Document:

ISDA Master Agreement between Federated & PNC

 Exhibit 10.2 

(Multicurrency-Cross Border) 

ISDA®
 
 International Swap Dealers Associations, Inc. 

MASTER AGREEMENT 

dated as of March 4, 2010 

PNC BANK, NATIONAL ASSOCIATION (“Party A”) and FEDERATED INVESTORS, INC. (the “Party B”) have entered and/or
anticipate entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a
“Confirmation”) exchanged between the parties confirming those Transactions. 
 Accordingly, the parties agree as follows:-

  

	1.	Interpretation 

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

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

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

 

	2.	Obligations  

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

 (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the
condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has
occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement. 
 (b) Change
of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies
unless such other party gives timely notice of a reasonable objection to such change. 
 (c) Netting. If on any date amounts would
otherwise be payable:- 
 (i) in the same currency; and 

(ii) in respect of the same Transaction, 

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and
discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The
parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in
respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting
date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices
through which the parties make and receive payments or deliveries. 
 (d) Deduction or Withholding for Tax. 

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

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

(3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such
payment to such authorities; and 
 (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is
otherwise entitled under this Agreement, such additional amount as is necessary to ensure that 
  

			
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the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount which Y would have received had no such deduction or
withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:- 

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

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

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

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

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

 

	3.	Representations 

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

(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation
or incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute
this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to 

 

			
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this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a
party and has taken all necessary action to authorize such execution, delivery and performance; 
 (ii) No Violation or
Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to
it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; 
 (iv)
Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and
all conditions of any such consents have been complied with; and 
 (v) Obligations Binding. Its obligations under
this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency,
moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

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

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or
proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d) Accuracy of
Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true,
accurate and complete in every material respect. 
 (e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true. 
 (f) Payee Tax Representations. Each
representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. 
  

	4.	Agreements 

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

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such
government or taxing authority as the other party reasonably directs:- 
 (i) any forms, documents or certificates relating to
taxation specified in the Schedule or any Confirmation; 
  

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

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

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

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

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

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true
promptly upon learning of such failure. 
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied
or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is
acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance
of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	Events of Default and Termination Events 

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

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

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

			
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 (iii) Credit Support Default. 

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

(2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document to be in full
force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the
written consent of the other party; or 
 (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or
rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 
 (iv)
Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or
any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 

(v) Default under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified
Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that
Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or any payment on early termination of, a
Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified
Transaction (or such action is taken by any person or entity appointed or empowered to operate it or to act on its behalf); 

(vi) Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or
existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more
agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified
Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or
such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any
applicable notice requirement or grace period); 
 (vii) Bankruptcy. The party, any Credit Support Provider of
such party or any applicable Specified Entity of such party:- 
 (1) is dissolved (other than pursuant to a consolidation,
amalgamation or merger); (2). becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the
benefit of its creditors; (4) institutes or has instituted against it 
  

			
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a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for
relief or the melting of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee,
custodian or other similar official for it or for all or substantially all of its assets; (7) has a secured party take possession of all or substantially all of its assets or has a distress, execution, attachment, sequestration or other legal
process levied, enforced or sued on or against all or substantially all of its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;
(8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in
furtherance of; or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 
 (viii)
Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all of its assets to, another entity and, at the time of such
consolidation, amalgamation, merger or transfer:- 
 (1) the resulting, surviving or transferee entity fails to assume all the
obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to
this Agreement; or 
 (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to
the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 
 (b) Termination
Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in
(i) below, a Tax Event if the event is specified in (ii) below or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to
(iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:- 
 (i)
Illegality. Due to the adoption of; or any change in, any applicable law after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory
authority with competent jurisdiction of any applicable law after such date, it becomes unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party):- 

(1) to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such
Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or 
 (2) to perform,
or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 

 

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

(iii) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Payment Date will
either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party
consolidating or amalgamating with, or merging with or into, or transferring all or substantially all of its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in
Section 5(a)(viii); 
 (iv) Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in
the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all of its assets
to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the credit worthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such
Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 

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

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

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

			
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 (b) Right to Terminate Following Termination Event. 

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

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

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period,
whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any
such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would
permit it to enter into transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. If
an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement Within 30 days after notice thereof is given under Section 6(b)(i) on action to
avoid that Termination Event. 
 (iv) Right to Terminate. If— 

(1) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with
respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (2) an
Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

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

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

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

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

(ii) Payment Date. An amount calculated as being due in respect of any Early Termination Date under Section 6(e) will
be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days after the day on which
notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law) interest thereon
(before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on the basis of daily
compounding and the actual number of days elapsed. 
 (e) Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second
Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in
respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 
 (i) Events
of Default. If the Early Termination Date results from an Event of Default:- 
 (1) First Method and Market
Quotation. If the First Method and Market Quotation apply, the Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in
respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. 

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

			
	10	  	 ISDA - 1992

 (4) Second Method and Loss. If the Second Method and Loss apply,
an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting
Party will pay the absolute value of that amount to the Defaulting Party. 
 (ii) Termination Events. If the Early
Termination Date results from a Termination Event:- 
 (1) One Affected Party. If there is one Affected Party, the
amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party
will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated, Loss shall be calculated in respect of all Terminated
Transactions. 
 (2) Two Affected Parties. If there are two Affected Parties:- 

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

(B) if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being
terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss
(“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the
absolute value of that amount to Y. 
 (ii) Adjustment for Bankruptcy. In circumstances where an Early Termination
Date occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments or
deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 

(iv) Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable under this Section 6(e) is
a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any
additional damages as a consequence of such losses. 
  

			
	11	  	 ISDA - 1992

 7. Transfer 

Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the other party, except that:- 
 (a) a party may make such a
transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all of its assets to, another entity (but without prejudice to any other right or remedy under this Agreement);
and 
 (b) a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting Party under
Section 6(e). 
 Any purported transfer that is not in compliance with this Section will be void. 

8. Contractual Currency 
 (a)
Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable
law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of
this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by
applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual
Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 
 (b)
Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement,
(ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party
seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency
received by such party as a consequence of sum paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such
shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange
at which such party is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually
received by such party. The term “rate of exchange” includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 

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

			
	12	  	 ISDA - 1992

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

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter
and supersedes all oral communication and prior writings with respect thereto. 
 (b) Amendments. No amendment, modification or
waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic
messaging system. 
 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the
parties under this Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in
this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

(e) Counterparts and Confirmations. 

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

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

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

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

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

			
	13	  	 ISDA - 1992

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

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

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

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

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

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

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is
delivered or its delivered is attempted; or 
 (v) if sent by electronic messaging system, on the date that electronic message is
received, 
 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that
communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following a day that is a Local Business
Day. 
 (b) Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or
electronic messaging system details at which notices or other communications are to be given to it. 
 13. Governing Law and Jurisdiction

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

 (b) Jurisdiction. With respect to any suit, action or proceedings relating to this Agreement (“Proceedings”), each
party irrevocably:- 
 (i) submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by
English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the
State of New York; and 
  

			
	14	  	 ISDA - 1992

 (ii) waives any objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object; with respect to such Proceedings, that such court does not have any jurisdiction over
such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement
is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor will the
bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c) Service of
Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is
unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for
notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law. 

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

14. Definitions 
 As used in this
Agreement:- 
 “Additional Termination Event” has the meaning specified in Section 5(b). 

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

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

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

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

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

			
	15	  	 ISDA - 1992

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

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

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

“consent” includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control
consent. 
 “Credit Event Upon Merger” has the meaning specified in Section 5(b). 

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

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

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as
certified by it) if it were to fund or of funding the relevant amount plus 1 % per annum. 
 “Defaulting Party” has the
meaning specified in Section 6(a). 
 “Early Termination Date” means the date determined in accordance with
Section 6(a) or 6(b)(iv). 
 “Event of Default” has the meaning specified in Section 5(a) and, if applicable,
in the Schedule. 
 “Illegality” has the meaning specified in Section 5(b). 

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for
a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or
fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit
Support Document). 
 “law” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by
the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 

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

 

			
	16	  	 ISDA - 1992

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

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

“Non-default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting
Party (as certified by it) if it were to fund the relevant amount. 
 “Non-defaulting Party” has the meaning specified
in Section 6(a). 
 “Office” means a branch or office of a party, which may be such party’s head or home
office. 
  

			
	17	  	 ISDA - 1992

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

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised,
managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment,
from or through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment or delivery is
to be made under Section 2(a)(i) with respect to a Transaction. 
 “Set-off” means set-off, offset, combination of
accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is
exercised by, or imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and any Early Termination
Date, the sum of:- 
 (a) the Termination Currency Equivalent of the Market Quotations (whether positive or negative) for each Terminated
Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 
 (b) such party’s Loss (whether positive
or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the
determination) produce a commercially reasonable result. 
 “Specified Entity” has the meaning specified in the
Schedule. 
 “Specified Indebtedness” means, subject to the Schedule, any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction”
means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable
Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-
currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a
Specified Transaction in this Agreement or the relevant Confirmation. 
 “Stamp Tax” means any stamp, registration,
documentation or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of
any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 

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

 

			
	18	  	 ISDA - 1992

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

“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination Event, all
Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early
Termination” applies, immediately before that Early Termination Date). 
 “Termination Currency” has the meaning
specified in the Schedule. 
 “Termination Currency Equivalent” means, in respect of any amount denominated in the
Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party
making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that
later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the
city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign
exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

“Termination Event” means an illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event
Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per annum equal to the arithmetic
mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to
such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for
delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed
to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in
clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties. 
  

			
	19	  	 ISDA - 1992

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

									
	PNC BANK, NATIONAL ASSOCIATION	 	FEDERAThD INVESTORS, INC.
					
	By:	 	 /s/ Richard S. Pierce
	 		 	By:	 	 /s/ THOMAS R. DONAHUE

	Name:	 	 Richard S. Pierce
	 		 	Name:	 	 THOMAS R. DONAHUE

	Title:	 	Vice President	 		 	Title:	 	 CFO

  

			
	20	  	 ISDA - 1992

 SCHEDULE 

to the 

ISDA Master Agreement (1992, Multi-Currency – Cross-Border) 

dated as of March 4, 2010 

between 
 PNC
BANK, NATIONAL ASSOCIATION (“Party A”) 
 and 

FEDERATED INVESTORS, INC. (“Party B”) 

Part 1. Termination Provisions. 
  

	(a)	“Specified Entity” means in relation to Party A for the purpose of:- 

Section 5(a)(v),     Not Applicable 

Section 5(a)(vi),    Not Applicable 

Section 5(aXvii),   Not Applicable 

Section 5(b)(iv),    Not Applicable 

and in relation to Party B for the purpose of:- 

Section 5(a)(v),     Each Loan Party (as defined in the Credit Agreement) 

Section 5(a)(vi),    Subsidiary (as defined in the Credit Agreement) 

Section 5(a)(vii),   Subsidiary 

Section 5(b)(iv),    Not Applicable 
  

	(b)	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement. 

 

	(c)	The “Cross default” provisions of Section 5(a)(vi) will apply to both parties. 

If such provisions apply:- 

“Specified Indebtedness” will have the meaning specified in Section 14 of this Agreement, except that, with
respect to Party A, such term shall not include obligations in respect of deposits received in the ordinary course of Party A’s banking business. 

“Threshold Amount” shall mean: 

In the case of Party A, an amount (or its equivalent in other currencies) at any time equal to the greater of (a) 3% of the
consolidated stockholders’ equity of The PNC Financial Services Group, Inc., a Pennsylvania corporation, as shown in its most recent annual or quarterly financial statements prepared in accordance with generally accepted accounting principles
in the United States, or (b) $25,000,000. 
 In the case of Party B, an amount (or its equivalent in other currencies) at
any time equal to $25,000,000. 
  

	(d)	The “Credit Event Upon Merger” provisions of Section 5(b)(iv) will apply to both parties. 

 

	(e)	The “Automatic Early Termination” provision of Section 6(a) will not apply to either party. 

 

 21 

	(f)	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:- 

 

	 	(i)	Market Quotation will apply. 

  

	 	(ii)	The Second Method will apply. 

  

	(g)	“Termination Currency” means United States Dollars. 

 

	(h)	Additional Termination Event will apply. 

(i) Impossibility. The occurrence of an Impossibility will be a Termination Event. The party that is subject to an Impossibility, other
than as a result of its own misconduct, will be the “Affected Party”. For purposes of this Agreement, the term Impossibility means the occurrence, after the date on which a Transaction is entered into, of a natural or man-made disaster,
armed conflict, act of terrorism, riot, labor disruption, act of State or any other event or circumstance beyond the control of a party, which event or condition prevents (other than as a result of its own misconduct) a party (the “Affected
Party”): 
  

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

  

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

 All terms and conditions of this Agreement
applicable to an Illegality shall be equally applicable to Impossibility and the definition of Termination Event shall be amended to include Impossibility. If an Event of Default occurs and the same event or circumstances also constitutes an
Impossibility, then such Event of Default will be treated as an Impossibility under this Agreement. 
 (ii) Co-termination. The
following event will be a Termination Event (and in such event, Party 13 shall be the sole Affected Party): 
 If (a) that
certain $140,000,000 Term Loan Facility Credit Agreement, dated as of August 19, 2008, by and among Federated Investors, Inc., the guarantors and financial institutions party thereto, and Party A, as agent thereunder (as supplemented, amended,
modified, renewed or restated from time to time, the “Credit Agreement”) (i) matures or expires prior to the Termination Date, or (ii) is terminated or cancelled prior to the Termination Date by any party thereto for any reason,
or (b) Party A ceases to be a party to the Credit Agreement at any time for any reason other than by reason of Party A’s sale, assignment or other transfer of 100% of its participation in the Credit Agreement and, in the case of either
(a) or (b), Party B fails to assign (within sixty (60) days from the date of such maturity, expiration, termination or cancellation) all outstanding Transactions to another counterparty reasonably acceptable to Party A and Party B.

 (iii) The occurrence of any of the following events shall constitute an Additional Termination Event with respect to each
party: 
 Rating Downgrade. Any party (i) fails to maintain a rating with respect to its unsecured and unsubordinated
long-term debt or deposit obligations of at least Baa2 as determined by Moody’s 
  

 22 

 
Investors Service Inc., including any official successor thereto (“Moody’s” and the “Moody’s Rating”); or (ii) fails to maintain a rating with respect to its
unsecured and unsubordinated long- term debt or deposit obligations of at least BBB as determined by Standard and Poor’s Rating Group, including any official successor thereto (“S&P” and the “S&P Rating”); or
(iii) ceases to be rated by both Moody’s or S&P or has either rating suspended or withdrawn. For the avoidance of doubt, in the event either Moody’s or S&P assigns a rating to a party that is lower than the Moody’s Rating
or the S&P Rating, as the case may be, then such lower rating shall be determinative. The Affected Party will be Party A in the case of a downgrade in, or cessation or withdrawal of, the rating of Party A and will be Party B in the case of a
downgrade in, or cessation or withdrawal of, the rating of Party B, and in either case all Transactions will be Affected Transactions. 
 Part
2. Tax Representations. 
  

	(a)	Payer Representations: For the purpose of Section 3(e), Party A will make the following representation and Party B will make the following representation:-

 It is not required by any applicable law, as modified by the practice of any relevant governmental revenue
authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it to the other party under
this Agreement. In making this representation, it may rely on: 
  

	 	(i)	the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement; 

 

	 	(iii)	the satisfaction of the agreement of the other party contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document
provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and 

  

	 	(iii)	the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, 

provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other party does
not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 
  

	(b)	Payee Representations: 

For the purpose of Section 3(f) of this Agreement, Party A and Party B make the following representations: 

 

	 	(i)	In the case of Party A, it is a national banking association duly organized under the federal laws of the United States of America and is a “U.S. person” (as
that term is used in section 1.1441-4(a)(3) of United States Treasury Regulations) for United States Federal Income Tax purposes. 

  

	 	(ii)	In the case of Party B, it is a corporation duly organized, validly existing and in good standing under the laws of the Commonwealth of Pennsylvania and is a “U.S.
person”(as that term is used in Section 1.144l-4(a)(3) of United States Treasury Regulations) for United States Federal Income Tax purposes. 

 

 23 

 Part 3. Agreement to Deliver Documents. 

 

	(a)	Tax forms, documents or certificates to be delivered. 

  

							
	 Party required to

deliver document
	 	 Form, Document

or Certificate
	 	 Date by which

to be Delivered
	 	 Covered by

Section 3(d)

	Party A and Party B	 	Any form or document reasonably requested by the other party that is required to enable such other party to make payments under this Agreement without deduction or wititholding for
or on account of Taxes or with such withholding or deduction at a reduced rate.	 	As soon as reasonably practicable after request.	 	Yes

  

	(b)	Other documents to be delivered. 

  

							
	 Party required to

deliver document
	 	 Form, Document

or Certificate
	 	 Date by which

to be Delivered
	 	 Covered by

Section 3(d)

				
	Party A	 	A certified copy of the resolutions of the board of Party A evidencing its authority to enter into this Agreement and each Transaction entered into under this Agreement.	 	Promptly after execution of this Agreement.	 	Yes
				
	Party A	 	An incumbency certificate with respect to the signatory of this Agreement.	 	Upon execution of this Agreement	 	Yes
				
	Party B	 	A certified copy of the resolutions of the board of Party B evidencing Party B’s authority to enter into this	 	Promptly after execution of this Agreement.	 	Yes

  

 24 

							
	 Party required to

deliver document
	 	 Form, Document

or Certificate
	 	 Date by which

to be Delivered
	 	 Covered by

Section 3(d)

				
		 	Agreement and each Transaction entered into under this Agreement.	 		 	
				
	Party B	 	An incumbency certificate with respect to the signatory of this Agreement.	 	Upon execution of this Agreement.	 	Yes
				
	Party B	 	Most recent annual audited and quarterly unaudited financial statements of Party B.	 	(i) Upon execution of this Agreement, and (ii) promptly upon reasonable demand by party A.	 	No

 Part 4. Miscellaneous. 

 

	(a)	Addresses for Notices. For the purpose of Section 12(a) of this Agreement:- 

Address for notices or communications to Party A: 
  

							
				
		  	Address:	  	 One PNC Plaza, 9th Floor
 249
Fifth Avenue
 Pittsburgh, PA 15222-2707
	  	
				
		  	Attention:	  	Swap Operations	  	
		  	Facsimile No.:	  	412-762-8667	  	
		  	Telephone No.:	  	412-762-1375	  	

 Address for notices or communications to Party B: 

 

							
				
		  	Address:	  	 Federated Investors Tower
 1001
Liberty Avenue
 Pittsburgh, PA 15222-2779
	  	
				
		  	Attention:	  	M. Cole Dolinger	  	
		  	Telephone:	  	(412) 288-2292	  	
		  	Facsimile:	  	(412) 992-4351	  	

  

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

Party A appoints as its Process Agent: Not Applicable. 

Party B appoints as its Process Agent: Not Applicable. 
  

	(c)	Offices. The provisions of Section 10(a) will apply to this Agreement. 

 

 25 

	(d)	Multibranch Party. For the purpose of Section 10(c) of this Agreement:- 

Party A is not a Multibranch Party. 

Party B is not a Multibranch Party. 
  

	(e)	Calculation Agent The Calculation Agent is Party A; provided however, that if at any time an Event of Default or Additional Termination Event has occurred
and is continuing, with respect to Party A, then the Calculation Agent shall be a party selected by Party B (“Alternative Calculation Agent”) reasonably acceptable to Party A, with any costs arising from such selection being borne by Party
B. The Alternative Calculation Agent will remain the Calculation Agent for so long as such event continues. If Party A cures the relevant Event of Default or Additional Termination Event before Party B designates an Early Termination Date in
accordance with Section 6(a), and no other Event of Default or Additional Termination Event has occurred (and not been cured) by such time, then the Calculation Agent shall again be Party A from the time of such cure. 

If Party B notifies Party A of a dispute regarding a calculation and/or determination made by the Calculation Agent, each party shall use
its reasonable efforts to resolve expeditiously any disagreements concerning such calculations and/or determinations. If Party A and Party B cannot reach agreement (any calculation or determination so agreed by the parties or determined in
accordance with this paragraph being referred to as a “Resolved Amount”), Party B may require that the calculations and/or determinations made by the Calculation Agent be submitted to an independent review. In such event, Party A and Party
B shall appoint promptly and jointly three independent leading dealers in the relevant market each to review the Calculation Agent’s calculation and/or determination in which case: (1) if at least two of the three dealers agree with the
Calculation Agent’s calculation and/or determination, the Resolved Amount shall be such calculation and/or determination, or (2) if fewer than two of the three dealers agree with the Calculation Agent’s calculation, the Resolved
Amount shall be the arithmetic mean of the calculations provided by the appointed dealers; provided, further, that if fewer than three appointed dealers provide a calculation and/or determination, then Party A and Party B agree to appoint promptly
and jointly such number of additional dealers such that Party A and Party B shall receive three calculations and/or determinations. If, after reasonable attempt, Party A and Party B are unable to receive three calculations, the Resolved Amount shall
be as mutually agreed in good faith by Party A and Party B in accordance with market practice by reference to calculations and/or determinations made by independent leading dealers in the relevant market. The Resolved Amount reached in accordance
with such process shall be conclusive and binding absent manifest error and the costs of the process shall be borne equally by Party A and Party B. 

Notwithstanding anything contained in this provision or the Agreement, the parties agree that any Transaction that by its terms
incorporates or refers to the 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement Supplement to the 2003 ISDA Credit Derivatives Definitions, the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement
and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions or to any similar ISDA publication relating to the ISDA Credit Derivatives Determinations Committees that may be published by ISDA from time to time, shall continue to
apply to each such Transaction and nothing contained herein shall be construed in any way as modifying, supplementing or amending such publications as incorporated or referred to therein or as otherwise derogating therefrom or the parties’
obligation to be bound thereby. 
  

	(f)	Credit Support Document. Details of any Credit Support Document:- 

“Credit Support Document” means in relation to Party A, none. 

 

 26 

 “Credit Support Document” means in relation to Party B, none. 

 

	(g)	Credit Support Provider. 

“Credit Support Provider” means in relation to Party A, none. 

“Credit Support Provider” means in relation to Party B, none. 

 

	(h)	Governing Law. This Agreement will be governed by and construed in accordance with the law of the State of New York (without reference to choice of law
doctrine). 

  

	(i)	Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will not apply to the following Transactions or groups of Transactions
(in each case starting from the date of this Agreement): all Transactions. 

  

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

Part 5. Other Provisions. 
  

	(a)	Consent to Recording. Each party (i) consents to the recording, by the other party or its agents, of telephone conversations between officers,
employees or agents of the consenting party or its Affiliates and officers, employees or agents of the other party or its Affiliates who quote on, agree to or otherwise discuss terms of Transactions or potential Transactions, or other matters
relating to this Agreement or any Credit Support Document, and (ii) agrees to give notice of such recording to such officers, employees and agents of it and its Affiliates. 

 

	(b)	Confirmations. As provided in Section 9(e)(ii) of this Agreement, the parties intend that they shall be legally bound by the terms of each
Transaction from the moment they agree to those terms (whether orally or otherwise). The terms of a Transaction subject to this Agreement orally agreed to shall be deemed to constitute a “Confirmation” as referred to in this Agreement,
even if not so specified by the parties. As promptly as practicable after any such oral agreement, the parties shall enter into a definitive Confirmation with respect to such Transaction in accordance with the Section 9(e)(ii) of this
Agreement, whereupon such definitive Confirmation shall supersede and replace such oral agreement and such oral agreement shall have no further legal force or effect. For each Transaction, Party A shall send to Party B a definitive Confirmation
setting forth the terms of such Transaction and Party B shall execute and return the Confirmation to Party A or request correction of any error within a commercially reasonable time. 

 

	(c)	Additional Representations and Warranties. The specified party represents and warrants to the other party (which representations and warranties will be
deemed to be repeated on each date on which a Transaction is entered into) as follows: 

  

	 	(i)	In the case of each party, such party is entering into this Agreement and each Transaction for its own account as principal (and not as agent or in any other capacity,
fiduciary or otherwise). 

  

	 	(ii)	In the case of each party: It is an “eligible contract participant” as such term is defined in Section 1a(12) of the Commodity Exchange Act, as amended

  

	 	(iii)	 In the case of Party A and Party B: it intends and acknowledges that this Agreement, including all Transactions hereunder, shall constitute a
“swap agreement” as defined in 11 U.S.C. §l0l(53B) as in effect on the date of this Agreement (or any successor 

 

 27 

	 	 
provision of similar import), and that the parties are entitled to the rights under, and protections afforded by, Sections 362, 546 and 560 of the U.S. Bankruptcy Code as amended.

  

	 	(iv)	In the case of Party A: (1) it intends and acknowledges that this Agreement, including all Transactions hereunder, shall constitute a “qualified financial
contract” and a “swap agreement,” as those terms are defined in 12 U.S.C. § 1821(e)(8)(D) as in effect on the date of this Agreement (or any successor provision of similar import), (2) without limiting the generality of
Section 3(a)(i), Party A, by corporate action, is authorized under applicable non-insolvency law to enter into and perform its obligations under this Agreement, each Credit Support Document (if any) to which it is party and each Transaction
hereunder, (3) it will, at all times during the term of this Agreement, maintain as part of its official books and records a copy of this Agreement (including all Confirmations from time to time and all other supplements hereto and documents
incorporated by reference herein) and each Credit Support Document (if any) to which it is party, and evidence of its authorization of the foregoing, (4) this Agreement, each Confirmation, each Credit Support Document (if any) to which it is
party, and any other documentation relating to this Agreement to which it is a party or that it is required to deliver will be executed and delivered by an officer of Party A of the level of Vice President or higher, and (5) it intends and
acknowledges that this Agreement, including all Transactions hereunder, shall constitute a “Permitted Investment” as that term is defined in the Credit Agreement 

 

	 	(v)	In the case of each party: 

  

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

  

	 	(B)	It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms,
conditions and risks of this Agreement and each Transaction. It is also capable of assuming, and assumes, the risks of this Agreement and each Transaction. 

 

	 	(C)	The other party is not acting as a fiduciary for or an adviser to it in respect of this Agreement or any Transaction. 

 

	 	(vi)	In the case of each party, it intends and acknowledges that this Agreement, including all Transactions hereunder, shall be commercial transactions and shall not be
transactions in “securities” for purposes of any securities law (including without limitation the Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as amended). 

 

	(d)	 Accuracy of specified Information. Section 3(d) is modified by deleting the period at the end thereof and appending thereto the
following: “or, in the case of audited or unaudited financial 

  

 28 

	 	 
statements, a fair presentation of the financial condition, results of operations or cash flows (as applicable) of the relevant person for the dates and periods specified therein in conformity
with generally accepted accounting principles in the United States.” 

  

	(e)	Set-off. Section 6 is modified by adding the following Section 6(f) thereto: 

(f) Set-off. Any amount (the “Early Termination Amount”) payable to one party (the “Payee”) by the
other party (the “Payer”) under Section 6(e), in circumstances where there is a Defaulting Party or one Affected Party in the case where a Termination Event under Sections 5(b)(iv) or 5(b)(v) has occurred, will, at the option of the
party (“X”) other than the Defaulting Party or the Affected Party (and without prior notice to the Defaulting Party or the Affected Party), be reduced by its set-off against any amount(s) (the “Other Agreement Amount”) payable
(whether at such time or in the future or upon the occurrence of a contingency) by the Payee to the Payer (irrespective of the currency, place of payment or booking office of the obligation) under any other agreement(s) between the Payee and the
Payer or instrument(s) or undertaking(s) issued or executed by one party to, or in favor of, the other party (and the Other Agreement Amount will be discharged promptly and in all respects to the extent it is so set-off). X will give notice to the
other party of any set-off effected under this Section 6(f). 
 For this purpose, either the Early Termination Amount or
the Other Agreement Amount (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, acting in a reasonable manner and in good
faith, to purchase the relevant amount of such currency. 
 If an obligation is unascertained, X may in good faith estimate that
obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. 

Nothing in this Section 6(1) shall be effective to create a charge or other security interest. This Section 6(f) shall be
without prejudice and in addition to any right of set-off, combination of accounts, lien or other right to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise). 

 

	(f)	Jurisdiction. Section 13(b)(i) is modified by deleting the words “non-exclusive jurisdiction of the courts of the State of New York and the
United States District Court located in the Borough of Manhattan in New York City,” and replacing them with the words “non-exclusive jurisdiction of the courts of the State of New York and the Commonwealth of Pennsylvania and the United
States District Courts located in the Borough of Manhattan in New York City and in Allegheny County, Pennsylvania,”. 

  

	(g)	Facsimiles. For purposes of this Agreement, any Credit Support Document or any Transaction, any execution counterparts received by facsimile
transmission shall be effective as delivery of an original counterpart thereto and shall be deemed to be an original signature thereto. 

  

	(h)	WAIVER OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THIS
AGREEMENT, ANY CREDIT SUPPORT DOCUMENT OR ANY TRANSACTION. 

  

	(i)	 Limitation of Liability. To the fullest extent permitted by law, no claim may be made by one party (“Party X”) against the
other party (“Party Y”) or any affiliate, director, officer, employee, attorney or agent of Party Y for any special, indirect, consequential or punitive damages in 

 

 29 

	 	 
respect of any claim arising from or relating to this Agreement, any Credit Support Document or any Transaction or any statement, course of conduct, act, omission or event in connection with any
of the foregoing (whether based on breach of contract, tort or any other theory of liability); and Party X hereby waives, releases and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or
suspected to exist. 

  

	(j)	USA Patriot Act. Party A hereby notifies Party B that pursuant to the requirement of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001) (the “Act”), it is required to obtain, verify and record information that identifies Party B, which information includes the name and address of Party B and the other information that will allow Party A to
identify Party B in accordance with the Act. 

  

	(k)	Definitions. Section 14 of this Agreement is hereby amended by adding and or revising the following definitions in their appropriate alphabetical order:

 Applicable Rate. Clause (b) in the definition of “Applicable Rate” in Section 14 of
the Agreement is deleted and replaced in its entirety as follows: 
 “(b) in respect of an obligation to pay an amount under
Section 6(e), 
 (i) by the Defaulting Party or Affected Party, as applicable, from and after the date (determined in
accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate; 
 (ii) by the Non-Defaulting Party or
Non-Affected Party, as applicable, from and after the date(determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Non-Default Rate; and” 

Default Rate. The definition of “Default Rate” is deleted in its entirety and replaced with the following: 

“Default Rate” means the Federal Funds (Effective) rate, as published in N.Y. Federal Reserve
Statistical Release H.15(519) for that day, plus 1%. 
 Non-Default Rate: The definition of “Non-Default Rate”
is deleted in its entirety and replaced with the following: 
 “Non-Default Rate” means the Federal Funds
(Effective) rate, as published in N.Y. Federal Reserve Statistical Release H.15(519) for that day. 
 Termination Rate.
The definition of “Termination Rate” is deleted in its entirety and replaced with the following: 

“Termination Rate” means the Federal Funds (Effective) rate, as published in N.Y. Federal Reserve Statistical Release
H.15(519) for that day. 
 Non-Affected Party means, so long as there is only one Affected Party, the other party.

  

 30 

 The parties hereto have executed the Master Agreement referred to in the caption of this
Schedule and have agreed to the contents of this Schedule. 
  

									
	PNC BANK, NATIONAL ASSOCIATION	 		 	FEDERATED INVESTORS, INC.
					
	By:	 	 /s/ Richard S. Pierce
	 		 	By:	 	 /s/ THOMAS R. DONAHUE

	Name:	 	Richard S. Pierce	 		 	Name:	 	THOMAS R. DONAHUE
	Title:	 	Vice President	 		 	Title:	 	CFO

 . 

 

 31ISDA Master Agreement between Federated & Citibank

 Exhibit 10.3 

Execution Copy 

Reference No.: CB16-347A 

ISDA 

International Swaps and Derivatives Association, Inc. 

2002 MASTER AGREEMENT 

dated as of June 9, 2010 
  

					
	CITIBANK, N.A, 	  	between
and	  	FEDERATED INVESTORS, INC. 
	(“Party A”)	  		  	(“Party B”)

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

Interpretation 

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

 

	2.	Obligations 

 (a) General
Conditions. 
  

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

  

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

Copyright © 2002 by International Swaps and Derivatives Association, Inc. 

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

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

(c) Netting of Payments. If on any date amounts would otherwise be payable; — 

 

	 	(i)	in the same currency; and 

  

	 	(ii)	in respect of the same Transaction, 

 by each
party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the
aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount
over the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount and payment obligation will
be determined in respect of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or
any Confirmation by specifying that “Multiple Transaction Payment Netting” applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple
Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such
Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive
payments or deliveries. 
 (d) Deduction or Withholding for Tax. 

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

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

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

					
		 	2	 	ISDA® 2002        

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

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

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

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

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

 

	3.	Representations 

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

(a) Basic Representations. 

(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or
incorporation and, if relevant under such laws, in good standing; 
 (ii) Powers. It has the power to execute this
Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations
under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

 

					
		 	3	 	ISDA® 2002        

 (iii) No Violation or Conflict. Such execution, delivery and
performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets; 
 (iv) Consents. All governmental and other consents
that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with;
and 
 (v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is
a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors' rights generally and
subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

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

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

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

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e)
is accurate and true. 
 (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the
purpose of this Section 3(f) is accurate and true. 
 (g) No Agency. It is entering into this Agreement, including each
Transaction, as principal and not as agent of any person or entity. 
  

	4.	Agreements 

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

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to
such government or taxing authority as the other party reasonably directs:— 
 (i) any forms, documents or certificates
relating to taxation specified in the Schedule or any Confirmation; 
 (ii) any other documents specified in the Schedule or any
Confirmation; and 
  

					
		 	4	 	ISDA® 2002        

 
(iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to
make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or
submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such
other party and to be executed and to be delivered with any reasonably required certification. 
 in each case by the date specified in the
Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 
 (b) Maintain Authorisations. It will
use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will
use all reasonable efforts to obtain any that may become necessary in the future. 
 (c) Comply With Laws. It will comply in all
material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party.

 (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and
true promptly upon learning of such failure. 
 (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting
for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of
this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	Events of Default and Termination Events 

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

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

(2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any
Confirmation executed and delivered by that party or any Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

 

					
		 	5	 	ISDA® 2002        

 (iii) Credit Support Default. 

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

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

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the
validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or
deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to
have been made or repeated; 
 (v) Default Under Specified Transaction. The party, any Credit Support Provider of
such party or any applicable Specified Entity of such party:— 
 (1) defaults (other than by failing to make a delivery)
under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction; 
 (2) defaults, after giving effect to any applicable
notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such default
continues for at least one Local Business Day); 
 (3) defaults in making any delivery due under (including any delivery due on
the last delivery or exchange date of) a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation
of, an acceleration of obligations under, or an early termination of, all transactions outstanding under the documentation applicable to that Specified Transaction; or 

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

					
		 	6	 	ISDA® 2002        

 (vi) Cross-Default if “Cross-Default”is specified in the Schedule as
applying to the party, the occurrence or existence of:— 
 (1) a default, event of default or other similar condition or
event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them
(individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as
specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or

 (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making
one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in
clause (1) above, of not less than the applicable Threshold Amount; 
 (vii) Bankruptcy. The party, any Credit
Support Provider of such party or any applicable Specified Entity of such party:— 
 (1) is dissolved (other than pursuant
to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the
jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting
creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any
other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity
not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed
or restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);
(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party
take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains
possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an
analogous effect to any of the events specified in clauses (1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

  

					
		 	7	 	ISDA® 2002        

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

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

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

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

  

					
		 	8	 	ISDA® 2002        

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

(iv) Tax Event Upon Merger. The party (the “Burdened Party”) on the next succeeding Scheduled Settlement Date will
either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or
withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating
with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or
reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption; 

(v) Credit Event Upon Merger. If “Credit Event Upon Merger”is specified in the Schedule as applying to the party,
a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, “X”) and such Designated Event does not constitute a Merger
Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such
Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A “Designated
Event” with respect to X means that:— 
 (1) X consolidates or amalgamates with, or merges with or into, or transfers
all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity; 

 

					
		 	9	 	ISDA® 2002        

 (2) any person, related group of persons or entity acquires directly or indirectly the
beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or 

(3) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of
(A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or 

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

(c) Hierarchy of Events. 

(i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the
case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(l) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other
material provision of this Agreement or a Credit Support Document, as the case may be. 
 (ii) Except in circumstances
contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an
Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event. 

(iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality,
it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event. 
 (d) Deferral of
Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that
Transaction will be deferred to, and will not be due until:— 
 (i) the first Local Business Day or, in the case of a
delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force
Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be; or 

(ii) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases
to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate. 

(e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under
Section 5(b)(i)(l) or 5(b)(ii)(l) and the relevant Office is not the Affected Party’s head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the relevant obligation or

  

					
		 	10	 	ISDA® 2002        

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

	6.	Early Termination; Close-Out Netting 

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

(b) Right to Terminate Following Termination Event. 

(i) Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming
aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably require. If
a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information
about that Force Majeure Event as the other party may reasonably require. 
 (ii) Transfer to Avoid Termination Event.
If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under
Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and
obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period,
whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any
such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party’s policies in effect at such time would
permit it to enter into transactions with the transferee on the terms proposed. 
 (iii) Two Affected Parties. if a
Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. 

 

					
		 	11	 	ISDA® 2002        

 (iv) Right to Terminate. 

(1) If:— 

(A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with
respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (B) a
Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

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

(2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has
expired:— 
 (A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party,
designate (I) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is
designating the relevant day as an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon
receipt of a notice designating an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same
day as an Early Termination Date in respect of any or all other Affected Transactions. 
 (B) An Affected Party (if the
Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit
Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the
prior designation by the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. 

(c) Effect of Designation. 

(i) If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the
date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii) Upon the
occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other
provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii). 
  

					
		 	12	 	ISDA® 2002        

 (d) Calculations; Payment Date. 

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party
will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including any quotations, market data or information from
internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving details of the relevant account to which any amount payable to it is to be paid. In
the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy
of such quotation or market data. 
 (ii) Payment Date. An Early Termination Amount due in respect of any Early
Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated
or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement
provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event. 

(e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination
Date (the “Early Termination Amount”) will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). 

(i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination
Amount will be an amount equal to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non- defaulting Party for each Terminated Transaction or
group of Terminated Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting
Party. If the Early Termination Amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the
Defaulting Party. 
 (ii) Termination Events. If the Early Termination Date results from a Termination Event:—

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

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

					
		 	13	 	ISDA® 2002        

 (3) Mid-Market Events. If that Termination Event is an Illegality or a Force
Majeure Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out Amounts, the Determining Party
will:— 
 (A) if obtaining quotations from one or more third parties (or from any of the Determining Party’s
Affiliates), ask each third party or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and 

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

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

(iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party
to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(l) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to
payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if
subsequently an Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest
in accordance with Section 9(h)(ii)(2). 
 (v) Pre-Estimate. The parties agree that an amount recoverable
under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and. except as otherwise provided in this Agreement, neither party
will be entitled to recover any additional damages as a consequence of the termination of the Terminated Transactions. 
 (f)
Set-Off. Any Early Termination Amount payable to one party (the “Payee”) by the other party (the “ Payer”), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where
either a Credit Event Upon Merger has occurred or any other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non-affected Party, as the
case may be (“X”) (and without prior notice to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (“Other Amounts”) payable by the Payee to the Payer (whether or
not arising under this Agreement, matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly
and in all respects. X will give notice to the other party of any set-off effected under this Section 6(f). 
 For this purpose, either the
Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using
commercially reasonable procedures, to purchase the relevant amount of such currency. 
  

					
		 	14	 	ISDA® 2002        

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

	7.	Transfer 

 Subject to
Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior
written consent of the other party, except that:— 
 (a) a party may make such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and 

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

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

 

	8.	Contractual Currency 

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

					
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 (c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in this
Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which
any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

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

	9.	Miscellaneous 

 (a) Entire
Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written
representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or
exclude any liability of a party for fraud. 
 (b) Amendments. An amendment, modification or waiver in respect of this Agreement
will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system.

 (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this
Agreement will survive the termination of any Transaction. 
 (d) Remedies Cumulative. Except as provided in this Agreement, the
rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

(e) Counterparts and Confirmations. 

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

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

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

					
		 	16	 	ISDA® 2002        

 (h) Interest and compensation. 

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

					
		 	17	 	ISDA® 2002        

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

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

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

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

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

					
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	10.	Offices; Multibranch Parties 

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

	11.	Expenses 

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

 

	12.	Notices 

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

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

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

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

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is
delivered or its delivery is attempted; 
 (v) if sent by electronic messaging system, on the date it is received; or 

 

					
		 	19	 	ISDA® 2002        

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

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

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

	13.	Governing Law and Jurisdiction 

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

(i) submits:— 

(1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the
Proceedings do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or 

(2) if this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of
the State of New York and the United States District Court located in the Borough of Manhattan in New York City; 
 (ii) waives
any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect
to such Proceedings, that such court does not have any jurisdiction over such party; and 
 (iii) agrees, to the extent permitted
by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction. 

(c) Service of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive,
for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent
acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve
process in any other manner permitted by applicable law. 
 (d) Waiver of Immunities. Each party irrevocably waives, to the extent
permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court,
(iii) relief by way of injunction or order for specific performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues
or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

 

					
		 	20	 	ISDA® 2002        

	14.	Definitions 

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

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

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

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

“Agreement” has the meaning specified in Section 1(c). 

“Applicable Close-out Rate” means:— 

(a) in respect of the determination of an Unpaid Amount:— 

(i) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the
Default Rate; 
 (ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii))
by a Non-defaulting Party, the Non-default Rate; 
 (iii) in respect of obligations deferred pursuant to Section 5(d), if
there is no Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and 
 (iv) in all
other cases following the occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and 

(b) in respect of an Early Termination Amount:— 

(i) for the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with
Section 6(d)(ii)) on which that amount is payable:- 
 (1) if the Early Termination Amount is payable by a Defaulting Party,
the Default Rate; 
 (2) if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and

 (3) in all other cases, the Applicable Deferral Rate: and 

 

					
		 	21	 	ISDA® 2002        

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

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

 “Applicable Deferral Rate” means:— 

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

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

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

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

“Close-out Amount” means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining
Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the Determining Party that are or would be realised under then
prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that Terminated Transaction or group of Terminated Transactions, including
the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after
that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions. 

 

					
		 	22	 	ISDA® 2002        

 Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good
faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in
the aggregate, for not less than all Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if mat would not be commercially reasonable, as of the date or dates following the Early Termination Date as
would be commercially reasonable. 
 Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees
and out-of-pocket expenses referred to in Section 11 are to be excluded in all determinations of Close-out Amounts. 
 In determining a
Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of information:— 

(i) quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the
creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation;

 (ii) information consisting of relevant market data in the relevant market supplied by one or more third parties including, without
limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or 

(iii) information of the types described in clause (i) or (ii) above from internal sources (including any of the Determining Party’s
Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions. 

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

Commercially reasonable procedures used in determining a Close-out Amount may include the following:— 

(1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause
(iii) above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining
Party and unrelated third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and 
  

					
		 	23	 	ISDA® 2002        

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

“Confirmation” has the meaning specified in the preamble. 

“consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control
consent. 
 “Contractual Currency” has the meaning specified in Section 8(a). 

“Convention Court” means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention
on Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgements in Civil and Commercial matters. 

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

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

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

“Cross-Default” means the event specified in Section 5(a)(vi). 

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

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

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

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

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

					
		 	24	 	ISDA® 2002        

 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including,
without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or
having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a
payment under, or enforced, this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or
regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and “unlawful” will be construed accordingly. 

“Local Business Day” means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place
or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the
parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or
circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different,
in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open,
(d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance
which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and,
in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with
respect to such Specified Transaction. 
 “Local Delivery Day” means, for purposes of Sections 5(a)(i) and 5(d), a day
on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant
Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery. 

“Master Agreement” has the meaning specified in the preamble. 

“Merger Without Assumption” means the event specified in Section 5(a)(viii). 

“Multiple Transaction Payment Netting” has the meaning specified in Section 2(c). 

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

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

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

 

					
		 	25	 	ISDA® 2002        

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

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

“Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an
Event of Default. 
 “Proceedings” has the meaning specified in Section 13(b). 

“Process Agent” has the meaning specified in the Schedule. 

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

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

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

 

					
		 	26	 	ISDA® 2002        

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

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

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

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

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

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

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

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

 

					
		 	27	 	ISDA® 2002        

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

“Waiting Period” means: 

(a) in respect of an event or circumstance under Section 5(b)(i). other than In the case of Section 5(b)(i){2) where the relevant payment,
delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or
circumstance) following the occurrence of that event or circumstance; and 
 (b) in respect of an event or circumstance under
Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days
(or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence or that event or circumstance. 

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

									
	CITIBANK, N.A.	 		 	 FEDERATED INVESTORS, INC.

					
	 By:
	 	 /s/ Linda Cook
	 		 	 By:
	 	 /s/ Thomas R. Donahue

	Name:	 	Linda Cook	 		 	Name:	 	Thomas R. Donahue
	Title:	 	Vice President 	 		 	Title:	 	Chief Financial Officer
		 	Citibank, N.A.	 		 	Date:	 	
	Date:	 		 		 		 	

 Copyright © 2002 by International Swaps and Derivatives Association, Inc. 

 Execution Copy 

Reference No. CB16-347A 

SCHEDULE 
 to the

 ISDA 2002 Master Agreement 

dated as of June 9, 2010 

between 

CITIBANK, N.A., 

a national banking association organized under the laws of the United States 

(“Party A”) 

and 
 FEDERATED
INVESTORS, INC., 
 a corporation organized and existing 

under the laws of the Commonwealth of Pennsylvania 

(“Party B”) 
 Scope
of Agreement. For the purposes of this Agreement, the term “Transaction” shall refer solely to an interest rate swap having a trade date of [            ], and Confirmation
Reference No.:[            ]. 
 Part I 

Termination Provisions 
 In this
Agreement: 
  

	 	(a)	“Specified Entity” means in relation to Party A for the purpose of:- 

Section 5(a)(v),               Citigroup Global Markets
Limited, Citigroup Forex Inc., Citigroup Global Markets Commercial Corp., Citicorp Securities Services, Inc., Citigroup Global Markets Inc., Citibank Europe PLC, Citigroup Financial Products Inc., Citigroup Energy Inc., Citibank Canada, Citigroup
Energy Canada ULC, Citibank Japan Ltd., and Citigroup Global Markets Deutschland AG & Co. KGaA 

			
	Section 5(a)(vi),	  	None Specified
	Section 5(a)(vii),	  	None Specified
	Section 5(b)(v),	  	None Specified

  

 29 

			
	 in relation to Party B for the purpose of:-

 

	 Section 5(a)(v),
	  	Each Loan Party (as defined in the Credit Agreement)
	 Section 5(a)(vi),
	  	None Specified
	 Section 5(a)(vii),
	  	None Specified
	 Section 5(b)(v),
	  	None Specified

 (b) “Specified
Transaction” will have the meaning specified in Section 14 of this Agreement. For purposes of clause (c) of such definition, Specified Transaction includes any securities options, margin loans, short sales, any agreement governing
the purchase, sale, transfer, exchange or option of a commodity, or any other commodity trading transaction and any other similar transaction now existing or hereafter entered into between Party A (or any Section 5(a)(v) Affiliate) and Party B
(or any Affiliate of Party B). For this purpose, “commodity” means any tangible or intangible commodity of any type or description, including without limitation power, natural gas, petroleum (and the products and by-products thereof),
emissions allowances, precious metals and coal. 
 (c) The “Cross Default” provisions of Section 5(a)(vi)
will apply to Party A and will apply to Party B. 
 For purposes of Section 5(a)(vi), the following provisions apply:

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

“Threshold Amount” means 

(i) with respect to Party A, 2% of the stockholders’ equity of Party A; and 

(ii) with respect to Party 13, USD 25,000,000; 

including the U.S. Dollar equivalent on the date of any default, event of default or other similar condition or event of any
obligation stated in an other currency. 
 For purposes of the above, stockholders’ equity shall be determined by reference
to the relevant party’s most recent consolidated (quarterly, in the case of a U.S. incorporated party) balance sheet and shall include, in the case of a U.S. incorporated party, legal capital, paid-in capital, retained earnings and cumulative
translation adjustments. Such balance sheet shall be prepared in accordance with accounting principles that are generally accepted in such party’s country of organization. 

(d) The “Credit Event Upon Merger” provisions of Section 5(b)(v) of this Agreement will apply to Party A and will
apply to Party B. 
  

 30 

 (e) The “Automatic Early Termination” provisions of Section 6(a) will
not apply to Party A and will not apply to Party B; provided, however, that with respect to a party, where the Event of Default specified in Section 5(a)(vii)(1), (3), (4), (5), (6) or to the extent analogous thereto, (8) is governed
by a system of law which does not permit termination to take place after the occurrence of the relevant Event of Default, then the Automatic Early Termination provisions of Section 6(a) will apply to such party. 

(f) “Termination Currency” will have the meaning specified in Section 14 of this Agreement. 

(g) “Additional Termination Event” will apply. 

(i) It shall constitute an Additional Termination Event, Party B shall be the sole Affected Party and Party A shall be the party entitled
to determine the Close-out Amount, if at any time 
 (a) that certain $425,000,000 Term Loan Facility Amended and Restated Credit
Agreement, dated as of April 9, 2010, by and among Federated Investors, Inc., the guarantors and financial institutions party thereto, and PNC Bank, National Association, as agent thereunder (as supplemented, amended, modified, renewed or restated
from time to time, the “Credit Agreement”) matures or expires or is terminated or cancelled for any reason, prior to the Termination Date of the Transaction, or (b) Party A or an Affiliate of Party A shall, for any reason, other than
a voluntary assignment by Party A or such Affiliate, cease to be a Lender under the Credit Agreement and Party B fails to assign within sixty days of such event all outstanding Transactions to another counterparty reasonably acceptable to Party A
and Party B. 
 (ii) The occurrence of any of the following events shall constitute an Additional Termination Event with respect
to Party A with Party A as the sole Affected Party and the Transaction as the Affected Transaction: 
 Rating Downgrade. Party A
(i) fails to maintain a rating with respect to its unsecured and unsubordinated long-term debt of at least Baa3 as determined by Moody’s Investors Service Inc., including any official successor thereto (“Moody’s” and the
“Moody’s Rating”); or (ii) fails to maintain a rating with respect to its unsecured and unsubordinated long-term debt of at least BBB- as determined by Standard and Poor’s Rating Group, including any official successor
thereto (“S&P” and the “S&P Rating”); or (iii) ceases to be rated by either Moody’s or S&P or has either rating suspended or withdrawn. For the avoidance of doubt, in the event either Moody’s or S&P
assigns a rating to Party A that is lower than the Moody’s Rating or the S&P Rating, as the case may be, then such lower rating shall be determinative. 
  

 31 

 Part 2 

Tax Representations 

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

The following representation will apply to Party A: 

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

The following representation will apply to Party B: 

It is a corporation created or organized in the United States or under the laws of the United States and its U.S. taxpayer identification
number is 25-1111467. It is “exempt” within the meaning of Treasury Regulation sections 1.6041-3(p) and 1.6049-4(c) from information reporting on Form 1099 and backup withholding. 

 

 32 

 Part 3 

Agreement to Deliver Documents 

For the purpose of Section 4(a) of this Agreement: 

I. Tax forms, documents or certificates to be delivered are: 

 

					
	 Party required to

deliver document
	  	 Form/Document/

Certificate
	  	 Date by which to

Be delivered

	Party A and Party B	  	As required under Section 4(a)(i) of the Agreement, IRS Form W-9, IRS Form W-8BEN, IRS Form W-8ECI, IRS Form W-8EXP and/or IRS Form W-8IMY, whichever is relevant.	  	Promptly upon execution of this Agreement; and promptly upon learning that any form previously provided by such party has become obsolete or incorrect.

II. Other documents to be delivered are: 
  

							
	 Party required to

deliver document
	  	 Form/Document/

Certificate
	  	 Date by which to

be delivered
	  	 Covered by

Section 3[d)

	(a) Party A and Party B	  	Evidence reasonably satisfactory to the other party of the (i) authority of such party and any Credit Support Provider to enter into the Agreement, any Credit Support Document and
the Transaction and (ii) authority and genuine signature of the individual signing the Agreement and any Credit Support Document on behalf of such party to execute the same.	  	As soon as practicable after execution of this Agreement and, if requested by the other party, as soon as practicable after execution of any Confirmation of any other Transaction.
	  	Yes

  

 33 

							
	 Party required

to deliver

document
	  	 Form/Document/

Certificate
	  	 Date by which to

be delivered
	  	 Covered by
Section 3(d)

				
	(b) Party A	  	The party’s Consolidated Reports of Condition and Income for A Bank with Domestic and Foreign Offices -FFIEC 031	  	Upon request, provided, however, that such financials are “deemed” to be delivered hereunder on the date the same shall be posted on the website: http://www.citigroup.com/
citigroup/fin/index.htm	  	Yes
				
	(c) Party B	  	The party’s annual and semi-annual reports containing audited consolidated financial statements prepared in accordance with accounting principles that are generally accepted in
such party’s country of organization and certified by independent certified public accountants for each fiscal year.	  	Upon request, provided, however, that such financials are “deemed” to be delivered hereunder on the date the same shall be posted on the website:
http://www,federatedinvestors.com	  	Yes

  

 34 

 Part 4 

Miscellaneous 

(a) Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 

With respect to a particular Transaction, all notices or communications to Party A shall be sent to the address or facsimile number indicated in the
Confirmation of that Transaction. 
  

			
	Address:	    	 Capital Markets Documentation Unit

388 Greenwich Street

17th Floor

 New York, New York 10013

		
	Attention:	    	Director of Derivative Operations

 Facsimile No.: 212 816
5550 
 Address for notices or communications to Party B: 

 

					
	Address:	    	 Federated Investors Tower

1001 Liberty Avenue
 Pittsburgh, PA 15222-2779

		
	Attention:	    	M. Cole Dolinger
		
	Facsimile No:	    	 412-288-2292

412-992-4351

  

						
		    	(b	) 	  	Process Agent. For the purpose of Section 13(c) of this Agreement:
			
		    			  	Party B appoints as its Process Agent: not applicable.
			
		    	(c	) 	  	Offices. The provisions of Section 10(a) will apply to this Agreement.
			
		    	(d	) 	  	Multibranch Party. For the purpose of Section 10(b) of this Agreement:
			
		    			  	Party A is a Multibranch Party and may enter into a Transaction through any of the following offices: New York, London, Singapore and Sydney.
			
		    			  	Party B is not a Multibranch Party.

  

 35 

 (e) Calculation Agent The Calculation Agent is Party A; provided however, that
if at any time an Event of Default or Additional Termination Event has occurred and is continuing, with respect to Party A, then the Calculation Agent shall be a party selected by Party B (“Alternative Calculation Agent” reasonably
acceptable to Party A, with any costs arising from such selection being borne by Party B. The Alternative Calculation Agent will remain the Calculation Agent for so long as such event continues. If Party A cures the relevant Event of Default or
Additional Termination Event before Party B designates an Early Termination Date in accordance with Section 6(a), and no other Event of Default or Additional Termination Event has occurred (and not been cured) by such time, then the Calculation
Agent shall again be Party A from the time of such cure. 
 In relation to the Transaction, if Party B notifies Party A of a dispute regarding a
calculation and/or determination made by the Calculation Agent in the discharge of its duties hereunder, each party shall use its reasonable efforts to resolve expeditiously any disagreements concerning such calculations and/or determinations, if
Party A and Party B cannot ranch agreement (any calculation or determination so agreed by the parties or determined in accordance with this paragraph being referred to as a “Resolved Amount”), Party B may require that the calculations
and/or determinations made by the Calculation Agent be submitted to an independent review. In such event, Party A and Party B shall appoint promptly and jointly three independent leading dealers in the relevant market each to review the Calculation
Agent’s calculation and/or determination in which case: (1) if at least two of the three dealers agree with the Calculation Agent’s calculation and/or determination, the Resolved Amount shall be such calculation and/or determination,
or (2) if fewer than two of the three dealers agree with the Calculation Agent’s calculation, the Resolved Amount shall be the arithmetic mean of the calculations provided by the appointed dealers. If, after reasonable attempt, Party A and
Party B are unable to receive three calculations, the Resolved Amount shall be as mutually agreed in good faith by Party A and Party B in accordance with market practice by reference to calculations and/or determinations made by independent leading
dealers in the relevant market. The Resolved Amount reached in accordance with such process shall be conclusive and binding absent manifest error and the costs of the process shall be borne equally by Party A and Party B. 

(f) Credit Support Document. None. 

(g) Credit Support Provider. Not Applicable. 

(h) Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York.

 (i) Jurisdiction. Section l3(b)(i) of the Agreement is hereby amended by deleting in line 2 of paragraph 2 the word
“non-” and by deleting paragraph (iii) thereof. The following shall be added at the end of Section 13(b): “Nothing in this provision shall prohibit a party from bringing an action to enforce a money judgment in any other
jurisdiction.” 
 (j) “Affiliate” will have the meaning specified in Section 14 of this Agreement.

  

 36 

 (k) Absence of Litigation. For the purpose of Section 3(c): “Specified
Entity” means in relation to Party A, any Affiliate of Party A, and in relation to Party B, any Affiliate of Party B. 

(I) No Agency. The provisions of Section 3(g) will apply to this Agreement. 

(m) Additional Representation will apply. For the purpose of Section 3 of this Agreement, each of the following will
constitute an Additional Representation and each party will be deemed to represent to the other party (unless otherwise noted) on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly
imposes affirmative obligations to the contrary for that Transaction): 
 “(h) Relationship Between Parties.

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

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

(3) Status of Parties. The other party is not acting as a fiduciary for or an advisor to it in respect of that
Transaction. 
 (i) Risk Management. Party B alone represents that this Agreement has been, and each Transaction
hereunder has been or will be, as the case may be, entered into for the purpose of managing its borrowings or investments, hedging its underlying assets or liabilities or in connection with its line of business (including financial intermediation
services) and not for the purpose of speculation. 
 (j) Eligible Contract Participant. (a) It is an “eligible
contract participant” within the meaning of Section la(12) of the Commodity Exchange Act, as amended (the “CEA”), (b) this Agreement and each Transaction is subject to individual negotiation by each party, and (c) neither
this Agreement nor any Transaction will be executed or traded on a “trading facility” within the meaning of Section la(33) of the CEA. 
  

 37 

 (k) Financial Institution. With respect to Party A only, it represents that it is a
“financial institution” as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991 or Regulation EE promulgated by the Federal Reserve Board thereunder. 

(l) ERISA. The assets that are used in connection with the execution, delivery and performance of this Agreement and the
Transaction entered into pursuant hereto are not (i) the assets of an “employee benefit plan” (within the meaning of Section 3(3) of The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) a
plan described in Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) an entity whose underlying assets include “plan assets” by reason of Department of Labor regulation section 2510.3-101
(as modified by Section 3(42) of ERISA), or (iv) a governmental plan that is subject to any federal, state, or local law that is substantially similar to the provisions of Section 406 of ERISA or Section 4975 of the Code.”

 (n) Netting of Payments. Either party may notify the other in writing, not less than one Local Business Day in advance
of one or more Scheduled Settlement Dates, that with regard to payments due on that date, Multiple Transaction Payment Netting will apply. 

Part 5 
 Other
Provisions 
 (a) Waiver of Right to Trial by Jury. Each party hereby irrevocably waives, to the fullest extent permitted
by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Agreement. 

(b) Severability. Except as otherwise provided in Sections 5(b)(i) or 5(b)(ii) in the event that any one or more of the provisions
contained in this Agreement should be held invalid, illegal, or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. The
parties shall endeavor, in good faith negotiations, to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 
 (c) Confirmation Procedures. For each Transaction that Party A and Party B enter hereunder, Party A shall
promptly send to Party B a Confirmation setting forth the terms of such Transaction and Party B shall execute and return the Confirmation to Party A within a commercially reasonable time. 

 

 38 

 (d) Escrow Payments. if by reason of the time difference between the cities in which
payments are to be made, it is not possible for simultaneous payments to be made on any date on which both parties are required to make payments hereunder, either party may at its option and in its sole discretion notify the other party that
payments on that date are to be made in escrow. In this case the deposit of the payment due earlier on that date shall be made by 2:00 p.m. (local time at the place for the earlier payment) on that date with an escrow agent selected by the party
giving the notice, accompanied by irrevocable payment instructons (i) to release the deposited payment to the intended recipient upon receipt by the escrow agent of the required deposit of the corresponding payment from the other party on the same
date accompanied by the irrevocable payment instructions to the same effect or (ii) if the required deposit of the corresponding payment is not made on that same date, to return the payment deposited to the party that paid it into escrow. The
party that elects to have payments made in escrow shall pay the costs of the escrow arrangements and shall cause those arrangements to provide that the intended recipient of the payment due to be deposited first shall be entitled to interest on that
deposited payment for each day in the period of its deposit at the rate offered by the escrow agent for that day for overnight deposits in the relevant currency in the office where it holds that deposited payment (at 11:00 am. local time on that
day) if that payment is not released by 5:00 p.m. on the date it is deposited for any reason other than the intended recipient’s failure to make the escrow deposit it is required to make hereunder in a timely fashion. 

(e) Recording of Conversations. Each party hereto consents to the recording of its telephone conversations relating to this
Agreement or any potential Transaction. To the extent that one party records telephone conversations (the “Recording Party”) and the other party does not (the “Non-Recording Party”), the Recording Party shall, in the event of any
dispute, make a complete and unedited copy of such party’s tape of the entire day’s conversations with the Non-Recording Party’s personnel available to the Non-Recording Party. The Recording Party’s tapes may be used by either
party in any forum in which a dispute is sought to be resolved and the Recording Party will retain tapes for a consistent period of time in accordance with the Recording Party’s policy unless one party notifies the other that a particular
Transaction is under review and warrants further retention. 
 (f) Limitation of Liability. No party shall be required to
pay or be liable to the other party for any consequential, indirect or punitive damages, opportunity costs or lost profits. 

(g) 2002 Master Agreement Protocol. The parties agree that the definitions and provisions contained in Annexes 1 to 16 and
Section 6 of the 2002 Master Agreement Protocol published by the lnternational Swaps and Derivatives Association, Inc. on 15th July, 2003 are incorporated into and apply to this Agreement. 

(h) Set-off. Section 6(f) is amended to include on line six after the words “payable by the Payee” the words
“(or any Affiliate of the Payee)” and is further amended to add the following sentence at the end thereof: “For purposes ofthis provision ‘Affiliate’ of Party A shall only include subsidiaries of Party A.” 

 

 39 

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

									
	CITIBANK, N.A.	 		 	FEDERATED INVESTORS, INC.
					
	By:	 	 /s/ Linda Cook
	 		 	By:	 	 /s/ Thomas R. Donahue

	Name:	 	Linda Cook	 		 	Name:	 	Thomas R. Donahue
	Title:	 	Vice President	 		 	Title:	 	Chief Financial Officer
		 	Citibank, N.A.	 		 		 	

  

 40

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