Document:

Exhibit

EXECUTION VERSION

MASTER TERMINATION AGREEMENT

This MASTER TERMINATION AGREEMENT (this "Agreement"), dated as of December 29, 2016 (the "Closing Date"), is among CLMG Corp. ("CLMG"), LNV Corporation (the "Initial Lender"), Red Falcon Trust (the "Borrower"), Imperial Finance & Trading LLC (the "Guarantor"), Blue Heron Designated Activity Company ("Blue Heron"), Harbordale, LLC ("Harbordale"),  Red  Reef  Alternative  Investments,  LLC  ("Red  Reef"),  MLF  LexServ,  L.P. (the "Servicer"), Wilmington Trust, National Association ("Wilmington Trust"), in its capacities as securities intermediary under the SACCA (as defined below) (in such capacity, the "Securities Intermediary"),  and  as  custodian  under  the  SACCA  (in such  capacity,  the  "Custodian"), Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, a federal savings bank (“Christiana Trust”), in its capacities as trustee of the Borrower and as registrar under the Trust Agreement (as defined below) (in such capacities, the "Trustee"), Michelle A. Dreyer, in her capacity as independent trustee of the Borrower (the "Independent Trustee") and Corporation Service Company ("CSC").

W I T N E S S E T H:

WHEREAS, Blue Heron, the Trustee and the Independent Trustee entered into that certain Amended and Restated Trust Agreement of the Borrower, dated as of July 16, 2015 (as amended, the "Trust Agreement");

WHEREAS, the Borrower, the Guarantor, Blue Heron, the Initial Lender and CLMG entered into that certain Loan and Security Agreement, dated as of July 16, 2015 (as amended, the "Loan Agreement");

WHEREAS,  the  Borrower  and  Harbordale  entered  into  that  certain  Sale
Agreement, dated as of July 16, 2015 (the "Harbordale Sale Agreement");

WHEREAS,  the  Borrower  and  Red  Reef  entered  into  that  certain  Sale
Agreement, dated as of July 16, 2015 (the "Red Reef Sale Agreement");

WHEREAS, Blue Heron and CLMG entered into that certain Residual Interest
Pledge Agreement, dated as of July 16, 2015 (the "Residual Interest Pledge Agreement");

WHEREAS, the Borrower, Blue Heron and the Servicer entered into that certain
Servicing Agreement, dated as of July 16, 2015 (the "Servicing Agreement");

WHEREAS, the Guarantor entered into that certain Guaranty, dated as of July
16, 2015, in favor of the Borrower, CLMG and the Initial Lender (the "Guaranty");

WHEREAS,   CLMG,   the   Borrower,   the   Securities   Intermediary   and   the Custodian entered into that certain Securities Account Control and Custodian Agreement, dated as of July 16, 2015 (as amended, the "SACCA");

WHEREAS, the Borrower and CSC entered into that certain Service Agreement, dated  as  of  July  16,  2015  (the  "CSC  Service  Agreement",  and,  together  with  the  Loan

DOC ID - 25455517.9
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Agreement, the Harbordale Sale Agreement, the Red Reef Sale Agreement, the Residual Interest Pledge Agreement, the Servicing Agreement, the Guaranty and the SACCA, the "Transaction Documents"); and

WHEREAS, the parties hereto wish to enter into this Agreement to terminate the Transaction Documents and each respective party's obligations thereunder subject to the terms and conditions of this Agreement.

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

1.          Definitions.            To the extent capitalized terms are used in this Agreement but not specifically defined herein, such terms shall have the same meaning assigned thereto in the Loan Agreement.

2.    Termination Payment. . At or before 5:00 PM (New York time) on the
Closing Date, the Borrower shall pay to the applicable party the applicable amounts set forth on
Schedule   I hereto  (such  payments,  in  the aggregate, the  "Termination  Payments") via  wire transfer of immediately available funds to the applicable account set forth on  Schedule  I hereto.

3.            Effective Time. The effective time (the " Effective Time ") of this Agreement shall be the time, if any, on the Closing Date that each of the following conditions precedent has been satisfied:

(a)         each party to this Agreement has received a duly executed copy of this Agreement; and

(b)     each party to this Agreement has received its respective portion of the Termination Payments in accordance with Section 2 above.  Each of CLMG and the Initial Lender hereby waives receipt of any Contingent Interest Yield Maintenance Fees, Interest Yield Maintenance Fees and Yield Maintenances Fee that may be due and payable under the Loan Agreement  in  connection  with  the  repayment  of  the  outstanding  principal  balance  of  the Advances contemplated hereunder.

4.          Delivery of Lender Notes.  Within three (3) Business Days after the date on which the Effective Time occurs, CLMG shall deliver via electronic mail a copy of the Lender Notes to the Borrower at the Borrower's e-mail address set forth on Schedule  II hereto, which copy shall include a stamp, mark or other notation that indicates that the Lender Notes have been cancelled. Within five (5) Business Days after the date on which the  Effective Time occurs, CLMG  shall  deliver,  or  cause  the  delivery  of,  the  cancelled  original  Lender  Notes  to  the Borrower at the Borrower's notice address set forth on  Schedule  II hereto.

5.          Delivery of Residual Interest Certificates.    The  Borrower  and  CLMG hereby jointly instruct Wilmington Trust, as Agent under the Residual Interest Pledge Agreement, to within two (2) Business Days after the date on which CLMG or its counsel confirms orally or in writing to a Responsible Officer (as defined in the SACCA) of the Agent that the Effective

DOC ID - 25455517.6

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MASTER TERMINATION AGREEMENT, among CLMG Corp., LNV Corporation, Red Falcon Trust, Imperial Finance & Trading LLC, Blue Heron Designated Activity Company, Harbordale, LLC, Red Reef Alternative Investments, LLC, MLF LexServ, L.P., Wilmington Trust, National Association, Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, Michelle A. Dreyer, and Corporation Service Company.

Time has occurred, deliver the original Residual Interest Certificate (as defined in the Residual Interest Pledge Agreement) and the original Transfer Instrument (as defined in the Residual Interest Pledge Agreement) to Blue Heron at its address set forth in  S che dule  II hereto and the Agent hereby agrees to make such delivery.

6.          Termination of Loan Agreement.   Each of the Borrower, the  Guarantor, Blue Heron, the Initial Lender and CLMG hereby acknowledges and agrees that upon (but not before) the Effective Time:

(a)       other than any provisions of the Loan Agreement that by their terms  expressly survive  termination,  the  Loan  Agreement  shall  be  terminated (without  any further action by any party) and be of no further force or effect; and

(b)     other than any commitments and obligations under the Loan Agreement that by their terms expressly survive termination, any and all commitments and obligations of the Borrower, the Guarantor, Blue Heron, the Initial Lender and CLMG with respect to the Loan Agreement shall be terminated.

7.          Termination of Harbordale Sale Agreement.    Each of the Borrower, Harbordale and CLMG hereby acknowledges and agrees that upon (but not before) the Effective Time:

(a)       other than any provisions of the Harbordale Sale Agreement that by their terms expressly survive termination, the Harbordale Sale Agreement shall be terminated (without any further action by any party) and be of no further force or effect; and

(b)       other than any commitments and obligations under the Harbordale Sale Agreement that by their terms expressly survive termination, any and all commitments and obligations of the Borrower and Harbordale with respect to the Harbordale Sale Agreement shall be terminated.

8.     Termination of Red Reef Sale Agreement  .    Each of the Borrower,  Red
Reef and CLMG hereby acknowledges and agrees that upon (but not before) the Effective Time:

(a)       other than any provisions of the Red Reef Sale Agreement that by their terms expressly survive termination, the Red Reef Sale Agreement shall be terminated (without any further action by any party) and be of no further force or effect; and

(b)       other than any commitments and obligations under the Red Reef Sale Agreement that by their terms expressly survive termination, any and all commitments and obligations of the Borrower and Red Reef with respect to the Red Reef Sale Agreement shall be terminated.

9.          Termination of Residual Interest Pledge Agreement .  Each of Blue Heron and CLMG hereby acknowledges and agrees that upon (but not before) the Effective Time:

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(a)       other   than   any   provisions   of   the   Residual   Interest   Pledge Agreement that by their terms expressly survive termination, the Residual Interest Pledge Agreement shall be terminated (without any further action by any party) and be of no further force or effect; and

(b)      other than any commitments and obligations under the Residual Interest Pledge Agreement that by their terms expressly survive termination, any and all commitments and obligations of Blue Heron and CLMG with respect to the Residual Interest Pledge Agreement shall be terminated.

10.        Termination of Servicing Agreement  .  Each of the Borrower, the Servicer, Blue Heron and CLMG hereby acknowledges and agrees that upon (but not before) the Effective Time:

(a)       other than any provisions of the Servicing Agreement that by their terms expressly survive termination, the Servicing Agreement shall be terminated (without any further action by any party) and be of no further force or effect; and

(b)       other than any commitments and obligations under the Servicing Agreement that by their terms expressly survive termination, any and all commitments and obligations  of  the  Borrower,  Blue  Heron  and  the  Servicer  with  respect  to  the  Servicing Agreement shall be terminated.

11.        Termination of Guaranty.  Each of the Guarantor, the Borrower, the Initial Lender and the Administrative Agent hereby acknowledges and agrees that upon (but not before) the Effective Time:

(a)       other  than  any  provisions  of  the  Guaranty  that  by  their  terms expressly survive termination, the Guaranty shall be terminated (without any further action by any party) and be of no further force or effect; and

(b)       other than any commitments and obligations under the Guaranty that by their terms expressly survive termination, any and all commitments and obligations of the Guarantor with respect to the Guaranty shall be terminated.

12.     Termination of SACCA and Remittance. 

(a)    The Borrower and CLMG hereby jointly instruct the Securities Intermediary to remit any remaining amounts credited to the Pledged Accounts (as defined in the SACCA, the "Pledged Accounts"), after CLMG or its counsel confirms orally or in writing to a Responsible Officer (as defined in the SACCA) of the Securities Intermediary that the Effective Time has occurred, in accordance with the wire instructions attached hereto as Schedule III.  The Borrower hereby instructs the Securities Intermediary to remit any amounts credited to the Borrower Account after CLMG or its counsel confirms orally or in writing to a Responsible Officer (as defined in the SACCA) of the Securities Intermediary that the Effective Time has occurred, in accordance with the wire instructions attached hereto as Schedule III.  The
Securities Intermediary shall make such remittances from the Pledged Accounts and the

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MASTER TERMINATION AGREEMENT, among CLMG Corp., LNV Corporation, Red Falcon Trust, Imperial Finance & Trading LLC, Blue Heron Designated Activity Company, Harbordale, LLC, Red Reef Alternative Investments, LLC, MLF LexServ, L.P., Wilmington Trust, National Association, Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, Michelle A. Dreyer, and Corporation Service Company.

Borrower Account within one (1) Business Day after CLMG or its counsel confirms orally or in writing to a Responsible Officer (as defined in the SACCA) of the Securities Intermediary that the Effective Time has occurred.  Each of the Securities Intermediary and the Custodian hereby
acknowledges receipt of an entitlement order executed by CLMG, the Borrower and certain other parties thereto with respect to all the Policies (as defined in the SACCA) credited to the Policy Account on the date hereof, and the Securities Intermediary hereby agrees that it will transfer
such Policies and the Custodian hereby agrees that it will transfer the Custodial Packages (as defined in the SACCA) it currently has in its possession, in each case, after CLMG or its counsel confirms orally or in writing to a Responsible Officer (as defined in the SACCA) of the Securities Intermediary that the Effective Time has occurred, in accordance with the terms of such entitlement order.

(b)       Each of CLMG, the Borrower, the Securities Intermediary and the Custodian hereby acknowledges and agrees that upon the Securities Intermediary making the disbursements and transfers set forth in Section 12(a) above:

(i)        other than any provisions of the SACCA that by their terms expressly survive termination, the SACCA shall be terminated (without any further action by any party) and be of no further force or effect; and

(ii)       other  than  any  commitments  and  obligations  under  the SACCA that by their terms expressly survive termination, any and all commitments and obligations of CLMG, the Borrower, the Securities Intermediary and the Custodian with respect to the SACCA shall be terminated.

13.     Termination of CSC Service Agreement .   Each of the Borrower  and the
CSC hereby acknowledges and agrees that upon (but not before) the Effective Time:

(a)       other than any provisions of the CSC Service Agreement that by their terms expressly survive termination, the CSC Service Agreement shall be terminated (without any further action by any party) and be of no further force or effect; and

(b)       other  than  any  commitments  and  obligations  under  the  CSC Service Agreement that by their terms expressly survive termination, any and all commitments and obligations of the Borrower and the CSC with respect to the CSC Service Agreement shall be terminated.

14.        Trust Agreement  .   Upon the occurrence of the Effective Time,  CLMG's security interest in the Collateral (as defined in the Residual Interest Pledge Agreement, the "Trust Collateral") shall be automatically terminated and the Trustee shall be  deemed to have received notice from CLMG that the Obligations Termination Date (as  defined in the Trust Agreement) has occurred.   Upon such termination, the Trustee agrees  that  it shall remove the notation of the pledge of the Residual Interest Certificate (as defined in the Trust Agreement) to CLMG, as the Administrative Agent (as defined in the Trust Agreement, the "Administrative Agent ") from the Register (as defined in the Trust Agreement).  Each of Blue Heron, CLMG, the Trustee and the Independent Trustee hereby agrees upon the occurrence of the Effective Time

DOC ID - 25455517.6

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MASTER TERMINATION AGREEMENT, among CLMG Corp., LNV Corporation, Red Falcon Trust, Imperial Finance & Trading LLC, Blue Heron Designated Activity Company, Harbordale, LLC, Red Reef Alternative Investments, LLC, MLF LexServ, L.P., Wilmington Trust, National Association, Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, Michelle A. Dreyer, and Corporation Service Company.

that  any  provisions  of  the  Trust Agreement  (including,  without  limitation,  Section 3.5  and Section 9.1 thereof) requiring notice to, consent of or approval by the Administrative Agent, and any provisions of the Trust Agreement relating to the (i) Administrative Agent's security interest
in the Trust Collateral, or (ii) power or authority of the Administrative Agent to give directions or instructions, shall, in each case, cease to operate and be of no force or effect upon (but not before)  the  Effective  Time.    In  addition,  upon  (but  not  before)  the  Effective  Time,  the Independent Trustee shall automatically resign and each of CLMG, the Trustee and the Independent Trustee hereby agrees that any provisions of the Trust Agreement requiring notice to, consent of or approval by the Independent Trustee, any provisions of the Trust Agreement requiring  the  Borrower  to  have  an  Independent  Trustee  and  any  provisions  of  the  Trust Agreement relating to the power or authority of the Independent Trustee to give directions or instructions, shall, in each case, cease to operate and be of no force or effect as of the Effective Time.   Each of CLMG and the  Independent Trustee hereby consents  to the execution and delivery on the date hereof by the Borrower of that certain Bill of Sale, between the Borrower and Blue Heron, pursuant to which the Borrower distributes to Blue Heron all of the Borrower’s rights, title and interest in and to substantially all of the assets owned by the Borrower.

15.        Release of Security Interests.  Upon the occurrence of the Effective Time, CLMG, in its capacity as Administrative Agent under the Loan Agreement, releases all security interests, liens and other rights the Administrative Agent has in the Collateral (as defined in the Loan Agreement).  CLMG, in its capacity as Administrative Agent under the Loan Agreement, shall prepare and file, at the sole expense of the Borrower, UCC termination statements that have been previously approved by the Borrower with respect to all UCC financing statements filed under  and  in  connection  with  the  Transaction  Documents  and  relating  to  the  Collateral. Notwithstanding the foregoing, each of the Borrower, the  Guarantor, Blue Heron, Harbordale and Red Reef, on behalf of itself and each of its Affiliates, hereby acknowledges and agrees that none of the collateral assignments filed with Issuing Insurance Companies in respect of any of the Pledged Policies that name CLMG as the collateral assignee shall be released or otherwise terminated, and each of the foregoing hereby directs CLMG not to file any releases, termination statements or other similar documents or agreements with respect to such collateral assignments (it being understood that after the occurrence of the Effective Time, the Pledged Policies will be pledged as collateral in connection with that certain credit facility pursuant to which CLMG serves as administrative agent and White Eagle Asset Portfolio, LP, a Delaware limited partnership and an Affiliate of the Borrower, acts as borrower, that such collateral assignments shall remain in full force and effect on file with the related Issuing Insurance Companies to secure such pledge and be subject to the terms of such credit facility).

16.        Binding Effect; Third -Party Beneficiaries.  This Agreement shall inure to the benefit of and be binding solely upon the parties hereto and their successors and  assigns. Each of the parties hereto hereby agrees that this Agreement is not intended to create any rights of third party beneficiaries.

17.        Entire Agreement .     This  Agreement  contains  the  full  and   complete understanding and agreement among the parties hereto with respect to the subject matter hereof, and the parties acknowledge that none of them are entering into this Agreement in reliance upon any  term,  condition,  representation  or  warranty  not  stated  herein  and  that  this Agreement

DOC ID - 25455517.6

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MASTER TERMINATION AGREEMENT, among CLMG Corp., LNV Corporation, Red Falcon Trust, Imperial Finance & Trading LLC, Blue Heron Designated Activity Company, Harbordale, LLC, Red Reef Alternative Investments, LLC, MLF LexServ, L.P., Wilmington Trust, National Association, Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, Michelle A. Dreyer, and Corporation Service Company.

replaces any and all prior agreements whether oral or written, pertaining to the subject matter hereof.

18.        No Party Deemed Drafter.  The parties to this Agreement understand and agree that this Agreement has been negotiated at arm's length and on equal footing as between all parties hereto, that such parties are sophisticated, and that such parties fully understand and agree to  all  the  terms  and  conditions  contained  in  this Agreement.    Accordingly,  in  any dispute concerning the meaning of this Agreement, or any term or condition hereof, such dispute shall be resolved without any presumption or rule of construction in favor of any party or any related or similar doctrine.

19.        Amendment.  Neither this Agreement, nor any term or provision hereof, may be waived, modified or amended except in a written instrument agreed to and  signed by each of the parties hereto.

20.     GOVERNING LAW; JURY TRIAL.

(a)       EXCEPT  AS  SET  FORTH  IN  SECTION 21  BELOW,  THIS AGREEMENT  SHALL  BE  GOVERNED  BY,  AND  CONSTRUED  IN  ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, EXCLUDING CHOICE OF LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

(b)      EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE TRANSACTION DOCUMENTS.

21.     GOVERNING LAW OF SECTIONS 13 AND 14 .

SECTIONS 13 AND 14 OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.

22.     Submission to Jurisdiction.

(a)       Each party hereto hereby submits to the exclusive jurisdiction of the courts of the State of New York and of any Federal court located in the State of New York (or any appellate court from any thereof) in any action or proceeding arising out of or relating to this  Agreement  or  the  transactions  contemplated  hereby,  except  as  expressly  set  forth  in Section 22(b) below. Each party hereto hereby irrevocably waives any objection that it may have to the laying of venue of any such proceeding and any claim that any such proceeding has been brought in an inconvenient forum.

DOC ID - 25455517.6

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MASTER TERMINATION AGREEMENT, among CLMG Corp., LNV Corporation, Red Falcon Trust, Imperial Finance & Trading LLC, Blue Heron Designated Activity Company, Harbordale, LLC, Red Reef Alternative Investments, LLC, MLF LexServ, L.P., Wilmington Trust, National Association, Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, Michelle A. Dreyer, and Corporation Service Company.

(b)       Each of the parties hereto hereby consents and agrees that the state or federal courts located in Wilmington, Delaware, shall have exclusive jurisdiction to hear and determine any claims or disputes between the parties pertaining to Section 13 or Section 14 of this Agreement or to any matter arising out of or relating to Section 13 or Section 14 of this Agreement.   Each of the parties hereto expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court and hereby waives any objection it may have based upon lack of personal jurisdiction improper venue or forum non conveniens.

23.        No Waiver.  No failure or delay by a party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder.

24.        Severability of Provisions .     If  any  one  or  more  provisions   of   this Agreement shall for any reason be held invalid, then such provisions shall be deemed severable from the remaining provisions of this Agreement and shall in no way affect the  validity and enforceability of other provisions of this Agreement.

25.        Further Assurances  .   Each party agrees to execute and deliver all  such other documents or agreements and to take all such other action reasonably requested as may be reasonably necessary or desirable to further effectuate the purposes and intent of this Agreement, in each case at the sole expense of the requesting party.

26.        Notices  .      All   notices,   directions,   instructions,   demands   and   other communications  provided for hereunder shall,  unless  otherwise stated  herein,  be in  writing (including electronic mail communication) and sent to each party entitled thereto, at its address set forth on  Schedule  II, or at such other address as shall be designated by such party in a written notice  to  the  other  parties  hereto.    All  such  notices,  directions,  instructions,  demands  and communications shall be effective:  (a) if sent by overnight courier, on the Business Day after the day sent, (b) if by U.S. mail, three (3) Business Days after being deposited in the mail, (c) if delivered personally, when delivered, and (d) if sent by electronic mail, when the send thereof shall have received electronic confirmation of the transmission  thereof (provided that should such day not be a Business Day, on the next Business Day), except any such notice, direction, demands or other communications to CLMG and the Initial Lender shall only be effective upon receipt.

27.        Counterparts  .   This Agreement may be executed in counterparts, all  of which when taken together shall constitute one and the same instrument, and any party hereto may  execute  this  Agreement  by  signing  any  such  counterpart.    Delivery  of  an  executed counterpart  of  a  signature  page  of  this Agreement  by  facsimile  or  by  PDF  file  (portable document format file) shall be as effective as delivery of a manually executed counterpart of this Agreement.

28.        Limited  Recourse  and  Non -Petition  in  respect  of  Blue  Heron  .  No recourse under any obligation, covenant or agreement of Blue Heron contained in this Agreement shall be had against any shareholder, officer or director of Blue Heron as such, by the enforcement of any

DOC ID - 25455517.9
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obligation or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of Blue Heron and no liability shall attach to or be incurred by the shareholders, officers or directors of Blue Heron as such, or any of them, under or by reason of any of the obligations, covenants or agreements of Blue Heron contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by Blue Heron of any of such obligations, covenants or agreement, either at law or by statute or constitution, is hereby expressly waived by the other parties hereto as a condition of and consideration for the execution of this Agreement.

The parties hereto agree that they shall not take any corporate action or other steps or legal proceedings for the winding-up, examinership, dissolution, or re-organisation or for the appointment   of   a   receiver,   administrator,   examiner,   administrative   receiver,   trustee   in bankruptcy, liquidator, sequestrator or similar officer regarding some or all of the revenues and assets of Blue Heron.

The parties hereto acknowledge that the obligations of Blue Heron arising hereunder  are  limited  recourse  obligations  payable  solely  from  and  to  the  extent  of  funds available to Blue Heron, and, following application of the proceeds thereof, any claims of the parties hereto arising out of or relating to such obligations against Blue Heron shall be extinguished.

With respect to each party hereto other than Blue Heron, the foregoing language shall not serve as any implication that any liability shall attach to or be incurred by the shareholders, officers or directors of such party.

29.     It is expressly understood and agreed by the parties hereto that, notwithstanding anything to the contrary set forth in this Agreement or in any document or instrument related hereto (a) this Agreement and any related document, including, without limitation any document the form of which is annexed hereto as an Exhibit, is executed and delivered  by  Christiana  Trust,  not  individually  or  personally  but  solely  as  Trustee  of  the Borrower, in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, undertakings and agreements herein and therein made by the Borrower and the Trustee is not made or intended as a personal representation, undertaking or agreement by Christiana Trust, (c) nothing herein or therein contained shall be construed as creating any liability on Christiana Trust, individually or personally, to perform on any covenant either expressed or implied contained herein or therein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto and (d) under no circumstances shall Christiana Trust be personally liable for the payment of any indebtedness or expenses of the Borrower or otherwise or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Borrower under this Agreement or any such other related documents.  Each of Blue Heron, as Residual Interest Holder (as defined in the Trust Agreement) and CLMG, as Administrative Agent, hereby authorizes and directs the Trustee to execute and deliver this Agreement.

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30.        Section Headings.  The various headings of this Agreement are included for convenience only and shall not affect the meaning or interpretation of this Agreement, any of the Transaction Documents, the Trust Agreement or any provision hereof or thereof.

DOC ID - 25455517.9
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives as of the Closing Date.

	
					
	CLMG CORP.
	 
	LNV CORPORATION

	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 

	RED FALCON TRUST

By: Blue Heron Designated Activity Company, as Residual Interest Holder
	 
	WILMINGTON TRUST, 
NATIONAL ASSOCIATION, solely as Securities Intermediary and Custodian and not in its individual capacity

	 
	 
	 

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 

	WILMINGTON SAVINGS FUND SOCIETY, FSB, D/B/A CHRISTIANA TRUST, solely as Trustee and not in its individual capacity
	 
	MLF LEXSERV, L.P.

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

DOC ID - 25455517.6
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MASTER TERMINATION AGREEMENT, among CLMG Corp., LNV Corporation, Red Falcon Trust, Imperial Finance & Trading LLC, Blue Heron Designated Activity Company, Harbordale, LLC, Red Reef Alternative Investments, LLC, MLF LexServ, L.P., Wilmington Trust, National Association, Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, Michelle A. Dreyer, and Corporation Service Company.

	
					
	MICHELLE A. DREYER, as Independent Trustee 
	 
	CORPORATION SERVICE COMPANY

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	
					
	HARBORDALE, LLC
	 
	RED REEF ALTERNATIVE INVESTMENTS, LLC

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

	 
	 
	 

	 
	 
	 

	 
	 
	 

	IMPERIAL FINANCE & TRADING, LLC
	 
	BLUE HERON DESIGNATED ACTIVITY COMPANY

	By:
	 
	 
	By:
	 

	 
	Name:
	 
	 
	Name:

	 
	Title:
	 
	 
	Title:

DOC ID - 25455517.6

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MASTER TERMINATION AGREEMENT, among CLMG Corp., LNV Corporation, Red Falcon Trust, Imperial Finance & Trading LLC, Blue Heron Designated Activity Company, Harbordale, LLC, Red Reef Alternative Investments, LLC, MLF LexServ, L.P., Wilmington Trust, National Association, Wilmington Savings Fund Society, FSB, D/B/A Christiana Trust, Michelle A. Dreyer, and Corporation Service Company.

Schedule I

Termination Payment Information

	
			
	Obligation
	Amount
	Recipient

	Unpaid Principal Balance
	$64,964,770.76
	CLMG

	Accrued and unpaid interest
	$113,894.70
	CLMG

	Fees
	$6,235.00
	Wilmington Trust

	Unpaid service fees
	$7,200.00
	CSC

	TOTAL
	$65,092,100.46
	 

Wire information with respect to CLMG:

Federal Home Loans Bank of Dallas
ABA Number 111040195
Credit – Beal Bank Dallas, TX Bank Account No.: 4989902
Further Credit to: 7500134305
Attention: CLMG Corp. Cash Processing– Payoff Dept. Reference: 900000088 - Red Falcon Trust

Wire information with respect to CSC:

Bank Name:    PNC Bank
Bank Address:    222 Delaware Avenue, 18th Floor
Wilmington, DE  19801
Account Name:    Corporation Service Company
Account Number:    5603260058
ABA Number:    031100089
Reference:    Account 7930966, Invoice #77178084

Wire information with respect to Wilmington Trust:

ABA    031100092
Bank    Wilmington Trust
Acct    009974-000
Bfcy    CCMS Closing and Fee Acct
Ref:    Red Falcon Term Fee – RM Bob Donaldson

DOC ID - 25455517.9

Schedule II

Addresses for Notices

To CLMG:

CLMG Corp.
7195 Dallas Parkway
Plano, TX 75024
Attention: James Erwin
Telephone:  469-467-5414
Facsimile:  469-467-3433
Email:  jerwin@clmgcorp.com

To the Initial Lender:

LNV Corporation c/o CLMG Corp.
7195 Dallas Parkway
Plano, TX 75024
Attention: James Erwin
Telephone:  469-467-5414
Facsimile:  469-467-3433
Email:  jerwin@clmgcorp.com

To the Borrower:

Red Falcon Trust
Attention:  The Directors
2nd Floor, Palmerston House
Fenian Street
Dublin 2, Ireland
Email:  directors@blueheron.ie

To the Guarantor:

Imperial Finance & Trading, LLC
5355 Town Center Rd #701
Boca Raton, FL 33486
Attention:  Office of General Counsel
Email:  COreilly@emergentcapital.com

DOC ID - 25455517.9

To Harbordale:

Harbordale, LLC
5355 Town Center Rd #701
Boca Raton, FL 33486
Attention:  Office of General Counsel
Email:  COreilly@emergentcapital.com

To Red Reef:

Red Reef Alternative Investments, LLC
5355 Town Center Rd #701
Boca Raton, FL 33486
Attention:  Office of General Counsel
Email:  COreilly@emergentcapital.com

To the Servicer:

Nathan A. Evans, President and Chief Executive Officer
MLF LexServ, LP
4350 East-West Highway, Suite 905
Bethesda, Maryland 20814
Facsimile No. 301.951.2123
E-mail:  nevans@mlflexserv.com
with a copy to (which shall not constitute notice): Mario Coniglio, Chief Operating Officer
MLF LexServ, LP
4350 East-West Highway, Suite 905
Bethesda, Maryland 20814
Facsimile No. 301.951.2123
E-mail:  mconiglio@mlflexserv.com

To Blue Heron:

Blue Heron Designated Activity Company
Attention:  The Directors
2nd Floor, Palmerston House
Fenian Street
Dublin 2, Ireland
Email:  directors@blueheron.ie

With a copy to:  COreilly@emergentcapital.com

DOC ID - 25455517.9

To the Securities Intermediary:

Wilmington Trust, National Association
300 Park Street, Suite 390
Birmingham, Michigan 48009
Attention:  Capital Markets Insurance Services
Telephone:  248-723-5422
Facsimile:  248-723-5424
E-mail:  SpecializedInsurance@wilmingtontrust.com
with a copy by e-mail only to (which shall not constitute notice): K&L Gates LLP
Attention:  Scott Waxman, Esq. Email:  scott.waxman@klgates.com

To the Custodian:

Wilmington Trust, National Association, Custodian
300 Park Street, Suite 390
Birmingham, Michigan 48009
Attention:  Capital Markets Insurance Services
Telephone:  248-723-5422
Facsimile:  248-723-5424
E-mail:  SpecializedInsurance@wilmingtontrust.com

To the Trustee:

Corporate Trust Office
500 Delaware Avenue
11th Floor
Wilmington, DE 19801
Attention:  Corporate Trust – Red Falcon Trust
Telephone:  302-888-7437
Facsimile:  302-421-9137
E-mail:  Jeffrey.Everhart@christianatrust.com 

with a copy to (which shall not constitute notice):

K&L Gates LLP
600 North King Street
Suite 901
Wilmington, Delaware 19801
Attention:  Scott Waxman, Esq. 
Telephone:  (302) 416-7070
Facsimile:  (302) 416-7020

DOC ID - 25455517.9

To the Servicer:

Nathan A. Evans, President and Chief Executive Officer
MLF LexServ, LP
4350 East-West Highway, Suite 905
Bethesda, Maryland 20814
Facsimile No. 301.951.2123
E-mail:  nevans@mlflexserv.com
with a copy to (which shall not constitute notice): Mario Coniglio, Chief Operating Officer
MLF LexServ, LP
4350 East-West Highway, Suite 905
Bethesda, Maryland 20814
Facsimile No. 301.951.2123
E-mail:   mconiglio@mlflexserv.com

To CSC:

Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington, DE 19808
Attention:  Independent Director Services
Facsimile:  (302) 636-5454
Email:   IDService@cscinfo.com

To the Independent Trustee:

Michelle A. Dreyer
c/o Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington DE 19808
Telephone:  (302) 636-5608
Email:  michelle.dreyer@cscglobal.com

DOC ID - 25455517.9Exhibit

Your TIAA Retirement Choice Plus Annuity Certificate

Exhibit (4)(F)(1)
Teachers Insurance and Annuity Association of America
730 Third Avenue, New York, N.Y. 10017-3206
Telephone: [800-842-2733]

Retirement Choice Plus Annuity Certificate

This certificate is issued to you, the employee, by us, Teachers Insurance and Annuity Association of America (TIAA), in connection with amounts recorded in your name under an employer plan funded by a TIAA Retirement Choice Plus Annuity Contract issued to a Trust as Contractholder. The contract shall govern the payment of all benefits by TIAA and the rights and obligations of TIAA, the contractholder, the employer and you. This certificate refers briefly to some of the contract's features. 

The employer remits all premiums under the contract. Premiums are allocated between the Traditional Annuity and the Investment Accounts. Each premium allocated to the Traditional Annuity under the contract buys a guaranteed minimum amount of benefit payments, based on the rate schedule in effect at the time the premium is credited. Traditional Annuity accumulations will be credited with a guaranteed interest rate, and may also be credited with additional amounts declared by TIAA. Each premium allocated to any of the Investment Accounts under the contract buys a number of accumulation units. Accumulations in the Investment Accounts are not guaranteed, and may increase or decrease depending on investment results. TIAA reserves the right to stop accepting or to limit premiums under the contract at any time.
            
TIAA will pay you all benefits set forth under the terms of the contract and in accordance with the employer plan as from time to time amended, or any successor plan. Your rights under the contract are subject to the terms of the employer plan.

                     
                
      Senior Vice President and                          President and
           Corporate Secretary                         Chief Executive Officer

Group Flexible Premium Fixed and Variable Deferred Annuity Certificate 
Nonparticipating

IGRSP-CERT-TR        Page 1

Your TIAA Retirement Choice Plus Annuity Certificate

Your Rights
The contractholder owns the contract. 
    
Your right (or that of your beneficiaries, after your death) to make choices and elections available under the contract, with respect to amounts recorded in your name under the contract, is subject to the terms of the employer plan. Such rights include but are not limited to the right to allocate premiums, name a second annuitant, designate beneficiaries and payees, elect lump-sum benefits, make transfers, and choose forms of benefit payment. Your rights under the contract are subject to the vesting provisions of the employer plan.

The contract and this certificate are subject to the provisions, terms and conditions of the employer plan. Any payment, distribution, income option, death benefit, withdrawal, transfer, or other rights exercised under the contract and this certificate shall comply with any applicable terms, provisions, and conditions of the employer plan as determined by the plan administrator, trustee, or other plan designated fiduciary. To the extent this certificate makes reference to the terms of the employer plan, a supplement to this certificate has been issued in conjunction with this certificate and is a part of this certificate. The supplement provides additional details concerning how the terms of the employer plan impacts your rights under the certificate. Please refer to the supplement for such details. Under no circumstances can the employer plan expand the rights or terms under the contract or certificate or impose any responsibilities or duties on TIAA not specifically set forth in the contract.

Employee Maturity Date
Your maturity date is the date as of which all of your accumulation has been distributed or applied to provide benefit payments under the terms of the contract. As of such date, TIAA will have no further obligations under the contract to you, beyond those associated with any ongoing payout annuity benefits being paid to you. TIAA is not obliged to accept new premiums on your behalf.

Allocation Options
Premiums are allocated between the Traditional Annuity and the Investment Accounts. Each premium allocated to the Traditional Annuity under the contract buys a guaranteed minimum amount of benefit payments, based on the rate schedule in effect at the time the premium is credited. Traditional Annuity accumulations will be credited with a guaranteed interest rate, and may also be credited with additional amounts declared by TIAA. TIAA does not guarantee that there will be additional amounts.  Each premium allocated to any of the Investment Accounts under the contract buys a number of accumulation units. Accumulations in the Investment Accounts are not guaranteed, and may increase or decrease depending on investment results.

Accumulations
Your accumulation consists of the portion of the Traditional Annuity accumulation and Investment Account accumulations held on your behalf under the contract.  Your rights under the contract are subject to the terms of the employer plan.
The portion of the Traditional Annuity accumulation held on your behalf under the contract will be the sum of the following as attributed to your account in accordance with the terms of the employer plan. 

		
	A)
	all premiums allocated to the Traditional Annuity; plus

		
	B)
	interest credited by TIAA at the guaranteed accumulation interest rate set forth in the contract’s rate schedule; plus

		
	C)
	any additional amounts credited to the Traditional Annuity by TIAA; plus

D)    any internal transfers to the Traditional Annuity; less

IGRSP-CERT-TR    Page 2
    

Your TIAA Retirement Choice Plus Annuity Certificate

		
	E)
	any premium taxes incurred by TIAA for the Traditional Annuity; less

		
	F)
	any employer plan fee withdrawals and any minimum distribution payments paid from the Traditional Annuity; less

		
	G)
	any charges for expenses and contingencies deducted by TIAA as set forth in the contract’s rate schedule; less

		
	H)
	any amounts deducted to provide any form of Traditional Annuity benefit payments; less

		
	I)
	any internal transfers from the Traditional Annuity; less

		
	J)
	any amounts forfeited as a result of your failing to satisfy the vesting requirements under your employer plan; less

		
	K)
	any surrender charges and/or transfer charges assessed by TIAA as set forth in the contract’s rate schedule.

The portion of an Investment Account accumulation held on your behalf under the contract will be based on the number of accumulation units held on your behalf, as attributed to your account in accordance with the terms of the employer plan, which will be increased by:
		
	A)
	any premiums allocated to that Investment Account; and

		
	B)
	any internal transfers made to that Investment Account;

and decreased by:
		
	C)
	the application of any accumulations in that Investment Account to provide any available form of benefit payments;

		
	D)
	any internal transfers from the accumulation in that Investment Account to the Traditional Annuity, another Investment Account, or the companion CREF contract; 

		
	E)
	any amounts forfeited as a result of your failing to satisfy the vesting requirements under your employer plan; 

		
	F)
	any premium taxes incurred by TIAA for that Investment Account;

		
	G)
	any employer plan fee withdrawals from that Investment Account; and

		
	H)
	any minimum distribution payments paid from that Investment Account.

The increase or decrease in the number of accumulation units on any valuation day is equal to the net dollar value of all transactions divided by the value of the Investment Account's accumulation unit as of the end of the business day on which the transaction becomes effective.

Benefit Guarantees
[Under the contract’s current rate schedule, the minimum effective annual interest rate to be credited will be [x.xx%]. The minimum interest rate will be credited on amounts applied to the Traditional Annuity accumulation from the end of the day on which such amount is credited to the date such amount is deducted from the Traditional Annuity accumulation or applied to an annuity form of benefit in accordance with the contract. Such annuity benefits will be based on interest at the effective annual rate of 2% and the mortality table provided for in the contract.]

OR

[Under the contract’s current rate schedule, the minimum effective annual interest rate to be credited will be reset each [March 1]. The rate will be set equal to the CMT less [0.0125], rounded to the nearest [0.0005], provided however that the minimum rate will not be less than [1%] nor greater than [3%]. The CMT is the 

IGRSP-CERT-TR    Page 3
    

Your TIAA Retirement Choice Plus Annuity Certificate

average five-year Constant Maturity Treasury Rate reported by the Federal Reserve for the calendar month of [[January]][ 12] month period from [February] through the [January]] preceding the reset date.

The minimum interest rate so determined will be credited on amounts applied to the Traditional Annuity accumulation from the end of the day on which such amount is credited to the date such amount is deducted from the Traditional Annuity accumulation or applied to an annuity form of benefit in accordance with the contract.  Such annuity benefits will be based on interest at the effective annual rate of 2% and the mortality table provided for in the contract.

We may make future changes to the reset date and/or to the choice of calendar month for which the average five-year Constant Maturity Treasury Rate will be used to set the CMT. Any such change will be effected only after obtaining any regulatory approvals.]

Under the contract’s current rate schedule, for one-life annuities and two-life annuities, annuity payments are based on mortality according to the Annuity 2000 Mortality Table (TIAA Merged Gender Mod C), with ages set back three months for each completed year between January 1, 2000 and the date that annuity payments begin, as illustrated in the chart at the end of this document.

These guarantees cease to apply to amounts that leave the Traditional Annuity.

Subject to applicable insurance law, the contract’s rate schedule may be changed.  Such a change will not affect any benefits purchased prior to the change. A change in the rate schedule will be made only after we have given the contractholder three months' written notice of the change.

Additional Amounts
Additional amounts may be credited to accumulations in the Traditional Annuity under the contract.  TIAA does not guarantee that there will be additional amounts.  TIAA will determine at least annually if additional amounts will be credited.  

Income Options
Income benefits may be payable for your lifetime, or for your lifetime and that of a second annuitant. Lifetime income options may include a guaranteed period of 10, 15 or 20 years, during which payments will continue even if you (and any second annuitant) die before the end of the guaranteed period.

Lump-sum Benefits
In accordance with and to the extent permitted by the terms of the employer plan, you may withdraw your Traditional Annuity accumulation or any of your Investment Account accumulations as a lump-sum benefit. Such withdrawal must be for all of an accumulation or any part of any accumulation not less than [$1,000] 

Lump-sum benefits paid from the Traditional Annuity accumulation will be reduced by any surrender charge in accordance with the applicable rate schedule or schedules. Under the contract’s current rate schedule the surrender charge is [0%].

TIAA reserves the right to limit lump-sum benefits from your Traditional Annuity accumulation and each of your Investment Account accumulations to not more than one in a calendar quarter.

Transfers
In accordance with and to the extent permitted by the terms of the employer plan, you may transfer between your Traditional Annuity accumulation and your Investment Account accumulations. In addition, and also 

IGRSP-CERT-TR    Page 4
    

Your TIAA Retirement Choice Plus Annuity Certificate

subject to the terms of the employer plan, you may transfer all or part of your Traditional Annuity accumulation or Investment Account accumulations to the companion CREF contract, if any, or from your accumulation in any such companion CREF contract to the TIAA contract, or  among your Investment Account accumulations. Such transfers may be for all of your Traditional Annuity accumulation or all of any of your Investment Account accumulations, or any part of any of these accumulations not less than [$1,000]. Transfers from the Traditional Annuity accumulation will be reduced by any transfer charge in accordance with the applicable rate schedule or schedules. Under the contract’s current rate schedule the transfer charge is [0%].

TIAA reserves the right to limit internal transfers from your Traditional Annuity accumulation and each of your Investment Account accumulations to not more than one in a calendar quarter.  TIAA reserves the right to stop accepting or to limit internal transfers to the Traditional Annuity and/or internal transfers to the Real Estate Account at any time. 

To the extent permitted by applicable law, we may reject, limit, defer or impose other conditions on transfers into or out of an Investment Account in order to curb frequent transfer activity to the extent that comparable limitations are imposed on the purchase, redemption or exchange of shares of any of the funds held by an Investment Account. TIAA reserves the right to stop accepting or to limit internal transfers to any of the Investments Accounts under Separate Account VA-3 to the extent any such subaccount is to be deleted within 120 days.
    
A fund in which an Investment Account invests may impose a redemption charge on its assets that are redeemed out of the fund in connection with a transfer. The fund determines the amount of the redemption charge and the charge is retained by or paid to the fund and not by or to TIAA. The redemption charge may affect the number and value of accumulation units transferred out of the Investment Account that invests in that fund and, therefore, may affect the Investment Account accumulation.

Additional Restrictions on Transfers into the Real Estate Account

For the purposes of this provision an internal funding vehicle transfer is the movement of accumulations among or between any of the following:

		
	i.
	your Traditional Annuity accumulation

		
	ii.
	your Real Estate Account accumulation

		
	iii.
	your other Investment Account accumulation

		
	iv.
	your companion CREF certificate

		
	v.
	any other funding vehicle accumulation you may have which is administered by TIAA or CREF on the same record-keeping system as this certificate.

However, an internal funding vehicle transfer does not include any of the following:
		
	•
	Systematic withdrawals and transfers (SWATs) 

		
	•
	Automatic rebalances

		
	•
	Any transaction arising from a TIAA sponsored advice product or service

		
	•
	Transfer Payout Annuity (TPA) payments directed to the Real Estate Account. 

You may not apply internal funding vehicle transfers to your Real Estate Account accumulation if the total value of your Real Estate Account accumulation under this certificate and any other TIAA annuity contract or certificate issued to you already exceeds a threshold amount of [$150,000], or if after giving effect to such transfer, such threshold would be exceeded.  Any internal funding vehicle transfer which cannot be applied pursuant to this rule will be rejected in its entirety and we will communicate such rejection to you.

IGRSP-CERT-TR    Page 5
    

Your TIAA Retirement Choice Plus Annuity Certificate

The Real Estate Account accumulation unit values used in applying this provision will be those calculated as of the valuation day preceding the day on which the proposed transfer is to be effective. For the purpose of this provision, the total value of your Real Estate Account accumulation will include the value of any pending internal funding vehicle transfers into your Real Estate Account accumulation under any TIAA annuity contracts or certificates issued to you.
 
TIAA reserves the right in the future to increase or decrease the threshold dollar amount associated with this provision.  However, the threshold amount will never be less than [$100,000]. If, as of the effective date of such a change in the threshold amount, the total value of your Real Estate Account accumulation under this certificate and any other TIAA annuity contract or certificate issued to you already exceeds the new threshold amount, you will not be required to reduce such accumulation to a level at or below the new threshold. TIAA also reserves the right in the future to include among the restricted transactions any of the categories currently excluded above or to include any categories of transactions associated with services that may be introduced in the future. Any such future changes will only affect transactions with effective dates on or after the effective date of such change. You will be given at least two months advance written notice of any such change. 

Nothing in this provision shall be construed to limit TIAA’s right to stop accepting or to limit premiums and/or internal transfers to the Real Estate Account at any time.

Equity Wash Restrictions
If an internal transfer from your Traditional Annuity accumulation or a lump-sum benefit from your Traditional Annuity accumulation is to be applied, whether directly or indirectly, to an internal funding vehicle which has been designated as a competing fund under the terms of the contract, the amount of the transfer must first be applied to an internal funding vehicle which is a non-competing fund and remain in a non-competing fund for a period of at least 90 days from the effective date of the transfer. For the purposes of this restriction a funding vehicle will be referred to as an internal funding vehicle if it is being administered under the same recordkeeping system as that which is maintaining the individual employee records for the contract, whether or not TIAA is providing those recordkeeping services. At the end of such 90-day period, the amount available to be subsequently applied to a competing fund, would be the amount originally transferred net of any increase or decrease in value resulting from the participation in the non-competing fund(s) during the 90-day period, determined in accordance with the applicable terms of those funds. This 90-day restriction (commonly known as an “equity wash”) will be administered in a manner such that when such an amount is removed from your Traditional Annuity accumulation and applied to a non-competing fund, the full 90-day period must elapse before any transfer or withdrawal made from non-competing funds and applied to competing funds will be allowed to reduce the total non-competing fund balance below the amount of the transaction that triggered the 90-day period. These “equity wash” restrictions will not apply to transactions made in connection with automated periodic or pre-scheduled purchase, redemption, exchange or transfer arrangements, including, but not limited to, salary reduction agreements, plan benefit payments, “dollar cost averaging” programs, asset allocation programs, or periodic “account rebalancing” programs.

Irrespective of the provisions above, a transfer from your accumulation may not be applied to a TIAA or CREF Supplemental Retirement Annuity (SRA), a TIAA or CREF Group Supplemental Retirement Annuity (GSRA), or any other TIAA contract providing for liquidity provisions similar to the aforementioned contracts.

Generally, a competing fund, for the purpose of this provision, includes money market funds, short-term bond funds, the TIAA Real Estate Account, the TIAA Traditional Annuity, the TIAA Stable Value Separate Account-1 (SVSA-1), certain guaranteed annuity contracts and other funds with either similar duration 

IGRSP-CERT-TR    Page 6
    

Your TIAA Retirement Choice Plus Annuity Certificate

characteristics or performance patterns generally consistent with stability as determined by TIAA, and self-directed brokerage accounts.

The designation of funds as competing funds may be modified by TIAA. 

Disruptive Transactions
TIAA reserves the right to restrict transfers into or out of the Traditional Annuity for any employee identified as undertaking a pattern of disruptive trading. The restriction period will start no earlier than 10 days after being notified in writing by TIAA and will continue for the remainder of the calendar quarter and the following calendar quarter. Subsequent instances of disruptive trading can result in the restriction being reinstated. For purposes of this provision, a disruptive trading pattern is defined as one in which an employee cumulatively transfers more than [$8 million] into and / or out of the Traditional Annuity within a [60] day period.  For purposes of determining the dollar amount of transfers under this provision, the amount of transfers in will be added to the amount of transfers out during each rolling [60] day period to determine whether the [$8 million] threshold has been reached.

Death Benefits
If you die, your accumulation will provide for a death benefit for your beneficiary.  The death benefit is the current value of your accumulation under the contract.  It will be payable to your beneficiary, in accordance with the terms of the employer plan.

Retirement Plan Loan
A retirement plan loan is a disbursement of some or all of your accumulation to provide loans.  If your employer plan so provides and in accordance with section 72(p) of the IRC, as amended, and ERISA, to the extent applicable, you may request a retirement plan loan from your accumulations, at any time prior to your maturity date. The loan will be issued in accordance with the terms of a loan agreement. The loan agreement will describe the terms, conditions and any fees or charges for the loan.

Benefits Based on Incorrect Data 
If the amount of benefits is determined by data as to a person's age or sex that is incorrect, the benefits payable will be such as the premium paid would have purchased based on the correct data. Any amounts underpaid by TIAA on the basis of the incorrect data will be paid at the time the correction is made. Any amounts overpaid by TIAA on the basis of the incorrect data will be charged against the payments due after the correction is made. Any amounts so paid or charged will include compound interest at the effective annual rate of 6% per year.

Employer Plan Fee Withdrawals
To the extent provided by the terms of the employer plan, and in accordance with TIAA’s procedures, TIAA will withdraw amounts from the contract’s accumulation, to pay fees associated with the administration of the plan. 
            
Contractholder Rights 
The contractholder owns the contract.  The sole responsibility of the contractholder (as Trustee of the [Retirement Choice Plus Annuity Trust]) is to serve as a party to the contract.   

 

IGRSP-CERT-TR    Page 7
    

Your TIAA Retirement Choice Plus Annuity Certificate

	
						
	Guaranteed Annual Amount of Income Benefits from the Traditional Annuity under the One-life
Annuity with 10-Year Guaranteed Period option
Provided by $10,000 from Employee’s Accumulation
(assuming a premium tax rate of 0%)

One-twelfth of the amount shown is payable each month 

	Adjusted Age When Payments Begin
	Annual Amount of Monthly Benefit Payments
	Adjusted Age When Payments Begin
	Annual Amount of Monthly Benefit Payments
	Adjusted Age When Payments Begin
	Annual Amount of Monthly Benefit Payments

	40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
	$305.99 
$309.20 
$312.54 
$316.02 
$319.65 
$323.43 
$327.38 
$331.50 
$335.79 
$340.27 
$344.94 
$349.82 
$354.90 
$360.20 
$365.73 
$371.50 
$377.52
	57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
	$383.81 
$390.38 
$397.25 
$404.44 
$411.96 
$419.85 
$428.13 
$436.82 
$445.95 
$455.55 
$465.65 
$476.29 
$487.50 
$499.31 
$511.75 
$524.86 
$538.66
	74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89

	$553.18 
$568.43 
$584.44 
$601.22 
$618.78 
$637.13 
$656.25 
$676.14 
$696.74 
$718.03 
$739.91 
$762.31 
$785.11 
$808.15 
$831.28 
$854.30 

	The yearly payments shown above are those that result from the application of an accumulation of $10,000 (assuming a premium tax rate of 0%) in the Traditional Annuity to the specified income option when the employee has attained an adjusted age as shown, but has not passed the date on which that adjusted age was attained by as much as one month. 
   The employee’s adjusted age equals the employee’s actual age minus three months for each completed year between January 1, 2000 and the date that payments begin.  All ages used in computing benefits are calculated in completed years and months. Payments beginning at ages other than those shown, and under other income options, are computed on the basis stated in the rate schedule. For accumulations other than $10,000, payments will be proportionate.

Group Flexible Premium Fixed and Variable Deferred Annuity Certificate 
Nonparticipating

IGRSP-CERT-TR    Page 8

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