
Regulatory Action shall occur with respect to the Borrower;

 

(r)            The
aggregate Net Asset Value of the Borrower (as determined by the Bank as of the last day of any calendar month) shall decline by a percentage
equal to or exceeding any of the NAV Decline Percentages;

 

(s)            [Reserved];

 

(t)            The
Eligible Assets shall fail to include investments in at least thirty (30) Eligible Assets (each with a separate and distinct CUSIP number)
and such failure shall not be remedied within ninety (90) calendar days;

 

(u)           The
Eligible Collateral Value shall be less than the Acceptable Coverage Level and either (i) the Borrower fails to take action to cure
such Shortfall within the timing specified in Section 5.02 (Eligible Collateral Value) or (ii) such Shortfall is not cured within
the timing set forth in Section 5.02 (Eligible Collateral Value);

 

(v)           Eligible
Collateral Value shall be less than the Minimum Coverage Level and the Eligible Collateral Value is not restored to at least the Acceptable
Coverage Level within three (3) Business Days.

 

(w)           Both
Key Persons cease to be actively involved in and responsible for the day-to-day management of the Borrower’s investment activities
and within ninety (90) calendar days thereof, the Borrower fails to appoint a replacement that is acceptable to the Bank in its sole discretion;

 

(x)            Any
event shall occur which the Bank believes has had a Material Adverse Effect;

 

(y)           The
assets of the Borrower shall constitute or become Plan Assets; and

 

(z)            A
Change of Control shall occur.

 

Section 10.02   Remedies
Upon Event of Default.

 

(a)            Upon
the occurrence of any Event of Default, and at any time thereafter, if any Event of Default shall then be continuing, the Bank may, by
written notice to the Borrower, take any or all of the following actions, without prejudice to the rights of the Bank, to enforce its
claims against the Borrower: (i) declare the Commitment and the obligations of the Bank to make Advances to be terminated, whereupon
the same shall forthwith terminate, (ii) declare all or part of the principal of and any accrued interest in respect of all Advances,
the Note (if any) and all Obligations owing hereunder and thereunder to be, whereupon the same shall become, forthwith due and payable
without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by the Borrower, (iii) enforce
any or all of the Liens and security interests created pursuant to the Security Documents and (iv) exercise any other rights available
under any Facility Documents or applicable law; provided, however, that upon the occurrence of an Event of Default arising under
Section 10.01(i) or (j) (Events of Default), (x) the Commitment and the obligations of the Bank to make Advances shall
automatically be terminated and (y) the principal of and any accrued interest in respect of all Advances, the Note (if any) and all
Obligations owing hereunder and thereunder shall automatically become and be due and payable, without presentment, demand, protest or
any notice of any kind, all of which are hereby expressly waived by the Borrower.

 

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(b)           In
addition to any rights now or hereafter granted under applicable law or otherwise, and not by way of limitation of any such rights, upon
the occurrence and during the continuance of any Event of Default the Bank and each of its Affiliates (for purposes of this Section 10.02
(Remedies Upon Event of Default) only, the “Affiliates” and each individually, an “Affiliate”),
is hereby authorized at any time and from time to time, without presentment, demand, protest or other notice of any kind to the Borrower
or to any other Person (any such notice being hereby expressly waived by the Borrower), to set off and to appropriate and apply any and
all deposits (general or special, time or demand, provisional or final) at and any other Indebtedness at any time held or owing by the
Bank or the Affiliates (including, without limitation, by branches and agencies of the Bank or its Affiliates wherever located) to or
for the credit or the account of the Borrower against and on account of the Obligations and other liabilities of the Borrower to the Bank
or to an Affiliate under this Agreement or under any of the other Facility Documents, and all other claims of any nature or description
arising out of or connected with this Agreement or any other Facility Document, now or hereafter existing irrespective of whether or not
the Bank shall have made any demand under this Agreement, the Note (if any) or under any other Facility Document and although such Obligations
liabilities or claims, or any of them, may be contingent or unmatured. The Bank agrees promptly to notify the Borrower after any such
set-off and application, provided, that, the failure to give such notice shall not affect the validity of such set-off and application.
The rights of the Bank under this Section 10.02 (Remedies Upon Event of Default) are in addition to other rights and remedies (including,
without limitation, other rights of set-off) which the Bank may have.

 

Article XI.     MISCELLANEOUS

 

Section 11.01   Amendments
and Waivers.

 

Neither the Facility Documents
nor any terms thereof may be amended, supplemented or modified without the prior written agreement of the Bank and the Borrower, in each
case in accordance with the provisions of this Section 11.01 (Amendments and Waivers). The Bank may from time to time, (a) enter
into with the Borrower written amendments, supplements or modifications hereto for the purpose of adding any provisions to the Facility
Documents or changing in any manner the rights of the Bank or of the Borrower hereunder, or (b) waive, on such terms and conditions
as the Bank may specify in such instrument, any of the requirements of this Agreement or any Default or Event of Default and its consequences.
In the case of any waiver, the Borrower and the Bank shall be restored to their former position and rights hereunder, and any Default
or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other
Default or Event of Default, or impair any right consequent thereon.

 

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Section 11.02   Notices.

 

All notices, requests and
demands to or upon the respective parties hereto to be effective shall be made in writing (including by telecopy and e-mail), and, unless
otherwise expressly provided herein, shall be deemed to have been duly given or made when (i) delivered by hand, (ii) 48 hours
after being collected from a party by an internationally recognized courier company, or (iii) immediately upon sending, when delivered
via facsimile (transmission confirmed) or electronic mail (electronic confirmation of error-free receipt received), addressed as follows
for the Borrower and the Bank, or to such other address as may be hereafter notified by the respective parties hereto and any future holders
of the obligations owing hereunder:

 

		The Borrower:	Preston Hollow Capital, LLC

1717 Main Street, Suite 3900

Dallas, Texas 75201

Attn: Kandice Stephens

Telephone: [omitted]

Email: [omitted]

 

		The Bank:	MITSUBISHI UFJ TRUST AND BANKING CORPORATION,

NEW YORK BRANCH

1221 Avenue of the Americas, 10th Floor

New York, New York 10020

 

Attention: Fund Finance Group

Telephone: [omitted]

Facsimile: [omitted]

E-mail address: [omitted]

 

Section 11.03   No
Waiver; Cumulative Remedies.

 

No failure to exercise and
no delay in exercising, on the part of the Bank, any right, remedy, power or privilege hereunder and no course of dealing between the
Borrower and the Bank shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

Section 11.04   Survival
of Representations and Warranties.

 

All representations and warranties
made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution
and delivery of this Agreement and the making of the Advances hereunder.

 

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Section 11.05   Payment
of Expenses; Indemnification; Waiver of Consequential Damages.

 

(a)           The
Borrower agrees to pay or reimburse the Bank for (i) all reasonable, documented out of pocket costs and expenses incurred by the
Bank and its Affiliates (including, without limitation, the reasonable, documented, out of pocket fees and disbursements of counsel to
the Bank) in connection with the negotiation, preparation and execution of this Agreement and the other Facility Documents, or any amendments,
consents, waivers or other modifications to the provisions hereof or thereof and all other documents, agreements and instruments required
by, or entered into in connection herewith and therewith, together with duties suffered by the Bank on such sums (whether or not the transactions
contemplated hereby or thereby shall be consummated), (ii) all reasonable, documented out of pocket costs and expenses of creating
and perfecting Liens in favor of the Bank pursuant to any Security Document and all other documents, agreements and instruments required
by, or entered into in connection therewith, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search
fees, title insurance premiums, and reasonable, documented out of pocket fees, expenses and disbursements of counsel to the Bank and of
counsel providing any opinions required by the terms of the Facility Documents, (iii) all reasonable, documented out of pocket costs
and expenses (including all reasonable legal, valuation, accountancy and consultancy fees and disbursements and out of pocket expenses)
together with duties suffered by the Bank on such sums incurred by the Bank or any of its Affiliates in connection with the custody or
preservation of any of the Collateral or the Lien created under any Security Document, and (iv) all costs and expenses, including
reasonable attorneys’ fees and costs of settlement, incurred by the Bank in enforcing any Obligations of or in collecting any payments
due from the Borrower hereunder or under the other Facility Documents by reason of an Event of Default (including in connection with the
sale of, collection from, or other realization upon any of the Collateral or the enforcement of any guarantee) or in connection with any
refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or pursuant
to any insolvency or bankruptcy proceedings of the Borrower.

 

(b)           The
Borrower shall indemnify the Bank and each of its Affiliates and their respective officers, directors, employees, agents and advisors
(each, an “Indemnified Party”) and hold each Indemnified Party harmless from, any and all losses, claims, damages,
liabilities and related expenses, joint or several, incurred by or asserted against any Indemnified Party arising out of, in connection
with, or as a result of (i) the execution or delivery of any Facility Document or any agreement or instrument contemplated hereby,
the performance by the parties thereto of their respective obligations thereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) the Note (if any) or the use or purported use of the proceeds of any Advance, or (iii) any
actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort
or any other theory and regardless of whether any Indemnified Party is a party thereto, and to reimburse such Indemnified Parties for
any legal or other expenses as they are incurred in connection with investigating, responding to or defending any of the foregoing; provided
that such indemnity shall not be available to the extent that such losses, claims, damages, liabilities or related expenses are determined
by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnified Party.

 

(c)           The
Bank shall be entitled to rely upon any written (including facsimile transmission) or Electronic Request from the Borrower or persons
that the Bank reasonably believes to be authorized persons of the Borrower, without making independent inquiry. If there is a discrepancy
between an Electronic Request and/or a facsimile transmission and any written confirmation provided by the Borrower or a person that the
Bank reasonably believes to be an authorized person of the Borrower and the Bank has already relied upon the Electronic Request and/or
facsimile transmission, the Electronic Request and/or facsimile transmission shall prevail over any written confirmation. The Borrower
hereby agrees to indemnify the Bank for, and hold the Bank harmless from, any and all losses, damages, claims and expenses howsoever arising
(including the reasonable legal fees of external counsel to the Bank), which the Bank suffers or incurs based on or arising out of any
actions taken or not taken including the making of Advances or payments as a result of any Electronic Request and/or facsimile transmission,
except to the extent that such liability is the result of the Bank not acting in accordance with the instructions received in the Electronic
Request and/or facsimile transmission, or willful misconduct.

 

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(d)           To
the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement, any other Facility Document or any agreement or instrument contemplated hereby,
the transactions contemplated hereby or thereby, any loan or letter of credit, or the use of the proceeds thereof.

 

(e)           The
agreements in this Section 11.05 (Payment of Expenses; Indemnification; Waiver of Consequential Damages) shall survive repayment
of the Advances and the termination of this Agreement. This Section 11.05(e) (Payment of Expenses; Indemnification; Waiver of
Consequential Damages) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising
from any non-Tax claim.

 

Section 11.06   Assignments.

 

(a)           This
Agreement shall be binding upon and shall inure to the benefit of the Borrower and the Bank and their respective successors and assigns;
provided, however, that the Borrower may not assign any of its rights and obligations under this Agreement or the Note (if
any) without the prior written consent of the Bank. The Bank shall from time to time, upon ten (10) calendar days’ prior written
notice to the Borrower, be permitted to transfer, negotiate, assign or sell assignments in all or a portion of its rights and obligations
hereunder (any of the foregoing, a “Transfer”) to one or more other financial institutions (“Transferees”);
provided, that unless (x) an Event of Default exists, or (y) the Transferee is an Affiliate of the Bank, any such Transfer
shall require the prior written consent of the Borrower (which consent shall not be unreasonably withheld). The Bank may pledge all or
a portion of its rights and obligations hereunder to any Federal Reserve Bank as collateral security. The Bank shall maintain at one of
its offices a register for the recordation of the names and addresses of the Bank, and the Commitment of, and principal amounts (and stated
interest) of the Advances owing to, the Bank pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive absent manifest error, and the Borrower and the Bank shall treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement. The Register shall be available for
inspection by the Borrower and the Bank, at any reasonable time and from time to time upon reasonable prior notice.

 

(b)           Upon
the Transfer of the rights and obligations of the Bank, the Transferee shall become a party to each of the Facility Documents, with all
the rights and obligations of the Bank hereunder and thereunder, and the Bank shall be released from its obligations under this Agreement
and each other Facility Document with respect to the interest so transferred (and, in the case of an assignment of all or the remaining
portion of the Bank’s rights and obligations, the Bank shall cease to be a party hereto and thereto).

 

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(c)           The
Bank and any Transferee may at any time, with the prior written consent of the Borrower, sell participations to any Person (other than
a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person)
(each, a “Participant”) in all or a portion of the Bank’s or Transferee’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or the Advances owing to it); provided that (i) the Bank’s
or Transferee’s (as applicable) obligations under this Agreement shall remain unchanged, (ii) the Bank or Transferee (as applicable)
shall remain solely responsible to the Borrower for the performance of such obligations, and (iii) the Borrower shall continue to
deal solely and directly with the Bank or Transferee (as applicable) in connection with the Bank’s or Transferee’s (as applicable)
rights and obligations under this Agreement. Any agreement or instrument pursuant to which the Bank or Transferee (as applicable) sells
such a participation shall provide that the Bank or Transferee (as applicable) shall retain the sole right to enforce this Agreement and
to approve any amendment, modification or waiver of any provision of this Agreement. The Borrower agrees that each Participant shall be
entitled to the benefits of Sections 4.02 (Increased Costs) and 4.03 (Taxes) (subject to the requirements and limitations therein, including
the requirements under Section 4.03(e) (Taxes) (it being understood that the documentation required under Section 4.03(e) (Taxes)
shall be delivered to the participating Bank)) to the same extent as if it were the Bank or Transferee (as applicable) and had acquired
its interest by assignment pursuant to paragraph (a) of this Section; provided that such Participant shall not be entitled
to receive any greater payment under Sections 4.02 (Increased Costs) or 4.03 (Taxes), with respect to any participation, than its participating
Bank or Transferee (as applicable) would have been entitled to receive, except to the extent such entitlement to receive a greater payment
results from a change in law that occurs after the Participant acquired the applicable participation. Each Bank or Transferee that sells
a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Indebtedness
under the Facility Documents (the “Participant Register”); provided that, other than to the Borrower at its
request, the Bank or Transferee (as applicable) shall not have any obligation to disclose all or any portion of the Participant Register
(including the identity of any Participant or any information relating to a Participant’s interest in any Indebtedness) to any Person
except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is
in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and the Bank or Transferee (as applicable) shall treat each Person whose name is recorded in
the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 

(d)           Notwithstanding
the foregoing, so long as no Event of Default has occurred and is continuing, assignments and participations shall not be made to any
Person that was a Disqualified Person as of the date the Bank entered into a binding agreement to sell and assign or participate part
or all of its rights and obligations under this Agreement to such Person.

 

    52

     

    

 

(e)           The
Borrower authorizes the Bank to disclose, subject to obtaining agreement to confidentiality requirements substantially the same as those
set forth in Section 11.12 (Treatment of Certain Information; Confidentiality), to any Transferee or Participant and any prospective
Transferee or Participant that, so long as no Event of Default has occurred and is continuing, was not a Disqualified Person as of the
date the Bank entered into a binding agreement to sell and assign or participate part or all of its rights and obligations under this
Agreement to such Person any and all financial information in the Bank’s possession concerning the Borrower and its Subsidiaries
which has been delivered to the Bank by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to the Bank
by or on behalf of the Borrower in connection with the Bank’s credit evaluation of the Borrower and its Subsidiaries prior to becoming
a party to this Agreement.

 

Section 11.07   Counterparts.

 

This Agreement may be executed
by the parties to this Agreement on any number of separate counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original but all of which when taken together shall constitute one and the same contract. Delivery of an
executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission (for example, in “.pdf”
or “tif” format) shall be effective for all purposes as delivery of an original, manually executed counterpart of this Agreement.

 

Section 11.08   Severability.

 

Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 11.09   Governing
Law.

 

THIS AGREEMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES.

 

Section 11.10   Submission
to Jurisdiction; Waivers; Service of Process.

 

(a)           Jurisdiction.
Each of the parties hereto hereby irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Bank, or any of its Related
Parties in any way relating to this Agreement or any other Facility Document or the Transactions, in any forum other than the courts of
the State of New York sitting in New York County, and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts
and agrees that all claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State
court or, to the fullest extent permitted by applicable Governmental Rules, in such federal court. Each of the parties hereto agrees that
a final judgment in any such action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Facility Document shall affect any right
that the Bank may otherwise have to bring any action or proceeding relating to this Agreement or any other Facility Document against the
Borrower or its properties in the courts of any jurisdiction.

 

    53

     

    

 

(b)           Waiver
of Venue. Each party hereto irrevocably and unconditionally waives, to the fullest extent permitted by applicable Governmental
Rules, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to
this Agreement or any other Facility Document in any court referred to in paragraph (a) of this Section 11.10 (Submission to
Jurisdiction; Waivers; Service of Process). Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable
Governmental Rules, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(c)            Service
of Process. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 11.02
(Notices). The Borrower hereby irrevocably and unconditionally (i) agrees that service of all writs, process and summonses in any
such suit, action or proceeding brought in the State of New York may be made upon the Process Agent on behalf of the Borrower at 1218
Central Avenue, Suite 100, Albany, NY 12205 or any Person having and maintaining a place of business in the State of New York whom
the Borrower may from time to time hereafter designate, and agrees that the failure of the Process Agent to give any notice of any such
service of process to the Borrower shall not impair or affect the validity of such service or of any judgment based thereon. The Borrower
hereby further (i) consents to the service of process in any suit, action or proceeding by mailing a copy thereof by the Bank by
registered or certified mail (or any substantially similar form of mail), postage prepaid, at its notice address referred to in Section 11.02
(Notices) or at another address of which the other shall have been notified pursuant thereto; and (ii) agrees that nothing herein
shall affect the right to effect service of process in any other manner permitted by law.

 

(d)           Waiver
of Jury Trial.

 

EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER FACILITY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER FACILITY DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

    54

     

    

 

Section 11.11   Integration;
Effectiveness.

 

This Agreement and the other
Facility Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof.

 

Section 11.12   Treatment
of Certain Information; Confidentiality.

 

The Borrower and the Bank
agree to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to Affiliates
and Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential); (b) to the extent required or requested by any regulatory
authority purporting to have jurisdiction over the Bank or its Related Parties (including any self-regulatory authority); (c) to
the extent required by any Governmental Rule or by any subpoena or similar legal process; (d) in connection with the exercise
of any remedies hereunder or under any other Facility Document or any action or proceeding relating to this Agreement or any other Facility
Document or the enforcement of rights hereunder or thereunder; (e) subject to an agreement containing provisions substantially the
same as those of this Section, to (i) any Transferee or Participant in, or any prospective Transferee or Participant in, any of its
rights and obligations under this Agreement, or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative
or other transaction under which payments are to be made by reference to the Borrower and its obligations, this Agreement or payments
hereunder; (f) with the consent of the other party; or (g) to the extent such Information (x) becomes publicly available
other than as a result of a breach of this Section, or (y) becomes available on a non-confidential basis from a source other than
the other party.

 

For purposes of this Section,
 “Information” means all information received from the Borrower or any of its Subsidiaries relating to the Borrower
or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Bank on a non-confidential
basis prior to disclosure by the Borrower, and all information regarding this Agreement and the other Facility Documents, including all
drafts and negotiations thereof. Any Person required to maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality
of such Information as such Person would accord to its own confidential information.

 

Section 11.13   [Reserved].

 

Section 11.14   USA
PATRIOT Act Notice.

 

The Bank hereby notifies the
Borrower that, pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information (and, if applicable,
to provide such information to an assignee) that identifies the Borrower, or its members, directors and/or officers, which may include
the name and address of the Borrower, the organizational documents of the Borrower and other information that will allow the Bank to comply
with its obligations under the PATRIOT Act. The Borrower agrees to cooperate with the Bank and provide true, accurate and complete information
to the Bank in response to any such request.

 

    55

     

    

 

[SPACE LEFT INTENTIONALLY BLANK]

 

    56

     

    

 

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

 

	 	PRESTON HOLLOW CAPITAL, LLC, as Borrower

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Signature Page to Credit Facility Agreement

 

    

     

    

 

	 	MITSUBISHI UFJ TRUST AND BANKING CORPORATION, NEW YORK BRANCH as Bank

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	Signature Page to Credit Facility Agreement

 

    

     

    

 

SCHEDULE I

 

EXISTING
INDEBTEDNESS

 

[omitted]

 

    

     

    

 

SCHEDULE II

 

CAPITAL STRUCTURE OF THE BORROWER

 

[See attached]

 

    

     

    

 

SCHEDULE III

 

INELIGIBLE INSTITUTIONS

 

[omitted]

 

     

     

    

 

SCHEDULE IV

 

CONDUIT ISSUERS

 

[omitted]

 

     

     

    

 

EXHIBIT A

 

FORM OF PROMISSORY NOTE

 

Commitment
Amount: USD 300,000,000.00, as may be increased or reduced pursuant to the Facility Agreement (as defined below)

 

New York, New York, [DATE]

 

Preston
Hollow Capital, LLC, a Delaware limited liability company (the “Borrower”),
promises to pay to Mitsubishi UFJ Trust and Banking Corporation, New York Branch (the “Bank”) the Advances made
by the Bank and accrued interest thereon, in immediately available funds at the designated office of the Bank, in the amounts and on the
dates set forth in the Facility Agreement (as defined below). The accrued interest shall be payable together with the principal of the
Advances at such times and on such terms as provided in this Note and the Facility Agreement.

 

The Bank shall, and is hereby
authorized to, record the date and amount of each Advance and the date and amount of each principal repayment hereunder on the Schedule
of Advances and Principal Repayments annexed hereto and any such recordation shall constitute prima facie evidence of the accuracy of
the amount so recorded; provided that the failure of the Bank to make such recordation (or any error in such recordation)
shall not affect the obligations of the Borrower hereunder or under the Facility Agreement.

 

This Note is a promissory note
(a “Note”) issued pursuant to, and is entitled to the benefits of, the Credit Facility Agreement, dated as of July 2,
2019 (as modified, supplemented, amended, restated (including any amendment and restatement thereof), extended or renewed from time to
time, the “Facility Agreement”; capitalized terms used but not defined herein shall have the respective meanings given
thereto in the Facility Agreement) by and between the Borrower and the Bank, to which reference is hereby made for a statement of the
terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date
accelerated.

 

The Borrower hereby waives presentment,
demand, protest or notice of any kind in connection with this Note.

 

THIS NOTE AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES.

 

	 	Preston Hollow Capital, LLC

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-1

     

    

 

EXHIBIT A

 

ANNEX

 

Schedule of Advances and Principal Repayments

 

	
    Date of Advance

or Repayment
	
    Amount
	

     

    Balance

	 	 USD_________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 
	 	USD _________________	 

 

    A-2

     

    

 

EXHIBIT B

 

Form of Drawdown Request

 

[Date]

 

Mitsubishi UFJ Trust and Banking Corporation,
New York Branch

1221 Avenue of the Americas, 10th
Floor

New York, NY 10020

Attention: Fund Finance Group

E-mail: [omitted]

 

The
undersigned refers to the Credit Facility Agreement dated as of July 2, 2019 (as modified, supplemented, amended, restated
(including any amendment and restatement thereof), extended or renewed from time to time, the “Credit Agreement”, capitalized
terms used herein, but not defined herein, are used herein as defined in the Credit Agreement), by and between PRESTON HOLLOW CAPITAL,
LLC, a Delaware limited liability company (the “Borrower”) and Mitsubishi UFJ Trust and Banking Corporation, New York
Branch.

 

1.             The
undersigned hereby gives you an irrevocable notice pursuant to Section 2.02 (Borrowings) of the Credit Agreement that the undersigned
hereby requests an Advance under the Credit Agreement, and in that connection sets forth below the information relating to such Advance
(the “Proposed Advance”) as required by Section 2.02 (Borrowings) of the Credit Agreement:

 

		a)	Type of Advance requested is a
[LIBOR Rate Advance] [Base Rate Advance].1

 

		b)	The Drawdown Date for the Proposed
Advance is _______________ [the Closing Date.]2 [[insert
a date that is at least three (3) Business Days after the date of the Drawdown Request] [insert a date that is at least (1) Business
Day after the date of the Drawdown Request]].3

 

		c)	The amount of the Proposed Advance
is $__________________.4

 

		d)	The Interest Period. [The Interest Period for the Proposed Advance shall be [[one] [two] week[s]]
[[one] [two] [three] [six] month[s]]5.

 

		e)	The account to which the proceeds
of the proposed Advance are to be credited is the Borrower’s account referenced in the Standard Settlement Instructions letter dated;

 

 

1 Delete as applicable.

 

2 Applicable for the
initial Advance.

 

3 Specify as appropriate
for each Advance other than the initial Advance. Delivery of Drawdown Request one (1) Business Day prior to Drawdown Date for a Proposed
Advance is only permitted for a requested Base Rate Advance to the extent that the aggregate amount of Base Rate Advances outstanding
do not, or after giving effect to such requested Base Rate Advance, will not exceed $20,000,000).

 

4 Each Advance shall
be in a principal amount equal to at least $500,000 with integral multiples of $100,000 in excess thereof.

 

5 Applicable for LIBOR
Rate Advance Drawdown Requests.

 

    B-1

     

    

 

		 ̈	A - July 2, 2019 (at Texas Capital Bank N.A.)

 

		 ̈	B - July 8, 2019 (at JP Morgan Chase Bank N.A.) / Custodian.

 

2.             The
undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the proposed Drawdown Date:

 

a)             each
of the representations and warranties contained in Article VII of the Credit Agreement or in any certificate furnished at any time
by or on behalf of the Borrower pursuant to the Credit Agreement or any other Facility Document are true and correct in all material respects
on and as of the proposed Drawdown Date, before and after giving effect to the Proposed Advance and to the application of the proceeds
therefrom, as though made on and as of such date (except to the extent such representations and warranties specifically relate to an earlier
date, in which case such representations and warranties were true and correct on and as of such earlier date); provided that such materiality
qualifier shall not be applicable to any representations or warranties that are already qualified or modified by materiality in the text
thereof;

 

b)             no
event has occurred and is continuing, or would result from the Proposed Advance or from the application of the proceeds therefrom, which
constitutes a Default or an Event of Default; and

 

c)             all
conditions precedent set forth in [Section 6.01 (Conditions Precedent to Closing) and]6
Section 6.02 (Conditions Precedent to Each Advance) of the Credit Agreement, have been satisfied or will be satisfied on the proposed
Drawdown Date.

 

Preston
Hollow Capital, LLC

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

6 To be included solely
in the initial Drawdown Request on the Closing Date.

 

    B-2

     

    

 

 

EXHIBIT C

 

US
$                    CREDIT
FACILITY AGREEMENT

 

COMPLIANCE CERTIFICATE

 

For
the fiscal quarter ending: [     ]

 

Pursuant to Section 8.02(j) (Reporting
Requirements) of the Credit Facility Agreement, dated as of July 2, 2019 (as modified, supplemented, amended, restated (including
any amendment and restatement thereof), extended or renewed from time to time, the “Agreement”; terms used but not
defined herein shall have the meanings provided in the Agreement), between Preston Hollow Capital,
LLC, a Delaware limited liability company (the “Borrower”) and
Mitsubishi UFJ Trust and Banking Corporation, New York Branch (the “Bank”), the undersigned, the duly elected, qualified
and acting Responsible Officer of the Borrower, hereby certifies that:

 

During
the last four fiscal quarters ended on [insert end of quarter date] such Responsible Officer has obtained no knowledge of any
Default or Event of Default except as follows: [None]                         .

 

The financial statements referred to in Section 8.02[(a)][(b)]
(Reporting Requirements) of the Agreement which are delivered concurrently with the delivery of this Compliance Certificate fairly present
the financial position, results of operations, cash flows, and changes in stockholders’ equity of the Borrower and its Subsidiaries,
in accordance with Approved Accounting Principles, subject to normal year-end audit adjustments which are not expected to be material
in amount.

 

	 	Preston Hollow Capital, LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    	 	C-1	 

     

    

 

EXHIBIT D

 

Responsible Officers

 

	Name	Title
	James R. Thompson	CEO & President
	Clifford M. Weiner	Managing Director
	Kimberly P. Deskin	CFO
	Kandice K. Stephens	Director of Operations

 

    	 	D-1	 

     

    

 

EXHIBIT E

 

[Form of Commitment Amount Increase Request]

 

[Date]

 

Mitsubishi UFJ Trust and Banking Corporation,
New York Branch

1221 Avenue of the Americas, 10th
Floor

New York, NY 10020

Attention: Fund Finance Group

E-mail: [omitted]

 

The
undersigned refers to the Credit Facility Agreement dated as of July 2, 2019 (as modified, supplemented, amended, restated
(including any amendment and restatement thereof), extended or renewed from time to time, the “Credit Agreement”, capitalized
terms used herein, but not defined herein, are used herein as defined in the Credit Agreement), by and between Preston
Hollow Capital, LLC, a Delaware limited liability company (the “Borrower”)
and Mitsubishi UFJ Trust and Banking Corporation, New York Branch (the “Bank”). Capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Credit Agreement.

 

1.            The
undersigned hereby gives you an irrevocable notice pursuant to Section 2.03(c) (Term of Commitment) of the Credit Agreement
that the undersigned hereby requests that the Bank increase the Commitment Amount, and in connection with such request sets forth below
the information relating to such requested increase (the “Proposed Increase”):

 

		a)	The proposed effective date of the Proposed Increase is _________________.7

 

		b)	The amount of the Proposed Increase is $__________________,8
and the Commitment Amount after the Proposed Increase will be_________________.9

 

		c)	The aggregate value of the Eligible Assets (as of the most recent calendar month-end): $__________________.

 

		d)	The aggregate value of the Deposit (as of the most recent calendar month-end): $__________________.

 

		e)	The estimated aggregate value of the Eligible Assets (as of the date hereof) is $__________________.

 

		f)	The estimated aggregate value of the Deposit (as of the date hereof) is $__________________.

 

 

 

7 Must be the first day of a calendar quarter.

8 Must be a multiple of $5,000,000.

9 Amount equal to or below the Maximum Commitment Amount.

 

    	 	E-1	 

     

    

 

		g)	The estimated value of expected inflows/outflows with respect to the Eligible Assets or Deposit which
have not yet been effected is $_______________.

 

2.            The
undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the proposed Drawdown Date:

 

a)            each
of the representations and warranties contained in Article VII of the Credit Agreement or in any certificate furnished at any time
by or on behalf of the Borrower pursuant to the Credit Agreement or any other Facility Document are true and correct in all material respects
on and as of the proposed Drawdown Date, before and after giving effect to the Proposed Advance and to the application of the proceeds
therefrom, as though made on and as of such date (except to the extent such representations and warranties specifically relate to an earlier
date, in which case such representations and warranties were true and correct on and as of such earlier date); provided that such materiality
qualifier shall not be applicable to any representations or warranties that are already qualified or modified by materiality in the text
thereof; and

 

b)            no
event has occurred and is continuing, or would result from the Proposed Advance or from the application of the proceeds therefrom, which
constitutes a Default or an Event of Default.

 

	Preston Hollow Capital, LLC	 
	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 	E-2	 

     

    

 

EXHIBIT F

 

EXHIBIT F

 

INVESTMENT GUIDELINES

 

In determining the Eligible Collateral Value,
the Value of the Eligible Assets shall be reduced by application of the concentration limits and haircuts set forth below, as determined
by the Bank:

 

		1.	Single Issuer Concentration Limit.
If more than 25% of the aggregate Value of all Eligible Assets is comprised of investments in a single issuer, the portion of the Value
of such Eligible Assets in excess of 25% of the aggregate Value of all Eligible Assets shall be deemed to have a Value of zero when computing
the Eligible Collateral Value; provided that, with respect to any Eligible Asset that is an investment in a Conduit Issuer, the
ultimate sponsor of such Conduit Issuer (as determined by the Bank) shall deemed to be the issuer of such Eligible Asset for purposes
of applying the Single Issuer Concentration Limit.

 

For purposes hereof,
 “Conduit Issuer” means each of the entities set forth on Schedule IV hereto.

 

		2.	Single State Concentration Limit.
If more than 40% of the aggregate Value of all Eligible Assets is comprised of investments in issuers that are a municipality of, or entities
organized pursuant to the laws of, any single State, the portion of the Value of such Eligible Assets in excess of 40% of the aggregate
Value of all Eligible Assets shall be reduced by 20% when computing the Eligible Collateral Value.

 

		3.	Single Sector Concentration Limits.
If more than 40% of the aggregate Value of all Eligible Assets is comprised of investments in a single Sector as determined by the Bank,
the portion of the Value of such Eligible Assets in excess of 40% of the aggregate Value of all Eligible Assets shall be reduced by 20%
when computing the Eligible Collateral Value.

 

For
purposes hereof, “Sector” means each of the following: “Correctional,” “Education,” “Energy,”
 “General Purpose and/or Property Tax Pledge,” “Healthcare,” “Hotels,” “Infrastructure,”
 “Mixed Use,” “Multi Family,” “Senior Living,” “Single Family,” and “Student Housing.”

 

    	 	F-1	 

     

    

 

EXHIBIT G

 

Form of Rollover Request

 

[Date]

 

Mitsubishi UFJ Trust and Banking Corporation,
New York Branch

1221 Avenue of the Americas, 10th
Floor

New York, NY 10020

Attention: Fund Finance Group

E-mail: [omitted]

 

The
undersigned refers to the Credit Facility Agreement dated as of July 2, 2019 (as modified, supplemented, amended, restated
(including any amendment and restatement thereof), extended or renewed from time to time, the “Credit Agreement”, capitalized
terms used herein, but not defined herein, are used herein as defined in the Credit Agreement), by and between PRESTON HOLLOW CAPITAL,
LLC, a Delaware limited liability company (the “Borrower”) and Mitsubishi UFJ Trust and Banking Corporation, New York
Branch.

 

1.            The
undersigned hereby gives you an irrevocable notice pursuant to Section 3.08 (Rollovers) of the Credit Agreement that the undersigned
hereby requests a Rollover of an Advance under the Credit Agreement, and in that connection sets forth below the information relating
to such Rollover (the “Proposed Rollover”) as required by Section 3.08 (Rollovers) of the Credit Agreement:

 

		a)	The proposed effective date for
the Proposed Rollover is _______________ [insert a date that is at least three (3) Business Days after the date of the Rollover Request].

 

		b)	The amount of the Advance subject
to the Proposed Rollover is $__________________.

 

		c)	The Interest Period for the Proposed Rollover shall be [[one] [two] week[s]] [[one] [two] [three]
[six] month[s]]10.

 

2.            The
undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the proposed effective date
of the Proposed Rollover:

 

a)            each
of the representations and warranties contained in Article VII of the Credit Agreement or in any certificate furnished at any time
by or on behalf of the Borrower pursuant to the Credit Agreement or any other Facility Document are true and correct in all material respects
on and as of the proposed effective date of the Proposed Rollover, before and after giving effect to the Proposed Rollover and to the
application of the proceeds therefrom, as though made on and as of such date (except to the extent such representations and warranties
specifically relate to an earlier date, in which case such representations and warranties were true and correct on and as of such earlier
date); provided that such materiality qualifier shall not be applicable to any representations or warranties that are already qualified
or modified by materiality in the text thereof;

 

 

 

10 Delete as appropriate.

 

    	 	G-1	 

     

    

 

 

b)            no
event has occurred and is continuing, or would result from the Proposed Rollover or from the application of the proceeds therefrom, which
constitutes a Default or an Event of Default; and

 

c)            all
conditions precedent set forth in Section 3.08 (Rollovers) to the effectiveness of the Proposed Rollover, have been satisfied or
will be satisfied on the proposed effective date of the Proposed Rollover.

 

	Preston
    Hollow Capital, LLC	 
	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 	G-2	 

     

    

 

EXHIBIT H

 

Form of Conversion Request

 

[Date]

 

Mitsubishi UFJ Trust and Banking Corporation,
New York Branch

1221 Avenue of the Americas, 10th
Floor

New York, NY 10020

Attention: Fund Finance Group

E-mail: [omitted]

 

The
undersigned refers to the Credit Facility Agreement dated as of July 2, 2019 (as modified, supplemented, amended, restated
(including any amendment and restatement thereof), extended or renewed from time to time, the “Credit Agreement”, capitalized
terms used herein, but not defined herein, are used herein as defined in the Credit Agreement), by and between PRESTON HOLLOW CAPITAL,
LLC, a Delaware limited liability company (the “Borrower”) and Mitsubishi UFJ Trust and Banking Corporation, New York
Branch.

 

1.            The
undersigned hereby gives you an irrevocable notice pursuant to Section 3.11 (Conversion) of the Credit Agreement that the undersigned
hereby requests to convert Base Rate Advances to LIBOR Rate Advance(s) as set forth below (the “Proposed Conversion”):

 

		a)	The date of the Proposed Conversion
is _______________ [insert a date that is at least three (3) Business Days after the date of the Drawdown Request].

 

		b)	The amount of the Base Rate Advances
to be converted into the proposed LIBOR Rate Advance is $__________________.11

 

		c)	The Interest Period. [The Interest Period for the proposed LIBOR Rate Advance shall be [[one] [two]
week[s]] [[one] [two] [three] [six] month[s]]12.

 

2.            The
undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the proposed date of conversion:

 

a)            each
of the representations and warranties contained in Article VII of the Credit Agreement or in any certificate furnished at any time
by or on behalf of the Borrower pursuant to the Credit Agreement or any other Facility Document are true and correct in all material respects
on and as of the proposed date of conversion, before and after giving effect to the Proposed Conversion and to the application of the
proceeds therefrom, as though made on and as of such date (except to the extent such representations and warranties specifically relate
to an earlier date, in which case such representations and warranties were true and correct on and as of such earlier date); provided
that such materiality qualifier shall not be applicable to any representations or warranties that are already qualified or modified by
materiality in the text thereof;

 

 

 

11 Each Advance shall be in a principal amount equal to
at least $500,000 with integral multiples of $100,000 in excess thereof.

12 Delete as appropriate.

 

    	 	H-1	 

     

    

 

b)            no
event has occurred and is continuing, or would result from the Proposed Conversion, which constitutes a Default or an Event of Default;
and

 

c)            all
conditions precedent set forth in Section 3.11(b) (Conversions) to the effectiveness of the Proposed Conversion, have been satisfied
or will be satisfied on the proposed effective date of the Proposed Conversion.

 

	Preston
    Hollow Capital, LLC	 
	 	 	 	 
	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	 	H-2	 

     

    

 

EXHIBIT I

 

Benchmark Replacement Setting

 

(a)            Benchmark
Replacement.

 

(i)            Notwithstanding
anything to the contrary herein or in any other Facility Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable,
and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark,
then such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Facility Document in respect of such
Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this
Agreement or any other Facility Document.

 

(ii)           Notwithstanding
anything to the contrary herein or in any other Facility Document, if a Term SOFR Transition Event and its related Benchmark Replacement
Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark
Replacement will replace the then-current Benchmark for all purposes hereunder or under any Facility Document in respect of such Benchmark
setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement
or any other Facility Document; provided that this clause (ii) shall not be effective unless the Bank has delivered to the
Borrower a Term SOFR Notice. For the avoidance of doubt, the Bank shall not be required to deliver a Term SOFR Notice after a Term SOFR
Transition Event and may do so in its sole discretion.

 

(b)            Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Bank will have the right
to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other
Facility Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further
action or consent of the Borrower.

 

(c)            Notices;
Standards for Decisions and Determinations. The Bank will promptly notify the Borrower of (i) any occurrence of a Benchmark
Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date,
(ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes
and (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (d) below. Any determination, decision
or election that may be made by the Bank pursuant to this Exhibit I, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking
any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent
from the Borrower.

 

    	 	I-1	 

     

    

 

(d)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Facility Document, at any time (including
in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term
SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes
such rate from time to time as selected by the Bank in its reasonable discretion or (B) the regulatory supervisor for the administrator
of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will
be no longer representative, then the Bank may modify the definition of “Interest Period” for any Benchmark settings at or
after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above
either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is
not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark
Replacement), then the Bank may modify the definition of “Interest Period” for all Benchmark settings at or after such time
to reinstate such previously removed tenor.

 

(e)            Benchmark
Rates. The Bank does not warrant or accept responsibility for, and shall not have any liability to the Borrower hereunder or otherwise
for, any loss, damage or claim arising from or relating to (i) the administration of, submission of, calculation of or any other
matter related to the Benchmark, any component definition thereof or rates referred to in the definition thereof or any alternative, comparable
or successor rate thereto (including any then-current Benchmark or any Benchmark Replacement), including whether the composition or characteristics
of any such alternative, comparable or successor rate (including any Benchmark Replacement) will be similar to, or produce the same value
or economic equivalence of, or have the same volume or liquidity as, the then-current Benchmark, (ii) the effect, implementation
or composition of any Benchmark Replacement Conforming Changes or (iii) any mismatch between the Benchmark or the Benchmark Replacement
and any of the Borrower’s other financing instruments (including those that are intended as hedges).

 

(f)            Certain
Defined Terms. As used in this Exhibit I:

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then-current Benchmark
is a term rate, any tenor for such Benchmark or (y) otherwise, any payment period for interest calculated with reference to such
Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such
date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest
Period” pursuant to clause (d) of this Exhibit I.

 

“Benchmark”
means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election,
as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then
 “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate pursuant to clause (a) of this Exhibit I.

 

“Benchmark Replacement”
means, for any Available Tenor,

 

(a)            with
respect to any Benchmark Transition Event or Early Opt-in Election, the first alternative set forth in the order below that can be determined
by the Bank for the applicable Benchmark Replacement Date:

 

		(1)	the sum of: (A) Term SOFR and (B) the related Benchmark Replacement Adjustment;

 

    	 	I-2	 

     

    

 

		(2)	the sum of: (A) Daily Simple SOFR and (B) the related Benchmark Replacement Adjustment;

 

		(3)	the sum of: (A) the alternate benchmark rate that has been selected by the Bank as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor and (B) the related Benchmark Replacement Adjustment; or

 

(b)            with
respect to any Term SOFR Transition Event, the sum of (i) Term SOFR and (ii) the related Benchmark Replacement Adjustment;

 

provided that, in the case of clause (a)(1) or
clause (b), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from
time to time as selected by the Bank in its reasonable discretion. If the Benchmark Replacement as determined pursuant to clause (a)(1),
(a)(2) or (a)(3) or clause (b) above would be less than zero, the Benchmark Replacement will be deemed to be zero for the
purposes of this Agreement and the other Facility Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

		(1)	for purposes of clauses (a)(1) and (a)(2) of the definition of “Benchmark Replacement,”
the first alternative set forth in the order below that can be determined by the Bank:

 

		(a)	the spread adjustment, or method for calculating or determining such spread adjustment, (which may be
a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has
been selected or recommended by the Relevant Governmental Body for the replacement of such Available Tenor of such Benchmark with the
applicable Unadjusted Benchmark Replacement;

 

		(b)	the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such
Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing
the ISDA Definitions to be effective upon an index cessation event with respect to such Available Tenor of such Benchmark;

 

		(2)	for purposes of clause (a)(3) of the definition of “Benchmark Replacement,” the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that
has been selected by the Bank; and

 

		(3)	for purposes of clause (b) of the definition of “Benchmark
Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or
negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected
or recommended by the Relevant Governmental Body for the replacement of such Available Tenor of USD
LIBOR with a SOFR-based rate;

 

    	 	I-3	 

     

    

 

provided that, (x) in the case of clause
(1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment
from time to time as selected by the Bank in its reasonable discretion and (y) if the then-current Benchmark is a term rate, more
than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark
Replacement that will replace such Benchmark in accordance with this Exhibit I will not be a term rate, the Available Tenor
of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be, with respect
to each Unadjusted Benchmark Replacement having a payment period for interest calculated with reference thereto, the Available Tenor that
has approximately the same length (disregarding business day adjustments) as such payment period.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining
rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback
periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Bank decides may
be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the
Bank in a manner substantially consistent with market practice (or, if the Bank decides that adoption of any portion of such market practice
is not administratively feasible or if the Bank determines that no market practice for the administration of such Benchmark Replacement
exists, in such other manner of administration as the Bank decides is reasonably necessary in connection with the administration of this
Agreement and the other Facility Documents).

 

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to the then-current Benchmark:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which
the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to
provide all Available Tenors of such Benchmark (or such component thereof);

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event,” the date
of the public statement or publication of information referenced therein;

 

		(3)	in the case of a Term SOFR Transition Event, the date that is thirty
(30) days after the Bank has provided a Term SOFR Notice to the Borrower pursuant to clause (a)(ii) of this Exhibit I;
or

 

		(4)	in the case of an Early Opt-in Election, the first (1st) Business Day after the date notice of such Early
Opt-in Election is provided to the Borrower.

 

    	 	I-4	 

     

    

 

For the avoidance of doubt, (i) if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark
Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon
the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark
(or the published component used in the calculation thereof).

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

		(1)	a public statement or publication of information by or on behalf of the administrator of such Benchmark
(or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all
Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement
or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component
thereof);

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator of
such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the
Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component),
a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator
of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof)
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

		(3)	a public statement or publication of information by the regulatory supervisor for the administrator of
such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or
such component thereof) are no longer representative.

 

For the avoidance of doubt, a “Benchmark
Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information
set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the
calculation thereof).

 

“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.

 

“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Bank in accordance
with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR”
for bilateral business loans; provided, that if the Bank decides that any such convention is not administratively feasible for
the Bank, then the Bank may establish another convention in its reasonable discretion.

 

    	 	I-5	 

     

    

 

“Early Opt-in Election”
means, if the then-current Benchmark is USD LIBOR, the occurrence of:

 

		(1)	a determination by the Bank that at least five (5) currently outstanding U.S. dollar-denominated
syndicated or bilateral credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate
(including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate, and

 

		(2)	the election by the Bank to trigger a fallback from USD LIBOR and the provision by the Bank of written
notice of such election to the Borrower.

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time)
on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time
determined by the Bank in its reasonable discretion.

 

“Relevant Governmental
Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor
thereto.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR
Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org,
or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.

 

“Term
SOFR Notice” means a notification by the Bank to the Borrower of the occurrence of a Term SOFR Transition Event.

 

    	 	I-6	 

     

    

 

“Term
SOFR Transition Event” means the determination by the Bank that (a) Term SOFR has been recommended for use by the Relevant
Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Bank and (c) a Benchmark Transition
Event or an Early Opt-in Election, as applicable, has previously occurred resulting in the replacement of the then-current Benchmark for
all purposes hereunder and under any Facility Document in accordance with this Exhibit I with a Benchmark Replacement the
Unadjusted Benchmark Replacement component of which is not Term SOFR.

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“USD LIBOR”
means the London interbank offered rate for U.S. dollars.

 

    	 	I-7

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